December 10, 2009 / 1:33 PM / 9 years ago

UPDATE 1-West 49 posts Q3 profit

* Q3 EPS C$0.04 vs C$0.03 yr ago

* Sales fall 3.7 pct

* Same-store sales drop 6 pct

Dec 10 (Reuters) - Canadian teenage clothing retailer West 49 Inc WXX.TO posted a third-quarter profit on Thursday, helped by improved margins.

The company said its gross margins increased by C$0.5 million to C$16.6 million, helped by lower supply chain costs and improved flow of goods into its stores.

For the third quarter ended Oct. 31, the company reported a net income of C$2.9 million, or 4 Canadian cents a share, compared with C$2.1 million, or 3 Canadian cents a share, a year earlier.

Net sales fell 3.7 percent to C$59.4 million, while same-store sales, or sales from stores that have been open for at least a year, fell 6 percent on a consolidated basis.

Shares of the Burlington, Ontario-based company closed at 51 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

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