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Zumiez posts double-digit sales growth in Q2 FY’12

August 31, 2012 (United States Of America)

Zumiez Inc. a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported results for the second quarter ended July 28, 2012.

Total net sales for the second quarter ended July 28, 2012 (13 weeks) increased 20.4% to $135.1 million from $112.2 million in the quarter ended July 30, 2011 (13 weeks). The second quarter results include our acquisition of Blue Tomato which closed on July 4, 2012.

Comparable store sales for the second quarter of fiscal 2012 increased 9.5% on top of a comparable store sales increase of 7.5% in the second quarter of fiscal 2011. Net income in the second quarter of fiscal 2012 was $2.1 million, or $0.07 per diluted share, compared to net income of $2.6 million, or $0.08 per diluted share, in the second quarter of the prior fiscal year.

The results for fiscal 2012 include approximately $2.5 million, or $0.07 per diluted share, of Blue Tomato acquisition related costs and operations, and approximately $1.3 million, or $0.03 per diluted share, of costs associated with the relocation the Company's ecommerce fulfillment center to Edwardsville, Kansas and its corporate offices to Lynnwood, Washington from Everett, Washington.

Total net sales for the six months (26 weeks) ended July 28, 2012 increased 21.5% to $265.0 million from $218.1 million reported for the six months (26 weeks) ended July 30, 2011. Comparable store sales increased 11.1% in the first six months of fiscal 2012 on top of 9.9% for the first six months of 2011.

The Company reported net income of $6.6 million or $0.21 per diluted share in the first six months of fiscal 2012 compared to net income for the first six months of the prior fiscal year of $4.5 million or $0.14 per diluted share.

Results for the first six months of fiscal 2012 include approximately $2.8 million, or $0.08 per diluted share, of Blue Tomato acquisition related costs and operations, approximately $1.6 million, or $0.03 per diluted share, of costs associated with the relocation the Company's ecommerce fulfillment center to Edwardsville, Kansas and corporate offices to Lynnwood, Washington from Everett, Washington.

At July 28, 2012, the Company had cash and current marketable securities of $96.8 million, compared to cash and current marketable securities of $131.9 million at July 30, 2011. The decrease in cash and current marketable securities is a result of the acquisition of Blue Tomato and was funded by the Company's cash balance, offset by cash generated through operations.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "The second quarter was a productive and transformational period for our Company. We continued to expand our North American footprint while at the same time driving a high single digit comparable sales gain.

“Our teams continue to execute at a very high level to ensure that our merchandise assortments are relevant and that the shopping experience is unique and differentiated regardless of what channel consumers chose to engage with us.


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