Fourth Quarter Results
Total net sales for the fourth quarter ended February 2, 2013 (14 weeks) increased 22.1% to $224.4 million from $183.9 million in the quarter ended January 28, 2012 (13 weeks). Comparable store sales for the 14-week period ended February 2, 2013 decreased 1.0% compared to the same 14-week period ended February 4, 2012.
Net income in the fourth quarter of fiscal 2012 increased 22.1% to $22.9 million, or $0.74 per diluted share from net income of $18.7 million, or $0.60 per diluted share in the fourth quarter of the prior fiscal year.
The results for fiscal 2012 include $0.9 million, or approximately $0.02 per diluted share, of intangible amortization and inventory step-up costs associated with the acquisition of Blue Tomato, and a net benefit of $0.4 million, or approximately $0.01 per diluted share, of contingent earn-out associated with the Blue Tomato transaction.
Full Year Results
Total net sales for fiscal 2012 (53 weeks) increased 20.4% to $669.4 million from $555.9 million in fiscal 2011 (52 weeks). Comparable store sales for the 53-week period ended February 2, 2013 increased 5.0% compared to the same 53-week period ended February 4, 2012.
Net income in fiscal 2012 increased 12.9% to $42.2 million, or $1.35 per diluted share compared to net income in the prior fiscal year of $37.4 million, or $1.20 per diluted share. Results for fiscal 2012 include approximately $7.3 million, or $0.19 per diluted share, of Blue Tomato acquisition related costs and operations, and approximately $2.1 million, or $0.04 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.
Fiscal 2013 First Quarter Outlook
The Company is introducing guidance for the three months ending May 4, 2013. Net sales are projected to be in the range of $141 to $144 million resulting in net income per diluted share of approximately $0.04 to $0.07, which includes an estimated $1.6 million, or approximately $0.04 per diluted share, for charges associated with the acquisition of Blue Tomato. This guidance is based on an anticipated comparable store sales decrease in the mid single digit range for the first quarter of fiscal 2013.
The Company currently intends to open approximately 60 new stores in fiscal 2013, including up to 10 stores in Canada and 6 stores in Europe.
About Zumiez Inc.
Zumiez is a leading multi-channel specialty retailer of action sports related apparel, footwear, equipment and accessories, focusing on skateboarding, snowboarding, surfing, motocross and BMX for young men and women. As of March 2, 2013 we operated 501 stores, 472 in the United States, 21 in Canada, and 8 in Europe. We operate under the name Zumiez and Blue Tomato.
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