West Marine (WMAR) 10-Q 27 Oct 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 27, 2014	Oct. 20, 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	27-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	24,313,135
Entity Filer Category	'Accelerated Filer	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 2013
In Thousands, unless otherwise specified
ASSETS	'	'	'
Cash and cash equivalents	$63,603	$48,408	$69,935
Trade receivables, net	8,460	6,441	7,905
Merchandise inventories	215,232	203,036	216,641
Deferred income taxes	5,666	5,012	5,512
Other current assets	16,370	19,360	18,267
Total current assets	309,331	282,257	318,260
Property and equipment, net	79,950	72,848	69,918
Long-term deferred income taxes	4,055	5,684	5,603
Other assets	3,577	3,454	3,354
TOTAL ASSETS	396,913	364,243	397,135
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'	'
Accounts payable	34,451	21,986	31,428
Accrued expenses and other	46,325	37,291	48,548
Total current liabilities	80,776	59,277	79,976
Deferred rent and other	15,984	16,382	16,488
Total liabilities	96,760	75,659	96,464
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; 25,014,180 shares issued and 24,325,291 shares outstanding at September 27, 2014; 24,625,481 shares issued and 24,296,497 shares outstanding at December 28, 2013; and 24,434,419 shares issued and 24,354,670 shares outstanding at September 28, 2013	25	25	24
Treasury stock	-9,171	-4,405	-934
Additional paid-in capital	206,700	202,622	200,175
Accumulated other comprehensive loss	-534	-565	-701
Retained earnings	103,133	90,907	102,107
Total stockholders' equity	300,153	288,584	300,671
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$396,913	$364,243	$397,135

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 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	25,014,180	24,625,481	24,434,419
Common stock, shares outstanding	24,325,291	24,296,497	24,354,670

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Income Statement [Abstract]	'	'	'	'
Net revenues	$196,510	$193,362	$546,331	$544,356
Cost of goods sold	138,124	135,683	380,744	374,100
Gross profit	58,386	57,679	165,587	170,256
Selling, general and administrative expense	48,511	44,177	142,267	135,291
Income from operations	9,875	13,502	23,320	34,965
Interest expense	99	104	322	327
Income before income taxes	9,776	13,398	22,998	34,638
Provision for income taxes	4,839	6,874	10,772	15,601
Net income	$4,937	$6,524	$12,226	$19,037
Net income per common and common equivalent share:	'	'	'	'
Basic	$0.20	$0.27	$0.51	$0.79
Diluted	$0.20	$0.26	$0.50	$0.78
Weighted average common and common equivalent shares outstanding:	'	'	'	'
Basic	24,323	24,383	24,202	24,193
Diluted	24,341	24,641	24,393	24,531

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'	'	'
Net income	$4,937	$6,524	$12,226	$19,037
Other comprehensive income (loss), net of tax	'	'	'	'
Foreign currency translation adjustments	21	-39	30	90
Total comprehensive income	$4,958	$6,485	$12,256	$19,127

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Statement of Comprehensive Income (Parentheticals) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Statement of Comprehensive Income Parentheticals [Abstract]	'	'	'	'
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$12	$0	$17	$0

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013
OPERATING ACTIVITIES:	'	'
Net income	$12,226	$19,037
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	13,378	11,117
Share-based compensation	2,376	2,511
Excess tax benefit from share-based compensation	-223	-874
Deferred income taxes	-603	2,903
Provision for doubtful accounts	82	10
Lower of cost or market inventory adjustments	1,112	1,519
Loss on asset disposals	325	105
Changes in assets and liabilities:	'	'
Trade receivables	-2,101	-1,192
Merchandise inventories	-13,308	-28,821
Other current assets	2,990	-239
Other assets	-261	45
Accounts payable	12,594	11,099
Accrued expenses and other	9,104	8,607
Deferred items and other non-current liabilities	1,180	1,645
Net cash provided by operating activities	38,871	27,472
INVESTING ACTIVITIES:	'	'
Proceeds from sale of property and equipment	36	4,330
Purchases of property and equipment	-20,832	-22,255
Net cash used in investing activities	-20,796	-17,925
FINANCING ACTIVITIES:	'	'
Borrowings on line of credit	2,087	3,552
Repayments on line of credit	-2,087	-3,552
Proceeds from exercise of stock options	1,314	3,112
Proceeds from sale of common stock pursuant to Associates Stock Buying Plan	318	383
Excess tax benefit from share-based compensation	223	874
Treasury shares acquired	-4,766	-549
Net cash provided by (used in) financing activities	-2,911	3,820
Effect of exchange rate changes on cash	31	26
NET INCREASE IN CASH	15,195	13,393
CASH AT BEGINNING OF PERIOD	48,408	56,542
CASH AT END OF PERIOD	63,603	69,935
Other cash flow information:	'	'
Cash paid for interest	227	220
Cash paid for income taxes, net of refunds of $1,391 and $37	2,067	3,059
Non-cash investing activities	'	'
Change in property and equipment additions in accounts payable	($129)	($746)

