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Retailer Zumiez Q1 FY'13 sales up 14.3%
24
May '13
Zumiez Inc. a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported results for the first quarter ended May 4, 2013.

Total net sales for the first quarter ended May 4, 2013 (13 weeks) increased 14.3% to $148.5 million from $129.9 million in the first quarter ended April 28, 2012 (13 weeks). Comparable store sales for the thirteen weeks ended May 4, 2013 decreased (0.7%) compared to a comparable store sales increase of 12.9% for the thirteen weeks ended April 28, 2012.

Net income in the first quarter of fiscal 2013 was $2.5 million, or $0.08 per diluted share, compared to net income of $4.5 million, or $0.14 per diluted share, in the first quarter of the prior fiscal year. The results for fiscal 2013 include costs of approximately $1.7 million, or $0.05 per diluted share, for charges associated with the acquisition of Blue Tomato, and the results for fiscal 2012 include approximately $0.4 million, or $0.01 per diluted share, of Blue Tomato acquisition charges.

At May 4, 2013, the Company had cash and current marketable securities of $97.6 million compared to cash and current marketable securities of $171.2 million at April 28, 2012. The decrease in cash and current marketable securities is a result of the acquisition of Blue Tomato, which was funded by the Company's cash and current marketable securities balance, as well as capital expenditures and stock repurchases, offset by cash generated through operations.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "Our business improved throughout the first quarter driven by strong full price selling during the combined March/April period. These results, which were delivered in a more challenging operating environment than a year ago, reflect the success of our continued execution on long-term growth strategies and the strength of our highly differentiated and diverse merchandise offering. We remain confident that our current course can continue to yield increased top and bottom line long-term gains."

Fiscal 2013 Second Quarter Outlook

The Company is introducing guidance for the three months ending August 3, 2013. Net sales are projected to be in the range of $155 to $158 million resulting in net income per diluted share of approximately $0.12 to $0.14, 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 anticipated comparable store sales in the range of flat to an increase of 2% for the second quarter of fiscal 2013.

The Company currently intends to open 58 new stores in fiscal 2013, including 9 stores in Canada and 6 stores in Europe.

Zumiez

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