Home / Knowledge / News / Fashion / Top line growth remains strong in Q2 says West 49 CEO

Top line growth remains strong in Q2 says West 49 CEO

14
Sep '05
Apparel retailer West 49 Inc reported results for its second quarter; the 13-week period ended July 30, 2005.

Net sales increased $10.4 million, or 64 percent, to $26.6 million in the 13 weeks ended July 30, 2005 compared to the second quarter last year, when West 49 was a private company. Comparable store sales increased 11.3 percent in the second quarter compared to the same period last year, while for the Company's West 49 stores, comparable sales increased 13.9 percent.

The company generated a net loss of $1.6 million or $.03 per share in the second quarter for fiscal 2006.

Sam Baio, Chief Executive Officer (CEO), stated that the top line growth remains very strong but their profitability was below plan for a number of reasons. Poor weather in April and May resulted in a change in markdown strategy to avoid inventory backup in the back-to-school season.

The Vancouver dock strike increased freight costs as they had to find other ways to deliver merchandise. These events resulted in a gross margin swing from 28.4 percent of net sales in the prior year to 19.2 percent this year. As a result of this strong quarter's growth they are improving their internal procedures to increase their profitability.

Historically, the first and second quarters are West 49's weakest periods, while the thirdand fourth quarters are the strongest.

At July 30, 2005 West 49 operated 75 stores, including 62 West 49 stores, 10 Off the Wall stores and three Billabong stores. That compares with 54 stores; including 53 West 49 stores and one Billabong stores on July 31, 2004. The Company opened three West 49 stores in its second quarter.


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Feb 2020

Bangla Tariff Commission fears grave impact on China trade

The impact of the coronavirus outbreak on Bangladesh-China trade is...

Pic: Shutterstock

Textiles | On 26th Feb 2020

UK risks losing up to 14% of exports to EU if no deal: UN

Non-tariff measures could cause major fractures in post-exit UK-EU...

Pic: Shutterstock

Textiles | On 26th Feb 2020

Turkey's textile industry employs 1.67 mn: minister

Turkey's textile and garment industry currently employs around 1.67...

Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

Blockchain technology will shorten lead times

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Simon Daplyn,

Simon Daplyn

Switzerland-based Sensient Imaging Technologies is a pioneer with a global ...

Puneet Jain & Yatin Jain,

Puneet Jain & Yatin Jain

Odhni is an indutva or ethnicwear brand started in 1999 by the Jain...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search