West Marine (WMAR) 10-Q 29 Apr 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 29, 2014	Apr. 21, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'WEST MARINE INC	'
Entity Central Index Key	'0000912833	'
Current Fiscal Year End Date	'--01-03	'
Document Type	'10-Q	'
Document Period End Date	29-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	24,035,816
Entity Filer Category	'Accelerated Filer	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'	'
Cash and cash equivalents	$10,436	$48,408	$22,515
Trade receivables, net	9,287	6,441	8,137
Merchandise inventories	245,179	203,036	237,905
Deferred income taxes	4,388	5,012	5,268
Other current assets	27,881	19,360	26,539
Total current assets	297,171	282,257	300,364
Property and equipment, net	74,939	72,848	59,177
Long-term deferred income taxes	5,574	5,684	7,859
Other assets	3,548	3,454	3,383
TOTAL ASSETS	381,232	364,243	370,783
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'	'
Accounts payable	46,713	21,986	46,444
Accrued expenses and other	44,435	37,291	40,618
Total current liabilities	91,148	59,277	87,062
Deferred rent and other	15,653	16,382	14,301
Total liabilities	106,801	75,659	101,363
Commitments and contingencies - see Note 5	'	'	'
Stockholders' equity:	'	'	'
Preferred stock, $.001 par value: 1,000,000 shares authorized; no shares outstanding	0	0	0
Common stock, $.001 par value: 50,000,000 shares authorized; 24,712,822 shares issued and 24,023,933 shares outstanding at March 29, 2014; 24,625,481 shares issued and 24,296,497 shares outstanding at December 28, 2013; and 24,186,628 shares issued and 24,155,738 shares outstanding at March 30, 2013	25	25	24
Treasury stock	-9,089	-4,405	-385
Additional paid-in capital	204,127	202,622	197,172
Accumulated other comprehensive loss	-524	-565	-732
Retained earnings	79,892	90,907	73,341
Total stockholders' equity	274,431	288,584	269,420
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$381,232	$364,243	$370,783

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
Statement of Financial Position [Abstract]	'	'	'
Preferred stock, par value	$0.00	$0.00	$0.00
Preferred stock, shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0	0
Common stock, par value	$0.00	$0.00	$0.00
Common stock, shares authorized	50,000,000	50,000,000	50,000,000
Common stock, shares issued	24,712,822	24,625,481	24,186,628
Common stock, shares outstanding	24,023,933	24,296,497	24,155,738

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Income Statement [Abstract]	'	'
Net revenues	$113,338	$114,244
Cost of goods sold	88,415	88,930
Gross profit	24,923	25,314
Selling, general and administrative expense	44,041	41,502
Loss from operations	-19,118	-16,188
Interest expense	108	109
Loss before income taxes	-19,226	-16,297
Income tax benefit	-8,211	-6,568
Net loss	($11,015)	($9,729)
Net loss per common and common equivalent share:	'	'
Basic	($0.46)	($0.41)
Diluted	($0.46)	($0.41)
Weighted average common and common equivalent shares outstanding:	'	'
Basic	24,141	23,948
Diluted	24,141	23,948

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'
Net loss	($11,015)	($9,729)
Other comprehensive income (loss), net of tax	'	'
Foreign currency translation adjustments	41	58
Total comprehensive income	($10,974)	($9,671)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Comprehensive Loss Condensed Consolidated Statement of Comprehensive Income (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Statement of Comprehensive Income Parentheticals [Abstract]	'	'
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$24	$0