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Proceeds from Income Tax Refunds	$1,391	$37

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 27, 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 September 27, 2014 and September 28, 2013, and the interim results of operations for the 13-week and 39-week periods then ended and cash flows for the 39-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 39-week periods ended September 27, 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 September 27, 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 September 27, 2014, December 28, 2013 and September 28, 2013 cash balances were $63.6 million, $48.4 million and $69.9 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 the Company's 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 September 27, 2014 and September 28, 2013 is reflected in the table below:
		13 Weeks Ended					39 Weeks Ended
		September 27, 2014		September 28, 2013			September 27, 2014			September 28, 2013
	Core boating products	80.6	%	83.1	%		82	%		84.1	%
	Merchandise expansion products	19.4	%	16.9	%		18	%		15.9	%
	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 July 2013, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update ("ASU") 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 consolidated financial statements.
	In April 2014, FASB issued 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 the definition under existing GAAP. The new guidance requires that only 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 will have a material impact on the Company's consolidated financial statements.
	In May 2014, 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, and have not concluded whether the adoption of ASU 2014-09 will have a material impact on the Company's consolidated financial statements.
	Restructuring Costs
	As previously disclosed, the Company was advised that its lease for its Toronto, Canada store would not be renewed by the landlord and, as a result, the Company would be evaluating its options in Toronto and the implications for its Canadian operations. In light of this development and upon further analysis, the Company has determined that it is more likely than not that it will be unable to utilize its Canadian deferred tax assets and, therefore, in the third quarter of 2014, the Company placed a valuation allowance against those assets.
	Following a comprehensive evaluation of the Company’s strategic initiatives, on September 25, 2014, the Company’s Board of Directors ("the Board") approved the Company’s strategic plan, which included a plan to phase out of its Canadian stores over the next four years as leases expire. The final lease expires in September 2018, and the Company expects to complete its exit of Canada by December 2018. This decision was communicated to affected employees on October 23, 2014.
	The decision to phase out Canadian operations was based on management’s and the Board’s belief that continuing to pursue alternative locations, particularly in Toronto, would require significant further capital investments and include significant execution risks. As such, the Board determined that it would be in the best interests of the Company and its stockholders to continue the Company’s focus of time and resources on its domestic growth strategies. In accordance with Accounting Standards Codification ("ASC ") 712, Nonretirement Postemployment Benefits, the Company recorded a $0.1 million restructuring charge in the third quarter of 2014 for severance costs. Additionally, in accordance with ASC 420-10, Exit or Disposal Cost Obligations, the Company expects to record an additional $0.1 million for future termination benefits over the next three years. Other associated costs, such as legal and professional fees, will be expensed as incurred. The restructuring charges are and will be reflected on the consolidated statements of income as part of selling, general and administrative expense ("SG&A").
	Correction of Immaterial Errors
	The Company previously reported vendor cash consideration for advertising and other selling expenses as a reduction to 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 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, 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 September 28, 2013 and for the 13 weeks and 39 weeks ended September 28, 2013, which are presented herein have been revised. The following are selected line items from the financial statements illustrating the effect of the correction:
	Condensed Consolidated Balance Sheet
	(in thousands)
		28-Sep-13
		As Reported		Adjustment				As Revised
	Assets
	Merchandise inventories	222,227		$	(5,586	)		216,641
	Other current assets	16,783		1,484				18,267
	Total current assets	322,362		(4,102		)		318,260
	Long-term deferred income taxes	5,567		36				5,603
	Total assets	401,201		(4,066		)		397,135
	Liabilities
	Accrued expenses and other	48,902		(354		)		48,548
	Total current liabilities	80,330		(354		)		79,976
	Deferred rent and other	16,470		18				16,488
	Total liabilities	96,800		(336		)		96,464
	Stockholders' Equity
	Retained earnings	105,837		(3,730		)		102,107
	Total stockholders' equity	304,401		(3,730		)		300,671
	Total liabilities and stockholders' equity	401,201		(4,066		)		397,135
	Condensed Consolidated Statements of Income
	(in thousands)
		13 Weeks Ended											39 Weeks Ended
		28-Sep-13											28-Sep-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Cost of goods sold	$	138,512		$	(2,829	)		$	135,683			$	382,002			$	(7,902	)	$	374,100
	Gross profit	54,850			2,829				57,679				162,354				7,902			170,256
	Selling, general and administrative expense	41,732			2,445				44,177				126,406				8,885			135,291
	Income from operations	13,118			384				13,502				35,948				(983		)	34,965
	Income before income taxes	13,014			384				13,398				35,621				(983		)	34,638
	Provision for income taxes	6,677			197				6,874				15,956				(355		)	15,601
	Net income	6,337			187				6,524				19,665				(628		)	19,037
	Net income per common and common equivalent share:
Basic	$	0.26		$	0.01			$	0.27			$	0.81			$	(0.02	)	$	0.79
Diluted	0.26			—				0.26				0.8				(0.02		)	0.78
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
	13 Weeks Ended											39 Weeks Ended
	28-Sep-13											28-Sep-13
	As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
Net income	$	6,337		$	187			$	6,524			$	19,665			$	(628	)	$	19,037
Total comprehensive income	6,298			187				6,485				19,755				(628		)	19,127
Condensed Consolidated Statement of Cash Flows
(in thousands)
						39 Weeks Ended
						28-Sep-13
						As Reported				Adjustment				As Revised
Net income						$	19,665			$	(628	)		$	19,037
Deferred income taxes						2,902				1				2,903
Changes in assets and liabilities:
Merchandise inventories						(29,414		)		593				(28,821		)
Other current assets						(422		)		183				(239		)
Accounts payable						11,100				(1		)		11,099
Accrued expenses and other						8,755				(148		)		8,607

