Sponsors
Billabong ▼ -0.020 | PPR ▲ +1.35 | American Apparel ▼ -0.029 | The Buckle ▲ +0.01 | Columbia ▲ +0.06 | Deckers Outdoor ▲ +2.55 | Dicks ▲ +0.12 | Foot Locker ▲ +0.18 | Genesco ▼ -0.02 | Iconix Brand Group ▲ +0.01 | Jarden Corp ▲ +0.85 | Nordstrom ▲ +1.03 | Luxottica ▲ +1.64 | Nike ▲ +1.05 | Pacific Sunwear ▼ 0.00 | Skullcandy ▲ +0.09 | Sport Chalet - 0 | Urban Outfitters ▲ +0.06 | VF Corp ▲ +0.35 | Quiksilver ▲ +0.07 | Zumiez ▲ +0.81 | Macys ▲ +0.45 | Tillys ▼ -0.04 |
Ticker Sponsor
Readers Say
Executive Edition rules
Executive Edition rules

“Shop-Eat-Surf” is now officially, the first stop in the morning for industry news. Accurate reporting, no sensationalism, and just the facts. Refreshing support to an incredible industry with a very bright future. Tiffany has cemented her role in the industry....the site is thought provoking, and inspirational. Learning the stories of others is incredibly useful. Great way to connect the retail community with the wholesale and financial, instantly and nationwide. ... And the Executive Edition rules.

- By Bob Hurley, Chairman, Hurley International
The one, undisputed leader
The one, undisputed leader

It is common knowledge in our industry that there is one undisputed leader in reporting on the topics, businesses and trends that impact all of us the most, and it is shop-eat-surf.com. Their access to those who make our industry happen is second to none, and we value not only the content of their reporting but the editorial thought on what it all means both in the present as well as the future. If we were asked to give a rating, it would be five out of five stars.

- By Craig Levra, CEO, Sport Chalet
Industry Insight

SDSI: 7 new companies accepted into the Springboard business mentoring program. AGENDA: Registration and travel planning now open for January and February trade shows.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Zumiez Inc. announces fiscal 2010 second quarter results

By
August 19, 2010 1:22 PM

Press Release:

EVERETT, WA--(Marketwire - 08/19/10) - Zumiez Inc. (NASDAQ:ZUMZ - News), a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today reported results for the second quarter ended July 31, 2010.

Total net sales for the second quarter (13 weeks) ended July 31, 2010 increased 14.7% to $97.7 million from $85.2 million reported in the second quarter (13 weeks) ended August 1, 2009. Comparable store sales for the second fiscal quarter of 2010 increased 9.3% vs. a decrease of 18.8% for the second quarter of fiscal 2009.

The Company posted net income for the quarter of $0.1 million or $0.00 per diluted share. These results include costs of approximately $1.0 million, or $0.02 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 $3.1 million or ($0.10) per diluted share in the second quarter of the prior fiscal year which included a charge of $1.3 million, or approximately $0.03 per diluted share, associated with the settlement agreement of a previously disclosed lawsuit.

Total net sales for the first six months (26 weeks) ended July 31, 2010 increased 15.3% to $186.8 million from $162.0 million reported in the first six months (26 weeks) of the prior year. The Company posted a net loss of $1.8 million or ($0.06) per diluted share in the first six months of fiscal 2010 compared to a net loss in the first six months of the prior fiscal year of $4.7 million or ($0.16) per diluted share. Results for the first six months of fiscal 2010 include costs of $2.2 million, or approximately $0.05 per diluted share, associated with the relocation of the Company's distribution center. Results for the first six months of fiscal 2009 include a charge of $1.3 million, or approximately $0.03 per diluted share, associated with the aforementioned lawsuit. Comparable store sales increased 9.2% in the first six months of fiscal 2010 vs. a decrease of 17.2% for the first six months of 2009.

At July 31, 2010, the Company had cash and current marketable securities of $91.3 million compared to cash and current marketable securities of $82.1 million at August 1, 2009.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We were very pleased with the top-line growth we generated during the second quarter and improved earnings results relative to last year, driven by comparable stores sales that were at the high-end of our guidance range. The merchandise and pricing initiatives we have implemented continue to resonate with consumers and are fueling gains across our business, including stronger than expected product margins. We are encouraged by our improved trends year-to-date, and optimistic that we have the right strategies in place to build on our positive momentum as we begin the important second half of the year."

2010 Outlook

The Company is introducing guidance for the three months ending October 30, 2010 of net income per diluted share of approximately $0.21 to $0.24. This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the third quarter of fiscal 2010.

We currently intend to open 27 new stores in fiscal 2010 with an opening cadence similar to fiscal 2009.

A conference call will be held today to discuss second quarter 2010 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (617)-597-5379 followed by the conference identification code of 49576155.

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 July 31, 2010 we operated 393 stores, which are primarily located in shopping malls, and our web site address is www.zumiez.com.


More on: earnings, Zumiez

Articles You Might Have Missed