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
OPERATING ACTIVITIES:	'	'
Net loss	($11,015)	($9,729)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	4,055	3,704
Share-based compensation	867	756
Excess tax benefit from share-based compensation	-108	-626
Deferred income taxes	-72	332
Provision for doubtful accounts	-34	-46
Lower of cost or market inventory adjustments	1,024	846
Loss on asset disposals	41	103
Changes in assets and liabilities:	'	'
Trade receivables	-2,812	-1,368
Merchandise inventories	-43,167	-49,412
Other current assets	-8,521	-8,511
Other assets	-120	88
Accounts payable	24,803	24,931
Accrued expenses and other	7,236	517
Deferred items and other non-current liabilities	77	17
Net cash provided by (used in) operating activities	-27,746	-38,398
INVESTING ACTIVITIES:	'	'
Proceeds from sale of property and equipment	5	4,298
Purchases of property and equipment	-6,226	-2,975
Net cash provided by (used in) investing activities	-6,221	1,323
FINANCING ACTIVITIES:	'	'
Borrowings on line of credit	427	1,435
Repayments on line of credit	-427	-1,435
Proceeds from exercise of stock options	546	2,407
Excess tax benefit from share-based compensation	108	626
Treasury shares acquired	-4,684	0
Net cash provided by financing activities	-4,030	3,033
Effect of exchange rate changes on cash	25	15
NET DECREASE IN CASH	-37,972	-34,027
CASH AT BEGINNING OF PERIOD	48,408	56,542
CASH AT END OF PERIOD	10,436	22,515
Other cash flow information:	'	'
Cash paid for interest	73	71
Cash paid for income taxes	-697	545
Non-cash investing activities	'	'
Change in Property and equipment additions in accounts payable	($76)	$438

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Proceeds from Income Tax Refunds	$1,391	$30