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 27, 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 September 27, 2014 was 49.5%, which resulted in a provision of $4.8 million, while the effective tax rate of the 13-week period ended September 28, 2013 was 51.3%, which resulted in a provision of $6.9 million. The effective tax rate for the third quarter of 2014 as compared to the effective tax rate for the third quarter of 2013 is reduced largely due the partial valuation allowance established during the third quarter of 2013 on the Company's California deferred tax assets. While the Company established a partial valuation allowance on its Canadian deferred tax assets in the third quarter of 2014, the rate effect was less than that of the partial valuation allowance established on the California deferred tax assets from the prior year.
	The Company's effective income tax rate for the 39-week period ended September 27, 2014 was 46.8%, which resulted in a provision of $10.8 million, while the effective tax rate for the 39-week period ended September 28, 2013 was 45.0%, which resulted in a provision of $15.6 million. The increase in the effective tax rate is due to the addition of a valuation allowance against the Company's Canadian net deferred tax assets and uncertain tax positions related to Puerto Rican taxes.
	The Company continues to maintain a valuation allowance against its California Enterprise Zone ("CA EZ") credits in the amount of $4.4 million, as well as a $0.9 million valuation allowance against South Carolina state tax credits. In addition, during the third quarter of 2014, the Company established a valuation allowance in the net amount of $1.3 million against its Canadian net deferred tax assets, due to the Company's decision to phase out of Canada over the next four years. The Company continues to monitor and adjust these valuation allowances based on current evaluation of its ability to realize these deferred tax assets.
	During the three months ended September 27, 2014, the Company recognized an additional $0.3 million gross expense related to uncertain tax positions, including accrued interest and penalties.
	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 open audits of Michigan and Wisconsin for the years 2009 through 2011.

