Sponsors
Billabong ▲ +0.015 | PPR ▼ 0.00 | American Apparel ▼ -0.020 | The Buckle ▲ +0.55 | Columbia ▲ +0.09 | Deckers Outdoor ▲ +1.29 | Dicks ▲ +0.96 | Foot Locker ▲ +0.90 | Genesco ▲ +0.90 | Iconix Brand Group ▲ +0.85 | Jarden Corp ▲ +0.70 | Nordstrom ▲ +1.08 | Luxottica ▲ +0.07 | Nike ▲ +1.72 | Pacific Sunwear ▼ -0.06 | Skullcandy ▲ +0.08 | Sport Chalet - 0 | Urban Outfitters ▲ +0.57 | VF Corp ▲ +0.20 | Quiksilver ▼ -0.01 | Zumiez ▲ +0.15 | Macys ▲ +0.86 | Tillys ▼ -0.01 |
Readers Say
It pertains to my business
It pertains to my business

I’m an avid reader of Shop-Eat-Surf because it’s really the only online newsletter that I have found that is not only industry related, but also because it’s not so “guy-centric.” I find that a lot of the information I read on the site pertains to my business (as a swimwear designer) and keeps me up to date on what other companies and other women in the industry in general are doing which is not only inspiring but also helps me gauge the future direction of my business as well.

I feel privileged to read the Executive Edition because I know I am getting insider industry information before it hits the mainstream media channels. And it’s always good to know what my friends are up to in the industry.

- By Monica Wise, Founder, L*Space
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
Industry Insight

4 reasons for B2B companies to embrace ecomm from NuORDER. Invitation to PROCOPIO's Labor and Employment Law seminar.

Details on Industry Insight.


Tiffany Montgomery
Print This Article

Zumiez reports third quarter 2010 financial results

By
December 01, 2010 1:13 PM

Press Release:

 

Third Quarter Comparable Store Sales Increased 14.4%; Third Quarter Diluted EPS Increased 135% to $0.40; November 2010 Net Sales Increased 26.2% to $40.4 Million; November 2010 Comparable Store Sales Increased 20.7%

 

EVERETT, WA, Dec 01, 2010 (MARKETWIRE via COMTEX) --

 

Zumiez Inc. (NASDAQ: ZUMZ), a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today reported results for the third quarter ended October 30, 2010 and November 2010 sales results.

 

Total net sales for the third quarter (13 weeks) ended October 30, 2010 increased 20.0% to $135.9 million from $113.2 million reported in the third quarter (13 weeks) ended October 31, 2009. Comparable store sales for the third fiscal quarter of 2010 increased 14.4% vs. a decrease of 8.0% for the third quarter of fiscal 2009. Net income in the third quarter of 2010 increased 143% to $12.3 million, or $0.40 per diluted share from net income of $5.1 million, or $0.17 per diluted share in the third quarter of the prior fiscal year.

 

Total net sales for the nine months (39 weeks) ended October 30, 2010 increased 17.3% to $322.7 million from $275.2 million reported for the nine months (39 weeks) ended October 31, 2009. Comparable store sales increased 11.3% in the first nine months of fiscal 2010 compared with a decrease of 13.6% for the first nine months of fiscal 2009.

 

The Company posted net income of $9.2 million or $0.30 per diluted share in the first nine months of fiscal 2010 compared to net income in the first nine months of the prior fiscal year of $0.3 million or $0.01 per diluted share. Results for the first nine months of fiscal 2010 include costs of $2.4 million, or approximately $0.05 per diluted share, associated with the relocation of the Company's distribution center, and $2.1 million, or approximately $0.04 per diluted share, for the settlement of a previously disclosed lawsuit. Results for the first nine months of fiscal 2009 include a charge of $1.3 million, or approximately $0.03 per diluted share, associated with the settlement of a previously disclosed lawsuit.

 

At October 30, 2010, the Company had cash and current marketable securities of $98.9 million compared to cash and current marketable securities of $81.8 million at October 31, 2009.

 

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We are pleased our third quarter 2010 financial results exceeded our expectations resulting in the highest third quarter profit in our history. Our ongoing investments continue to differentiate the Zumiez shopping experience. Our unique assortment of brands, best in class customer service combined with compelling pricing strategies further distinguished our concept from the competition during back-to-school. We are pleased that the strength we saw in October has continued in November with same store sales again increasing over 20%."

 

November 2010 Sales

 

Total net sales for the four-week period ended November 27, 2010 increased 26.2% to $40.4 million, compared to $32.0 million for the four-week period ended November 28, 2009. The Company's comparable store sales increased 20.7% for the four-week period, versus a comparable store sales decrease of 8.5% in the year ago period.

 

2010 Outlook

 

The Company is introducing guidance for the three months ending January 29, 2011 of net income per diluted share of approximately $0.43 to $0.47. This guidance is based on an anticipated comparable store sales increase in the low double digit to mid teen range for the fourth quarter of fiscal 2010.

 

We have opened all 27 new stores in fiscal 2010.

 

A conference call will be held today to discuss third quarter 2010 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (617)-213-8067 followed by the conference identification code of 13207595.

 

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 November 27, 2010 we operated 400 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