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 29, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements have been prepared from the records of West Marine, Inc. and its subsidiaries (collectively, the “Company”) in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary to fairly present the financial position at March 29, 2014 and March 30, 2013, and the interim results of operations and cash flows for the 13-week periods then ended, have been included.
	The condensed consolidated balance sheet at December 28, 2013 presented herein has been derived from the audited consolidated financial statements of the Company for the year then ended that was included in the Company's Annual Report on Form 10-K for the year ended December 28, 2013 (the “2013 Form 10-K”). These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, for the fiscal year ended December 28, 2013 that were included in the 2013 Form 10-K.
	Accounting policies followed by the Company are described in Note 1 in the audited consolidated financial statements for the year ended December 28, 2013. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted for purposes of the condensed consolidated interim financial statements presented herein. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the 13-week period ended March 29, 2014 are not necessarily indicative of the results to be expected for any other interim period or for the fiscal year ending January 3, 2015. Historically, the Company's revenues and net income are higher in the second and third quarters and decrease in the first and fourth quarters of the fiscal year. The increase in revenues and earnings, principally during the period from April through August, is representative of the peak months for boat buying, usage and maintenance in most of the Company's retail markets.
	The Company's fiscal year consists of 52  or 53 weeks, ending on the Saturday closest to December 31. The 2014 fiscal year consists of 53 weeks ending on January 3, 2015, and the 2013 fiscal year consisted of 52 weeks ending on December 28, 2013. All quarters of both fiscal years 2013 and 2012 consist of 13 weeks, other than the fourth quarter of 2014, which consists of 14 weeks. All references to years relate to fiscal years rather than calendar years.
	Fair Value of Financial Instruments
	Fair value is the exchange price that would be received for an asset or that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prescribed under GAAP contains three levels, which prioritizes the inputs used in the valuation methodologies in measuring fair value:
	Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
	Level 2 - Include other inputs that are directly or indirectly observable in the marketplace.
	Level 3 - Unobservable inputs which are supported by little or no market activity.
	The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company's cash and cash equivalents consist of cash on hand, bank deposits and amounts in transit from banks for customer credit card and debit card transactions and are classified within Level 1 because they are valued using quoted market prices for each period presented: as of March 29, 2014, December 28, 2013 and March 30, 2013 cash balances were $10.4 million, $48.4 million and $22.5 million, respectively.
	Reportable Segment
	Based upon how the Company's chief executive officer (as the Company's chief operating decision maker) reviews operating results for the purposes of allocating resources and assessing performance, and our strategic focus on omni-channel retailing, the Company has one reportable segment. Revenues from customers are derived from merchandise sales and the Company does not rely on any individual major customers as a source of revenue.
	Merchandise Mix
	The Company considers its merchandise expansion strategy to be strategically important to the future success of the Company and is providing the following product category information. The Company's merchandise mix for the period ended March 29, 2014 and March 30, 2013 is reflected in the table below:
				13 Weeks Ended
				March 29, 2014			March 30, 2013
	Core boating products			82.8	%		84.1	%
	Merchandise expansion products			17.2	%		15.9	%
	Total			100	%		100	%
	The Company considers core boating products to be maintenance related products, electronics, sailboat hardware, anchors/docking/moorings, engine systems, safety, electrical, plumbing, boats, outboards, ventilation, deck hardware/fasteners, navigation, trailering, seating/boat covers and barbecues/appliances. The Company considers its merchandise expansion products to be comprised of apparel, footwear, clothing accessories, fishing, watersports, paddlesports, coolers, bikes and cabin/galley.
