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ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Zumiez reported strong comparable sales for July and raised its earnings guidance for the second quarter based on better than expected sales and product margins.
Same store sales increased 9.4% for the four weeks ended July 31.
Last year in July, same store sales declined 6.8%.
The company now expects to report a net loss of 2 to 3 cents per share vs. the previous forecast of a net loss of 7 to 10 cents per share. The loss is due to charges from relocating the company’s distribution center from Washington to California.
Comps by week were:
1. up 10.9%
2. up 7.7%
3. up 9.1%
4. up 9.8%
Regions: Same store sales for the Southern region rose 10%, while stores in the West, Midwest and East recorded a 7% increase. E-commerce also reported strong comps.
Strong categories: Accessories, men’s, footwear, boys.
Weak categories: hardgoods, juniors.
Q2 comps: up 9.3%
Year-to-date comps: up 9.2%