- Sales increase 22.1% compared to the fourth quarter of fiscal 2006 -
Toronto Stock Exchange Symbol: WXX
BURLINGTON, ON, Feb. 7 /CNW/ - West 49 Inc. (TSX: WXX) (the "Company"),
Canada's leading action sport retailer, today reported its sales results for
the fourth quarter of fiscal 2007, ended January 27, 2007. Sales for the
quarter increased 22.1% to $61.9 million from $50.7 million for the fourth
quarter of last year. Approximately two thirds of the growth was attributable
to new stores opened during the fiscal year, with the other third attributable
to strong comparable store sales. Consolidated comparable store sales for the
quarter increased 7.3%(1) compared to 5.4%(1) for the same period the year
before. The Company's core West 49 banner achieved comparable store sales
growth of 8.7% compared to 6.0% for the fourth quarter of fiscal 2006. At the
end of the quarter the Company was operating 125 stores under seven banners
compared to 107 stores under six banners the year before.
"Our solid sales performance in the fourth quarter capped off a strong
year for West 49 Inc.," said Sam Baio, Chief Executive Officer of West 49 Inc.
"Having anticipated a later start to the Holiday selling season, we
strategically priced key items earlier in the quarter, driving exceptionally
high comparable store sales for the months of November and December, which
accounted for the majority of our fourth quarter sales. Our strategy was so
successful that we depleted our inventories of some key products, which
tempered sales for January. We now look forward to some of the exciting new
merchandise that is now arriving at our stores for spring."
For the fiscal year, sales increased 44.6% to $195.3 million from
$135.1 million last year. Consolidated comparable stores sales for the fiscal
year grew by 5.9%(1) compared to 7.2%(1) for the year before. The West 49
banner had comparable store sales growth of 5.4%, following especially strong
comparable store sales growth of 8.3% in fiscal 2006.
West 49 Inc.'s fourth quarter and fiscal year-end earnings are expected
to be reported in mid-April.
About West 49 Inc.
West 49 Inc. is a multi-banner specialty retailer of apparel, footwear
and accessories related to skateboarding, snowboarding, and surfing, as well
as the music industry, and fashion-forward young women. The Company primarily
targets "Generation Y" customers (ages 10 through 18). West 49 Inc. operates
over 120 stores in nine provinces, under the banners West 49, Billabong, Off
The Wall, Amnesia/Arsenic, D-Tox, and Duke's Northshore, and online retailer
www.boardzone.com. West 49 Inc.'s common shares are listed on the Toronto
Stock Exchange under the symbol WXX. The Company has approximately 64 million
Information in this news release that is not current or historical
factual information may constitute forward-looking information. Implicit in
this information are assumptions that, although considered reasonable by West
49 Inc. at the time of preparation, may prove to be incorrect. Readers are
cautioned that forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking information.
Accordingly, investors should not place undue reliance on forward-looking
information. West 49 Inc. includes in publicly available documents filed from
time to time with securities commissions and the Toronto Stock Exchange, a
thorough discussion of the risk factors that can cause anticipated outcomes to
differ from actual outcomes. Forward-looking information is provided as of the
date of this news release, and the Company assumes no obligation to update or
revise them to reflect new events or circumstances.
(1) Includes historical sales information for acquired banners prior to
West 49 Inc.'s ownership.
For further information:
For further information: Kim Mullenger, Manager, Investor Relations,
West 49 Inc., (905) 336-5454 x 224, E-mail: email@example.com; Trevor
Heisler, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 270,