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 27, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Compensation	'
	SHARE-BASED COMPENSATION
	The Company recognized share-based compensation expense of $0.6 million for the 13-week period ended September 27, 2014 and $0.9 million for the 13-week period ended September 28, 2013, the majority of which was recorded as SG&A expense. The Company recognized share-based compensation expense of $2.4 million for the 39-week period ended September 27, 2014 and $2.5 million for the 39-week period ended September 28, 2013, the majority of which was recorded as SG&A expense. The tax expense and benefit associated with share-based compensation expense for the 13-week and 39-week periods ended September 27, 2014 were less than $0.1 million and $0.2 million, respectively, and were recognized as excess tax benefits in additional paid-in capital. The tax benefits associated with share-based compensation expense for the 13-week and 39-week periods ended September 28, 2013 were less than $0.1 million and $0.9 million, respectively, and were recognized as excess tax benefits in additional paid-in capital.
	The Manager Share Appreciation Plan ("MSAP") compensation expense for the 13-week and 39-week periods ended September 27, 2014 was minimal. The corresponding liability at September 27, 2014 was $0.1 million. The MSAP compensation expense for the 13-week and 39-week periods ended September 28, 2013 was minimal and $0.1 million, respectively. The corresponding liability at September 28, 2013 was $0.1 million.

Comprehensive_Income_Loss

Comprehensive Income (Loss)	9 Months Ended
	Sep. 27, 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	9 Months Ended
	Sep. 27, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	CONTINGENCIES
	On October 23, 2013, a putative class action lawsuit was filed against the Company in the United States District Court for the Northern District of California by two California former hourly employees. The complaint sought unspecified damages for alleged violations of the California Labor Code, the California Business and Professions Code and the federal Fair Labor Standards Act, as well as civil penalties and attorney’s fees under the Labor Code Private Attorney General Act. The complaint alleged that the Company miscalculated and failed to pay overtime for employees off-the-clock work and certain selling incentive bonuses (or spiffs), issued inaccurate wage statements, failed to provide adequate rest and meal periods and other labor-related complaints. On September 19, 2014, the District Court granted the Company's motion for summary judgment on a number of the asserted claims, including the rest and meal break allegations, but certified the spiff miscalculation class and the derivative wage statement and former employee classes. On October 10, 2014, the Company filed an interlocutory appeal with the United States Court of Appeals for the Ninth Circuit asserting that the District Court erred in certifying the various classes. The Company's appeal remains pending.
	Additionally, on October 8, 2014, a putative class action was filed against the Company in the Superior Court of the State of California, County of San Diego, by a California former hourly employee claiming violations of the California Labor Code and the California Business and Professions Code. The complaint seeks unspecified damages and attorney’s fees, alleging the Company's failure to pay overtime to hourly store employees who earned bonus wages or commissions during pay periods in which they worked overtime, and the derivative claims of failure to provide accurate wage statements and all wages owed upon termination of employment.
	The Company intends to defend each of these actions vigorously, and the outcome of these matters cannot be determined at this time.
	The Company is also party to various other 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.
	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	9 Months Ended
	Sep. 27, 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 1.2 million and 0.5 million shares of common stock that were outstanding for the quarters ended September 27, 2014 and September 28, 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 0.5 million shares of common stock that were outstanding for the first 39-weeks ended September 27, 2014 and September 28, 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
		September 27, 2014				September 28, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,323	$	0.2		24,383	$	0.27
	Effect of dilutive stock options	18	—			258	(0.01		)
	Diluted	24,341	$	0.2		24,641	$	0.26
		39 Weeks Ended
		September 27, 2014				September 28, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,202	$	0.51		24,193	$	0.79
	Effect of dilutive stock options	191	(0.01		)	338	(0.01		)
	Diluted	24,393	$	0.5		24,531	$	0.78

