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Zumiez beats its expectations with comps that fell double-digits in April and Q1

Zumiez beats its expectations
By Andrew Horan
May 06, 2009 3:14 PM

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.


More on: earnings, sales, Zumiez

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