West Marine (WMAR) 10-Q 29 Jul 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 28, 2014	Jul. 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	28-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	24,303,763
Entity Filer Category	'Accelerated Filer	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 2013
In Thousands, unless otherwise specified
ASSETS	'	'	'
Cash and cash equivalents	$38,934	$48,408	$45,773
Trade receivables, net	10,970	6,441	10,008
Merchandise inventories	243,588	203,036	237,100
Deferred income taxes	4,276	5,012	5,292
Other current assets	22,149	19,360	23,533
Total current assets	319,917	282,257	321,706
Property and equipment, net	79,595	72,848	65,663
Long-term deferred income taxes	4,829	5,684	7,910
Other assets	3,595	3,454	3,381
TOTAL ASSETS	407,936	364,243	398,660
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'	'
Accounts payable	50,242	21,986	43,259
Accrued expenses and other	46,988	37,291	45,508
Total current liabilities	97,230	59,277	88,767
Deferred rent and other	16,020	16,382	16,521
Total liabilities	113,250	75,659	105,288
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; 25,004,808 shares issued and 24,315,919 shares outstanding at June 28, 2014; 24,625,481 shares issued and 24,296,497 shares outstanding at December 28, 2013; and 24,387,175 shares issued and 24,356,285 shares outstanding at June 29, 2013	25	25	24
Treasury stock	-9,128	-4,405	-385
Additional paid-in capital	206,149	202,622	198,812
Accumulated other comprehensive loss	-556	-565	-662
Retained earnings	98,196	90,907	95,583
Total stockholders' equity	294,686	288,584	293,372
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$407,936	$364,243	$398,660

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 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	25,004,808	24,625,481	24,387,175
Common stock, shares outstanding	24,315,919	24,296,497	24,356,285

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Income Statement [Abstract]	'	'	'	'
Net revenues	$236,483	$236,750	$349,821	$350,994
Cost of goods sold	154,205	149,487	242,620	238,417
Gross profit	82,278	87,263	107,201	112,577
Selling, general and administrative expense	49,715	49,612	93,756	91,114
Income from operations	32,563	37,651	13,445	21,463
Interest expense	115	114	223	223
Income before income taxes	32,448	37,537	13,222	21,240
Provision for income taxes	14,144	15,295	5,933	8,727
Net income	$18,304	$22,242	$7,289	$12,513
Net income per common and common equivalent share:	'	'	'	'
Basic	$0.76	$0.92	$0.30	$0.52
Diluted	$0.75	$0.90	$0.30	$0.51
Weighted average common and common equivalent shares outstanding:	'	'	'	'
Basic	24,142	24,248	24,141	24,098
Diluted	24,314	24,587	24,418	24,476

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'	'	'
Net income	$18,304	$22,242	$7,289	$12,513
Other comprehensive income (loss), net of tax	'	'	'	'
Foreign currency translation adjustments	-32	70	9	129
Total comprehensive income	$18,272	$22,312	$7,298	$12,642

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Statement of Comprehensive Income (Parentheticals) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Statement of Comprehensive Income Parentheticals [Abstract]	'	'	'	'
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	($19)	$0	$5	$0

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
OPERATING ACTIVITIES:	'	'
Net income	$7,289	$12,513
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	8,683	7,446
Share-based compensation	1,803	1,659
Excess tax benefit from share-based compensation	-225	-841
Deferred income taxes	479	1,159
Provision for doubtful accounts	71	39
Lower of cost or market inventory adjustments	1,263	880
Loss on asset disposals	220	104
Changes in assets and liabilities:	'	'
Trade receivables	-4,600	-3,324
Merchandise inventories	-41,815	-48,641
Other current assets	-2,789	-5,505
Other assets	-228	98
Accounts payable	28,717	23,698
Accrued expenses and other	9,795	5,313
Deferred items and other non-current liabilities	750	1,335
Net cash provided by (used in) operating activities	9,413	-4,067
INVESTING ACTIVITIES:	'	'
Proceeds from sale of property and equipment	20	4,311
Purchases of property and equipment	-16,032	-15,133
Net cash provided by (used in) investing activities	-16,012	-10,822
FINANCING ACTIVITIES:	'	'
Borrowings on line of credit	1,165	2,810
Repayments on line of credit	-1,165	-2,810
Proceeds from exercise of stock options	1,308	2,855
Proceeds from sale of common stock pursuant to Associates Stock Buying Plan	318	383
Excess tax benefit from share-based compensation	225	841
Treasury shares acquired	-4,723	0
Net cash provided by (used in) financing activities	-2,872	4,079
Effect of exchange rate changes on cash	-3	41
NET DECREASE IN CASH	-9,474	-10,769
CASH AT BEGINNING OF PERIOD	48,408	56,542
CASH AT END OF PERIOD	38,934	45,773
Other cash flow information:	'	'
Cash paid for interest	148	146
Cash paid for income taxes, net of refunds of $1,391 and $30	-528	579
Non-cash investing activities	'	'
Change in Capital Expenditures Incurred but Not Yet Paid	($461)	($1,514)