Stock_Repurchase_Program_Stock

Stock Repurchase Program Stock Repurchase Program	9 Months Ended
	Sep. 27, 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 September 27, 2014, the Company did not repurchase any shares. For the nine months ended September 27, 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.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	9 Months Ended
	Sep. 27, 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 September 27, 2014 and September 28, 2013 is reflected in the table below:
		13 Weeks Ended					39 Weeks Ended
		September 27, 2014		September 28, 2013			September 27, 2014			September 28, 2013
	Core boating products	80.6	%	83.1	%		82	%		84.1	%
	Merchandise expansion products	19.4	%	16.9	%		18	%		15.9	%
	Total	100	%	100	%		100	%		100	%
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	'
	The following are selected line items from the financial statements illustrating the effect of the correction:
	Condensed Consolidated Balance Sheet
	(in thousands)
		28-Sep-13
		As Reported		Adjustment				As Revised
	Assets
	Merchandise inventories	222,227		$	(5,586	)		216,641
	Other current assets	16,783		1,484				18,267
	Total current assets	322,362		(4,102		)		318,260
	Long-term deferred income taxes	5,567		36				5,603
	Total assets	401,201		(4,066		)		397,135
	Liabilities
	Accrued expenses and other	48,902		(354		)		48,548
	Total current liabilities	80,330		(354		)		79,976
	Deferred rent and other	16,470		18				16,488
	Total liabilities	96,800		(336		)		96,464
	Stockholders' Equity
	Retained earnings	105,837		(3,730		)		102,107
	Total stockholders' equity	304,401		(3,730		)		300,671
	Total liabilities and stockholders' equity	401,201		(4,066		)		397,135
	Condensed Consolidated Statements of Income
	(in thousands)
		13 Weeks Ended											39 Weeks Ended
		28-Sep-13											28-Sep-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Cost of goods sold	$	138,512		$	(2,829	)		$	135,683			$	382,002			$	(7,902	)	$	374,100
	Gross profit	54,850			2,829				57,679				162,354				7,902			170,256
	Selling, general and administrative expense	41,732			2,445				44,177				126,406				8,885			135,291
	Income from operations	13,118			384				13,502				35,948				(983		)	34,965
	Income before income taxes	13,014			384				13,398				35,621				(983		)	34,638
	Provision for income taxes	6,677			197				6,874				15,956				(355		)	15,601
	Net income	6,337			187				6,524				19,665				(628		)	19,037
	Net income per common and common equivalent share:
	Basic	$	0.26		$	0.01			$	0.27			$	0.81			$	(0.02	)	$	0.79
	Diluted	0.26			—				0.26				0.8				(0.02		)	0.78
	Condensed Consolidated Statements of Comprehensive Income
	(in thousands)
		13 Weeks Ended											39 Weeks Ended
		28-Sep-13											28-Sep-13
		As Reported			Adjustment				As Revised				As Reported				Adjustment			As Revised
	Net income	$	6,337		$	187			$	6,524			$	19,665			$	(628	)	$	19,037
	Total comprehensive income	6,298			187				6,485				19,755				(628		)	19,127
	Condensed Consolidated Statement of Cash Flows
	(in thousands)
							39 Weeks Ended
							28-Sep-13
							As Reported				Adjustment				As Revised
	Net income						$	19,665			$	(628	)		$	19,037
	Deferred income taxes						2,902				1				2,903
	Changes in assets and liabilities:
	Merchandise inventories						(29,414		)		593				(28,821		)
	Other current assets						(422		)		183				(239		)
	Accounts payable						11,100				(1		)		11,099
	Accrued expenses and other						8,755				(148		)		8,607

Net_Income_Per_Share_Tables

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 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
		September 27, 2014				September 28, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,323	$	0.2		24,383	$	0.27
	Effect of dilutive stock options	18	—			258	(0.01		)
	Diluted	24,341	$	0.2		24,641	$	0.26
		39 Weeks Ended
		September 27, 2014				September 28, 2013
		Shares	Net Income			Shares	Net Income
			Per Share				Per Share
	Basic	24,202	$	0.51		24,193	$	0.79
	Effect of dilutive stock options	191	(0.01		)	338	(0.01		)
	Diluted	24,393	$	0.5		24,531	$	0.78

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013	Jun. 28, 2014	Dec. 28, 2013	Jun. 29, 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	$63,603	$69,935	$63,603	$69,935	$63,603	$48,408	$69,935	$56,542
Core Boating Products [Member]	'	'	'	'	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'	'	'	'	'
Merchandise product categories	80.60%	83.10%	82.00%	84.10%	'	'	'	'
Merchandise Expansion Products [Member]	'	'	'	'	'	'	'	'
Schedule of Merchandise Product Categories [Line Items]	'	'	'	'	'	'	'	'
Merchandise product categories	19.40%	16.90%	18.00%	15.90%	'	'	'	'

