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Zumiez updates Q4 Same Store sales guidance
06
Nov '08
Zumiez Inc announced the company's comparable store sales decreased 13.1% for the four-week period ended November 1, 2008, versus a comparable store sales increase of 5.1% in the year ago period ended November 3, 2007. Total net sales for the four-week period ended November 1, 2008 increased 1.2% to $25.0 million, compared to $24.7 million for the four-week period ended November 3, 2007.

For the fiscal third quarter ended November 1, 2008, the company expects to report diluted earnings per share in the range of $0.22 to $0.23 per share, versus diluted earnings per share of $0.28 in the third quarter last year. The Company expects to release its fiscal 2008 third quarter sales and earnings on November 20, 2008.

"Given the increasingly difficult consumer environment and the associated highly promotional retail atmosphere we experienced weakening sales and product margins that were below our August and year-to-date trend of negative 1% and the expectations we shared with you at our second quarter earnings release," commented Rick Brooks, Chief Executive Officer of Zumiez.

"As we look to the future, it is difficult to predict how the consumer will respond this holiday season due to extraordinary recent macroeconomic events and record low consumer confidence, therefore we have lowered our fourth quarter sales and earnings expectations. We are scrutinizing business trends closely and believe we are making appropriate modifications to our capital expenditures, inventory and expense structure to weather this very difficult operating environment. Our current expectation is we will have at least $75 million in cash and marketable securities and no debt at the end of fiscal 2008."

"Looking beyond fiscal 2008, we believe fiscal 2009 will be challenging as well so we are lowering our inventory commitments, reducing our historical new store growth of twenty percent to no more than fifteen percent and plan to reduce our capital expenditures in 2009 to approximately $28 million. We believe these actions will allow us to make the appropriate investments in our business, while protecting our financial position. We believe long-term growth is achievable because our business model is sufficiently differentiated, our team is strong and we remain well capitalized."

The Company is lowering fiscal 2008 fourth quarter comparable store sales guidance from a negative low single digit decrease to a negative mid-teen decrease over the fiscal 2007 fourth quarter. Zumiez also updated its outlook for diluted earnings per share for the fiscal year ending January 31, 2009 to be in the range of $0.52 to $0.57, due to the lowered sales and product margin expectations.

Zumiez Inc


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