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Proceeds from Income Tax Refunds	$1,391	$30

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 28, 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 state the financial position at June 28, 2014 and June 29, 2013, and the interim results of operations for the 13-week and 26-week periods then ended and cash flows for the 26-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 and 26-week periods ended June 28, 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 2014 and 2013 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. As of June 28, 2014, there were no financial instruments which require disclosure under the fair value hierarchy. 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. As of June 28, 2014, December 28, 2013 and June 29, 2013 cash balances were $38.9 million, $48.4 million and $45.8 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 customer 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 June 28, 2014 and June 29, 2013 is reflected in the table below:
		13 Weeks Ended					26 Weeks Ended
		June 28, 2014		June 29, 2013			June 28, 2014			June 29, 2013
	Core boating products	82.7	%	84.8	%		82.7	%		84.6	%
	Merchandise expansion products	17.3	%	15.2	%		17.3	%		15.4	%
	Total	100	%	100	%		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.
	Recently Issued Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, Reporting of Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 provides a narrower definition of discontinued operations than under existing GAAP. The new guidance requires that only a disposal of a component of an entity, or a group of components of an entity, that represents a strategic shift that has, or will have, a major effect on the reporting entity's operations and financial results should be reported in the financial statements as discontinued operations. ASU 2014-08 also provides guidance on the financial statement presentations and disclosures of discontinued operations. ASU 2014-08 is effective prospectively for disposals (or classifications as held for disposal) of components of an entity that occur in annual or interim periods beginning after December 15, 2014. The Company is currently evaluating the new standard, but does not expect the adoption of ASU 2014-08 to have a material impact on the Company's consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2016 with early application not permitted. The Company is currently evaluating the new standard, but does not expect the adoption of ASU 2014-09 to have a material impact on the Company's consolidated 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 June 29, 2013 and for the 13 weeks and 26 weeks ended June 29, 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)
		29-Jun-13
		As Reported		Adjustment				As Revised
	Assets
	Merchandise inventories	243,083		$	(5,983	)		237,100
	Other current assets	21,896		1,637				23,533
	Total current assets	326,052		(4,346		)		321,706
	Long-term deferred income taxes	7,873		37				7,910
	Total assets	402,969		(4,309		)		398,660
	Liabilities
	Accrued expenses and other	45,919		(411		)		45,508
	Total current liabilities	89,178		(411		)		88,767
	Deferred rent and other	16,502		19				16,521
	Total liabilities	105,680		(392		)		105,288
	Stockholders' Equity
	Retained earnings	99,500		(3,917		)		95,583
	Total stockholders' equity	297,289		(3,917		)		293,372
	Total liabilities and stockholders' equity	402,969		(4,309		)		398,660
	Condensed Consolidated Statement of Income
	(in thousands)
		13 Weeks Ended											26 Weeks Ended
		29-Jun-13											29-Jun-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Cost of goods sold	$	154,189		$	(4,702	)		$	149,487			$	243,490			$	(5,073	)	$	238,417
	Gross profit	82,561			4,702				87,263				107,504				5,073			112,577
	Selling, general and administrative expense	44,796			4,816				49,612				84,674				6,440			91,114
	Income from operations	37,765			(114		)		37,651				22,830				(1,367		)	21,463
	Income before income taxes	37,651			(114		)		37,537				22,607				(1,367		)	21,240
	Provision for income taxes	15,342			(47		)		15,295				9,279				(552		)	8,727
	Net income	22,309			(67		)		22,242				13,328				(815		)	12,513
	Net income per common and common equivalent share:
	Basic	$	0.92		$	—			$	0.92			$	0.55			$	(0.03	)	$	0.52
	Diluted	0.91			(0.01		)		0.9				0.54				(0.03		)	0.51
	Condensed Consolidated Statement of Comprehensive Income
	(in thousands)
		13 Weeks Ended											26 Weeks Ended
	29-Jun-13											29-Jun-13
	As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
Net income	$	22,309		$	(67	)		$	22,242			$	13,328			$	(815	)	$	12,513
Total comprehensive income	22,379			(67		)		22,312				13,457				(815		)	12,642
Condensed Consolidated Statement of Cash Flows
(in thousands)
						26 Weeks Ended
						29-Jun-13
						As Reported				Adjustment				As Revised
Net income						$	13,328			$	(815	)		$	12,513
Tax benefit from equity issuance						527				(527		)		—
Deferred income taxes						1,158				1				1,159
Changes in assets and liabilities:
Merchandise inventories						(49,631		)		990				(48,641		)
Other current assets						(5,535		)		30				(5,505		)
Accounts payable						23,699				(1		)		23,698
Accrued expenses and other						4,991				322				5,313

