West Marine Inc. reported a net loss of $1.4 million for the fourth quarter, a 30.8% improvement over a net loss of $2 million last year.
The direct marketer and retailer’s net sales for the quarter ended Dec. 28, 2002 were $92.7 million, up 2% from $90.8 million the last year the same period a year ago.
CEO John Edmondson attributed these results to unusual weather conditions. “”The El Nino effect affected our sales the last part of the fourth quarter and continues in the first quarter this year,” he said in a statement.
For the year ended Dec. 28, 2002, the Watsonville, CA firm’s net income was $18.9 million, up 35.9% from $13.9 million last year.
Net sales for 2002 were $530.6 million, up 3.5% from $512.9 million. Comparable store net sales increased 0.9% from 2001.
