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Zumiez to have a good plan in place for Holiday season
23 Nov '09
3 min read
Zumiez Inc reported results for the third quarter ended October 31, 2009.
Total net sales for the third quarter (13 weeks) ended October 31, 2009 increased 0.8% to $113.2 million from $112.2 million reported in the third quarter (13 weeks) ended November 1, 2008. The Company posted net income for the quarter of $5.1 million or $0.17 per diluted share versus net income of $6.8 million or $0.23 per diluted share in the third quarter of the prior fiscal year. Comparable store sales decreased 8.0% for the third fiscal quarter of 2009 compared to a 5.8% decrease in the third quarter of 2008.
Total net sales for the first nine months (39 weeks) ended October 31, 2009 decreased 2.8% to $275.2 million from $283.2 million reported in the first nine months (39 weeks) of the prior year. The Company posted net income of $0.3 million or $0.01 per diluted share in the first nine months of fiscal 2009 compared to net income in the first nine months of the prior fiscal year of $10.9 million or $0.37 per diluted share. Results for the first nine months of fiscal 2009 include a charge of approximately $1.3 million, or $0.03 per diluted share, associated with the proposed settlement agreement of a previously disclosed lawsuit. Comparable store sales decreased 13.6% in the first nine months of fiscal 2009 compared with a decrease of 3.2% for the first nine months of 2008.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated: "I want to credit our entire team for our better than expected third quarter performance. By carefully managing our inventory, working closely with our branded and private label vendors to design programs that would deliver improved merchandise margins, and finding ways to inspire consumers who visited our stores, we were able to exceed our initial third quarter expectations and saw a meaningful improvement in our same store sales trends relative to the first half of fiscal 2009. Our results are particularly encouraging given that overall traffic and spending patterns continued to be volatile and the difficult macroeconomic environment continues. Although still challenging, we are also pleased to have seen some improved trends in certain of our larger, Western markets, most notably California. Looking ahead, we believe we have a good plan in place for the Holiday season."
Outlook
The Company is introducing guidance for the three months ending January 30, 2010 of net income of approximately $0.18 to $0.22 per diluted share. This guidance is based on an anticipated comparable store sales decline in the high-to-mid single digit range for the fourth quarter of fiscal 2009.
Total net sales for the third quarter (13 weeks) ended October 31, 2009 increased 0.8% to $113.2 million from $112.2 million reported in the third quarter (13 weeks) ended November 1, 2008. The Company posted net income for the quarter of $5.1 million or $0.17 per diluted share versus net income of $6.8 million or $0.23 per diluted share in the third quarter of the prior fiscal year. Comparable store sales decreased 8.0% for the third fiscal quarter of 2009 compared to a 5.8% decrease in the third quarter of 2008.
Total net sales for the first nine months (39 weeks) ended October 31, 2009 decreased 2.8% to $275.2 million from $283.2 million reported in the first nine months (39 weeks) of the prior year. The Company posted net income of $0.3 million or $0.01 per diluted share in the first nine months of fiscal 2009 compared to net income in the first nine months of the prior fiscal year of $10.9 million or $0.37 per diluted share. Results for the first nine months of fiscal 2009 include a charge of approximately $1.3 million, or $0.03 per diluted share, associated with the proposed settlement agreement of a previously disclosed lawsuit. Comparable store sales decreased 13.6% in the first nine months of fiscal 2009 compared with a decrease of 3.2% for the first nine months of 2008.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated: "I want to credit our entire team for our better than expected third quarter performance. By carefully managing our inventory, working closely with our branded and private label vendors to design programs that would deliver improved merchandise margins, and finding ways to inspire consumers who visited our stores, we were able to exceed our initial third quarter expectations and saw a meaningful improvement in our same store sales trends relative to the first half of fiscal 2009. Our results are particularly encouraging given that overall traffic and spending patterns continued to be volatile and the difficult macroeconomic environment continues. Although still challenging, we are also pleased to have seen some improved trends in certain of our larger, Western markets, most notably California. Looking ahead, we believe we have a good plan in place for the Holiday season."
Outlook
The Company is introducing guidance for the three months ending January 30, 2010 of net income of approximately $0.18 to $0.22 per diluted share. This guidance is based on an anticipated comparable store sales decline in the high-to-mid single digit range for the fourth quarter of fiscal 2009.
Zumiez Inc
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