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 28, 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 June 28, 2014 was 43.6%, which resulted in a provision of $14.1 million, while the effective tax rate of the 13-week period ended June 29, 2013 was 40.7%, which resulted in a provision of $15.3 million. The Company's effective income tax rate for the 26-week period ended June 28, 2014 was 44.9%, which resulted in a provision of $5.9 million, while the effective tax rate for the 26-week period ended June 29, 2013 was 41.1%, which resulted in a provision of $8.7 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 ("CA EZ") credits in the amount of $4.2 million, in addition to 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 second quarter of 2014, the Company favorably settled an audit from the State of California for the years 2009 through 2010. The result of the audit settlement was the release of a $1.5 million reserve for uncertain tax benefits against the CA EZ credits. The Company placed an additional $1.7 million valuation on these credits.
	During the three months ended June 28, 2014, the change in the gross amount of unrecognized tax benefits and accrued interest and penalties was not significant.
	The Company files income tax returns in the U.S. federal jurisdiction, various states and cities, and Puerto Rico and Canada. The Company has 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 Michigan for the years 2009 through 2011.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Jun. 28, 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 June 28, 2014 and $0.9 million for the 13-week period ended June 29, 2013, the majority of which was recorded as SG&A expense. The Company recognized share-based compensation expense of $1.8 million for the 26-week period ended June 28, 2014 and $1.7 million for the 26-week period ended June 29, 2013, the majority of which was recorded as SG&A expense. The tax benefits associated with share-based compensation expense for the 13-week and 26-week periods ended June 28, 2014 were $0.1 million and $0.2 million, respectively, which were recognized as excess tax benefits in additional paid-in capital. The tax benefit associated with share-based compensation expense for the 13-week and 26-week periods ended June 29, 2013 were $0.2 million and $0.8 million, respectively, which were recognized as excess tax benefits 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 June 28, 2014.
	The Manager Share Appreciation Plan ("MSAP") compensation expense for the 13-week and 26-week periods ended June 28, 2014 was minimal. The corresponding liability at June 28, 2014 was $0.1 million. The MSAP compensation expense for the 13-week and 26-week periods ended June 29, 2013 was minimal and $0.1 million, respectively. The corresponding liability at June 29, 2013 was $0.1 million.

Comprehensive_Income_Loss

Comprehensive Income (Loss)	6 Months Ended
	Jun. 28, 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 income consists of net income and foreign currency translation adjustments for all periods presented.

Contingencies

Contingencies	6 Months Ended
	Jun. 28, 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_Income_Per_Share

Net Income Per Share	6 Months Ended
	Jun. 28, 2014
Earnings Per Share [Abstract]	'
Net Income Per Share	'
	NET INCOME PER SHARE
	Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income 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 approximately 0.8 million and 0.3 million shares of common stock that were outstanding for the quarters ended June 28, 2014 and June 29, 2013, respectively, have been excluded from the calculation of diluted income per share because inclusion of such shares would be anti-dilutive. Options to purchase approximately 0.3 million and 0.3 million shares of common stock that were outstanding for the first 26-weeks ended June 28, 2014 and June 29, 2013, respectively, have been excluded from the calculation of diluted income 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 (in thousands):
		13 Weeks Ended
		June 28, 2014				June 29, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,142	$	0.76		24,248	$	0.92
	Effect of dilutive stock options	172	(0.01		)	339	(0.02		)
	Diluted	24,314	$	0.75		24,587	$	0.9
		26 Weeks Ended
		June 28, 2014				June 29, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,141	$	0.3		24,098	$	0.52
	Effect of dilutive stock options	277	—			378	(0.01		)
	Diluted	24,418	$	0.3		24,476	$	0.51

