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Zumiez results above expectations

By
May 20, 2010 1:10 PM

Press Release:

EVERETT, WA--(Marketwire - 05/20/10) - Zumiez Inc. (NASDAQ:ZUMZ - News) a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today reported results for the first quarter ended May 1, 2010.

Total net sales for the first quarter (13 weeks) ended May 1, 2010 increased 16.0% to $89.1 million from $76.8 million reported in the first quarter ended May 2, 2009 (13 weeks). Comparable store sales for the first fiscal quarter of 2010 increased 9.1% vs. a decrease of 15.3% for the first quarter of fiscal 2009. The Company posted a net loss for the quarter of $1.9 million or ($0.06) per diluted share. These results include costs of approximately $1.2 million, or $0.03 per diluted share, associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California. The company reported a net loss of $1.7 million or ($0.06) per diluted share in the first quarter of the prior fiscal year.

At May 1, 2010, the Company had cash and current marketable securities of $96.8 million compared to cash and current marketable securities of $81.1 million at May 2, 2009.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "The combination of improved sales and better than expected product margins allowed us to more than offset planned operating expense increases and begin 2010 with first quarter bottom line results that were above our projections. We are optimistic that the enhancements we have made to our merchandise assortments and selling strategies over the past 12 months, both in our stores and on our website, have us well positioned for the future. At the same time, we are making important investments to our infrastructure, including investing in new systems and processes as well as the relocation of our distribution center, which we believe will help further enhance our ability to achieve our long-term objectives and build on our industry status as the leading retail destination for the action sports lifestyle."

2010 Outlook

The Company is introducing guidance for the three months ending July 31, 2010 of a net loss of approximately ($0.07) to ($0.10) per diluted share, which includes estimated pre-tax charges of $1.3 million (after-tax per diluted share of $0.03) associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California. This guidance is based on an anticipated comparable store sales increase in the mid-to-high single digit range for the second quarter of fiscal 2010.

We currently intend to open approximately 25 new stores in fiscal 2010 with an opening cadence similar to fiscal 2009.

A conference call will be held today to discuss first quarter 2010 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (617)-213-4868 followed by the conference identification code of 61758069. Telephonic participants can reduce pre-call hold time by registering for the conference in advance via the following link:

https://www.theconferencingservice.com/prereg/key.process?key=PAB86QJ9X

 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. As of May 1, 2010 we operated 381 stores, which are primarily located in shopping malls and our web site address is www.zumiez.com.

 

 


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