- Company Reports Positive Comparable Store Sales for December -
Toronto Stock Exchange Symbol: WXX
BURLINGTON, ON, Jan. 14 /CNW/ - West 49 Inc. (TSX: WXX) (the "Company"), Canada's leading action sport retailer, today reported sales results for its fiscal 2010 Holiday selling season. Net sales for the five week period ended January 2, 2010 increased 5.7% to $36.8 million compared to $34.9 million for the five weeks ended January 3, 2009. The higher net sales were mostly the result of comparable store sales growth of 3.0%, including growth of 5.0% for the Company's core West 49 banner, over the five week period.
For the fourth quarter-to-date, or the nine week period ended January 2, 2010, total net sales increased 0.6% to $51.8 million from $51.5 million for the nine weeks ended January 3, 2009. For the quarter-to-date, comparable store sales were down 1.8%, while the West 49 banner's comparable store sales were flat to last year. Due to the 53rd week in fiscal year 2009, total sales and comparable store sales for the fiscal 2010 quarter-to-date period are compared to the nine week period ended January 3, 2009.
"We are pleased with our December sales performance as it represented a significant turnaround from November, which was marked by a cautious consumer and weaker outerwear sales due to unseasonably warm weather," said Sam Baio, Chief Executive Officer of West 49 Inc. "We continued to be relevant to our target customer by providing great brands at competitive prices. Moreover, our unique promotions and competitive prices protected our market share in a deeply-discounted retail environment."
West 49 Inc. expects to report its fiscal 2010 audited year end financial results in April.
About West 49 Inc.
West 49 Inc. is a leading Canadian specialty retailer of fashion and apparel, footwear, accessories and equipment related to the youth action sports lifestyle. The Company's stores, which are primarily mall-based, carry a variety of high-performance, premium brand name and private label products that fulfill the lifestyle needs of identified target markets, primarily tweens and teens. The Company currently operates 136 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic and D-Tox. The Company's common shares are listed on the Toronto Stock Exchange under the symbol WXX. The Company has approximately 64 million shares outstanding.
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Information in this news release that is not current or historical factual information may constitute forward-looking information. Implicit in this information, particularly in respect of future operating results and economic performance of the Company are assumptions regarding projected revenue, gross margin and expenses. The assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Investors are cautioned that forward-looking information involves known and unknown risks, uncertainties and numerous 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. The following includes some of the factors that could cause actual results, performance or achievements to differ materially from those expressed in or implied by any forward-looking information made by or on behalf of the Company: competition, changes in demographic trends, changes in consumer preferences and discretionary spending patterns, changes in business and economic conditions, human resource matters, legal proceedings, challenges to intellectual property rights, and changes in laws, regulations, and accounting policies and practices. The foregoing list of factors is not exhaustive. In formulating the forward-looking information contained herein, management has assumed that business and economic conditions affecting the Company's operations will continue substantially in the ordinary course, including without limitation with respect to industry conditions, general levels of economic activity, laws, regulations, taxes, foreign exchange rates, minimum wage rates and interest rates, weather, that there will be no outbreaks of disease or public safety issues, and that there will be no unplanned material changes in its facilities, equipment, supplies, with respect to relations with customers, suppliers, landlords and employees, or with respect to credit availability, among other things. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect. Accordingly, investors should not place undue reliance on forward-looking information. The Company 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 only, it should not be relied upon as of any other date, and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as expressly required by law.
SOURCE WEST 49 INC.
For further information: For further information: Investor Relations Contact: Rhonda Biddix, Chief Financial Officer and Corporate Secretary, West 49 Inc., (905) 336-5454 ext. 224, E-mail: email@example.com; Trevor Heisler, Investor Relations, The Equicom Group Inc., (416) 815-0700 ext. 270, E-mail: firstname.lastname@example.org