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ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Zumiez turned in a stellar back-to-school performance. The action sports retailer said today that same store sales in September rose 17%. In September 2009, same store sales fell 0.8%.
For August and September of 2010 combined, same store sales rose 12.4% vs. a 7.7% decline the same periods last year.
Every category recorded positive comp results – even junior’s.
Because of better than expected sales and product margins, the company also raised its earnings guidance for the third quarter – the second time it has done so during the back-to-school season.
The company now expects Q3 earnings between 28 cents to 30 cents. It first forecast earnings of 21 cents to 24 cents.
Same store sales by week:
1. up 13.6%
2. up 17.5%
3. up 23.9%
4. up 23.3%
5. up 10.1%
The number of transactions rose while the dollars per transaction declined.
Regionally, comps rose 22% in the South, 16% in the Midwest, 15% in the West and 9% in the East, with the remaining gains coming from e-commerce.
Year-to-date, same stores sales are up 10.3% vs. a 14% decline in the same period of 2009.
Zumiez ended the period with 397 stores.