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Zumiez Inc posts fiscal 2010 Q4 & full year results
14
Mar '11
Zumiez Inc, a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported results for the fourth quarter and fiscal year ended January 29, 2011.

Total net sales for the fourth quarter ended January 29, 2011 (13 weeks) increased 17.9% to $156.2 million from $132.4 million in the quarter ended January 30, 2010 (13 weeks). The Company posted net income for the quarter of $15.0 million, or $0.49 per diluted share.

In the prior year period, Zumiez reported net income of $8.8 million, or $0.29 per diluted share, which included a non-cash charge of $1.8 million, or $0.04 per diluted share, associated with the impairment of store related assets. Comparable store sales increased 13.0% in the fourth quarter of fiscal 2010, compared to a 1.7% decrease in the fourth quarter of fiscal 2009.

Total net sales for fiscal 2010 (52 weeks) increased 17.5% to $478.8 million from $407.6 million in fiscal 2009 (52 weeks). The Company posted net income of $24.2 million, or $0.79 per diluted share, including costs of $2.4 million, or $0.05 per diluted share, associated with the relocation of the Company's distribution center to Corona, CA from Everett, WA, and $2.1 million, or $0.04 per diluted share, for the settlement of a previously disclosed lawsuit.

In the prior year, net income was $9.1 million, or $0.30 per diluted share, including a non-cash charge of $2.5 million, or $0.05 per diluted share, associated with the impairment of store related assets, and a charge of $1.4 million, or $0.03 per diluted share, associated with the settlement of a previously disclosed lawsuit. Comparable store sales increased 11.9% in fiscal 2010, compared to a decrease of 10.0% in fiscal 2009.

As of January 29, 2011, the Company had cash and current marketable securities of $128.8 million, compared to cash and current marketable securities of $108.1 million as of January 30, 2010.

"We are very pleased with the strength of our fiscal and fourth quarter 2010 sales, up over 17%, and the significant increase in earnings for both the year and the quarter," commented Rick Brooks, Chief Executive Officer of Zumiez. "Our record fourth quarter earnings reflect great execution by our team and underscores the uniqueness of our concept. We believe the actions we are taking by focusing on a wide selection of brands and strong customer service, combined with the people and infrastructure investments have us well positioned to carry this momentum forward and pursue our growth initiatives."

2011 Outlook

The Company is introducing guidance for the three months ending April 30, 2011 of a net loss per diluted share of approximately $0.03 to $0.00. This guidance is based on an anticipated comparable store sales increase in the mid to high single digit range for the first 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 Inc

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