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Zumiez Q1 results represent good start to fiscal 2011
23 May '11
2 min read
Zumiez Inc, a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported results for the first quarter ended April 30, 2011.
Total net sales for the first quarter (13 weeks) ended April 30, 2011 increased 18.8% to $105.9 million from $89.1 million reported in the first quarter ended May 1, 2010 (13 weeks). Comparable store sales for the first quarter of fiscal 2011 increased 12.6% on top of an increase of 9.1% for the first quarter of fiscal 2010.
The Company posted net income for the quarter of $1.9 million or $0.06 per diluted share compared to a net loss of $1.9 million or ($0.06) per diluted share in the first quarter of the prior fiscal year. The results for the first quarter of fiscal 2010 include costs of approximately $1.2 million, or $0.03 per diluted share, associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California.
At April 30, 2011, the Company had cash and current marketable securities of $130.7 million compared to cash and current marketable securities of $96.8 million at May 1, 2010.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "Our first quarter results represent a good start to fiscal 2011, although only a small percentage of our full year earnings. This gives us added confidence as we increase our store base in the U.S. and now Canada. Longer-term, we remain excited about the multiple areas of organic growth we believe exist for our concept including meaningful unit expansion, same store sales opportunities, and further development of our e-commerce platform."
2011 Outlook
The Company is introducing guidance for the three months ending July 30, 2011 of net income per diluted share of approximately $0.02 to $0.04 per diluted share. This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the second quarter of fiscal 2011.
Total net sales for the first quarter (13 weeks) ended April 30, 2011 increased 18.8% to $105.9 million from $89.1 million reported in the first quarter ended May 1, 2010 (13 weeks). Comparable store sales for the first quarter of fiscal 2011 increased 12.6% on top of an increase of 9.1% for the first quarter of fiscal 2010.
The Company posted net income for the quarter of $1.9 million or $0.06 per diluted share compared to a net loss of $1.9 million or ($0.06) per diluted share in the first quarter of the prior fiscal year. The results for the first quarter of fiscal 2010 include costs of approximately $1.2 million, or $0.03 per diluted share, associated with the relocation of the Company's distribution center from Everett, Washington to Corona, California.
At April 30, 2011, the Company had cash and current marketable securities of $130.7 million compared to cash and current marketable securities of $96.8 million at May 1, 2010.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "Our first quarter results represent a good start to fiscal 2011, although only a small percentage of our full year earnings. This gives us added confidence as we increase our store base in the U.S. and now Canada. Longer-term, we remain excited about the multiple areas of organic growth we believe exist for our concept including meaningful unit expansion, same store sales opportunities, and further development of our e-commerce platform."
2011 Outlook
The Company is introducing guidance for the three months ending July 30, 2011 of net income per diluted share of approximately $0.02 to $0.04 per diluted share. This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the second quarter of fiscal 2011.
Zumiez Inc
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