West 49 posted a net loss of CA $1.2 million ($1.15 million) in the fourth quarter due to sluggish sales and a CA$3.4 million ($3.1 million) pre-tax goodwill impairment charge. Net sales for the Canadian operator of action sports stores increased 0.8% to CA$62.4 million ($61.7 million). Comps were down 4.5% on a consolidated basis and declined 2.4% at its core West 49 banner. The loss compares to a profit of CA$2.9 million ($2.7 million) a year ago.
As of January 26, it operated 134 under the West 49, Billabong, Off The Wall, Amnesia/Arsenic, D-Tox, and Duke's Northshore banners, as well as the boardzone.com website. Normalized EBITDA for the quarter was CA$4.7 million ($4.64 million) compared to CA$7.1 million ($7.02 million) a year ago.
For the full year, West 49 lost CA$2.4 million ($2.3 million) against a CA$4.1 million ($3.9 million) net profit a year ago. Sales increased 4.9% to CA$204.9 million ($202.6 million). Comparable stores sales decreased 1.3% on a consolidated basis.