Stock_Repurchase_Program_Stock

Stock Repurchase Program Stock Repurchase Program	6 Months Ended
	Jun. 28, 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. For the three months ended June 28, 2014, the Company did not repurchase any shares. For the six months ended June 28, 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 this period included 31,731 shares that were repurchased, but had not settled at December 28, 2013.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	6 Months Ended
	Jun. 28, 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 June 28, 2014 and June 29, 2013 is reflected in the table below:
		13 Weeks Ended					26 Weeks Ended
		June 28, 2014		June 29, 2013			June 28, 2014			June 29, 2013
	Core boating products	82.7	%	84.8	%		82.7	%		84.6	%
	Merchandise expansion products	17.3	%	15.2	%		17.3	%		15.4	%
	Total	100	%	100	%		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)
		29-Jun-13
		As Reported		Adjustment				As Revised
	Assets
	Merchandise inventories	243,083		$	(5,983	)		237,100
	Other current assets	21,896		1,637				23,533
	Total current assets	326,052		(4,346		)		321,706
	Long-term deferred income taxes	7,873		37				7,910
	Total assets	402,969		(4,309		)		398,660
	Liabilities
	Accrued expenses and other	45,919		(411		)		45,508
	Total current liabilities	89,178		(411		)		88,767
	Deferred rent and other	16,502		19				16,521
	Total liabilities	105,680		(392		)		105,288
	Stockholders' Equity
	Retained earnings	99,500		(3,917		)		95,583
	Total stockholders' equity	297,289		(3,917		)		293,372
	Total liabilities and stockholders' equity	402,969		(4,309		)		398,660
	Condensed Consolidated Statement of Income
	(in thousands)
		13 Weeks Ended											26 Weeks Ended
		29-Jun-13											29-Jun-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Cost of goods sold	$	154,189		$	(4,702	)		$	149,487			$	243,490			$	(5,073	)	$	238,417
	Gross profit	82,561			4,702				87,263				107,504				5,073			112,577
	Selling, general and administrative expense	44,796			4,816				49,612				84,674				6,440			91,114
	Income from operations	37,765			(114		)		37,651				22,830				(1,367		)	21,463
	Income before income taxes	37,651			(114		)		37,537				22,607				(1,367		)	21,240
	Provision for income taxes	15,342			(47		)		15,295				9,279				(552		)	8,727
	Net income	22,309			(67		)		22,242				13,328				(815		)	12,513
	Net income per common and common equivalent share:
	Basic	$	0.92		$	—			$	0.92			$	0.55			$	(0.03	)	$	0.52
	Diluted	0.91			(0.01		)		0.9				0.54				(0.03		)	0.51
	Condensed Consolidated Statement of Comprehensive Income
	(in thousands)
		13 Weeks Ended											26 Weeks Ended
		29-Jun-13											29-Jun-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Net income	$	22,309		$	(67	)		$	22,242			$	13,328			$	(815	)	$	12,513
	Total comprehensive income	22,379			(67		)		22,312				13,457				(815		)	12,642
	Condensed Consolidated Statement of Cash Flows
	(in thousands)
							26 Weeks Ended
							29-Jun-13
							As Reported				Adjustment				As Revised
	Net income						$	13,328			$	(815	)		$	12,513
	Tax benefit from equity issuance						527				(527		)		—
	Deferred income taxes						1,158				1				1,159
	Changes in assets and liabilities:
	Merchandise inventories						(49,631		)		990				(48,641		)
	Other current assets						(5,535		)		30				(5,505		)
	Accounts payable						23,699				(1		)		23,698
	Accrued expenses and other						4,991				322				5,313

