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Zumiez slashes guidance; Dec. sales weak

By Tiffany Montgomery
January 07, 2008 7:07 AM

It was a rough December for Zumiez. The important action sports retailer lowered its fiscal 2007 guidance this morning to 82 to 83 cents per share compared to its previous estimate of 92 to 94 cents.


Same-store sales for December rose 3.9 percent, lower than planned. Strong categories for the month included mens, juniors and accessories. Weak areas were shoes and skate and snow hardgoods.


Zumiez now expects same-store sales for January to increase in the low single digits.


The company's stock price fell 7.6 percent to $17.23 in early morning trading.


Here's the release:


EVERETT, Wash.--(BUSINESS WIRE)--Jan. 7, 2008--Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today announced the company's comparable store sales increased 3.9% for the five-week period ended January 5, 2008, versus a comparable store sales increase of 11.5% in the year ago period ended December 30, 2006. Total net sales for the five-week period ended January 5, 2008 increased 15.3% to $72.0 million, compared to $62.5 million for the five-week period ended December 30, 2006.


Based on the quarter-to-date results, the company now expects full year fiscal 2007 earnings per diluted share to be in the range of $0.82 to $0.83 compared to fiscal 2006 earnings of $0.73 per diluted share, and the company's previous guidance of $0.92 to $0.94 per diluted share.


Rick Brooks, President and Chief Executive Officer of Zumiez Inc., stated, "While we were pleased to again report positive comparable store sales in December against a very tough comparison, we fell short of our expectations for the month. Although holiday sales were positive, we did not experience the across the board strength that we had planned for. Nevertheless, we remain optimistic about the long term prospects for Zumiez."


To hear the Zumiez prerecorded December sales message, please dial (888) 317-6095 (no passcode is required).


About Zumiez Inc.

Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX. We currently operate 285 stores, which are primarily located in shopping malls and our web site address is www.zumiez.com.


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