MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
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Net Sales Increased 15.0% to $34.4 Million; July 2010 Comparable Store Sales Increased 9.4%; Company Raises Second Quarter Outlook
EVERETT, WA, Aug 04, 2010 (MARKETWIRE via COMTEX) -- Zumiez Inc. (NASDAQ: ZUMZ) 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 July 31, 2010 increased 15.0% to $34.4 million, compared to $29.9 million for the four-week period ended August 1, 2009.
The Company's comparable store sales increased 9.4% for the four-week period, versus a comparable store sales decrease of 16.8% in the year ago period.
The Company also announced that based on better than projected sales and product margins, it is increasing its earnings guidance for the quarter ending July 31, 2010. T
he Company now expects net loss per diluted share for the second fiscal quarter of 2010 to be in the range of ($0.02) to ($0.03), which includes approximately $1.0 million of pre-tax charges (after-tax per diluted share of $0.02) associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California.
This guidance is favorable to the previously issued guidance of a net loss per diluted share between ($0.07) to ($0.10), which had included estimated pre-tax charges of $1.3 million (after-tax per diluted share of $0.03) for the relocation of the Company's distribution center.
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 operate 393 stores, which are primarily located in shopping malls and our web site address is www.zumiez.com.