Shares of West Marine (NASDAQ:WMAR) tumbled nearly 14% on Thursday after the retailer revealed a widened fourth-quarter loss
The seller of boating supplies posted a net loss of $19.8 million, or 88 cents a share, compared with a loss of $12.8 million, or 57 cents a share, in the same quarter last year, worse than average analyst estimates polled by Thomson Reuters of a 67-cent loss.
Revenue for the Watsonville, Calif.-based company was $107.3 million, up 3.3% from $103.9 million a year ago, beating the Street’s view of $106.2 million.
“We are pleased with the progress we are making with our ongoing plans to revitalize and grow the business,” West Marine CEO Geoff Eisenberg said in a statement.
The company sees fiscal 2011 revenues in the range of $629 million to $635 million, below Wall Street estimates of $654.2 million.