	Adoption of New and Recently Issued Accounting Pronouncements
	In July 2013, the Financial Accounting Standards Board, issued Accounting Standards Update 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carrtyforward Exists. This guidance requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The provisions of this guidance were effective as of the beginning of the 2014 fiscal year and did not have a material impact on the Company's financial statements.
	Correction of Immaterial Errors
	The Company previously reported vendor cash consideration for advertising and other selling expenses as a reduction to selling, general and administrative expense ("SG&A"). During the fourth quarter of 2013, management determined that such vendor cash consideration should have been classified as a reduction of inventory and ultimately as a reduction to cost of goods sold as the related inventory was sold, under the guidance in Accounting Standards Codification ("ASC") 605-50-45-15, Revenue Recognition, Customer Payments and Incentives, Other Presentation Matters, Consideration Is Reimbursement of Costs Incurred by the Customer. The prior period financial statements have also been revised to reflect the correction of certain other previously uncorrected immaterial prior period errors. The Company assessed the materiality of this misstatement on prior periods’ financial statements in accordance with SEC’s Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250, ("ASC 250"), Presentation of Financial Statements, and concluded that the misstatement was not material to any prior annual or interim periods, but the cumulative adjustment necessary to correct the classification would have been material to the year ended December 28, 2013. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the financial statements as of March 30, 2013 and for the 13 weeks ended March 30, 2013, which are presented herein have been revised. The following are selected line items from our financial statements illustrating the effect of the correction :
	Condensed Consolidated Balance Sheet
	(in thousands)
		30-Mar-13
		As Reported				Adjustment				As Revised
	Assets
	Merchandise inventories	$	243,945			$	(6,040	)		$	237,905
	Other current assets	24,871				1,668				26,539
	Total current assets	304,736				(4,372		)		300,364
	Long-term deferred income taxes	7,822				37				7,859
	Total assets	375,118				(4,335		)		370,783
	Liabilities
	Accrued expenses and other	41,122				(504		)		40,618
	Total current liabilities	87,566				(504		)		87,062
	Deferred rent and other	14,283				18				14,301
	Total liabilities	101,849				(486		)		101,363
	Stockholders' Equity
	Accumulated other comprehensive loss	(733		)		1				(732		)
	Retained earnings	77,191				(3,850		)		73,341
	Total stockholders' equity	273,269				(3,849		)		269,420
	Total liabilities and stockholders' equity	375,118				(4,335		)		370,783
	Condensed Consolidated Statement of Operations
	(in thousands)
								13 Weeks Ended
								30-Mar-13
								As Reported				Adjustment			As Revised
	Cost of goods sold							$	89,301			$	(371	)	$	88,930
	Gross profit							24,943				371			25,314
	Selling, general and administrative expense							39,878				1,624			41,502
	Loss from operations							(14,935		)		(1,253		)	(16,188		)
	Loss before income taxes							(15,044		)		(1,253		)	(16,297		)
	Income tax benefit							(6,063		)		(505		)	(6,568		)
	Net loss							(8,981		)		(748		)	(9,729		)
	Net loss per common and common equivalent share:
	Basic							$	(0.38	)		$	(0.03	)	$	(0.41	)
	Diluted							(0.38		)		(0.03		)	(0.41		)
	Condensed Consolidated Statement of Comprehensive Loss
	(in thousands)
								13 Weeks Ended
							30-Mar-13
							As Reported				Adjustment			As Revised
Net loss							$	(8,981	)		$	(748	)	$	(9,729	)
Total comprehensive loss							(8,923		)		(748		)	(9,671		)
Condensed Consolidated Statement of Cash Flows
(in thousands)
							13 Weeks Ended
							30-Mar-13
							As Reported				Adjustment			As Revised
Net loss							$	(8,981	)		$	(748	)	$	(9,729	)
Tax benefit from equity issuance							621				(621		)	—
Changes in assets and liabilities:
Merchandise inventories							(50,459		)		1,047			(49,412		)
Other current assets							(8,510		)		(1		)	(8,511		)
Other assets							87				1			88
Accounts payable							24,932				(1		)	24,931
Accrued expenses and other							194				323			517
Other cash flow information:
Cash paid for interest							92				(21		)	71