Basis_of_Presentation_Correcti

Basis of Presentation Correction of Immaterial Errors (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013	Dec. 28, 2013
Increase (Decrease) in Retail Related Inventories	'	'	($13,308)	($28,821)	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	2,990	-239	'
Increase (Decrease) in Other Operating Assets	'	'	-261	45	'
Increase (Decrease) in Accounts Payable	'	'	12,594	11,099	'
Increase (Decrease) in Other Accrued Liabilities	'	'	9,104	8,607	'
Cost of Goods Sold	138,124	135,683	380,744	374,100	'
Gross Profit	58,386	57,679	165,587	170,256	'
Selling, General and Administrative Expense	48,511	44,177	142,267	135,291	'
Operating Income (Loss)	9,875	13,502	23,320	34,965	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	9,776	13,398	22,998	34,638	'
Income Tax Expense (Benefit)	4,839	6,874	10,772	15,601	'
Net Income (Loss) Attributable to Parent	4,937	6,524	12,226	19,037	'
Deferred Income Tax Expense (Benefit)	'	'	-603	2,903	'
Earnings Per Share, Basic	$0.20	$0.27	$0.51	$0.79	'
Earnings Per Share, Diluted	$0.20	$0.26	$0.50	$0.78	'
Inventory, Net	215,232	216,641	215,232	216,641	203,036
Other Assets, Current	16,370	18,267	16,370	18,267	19,360
Assets, Current	309,331	318,260	309,331	318,260	282,257
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	4,055	5,603	4,055	5,603	5,684
Assets	396,913	397,135	396,913	397,135	364,243
Accrued Liabilities, Current	46,325	48,548	46,325	48,548	37,291
Liabilities, Current	80,776	79,976	80,776	79,976	59,277
Deferred rent and other	15,984	16,488	15,984	16,488	16,382
Liabilities	96,760	96,464	96,760	96,464	75,659
Accumulated Other Comprehensive Income (Loss), Net of Tax	-534	-701	-534	-701	-565
Retained Earnings (Accumulated Deficit)	103,133	102,107	103,133	102,107	90,907
Stockholders' Equity Attributable to Parent	300,153	300,671	300,153	300,671	288,584
Liabilities and Equity	396,913	397,135	396,913	397,135	364,243
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	4,958	6,485	12,256	19,127	'
Restatement Adjustment [Member]	'	'	'	'	'
Increase (Decrease) in Retail Related Inventories	'	'	'	593	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	'	183	'
Increase (Decrease) in Accounts Payable	'	'	'	-1	'
Increase (Decrease) in Other Accrued Liabilities	'	'	'	-148	'
Cost of Goods Sold	'	-2,829	'	-7,902	'
Gross Profit	'	2,829	'	7,902	'
Selling, General and Administrative Expense	'	2,445	'	8,885	'
Operating Income (Loss)	'	384	'	-983	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	384	'	-983	'
Income Tax Expense (Benefit)	'	197	'	-355	'
Net Income (Loss) Attributable to Parent	'	187	'	-628	'
Deferred Income Tax Expense (Benefit)	'	'	'	1	'
Earnings Per Share, Basic	'	$0.01	'	($0.02)	'
Earnings Per Share, Diluted	'	$0	'	($0.02)	'
Inventory, Net	'	-5,586	'	-5,586	'
Other Assets, Current	'	1,484	'	1,484	'
Assets, Current	'	-4,102	'	-4,102	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	36	'	36	'
Assets	'	-4,066	'	-4,066	'
Accrued Liabilities, Current	'	-354	'	-354	'
Liabilities, Current	'	-354	'	-354	'
Deferred rent and other	'	18	'	18	'
Liabilities	'	-336	'	-336	'
Retained Earnings (Accumulated Deficit)	'	-3,730	'	-3,730	'
Stockholders' Equity Attributable to Parent	'	-3,730	'	-3,730	'
Liabilities and Equity	'	-4,066	'	-4,066	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	187	'	-628	'
Scenario, Previously Reported [Member]	'	'	'	'	'
Increase (Decrease) in Retail Related Inventories	'	'	'	-29,414	'
Increase (Decrease) in Prepaid Expense and Other Assets	'	'	'	-422	'
Increase (Decrease) in Accounts Payable	'	'	'	11,100	'
Increase (Decrease) in Other Accrued Liabilities	'	'	'	8,755	'
Cost of Goods Sold	'	138,512	'	382,002	'
Gross Profit	'	54,850	'	162,354	'
Selling, General and Administrative Expense	'	41,732	'	126,406	'
Operating Income (Loss)	'	13,118	'	35,948	'
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	'	13,014	'	35,621	'
Income Tax Expense (Benefit)	'	6,677	'	15,956	'
Net Income (Loss) Attributable to Parent	'	6,337	'	19,665	'
Deferred Income Tax Expense (Benefit)	'	'	'	2,902	'
Earnings Per Share, Basic	'	$0.26	'	$0.81	'
Earnings Per Share, Diluted	'	$0.26	'	$0.80	'
Inventory, Net	'	222,227	'	222,227	'
Other Assets, Current	'	16,783	'	16,783	'
Assets, Current	'	322,362	'	322,362	'
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	'	5,567	'	5,567	'
Assets	'	401,201	'	401,201	'
Accrued Liabilities, Current	'	48,902	'	48,902	'
Liabilities, Current	'	80,330	'	80,330	'
Deferred rent and other	'	16,470	'	16,470	'
Liabilities	'	96,800	'	96,800	'
Retained Earnings (Accumulated Deficit)	'	105,837	'	105,837	'
Stockholders' Equity Attributable to Parent	'	304,401	'	304,401	'
Liabilities and Equity	'	401,201	'	401,201	'
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	'	$6,298	'	$19,755	'

