April 22, 2010 / 11:55 AM / 8 years ago

REFILE-UPDATE 1-Canada's West 49 quarterly profit falls

(Adds missing word “by” in paragraph 1)

* Q4 EPS C$0.01 vs loss C$0.13/shr yr ago

* Q4 adj EPS C$0.01 vs EPS C$0.02 yr ago

* Sales fall 5 pct

April 22 (Reuters) - Canadian teenage clothing retailer West 49 Inc WXX.TO posted a lower fourth-quarter profit, hurt by a fall in product margins.

For the fourth quarter ended Jan. 30, the company reported net income of C$873,000, or 1 Canadian cent a share, compared with a loss of C$8.5 million, or 13 Canadian cents a share, a year earlier.

Excluding items, the company earned C$1.1 million, or 2 Canadian cents a share, a year earlier.

Net sales fell to C$61.6 million from C$64.8 million.

The company said gross margin decreased by 80 basis points to 24.4 percent.

Shares of the Burlington, Ontario-based company closed at 57 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Vinu Pilakkott) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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