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ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Action sports retailer Zumiez today reported double-digit declines in its comps, but called those results better than expected and said its loss per share will be significantly less than it had earlier projected.
Zumiez saw same-store results for April fall by -13.8 percent, and Q109 results dip by -15.3 percent, the company reported.
Net sales fell by -1.7 percent for the past four weeks, the retailer reported.
Zumiez operates 358 stores, and bills itself as a "core store in the mall."
Here's the company's earnings statement:
Zumiez Inc., a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today announced that total net sales for the four-week period ended May 2, 2009 decreased 1.7% to $23.8 million, compared to $24.2 million for the four-week period ended May 3, 2008.
The company's comparable store sales decreased 13.8% for the four-week period, versus a comparable store sales increase of 4.1% in the year ago period. Comparable store sales for the first fiscal quarter of 2009 decreased 15.3% vs. a decrease of 0.8% for the first quarter of 2008.
Based primarily on better than expected sales and margins for the first quarter, the Company expects diluted loss per share to be ($0.09) to ($0.08) compared to the previously announced diluted loss per share guidance range of ($0.17) to ($0.13) for the fiscal quarter ending May 2, 2009.