Zumiez Inc. Announces Fiscal 2011 First Quarter Results First Quarter 2011 Diluted EPS Improved to $0.06
EVERETT, WA, May 19, 2011 (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 first quarter ended April 30, 2011.
Total net sales for the first quarter (13 weeks) ended April 30, 2011 increased 18.8% to $105.9 million from $89.1 million reported in the first quarter ended May 1, 2010 (13 weeks).
Comparable store sales for the first quarter of fiscal 2011 increased 12.6% on top of an increase of 9.1% for the first quarter of fiscal 2010.
The Company posted net income for the quarter of $1.9 million or $0.06 per diluted share compared to a net loss of $1.9 million or ($0.06) per diluted share in the first quarter of the prior fiscal year. The results for the first quarter of fiscal 2010 include costs of approximately $1.2 million, or $0.03 per diluted share, associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California.
At April 30, 2011, the Company had cash and current marketable securities of $130.7 million compared to cash and current marketable securities of $96.8 million at May 1, 2010.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "Our first quarter results represent a good start to fiscal 2011, although only a small percentage of our full year earnings.
"This gives us added confidence as we increase our store base in the U.S. and now Canada. Longer-term, we remain excited about the multiple areas of organic growth we believe exist for our concept including meaningful unit expansion, same store sales opportunities, and further development of our e-commerce platform."
The Company is introducing guidance for the three months ending July 30, 2011 of net income per diluted share of approximately $0.02 to $0.04 per diluted share. This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the second quarter of fiscal 2011.
The Company currently intends to open approximately 44 new stores in fiscal 2011, including its first stores in Canada, with an opening cadence similar to fiscal 2010.
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 April 30, 2011 we operated 406 stores in the United States and 2 stores in Canada, which are primarily located in shopping malls, and our web site address is www.zumiez.com.
Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology.
These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company's annual report on Form 10-K for the year ended January 29, 2011 as filed with the Securities and Exchange Commission and available at www.sec.gov.
You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.