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ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Zumiez today reported that July sales dropped by 5.6% compared to July 2008, and that same-store sales fell by 16.8% compared to the same month a year ago.
CFO Trevor Lang said Zumiez expects that consumers will delay back-to-school shopping this summer to coincide with a later Labor Day holiday weekend.
As a result, he said, Zumiez expects August sales to be negatively impacted, while September sales will be positively impacted.Zumiez headquarters in Everett, Washington
Lang, speaking in a recorded message, also offered these details:
Same store sales declined each week of July:
-18.4% in week 1
-18.1% in week 2
-14.5% in week 3
-16.7% in week 4
The declines were driven by lower transaction volumes in all stores, and to a lesser extent by lower unit prices, he said.
All categories posted declines.
Western store comps were negative in the high teens, while Midwestern store comps were negative in the low teens, he said.
Q2 same store sales were -18.8% compared to Q2 '08.
Year-to-date sales are -17.2% compared to the same period last year.
Zumiez has 324 stores.