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Top line growth remains strong in Q2 says West 49 CEO
14 Sep '05
3 min read
Of the $10.4 million increase in sales during the quarter, $4.2 million was due to the acquisition of Off The Wall. Results from Off the Wall were incorporated with those of West 49 beginning on May 25, 2005.
For the 26 weeks ended July 30, 2005, net sales rose 47.9 percent to $45.4 million compared to the same period a year earlier when West 49 was a private company. Comparable West 49 store sales increased 12.2 percent. Gross margin increased $0.8 million to $8.4 million but declined as percentage of net sales to 18.4 percent from 24.6 percent for the 26 weeks ended July 31, 2004.
On September 2, 2005, the Company raised net proceeds of $15 million in a private placement of common shares at $1.90 per share. About $3.0 million of the net proceeds is expected to be applied to reduce West 49's outstanding credit facility. The remainder will be used for potential acquisitions and/or to fund new store growth and/or working capital and/or general corporate purposes.
Ontario based West 49 Inc is a specialty retailer of apparel, footwear and accessories, with an emphasis on skateboarding, snowboarding and surfing. The Company targets "Generation Y" customers (ages 10 through 18). West 49 operates 65 stores in seven provinces. It also owns Off The Wall, fashion-forward young women's clothing retailer with 10 stores. West 49's shares are listed on the Toronto Stock Exchange under the symbol WXX.
For the 26 weeks ended July 30, 2005, net sales rose 47.9 percent to $45.4 million compared to the same period a year earlier when West 49 was a private company. Comparable West 49 store sales increased 12.2 percent. Gross margin increased $0.8 million to $8.4 million but declined as percentage of net sales to 18.4 percent from 24.6 percent for the 26 weeks ended July 31, 2004.
On September 2, 2005, the Company raised net proceeds of $15 million in a private placement of common shares at $1.90 per share. About $3.0 million of the net proceeds is expected to be applied to reduce West 49's outstanding credit facility. The remainder will be used for potential acquisitions and/or to fund new store growth and/or working capital and/or general corporate purposes.
Ontario based West 49 Inc is a specialty retailer of apparel, footwear and accessories, with an emphasis on skateboarding, snowboarding and surfing. The Company targets "Generation Y" customers (ages 10 through 18). West 49 operates 65 stores in seven provinces. It also owns Off The Wall, fashion-forward young women's clothing retailer with 10 stores. West 49's shares are listed on the Toronto Stock Exchange under the symbol WXX.
West 49 Inc
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