Basis_of_Presentation_Restruct

Basis of Presentation Restructuring Costs (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 27, 2014
Restructuring Cost and Reserve [Line Items]	'
Severance Costs	$0.10
Employee Severance [Member]	'
Restructuring Cost and Reserve [Line Items]	'
Restructuring Charges	$0.10

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Valuation Allowance [Line Items]	'	'	'	'
Effective Income Tax Rate, Continuing Operations	49.50%	51.30%	46.80%	45.00%
Provision for income taxes	$4,839,000	$6,874,000	$10,772,000	$15,601,000
Unrecognized Tax Benefits, Period Increase (Decrease)	300,000	'	'	'
CALIFORNIA	'	'	'	'
Valuation Allowance [Line Items]	'	'	'	'
Deferred Tax Assets, Valuation Allowance	4,400,000	'	4,400,000	'
SOUTH CAROLINA	'	'	'	'
Valuation Allowance [Line Items]	'	'	'	'
Deferred Tax Assets, Valuation Allowance	900,000	'	900,000	'
CANADA	'	'	'	'
Valuation Allowance [Line Items]	'	'	'	'
Deferred Tax Assets, Valuation Allowance	$1,300,000	'	$1,300,000	'

ShareBased_Compensation_Detail

Share-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Sep. 27, 2014	Sep. 28, 2013
Tax benefit from share-based compensation [Line Items]	'	'	'	'
Share-based Compensation	$600,000	$900,000	$2,376,000	$2,511,000
Excess Tax Benefit from Share-based Compensation, Operating Activities	'	'	-223,000	-874,000
Manager Share Appreciation Plan, Liabilities	100,000	'	100,000	'
Maximum [Member]	'	'	'	'
Tax benefit from share-based compensation [Line Items]	'	'	'	'
Excess Tax Benefit from Share-based Compensation, Operating Activities	-100,000	-100,000	'	'
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	9 Months Ended
	Sep. 27, 2014	Sep. 28, 2013	Jun. 29, 2013	Sep. 27, 2014	Sep. 28, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,247,476	502,704	'	276,685	502,704
Weighted Average Number of Shares Outstanding, Basic	24,323,000	24,383,000	'	24,202,000	24,193,000
Earnings Per Share, Basic	$0.20	$0.27	'	$0.51	$0.79
Weighted Average Number Diluted Shares Outstanding Adjustment	18,000	258,000	'	191,000	338,000
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options and Restrictive Stock Units	$0	($0.01)	'	($0.01)	($0.01)
Weighted Average Number of Shares Outstanding, Diluted	24,341,000	24,641,000	24,531,000	24,393,000	24,531,000
Earnings Per Share, Diluted	$0.20	$0.26	'	$0.50	$0.78

Stock_Repurchase_Program_Detai

Stock Repurchase Program (Details) (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 27, 2014	Dec. 28, 2013	Sep. 28, 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)