Shorebreak Hotel as a venue for industry events. Cinematographer Louie Schwartzberg's "Moving Art Retreat" in June at Turtle Bay Resort. Details on Industry Insight.
Zumiez said today that sales and product margins turned out better than expected during the back-to-school shopping season and the company raised its earnings guidance for the third quarter.
Below, we break down week-to-week sales and look at the performance of key categories at Zumiez during the back-to-school period.
The company now expects third quarter same-store sales to be negative in the high-single digit to low double-digit range. Previously, the company forecast a same-store sales decline in the low-to mid-teen range.
As a result, third quarter earnings per share should reach 12 to 14 cents per share vs. the 5 to 7 cents per share previously forecast. Sales will range from $110 million to $111 million.
Zumiez CFO Trevor Lang said in a prerecorded message that the later Labor Day hurt August sales but helped September sales. Same-store sales in September rose 8/10 of one percentage point. For August and September combined, same-store sales declined 7.7 percent.
September same-stores sales by week were:
Week 1: up .7 percent
Week 2: up 29.1 percent
Week 3: down 13.7 percent
Week 4: down 13 percent
Sales in the Western half of the U.S. remain weak, with same-store sales falling in the low double digits. In the South, Northeast and Midwest, same-store sales declined in the mid-single digits.
Footwear comps were modestly positive, Lang said, while all other categories recorded negative comps.