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 29, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	INCOME TAXES
	The Company calculates its interim income tax provision by estimating the annual effective tax rate and applying that rate to its year-to-date ordinary earnings. The Company's effective income tax rate for the 13-week period ended March 29, 2014 was 42.7%, which resulted in a benefit of $8.2 million, while the effective tax rate for the 13-week period ended March 30, 2013 was 40.3%, which resulted in a benefit of $6.6 million. The increase in the effective tax rate is largely due to changes in Puerto Rico tax rates. The Company continues to maintain a valuation allowance against its California Enterprise Zone credits in the amount of $2.5 million, as well as a $1.3 million valuation allowance against South Carolina state tax credits. The Company continues to monitor and adjust these valuation allowances based on current evaluation of its ability to realize these tax credits.
	During the three months ended March 29, 2014, the change in the gross amount of unrecognized tax benefits and accrued interest and penalties was not significant.
	The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various states and cities, and Puerto Rico and Canada. We have substantially settled all federal income tax matters through 2008, as well as all state and foreign jurisdictions through 2007 and 2006 respectively, with the exception of an open audit of California for 2009 and 2010.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 29, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	SHARE-BASED COMPENSATION
	The Company recognized share-based compensation expense of $0.9 million for the 13-week period ended March 29, 2014 and $0.8 million for the 13-week period ended March 30, 2013, the majority of which was recorded as SG&A expense. The tax benefit associated with share-based compensation expense for the 13-week period ended March 29, 2014 was $0.1 million, which was recognized as an excess tax benefit in additional paid-in capital. The tax benefit associated with share-based compensation expense for the 13-week period ended March 30, 2013 was $0.6 million, which was recognized as an excess tax benefit in additional paid-in capital. The Company began a new performance-based restricted stock unit program during the first quarter of 2014. The related compensation expense is included in the share-based compensation amount for the period ended March 29, 2014.
	The Manager Share Appreciation Plan ("MSAP") compensation expense for the 13-week period ended March 29, 2014 was minimal. The corresponding liability at March 29, 2014 was $0.1 million. The MSAP compensation expense for the 13-week period ended March 30, 2013 was $0.1 million. The corresponding liability at March 30, 2013 was $0.1 million.

Comprehensive_Income_Loss

Comprehensive Income (Loss)	3 Months Ended
	Mar. 29, 2014
Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Comprehensive Income (Loss)	'
	COMPREHENSIVE INCOME (LOSS)
	Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes income, expenses, gains and losses that bypass the income statement and are reported directly as a separate component of equity. The Company’s comprehensive loss consists of net loss and foreign currency translation adjustments for all periods presented.

Contingencies

Contingencies	3 Months Ended
	Mar. 29, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	CONTINGENCIES
	The Company is party to various legal and administrative proceedings, claims, product recalls, litigation and regulatory compliance audits arising from normal business activities. Additionally, many of these proceedings and audits raise complex factual and legal issues and are subject to uncertainties. The Company cannot predict with assurance the outcome of these matters. Accordingly, material adverse developments, settlements, or resolutions may occur and negatively impact results in the quarter and/or fiscal year in which such developments, settlements, or resolutions are reached.
	Based on the facts currently available, the Company does not believe that the disposition of matters that are pending or asserted, individually or in the aggregate, will have a material adverse effect on future financial results. However, changes in current facts or circumstances and/or an adverse judgment by a court, administrative or regulatory agency, arbitrator or a settlement could adversely impact the Company’s results of operations in any given period.
	For any claims, legal or administrative proceedings where the Company has determined that a loss is probable, there is no material difference between the amount accrued and the reasonably possible amount of loss. For any such matters where a loss is reasonably possible, the range of estimated loss is not material, individually and in the aggregate.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 29, 2014
Earnings Per Share [Abstract]	'
Net Loss Per Share	'
	NET LOSS PER SHARE
	Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net loss per share reflects the potential dilution that could occur if unvested restricted shares and outstanding options to purchase common stock were exercised. Options to purchase less than 0.1 million and approximately 0.5 million shares of common stock that were outstanding for the quarters ended March 29, 2014 and March 30, 2013, respectively, have been excluded from the calculation of diluted loss per share because inclusion of such shares would be anti-dilutive.
	The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands):
		13 Weeks Ended
		March 29, 2014				March 30, 2013
		Shares	Net Loss			Shares	Net Loss
			Per Share				Per Share
	Basic	24,141	$	(0.46	)	23,948	$	(0.41	)
	Effect of dilutive stock options	—	—			—	—
	Diluted	24,141	$	(0.46	)	23,948	$	(0.41	)

