West 49, the Zumiez of Canada, announced that it lost $8.5-million its fourth quarter ended Jan. 31 “after booking $9.6 million after tax in writedowns of goodwill and other assets, and is in trouble with its bankers,” according to a story in The Star.
For all of last year, which included an extra week compared with the company’s prior financial year, sales rose 2.7 per cent to $210.4 million from $204.9 million. West 49 said it lost $12.3 million, 19 cents per share, compared with the previous annual loss of $2.4 million, four cents per share. Excluding one-time items, the full-year loss was $2.6 million, down from a prior-year profit of $1.5 million.
Not too shabby compared to other mall retailers.
[Link: The Star]