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	6 Months Ended
	Jun. 28, 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 (in thousands):
		13 Weeks Ended
		June 28, 2014				June 29, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,142	$	0.76		24,248	$	0.92
	Effect of dilutive stock options	172	(0.01		)	339	(0.02		)
	Diluted	24,314	$	0.75		24,587	$	0.9
		26 Weeks Ended
		June 28, 2014				June 29, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,141	$	0.3		24,098	$	0.52
	Effect of dilutive stock options	277	—			378	(0.01		)
	Diluted	24,418	$	0.3		24,476	$	0.51

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013	Dec. 28, 2013	Dec. 29, 2012
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'	'	'
Merchandise product categories	100.00%	100.00%	100.00%	100.00%	'	'
Cash and Cash Equivalents, at Carrying Value	$38,934	$45,773	$38,934	$45,773	$48,408	$56,542
Core Boating Products [Member]	'	'	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'	'	'
Merchandise product categories	82.70%	84.80%	82.70%	84.60%	'	'
Merchandise Expansion Products [Member]	'	'	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'	'	'
Merchandise product categories	17.30%	15.20%	17.30%	15.40%	'	'

Basis_of_Presentation_Correcti

Basis of Presentation Correction of Immaterial Errors (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013	Dec. 28, 2013
Increase (Decrease) in Retail Related Inventories	'	'	($41,815)	($48,641)	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	-2,789	-5,505	'
Increase (Decrease) in Other Operating Assets	'	'	-228	98	'
Increase (Decrease) in Accounts Payable	'	'	28,717	23,698	'
Increase (Decrease) in Other Accrued Liabilities	'	'	9,795	5,313	'
Cost of Goods Sold	154,205	149,487	242,620	238,417	'
Gross Profit	82,278	87,263	107,201	112,577	'
Selling, General and Administrative Expense	49,715	49,612	93,756	91,114	'
Operating Income (Loss)	32,563	37,651	13,445	21,463	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	32,448	37,537	13,222	21,240	'
Income Tax Expense (Benefit)	14,144	15,295	5,933	8,727	'
Net Income (Loss) Attributable to Parent	18,304	22,242	7,289	12,513	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	'	'	0	'
Deferred Income Tax Expense (Benefit)	'	'	479	1,159	'
Earnings Per Share, Basic	$0.76	$0.92	$0.30	$0.52	'
Earnings Per Share, Diluted	$0.75	$0.90	$0.30	$0.51	'
Inventory, Net	243,588	237,100	243,588	237,100	203,036
Other Assets, Current	22,149	23,533	22,149	23,533	19,360
Assets, Current	319,917	321,706	319,917	321,706	282,257
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	4,829	7,910	4,829	7,910	5,684
Assets	407,936	398,660	407,936	398,660	364,243
Accrued Liabilities, Current	46,988	45,508	46,988	45,508	37,291
Liabilities, Current	97,230	88,767	97,230	88,767	59,277
Deferred Rent and Other	16,020	16,521	16,020	16,521	16,382
Liabilities	113,250	105,288	113,250	105,288	75,659
Accumulated Other Comprehensive Income (Loss), Net of Tax	-556	-662	-556	-662	-565
Retained Earnings (Accumulated Deficit)	98,196	95,583	98,196	95,583	90,907
Stockholders' Equity Attributable to Parent	294,686	293,372	294,686	293,372	288,584
Liabilities and Equity	407,936	398,660	407,936	398,660	364,243
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	18,272	22,312	7,298	12,642	'
Restatement Adjustment [Member]	'	'	'	'	'
Increase (Decrease) in Retail Related Inventories	'	'	'	990	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	'	30	'
Increase (Decrease) in Accounts Payable	'	'	'	-1	'
Increase (Decrease) in Other Accrued Liabilities	'	'	'	322	'
Cost of Goods Sold	'	-4,702	'	-5,073	'
Gross Profit	'	4,702	'	5,073	'
Selling, General and Administrative Expense	'	4,816	'	6,440	'
Operating Income (Loss)	'	-114	'	-1,367	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	-114	'	-1,367	'
Income Tax Expense (Benefit)	'	-47	'	-552	'
Net Income (Loss) Attributable to Parent	'	-67	'	-815	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	'	'	-527	'