Stock_Repurchase_Program_Stock

Stock Repurchase Program Stock Repurchase Program	3 Months Ended
	Mar. 29, 2014
Stockholders' Equity Attributable to Parent [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	STOCK REPURCHASE PROGRAM
	As previously announced in March 2013, the Company’s Board of Directors approved the repurchase by the Company of up to $10 million of its common stock through open market or privately negotiated transactions. On August 15, 2013, the Company entered into a written trading plan (the “10b5-1 Plan”) under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to facilitate the repurchase of its shares in accordance with the Company’s share repurchase authorization.
	The 10b5-1 Plan allowed the Company’s broker to repurchase common stock on the Company’s behalf pursuant to the terms and limitations specified in the 10b5-1 Plan, including to the extent such purchases are permitted pursuant to Regulation M and Rule 10b-18 under the Exchange Act. The 10b5-1 Plan terminated in accordance with its terms on February 14, 2014. The Company may enter into similar plans in the future to further implement the share repurchase program.
	For the three months ended March, 29, 2014, the Company had repurchased 359,905 shares in the aggregate for a total purchase price of approximately $4.8 million and an average price per share of $13.45. The shares repurchased during the period include 31,731 shares that were repurchased, but had not settled at December 28, 2013.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	3 Months Ended
	Mar. 29, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Schedule of Merchandise Product Categories [Table Text Block]	'
	The Company's merchandise mix for the period ended March 29, 2014 and March 30, 2013 is reflected in the table below:
				13 Weeks Ended
				March 29, 2014			March 30, 2013
	Core boating products			82.8	%		84.1	%
	Merchandise expansion products			17.2	%		15.9	%
	Total			100	%		100	%
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	'
	The following are selected line items from our financial statements illustrating the effect of the correction :
	Condensed Consolidated Balance Sheet
	(in thousands)
		30-Mar-13
		As Reported				Adjustment				As Revised
	Assets
	Merchandise inventories	$	243,945			$	(6,040	)		$	237,905
	Other current assets	24,871				1,668				26,539
	Total current assets	304,736				(4,372		)		300,364
	Long-term deferred income taxes	7,822				37				7,859
	Total assets	375,118				(4,335		)		370,783
	Liabilities
	Accrued expenses and other	41,122				(504		)		40,618
	Total current liabilities	87,566				(504		)		87,062
	Deferred rent and other	14,283				18				14,301
	Total liabilities	101,849				(486		)		101,363
	Stockholders' Equity
	Accumulated other comprehensive loss	(733		)		1				(732		)
	Retained earnings	77,191				(3,850		)		73,341
	Total stockholders' equity	273,269				(3,849		)		269,420
	Total liabilities and stockholders' equity	375,118				(4,335		)		370,783
	Condensed Consolidated Statement of Operations
	(in thousands)
								13 Weeks Ended
								30-Mar-13
								As Reported				Adjustment			As Revised
	Cost of goods sold							$	89,301			$	(371	)	$	88,930
	Gross profit							24,943				371			25,314
	Selling, general and administrative expense							39,878				1,624			41,502
	Loss from operations							(14,935		)		(1,253		)	(16,188		)
	Loss before income taxes							(15,044		)		(1,253		)	(16,297		)
	Income tax benefit							(6,063		)		(505		)	(6,568		)
	Net loss							(8,981		)		(748		)	(9,729		)
	Net loss per common and common equivalent share:
	Basic							$	(0.38	)		$	(0.03	)	$	(0.41	)
	Diluted							(0.38		)		(0.03		)	(0.41		)
	Condensed Consolidated Statement of Comprehensive Loss
	(in thousands)
								13 Weeks Ended
								30-Mar-13
								As Reported				Adjustment			As Revised
	Net loss							$	(8,981	)		$	(748	)	$	(9,729	)
	Total comprehensive loss							(8,923		)		(748		)	(9,671		)
	Condensed Consolidated Statement of Cash Flows
	(in thousands)
								13 Weeks Ended
								30-Mar-13
								As Reported				Adjustment			As Revised
	Net loss							$	(8,981	)		$	(748	)	$	(9,729	)
	Tax benefit from equity issuance							621				(621		)	—
	Changes in assets and liabilities:
	Merchandise inventories							(50,459		)		1,047			(49,412		)
	Other current assets							(8,510		)		(1		)	(8,511		)
	Other assets							87				1			88
	Accounts payable							24,932				(1		)	24,931
	Accrued expenses and other							194				323			517
	Other cash flow information:
	Cash paid for interest							92				(21		)	71

