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West 49 reports Q1 sales results
26 May '07
2 min read
West 49 Inc Canada's leading action sport retailer announced a correction to its sales results for the first quarter of fiscal 2008 as previously reported by way of news release on May 9, 2007.
The correct sales figure for the first quarter of fiscal 2008 is $41.0 million rather than sales of $46.5 million as originally reported. The correct sales growth for the quarter is 15.5% rather than 31.0% as previously reported.
There were no other corrections to the sales results reported in the Company's May 9, 2007 press release. As reported in that news release, consolidated comparable store sales increased 2.9% and the core West 49 banner's comparable store sales increased 2.6% compared to the first quarter a year ago.
The comparable store sales growth was achieved on the back of strong comparable stores sales increases of 8.5% on a consolidated basis and 8.2% for the West 49 banner in the first quarter the year before.
The incorrect figures in the May 9, 2007 press release were the result of an error in the manual consolidation of sales figures as systems are not yet fully integrated. In addition to continuing the acceleration of its shared service initiative as previously reported, new procedures have been adopted to ensure that similar errors do not occur in the future.
The Company's first quarter earnings are expected to be reported in mid-June.
The correct sales figure for the first quarter of fiscal 2008 is $41.0 million rather than sales of $46.5 million as originally reported. The correct sales growth for the quarter is 15.5% rather than 31.0% as previously reported.
There were no other corrections to the sales results reported in the Company's May 9, 2007 press release. As reported in that news release, consolidated comparable store sales increased 2.9% and the core West 49 banner's comparable store sales increased 2.6% compared to the first quarter a year ago.
The comparable store sales growth was achieved on the back of strong comparable stores sales increases of 8.5% on a consolidated basis and 8.2% for the West 49 banner in the first quarter the year before.
The incorrect figures in the May 9, 2007 press release were the result of an error in the manual consolidation of sales figures as systems are not yet fully integrated. In addition to continuing the acceleration of its shared service initiative as previously reported, new procedures have been adopted to ensure that similar errors do not occur in the future.
The Company's first quarter earnings are expected to be reported in mid-June.
West 49 Inc
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