Deferred Income Tax Expense (Benefit)	'	'	'	1	'
Earnings Per Share, Basic	'	$0	'	($0.03)	'
Earnings Per Share, Diluted	'	($0.01)	'	($0.03)	'
Inventory, Net	'	-5,983	'	-5,983	'
Other Assets, Current	'	1,637	'	1,637	'
Assets, Current	'	-4,346	'	-4,346	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	37	'	37	'
Assets	'	-4,309	'	-4,309	'
Accrued Liabilities, Current	'	-411	'	-411	'
Liabilities, Current	'	-411	'	-411	'
Deferred Rent and Other	'	19	'	19	'
Liabilities	'	-392	'	-392	'
Retained Earnings (Accumulated Deficit)	'	-3,917	'	-3,917	'
Stockholders' Equity Attributable to Parent	'	-3,917	'	-3,917	'
Liabilities and Equity	'	-4,309	'	-4,309	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	-67	'	-815	'
Scenario, Previously Reported [Member]	'	'	'	'	'
Increase (Decrease) in Retail Related Inventories	'	'	'	-49,631	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	'	-5,535	'
Increase (Decrease) in Accounts Payable	'	'	'	23,699	'
Increase (Decrease) in Other Accrued Liabilities	'	'	'	4,991	'
Cost of Goods Sold	'	154,189	'	243,490	'
Gross Profit	'	82,561	'	107,504	'
Selling, General and Administrative Expense	'	44,796	'	84,674	'
Operating Income (Loss)	'	37,765	'	22,830	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	37,651	'	22,607	'
Income Tax Expense (Benefit)	'	15,342	'	9,279	'
Net Income (Loss) Attributable to Parent	'	22,309	'	13,328	'
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options	'	'	'	527	'
Deferred Income Tax Expense (Benefit)	'	'	'	1,158	'
Earnings Per Share, Basic	'	$0.92	'	$0.55	'
Earnings Per Share, Diluted	'	$0.91	'	$0.54	'
Inventory, Net	'	243,083	'	243,083	'
Other Assets, Current	'	21,896	'	21,896	'
Assets, Current	'	326,052	'	326,052	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	7,873	'	7,873	'
Assets	'	402,969	'	402,969	'
Accrued Liabilities, Current	'	45,919	'	45,919	'
Liabilities, Current	'	89,178	'	89,178	'
Deferred Rent and Other	'	16,502	'	16,502	'
Liabilities	'	105,680	'	105,680	'
Retained Earnings (Accumulated Deficit)	'	99,500	'	99,500	'
Stockholders' Equity Attributable to Parent	'	297,289	'	297,289	'
Liabilities and Equity	'	402,969	'	402,969	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	$22,379	'	$13,457	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Valuation Allowance [Line Items]	'	'	'	'
Effective Income Tax Rate, Continuing Operations	43.60%	40.70%	44.90%	41.10%
Provision for income taxes	$14,144,000	$15,295,000	$5,933,000	$8,727,000
State Enterprise Zone Credits	'	'	4,200,000	'
Net loss carryforward state tax credits	'	'	1,300,000	'
CA EZ tax credits [Member]	'	'	'	'
Valuation Allowance [Line Items]	'	'	'	'
State Enterprise Zone Credits	'	'	1,500,000	'
Valuation Allowances and Reserves, Adjustments	'	'	$1,700,000	'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Tax benefit from share-based compensation [Line Items]	'	'	'	'
Share-based Compensation	$900,000	$900,000	$1,803,000	$1,659,000
Excess Tax Benefit from Share-based Compensation, Operating Activities	-100,000	-200,000	-225,000	-841,000
Manager Share Appreciation Plan, Liabilities	100,000	'	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	'	$100,000

Net_Income_Per_Share_Details

Net Income Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	772,594	300,949	295,252	300,949
Weighted Average Number of Shares Outstanding, Basic	24,142,000	24,248,000	24,141,000	24,098,000
Earnings Per Share, Basic	$0.76	$0.92	$0.30	$0.52
Weighted Average Number Diluted Shares Outstanding Adjustment	172,000	339,000	277,000	378,000
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	($0.01)	($0.02)	$0	($0.01)
Weighted Average Number of Shares Outstanding, Diluted	24,314,000	24,587,000	24,418,000	24,476,000
Earnings Per Share, Diluted	$0.75	$0.90	$0.30	$0.51

Stock_Repurchase_Program_Detai

Stock Repurchase Program (Details) (USD $)	3 Months Ended	6 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 28, 2013	Jun. 28, 2014	Jun. 29, 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	'	'