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 29, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following is a reconciliation of the Company’s basic and diluted net income per share computations (shares in thousands):
		13 Weeks Ended
		March 29, 2014				March 30, 2013
		Shares	Net Loss			Shares	Net Loss
			Per Share				Per Share
	Basic	24,141	$	(0.46	)	23,948	$	(0.41	)
	Effect of dilutive stock options	—	—			—	—
	Diluted	24,141	$	(0.46	)	23,948	$	(0.41	)

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013	Dec. 28, 2013	Dec. 29, 2012
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'
Merchandise product categories	100.00%	100.00%	'	'
Cash and Cash Equivalents, at Carrying Value	$10,436	$22,515	$48,408	$56,542
Core Boating Products [Member]	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'
Merchandise product categories	82.80%	84.10%	'	'
Merchandise Expansion Products [Member]	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'
Merchandise product categories	17.20%	15.90%	'	'

Basis_of_Presentation_Correcti

Basis of Presentation Correction of Immaterial Errors (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 29, 2014	Mar. 30, 2013	Dec. 28, 2013
Increase (Decrease) in Retail Related Inventories	($43,167)	($49,412)	'
Increase (Decrease) in Prepaid Expense and Other Assets	-8,521	-8,511	'
Increase (Decrease) in Other Operating Assets	-120	88	'
Increase (Decrease) in Accounts Payable	24,803	24,931	'
Increase (Decrease) in Other Accrued Liabilities	7,236	517	'
Cost of Goods Sold	88,415	88,930	'
Gross Profit	24,923	25,314	'
Selling, General and Administrative Expense	44,041	41,502	'
Operating Income (Loss)	-19,118	-16,188	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	-19,226	-16,297	'
Income Tax Expense (Benefit)	-8,211	-6,568	'
Net Income (Loss) Attributable to Parent	-11,015	-9,729	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	0	'
Earnings Per Share, Basic	($0.46)	($0.41)	'
Earnings Per Share, Diluted	($0.46)	($0.41)	'
Inventory, Net	245,179	237,905	203,036
Other Assets, Current	27,881	26,539	19,360
Assets, Current	297,171	300,364	282,257
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	5,574	7,859	5,684
Assets	381,232	370,783	364,243
Accrued Liabilities, Current	44,435	40,618	37,291
Liabilities, Current	91,148	87,062	59,277
Deferred Rent and Other	15,653	14,301	16,382
Liabilities	106,801	101,363	75,659
Accumulated Other Comprehensive Income (Loss), Net of Tax	-524	-732	-565
Retained Earnings (Accumulated Deficit)	79,892	73,341	90,907
Stockholders' Equity Attributable to Parent	274,431	269,420	288,584
Liabilities and Equity	381,232	370,783	364,243
Interest Paid	73	71	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-10,974	-9,671	'
Restatement Adjustment [Member]	'	'	'
Increase (Decrease) in Retail Related Inventories	'	1,047	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	-1	'
Increase (Decrease) in Other Operating Assets	'	1	'
Increase (Decrease) in Accounts Payable	'	-1	'
Increase (Decrease) in Other Accrued Liabilities	'	323	'
Cost of Goods Sold	'	-371	'
Gross Profit	'	371	'
Selling, General and Administrative Expense	'	1,624	'
Operating Income (Loss)	'	-1,253	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	-1,253	'
Income Tax Expense (Benefit)	'	-505	'
Net Income (Loss) Attributable to Parent	'	-748	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	-621	'
Earnings Per Share, Basic	'	($0.03)	'
Earnings Per Share, Diluted	'	($0.03)	'
Inventory, Net	'	-6,040	'
Other Assets, Current	'	1,668	'
Assets, Current	'	-4,372	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	37	'
Assets	'	-4,335	'
Accrued Liabilities, Current	'	-504	'
Liabilities, Current	'	-504	'
Deferred Rent and Other	'	18	'
Liabilities	'	-486	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	'	1	'
Retained Earnings (Accumulated Deficit)	'	-3,850	'
Stockholders' Equity Attributable to Parent	'	-3,849	'
Liabilities and Equity	'	-4,335	'
Interest Paid	'	-21	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	-748	'
Scenario, Previously Reported [Member]	'	'	'
Increase (Decrease) in Retail Related Inventories	'	-50,459	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	-8,510	'
Increase (Decrease) in Other Operating Assets	'	87	'
Increase (Decrease) in Accounts Payable	'	24,932	'
Increase (Decrease) in Other Accrued Liabilities	'	194	'
Cost of Goods Sold	'	89,301	'
Gross Profit	'	24,943	'
Selling, General and Administrative Expense	'	39,878	'
Operating Income (Loss)	'	-14,935	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	-15,044	'
Income Tax Expense (Benefit)	'	-6,063	'
Net Income (Loss) Attributable to Parent	'	-8,981	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	621	'
Earnings Per Share, Basic	'	($0.38)	'
Earnings Per Share, Diluted	'	($0.38)	'
Inventory, Net	'	243,945	'
Other Assets, Current	'	24,871	'
Assets, Current	'	304,736	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	7,822	'
Assets	'	375,118	'
Accrued Liabilities, Current	'	41,122	'
Liabilities, Current	'	87,566	'
Deferred Rent and Other	'	14,283	'
Liabilities	'	101,849	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	'	-733	'
Retained Earnings (Accumulated Deficit)	'	77,191	'
Stockholders' Equity Attributable to Parent	'	273,269	'
Liabilities and Equity	'	375,118	'
Interest Paid	'	92	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	($8,923)	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Effective Income Tax Rate, Continuing Operations	42.70%	40.30%
Income tax benefit	($8,211,000)	($6,568,000)
State Enterprise Zone Credits	2,500,000	'
Net loss carryforward state tax credits	$1,300,000	'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Tax benefit from share-based compensation [Line Items]	'	'
Share-based Compensation	$867,000	$756,000
Tax benefit from equity issuance	100,000	600,000
Manager Share Appreciation Plan, Liabilities	100,000	'
Maximum [Member]	'	'
Tax benefit from share-based compensation [Line Items]	'	'
Manager Share Appreciation Plan Compensation	'	100,000
Manager Share Appreciation Plan, Liabilities	'	$100,000

Net_Loss_Per_Share_Details

Net Loss Per Share (Details) (USD $)	3 Months Ended
	Mar. 29, 2014	Mar. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	'	509,537
Weighted Average Number of Shares Outstanding, Basic	24,141,000	23,948,000
Earnings Per Share, Basic	($0.46)	($0.41)
Weighted Average Number Diluted Shares Outstanding Adjustment	0	0
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	$0	$0
Weighted Average Number of Shares Outstanding, Diluted	24,141,000	23,948,000
Earnings Per Share, Diluted	($0.46)	($0.41)
Maximum [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100,000	'

Stock_Repurchase_Program_Detai

Stock Repurchase Program (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 29, 2014	Dec. 28, 2013	Mar. 30, 2013
Equity, Class of Treasury Stock [Line Items]	'	'	'
Stock Repurchase Program, Authorized Amount	$10	'	'
Stock Repurchased During Period, Shares	359,905	'	'
Stock Repurchased During Period, Value	$4.80	'	'
Treasury Stock Acquired, Average Cost Per Share	$13.45	'	'
Preferred Stock, Shares Outstanding	0	0	0
Common Stock, Shares Authorized	-50,000,000	-50,000,000	-50,000,000
Common Stock, Par or Stated Value Per Share	($0.00)	($0.00)	($0.00)
Stock Repurchased During Period, Shares Not Settled	'	31,731	'