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Zumiez reports record fiscal 2011 fourth quarter results

09
Mar '12
Zumiez Inc, a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported record results for the fourth quarter and fiscal year ended January 28, 2012.

Total net sales for the fourth quarter ended January 28, 2012 (13 weeks) increased 17.7% to $183.9 million from $156.2 million in the quarter ended January 29, 2011 (13 weeks). Comparable store sales for the fourth quarter of fiscal 2011 increased 9.7% on top of a comparable store sales increase of 13.0% in the fourth quarter of fiscal 2010.

Net income in the fourth quarter of fiscal 2011 increased 24.9% to $18.7 million, or $0.60 per diluted share from net income of $15.0 million, or $0.49 per diluted share in the fourth quarter of the prior fiscal year.

Total net sales for fiscal 2011 (52 weeks) increased 16.1% to $555.9 million from $478.8 million in fiscal 2010 (52 weeks). Comparable store sales increased 8.7% in fiscal 2011 on top of a comparable store sales increase of 11.9% in fiscal 2010.

Net income in fiscal 2011 increased 54.3% to $37.4 million, or $1.20 per diluted share compared to net income in the prior fiscal year of $24.2 million, or $0.79 per diluted share. Results for fiscal 2010 include costs of $2.4 million, or approximately $0.05 per diluted share, associated with the relocation of the Company's distribution center, and $2.1 million, or approximately $0.04 per diluted share, for the settlement of a previously disclosed lawsuit.

At January 28, 2012, the Company had cash and current marketable securities of $172.8 million, an increase of 34.2% compared to cash and current marketable securities of $128.8 million at January 29, 2011.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We are extremely pleased with our fiscal fourth quarter and full year results. This quarter's performance demonstrated a continuation of the strength we have seen throughout the year driven by consistently well executed merchandising, passionate employees providing a unique in-store experience, new store openings, and ecommerce strategies.”

“Our recent performance also highlights the power of our business model as a high single digit comp and the addition of 45 productive new stores over the past year fueled a 300 basis point improvement in operating margin and generated more than $68 million in operating cash flow.”

”With a highly differentiated mall-based concept that has significant unit expansion opportunities, a fast growing ecommerce business, and the ability to leverage our infrastructure, we believe the Company is well positioned to deliver sustainable sales and earnings growth over the near and long-term."

Fiscal 2012 First Quarter Outlook
The Company is introducing guidance for the three months ending April 28, 2012. Net sales are projected to be in the range of $123 to $125 million and resulting in net income per diluted share of approximately $0.06 to $0.08, which includes an estimated $0.4 million, or approximately $0.01 per diluted share, for charges associated with the relocation of ecommerce fulfillment operations to Edwardsville, KS. This guidance is based on an anticipated comparable store sales increase in the high single digit range for the first quarter of fiscal 2012.

The Company currently intends to open approximately 50 new stores in fiscal 2012, including up to 10 stores in Canada, with an opening cadence similar to fiscal 2011.

Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX.

Zumiez Inc


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