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Zumiez starts the year with strong performance

19
May '12
Zumiez Inc a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, reported results for the first quarter ended April 28, 2012.

Total net sales for the first quarter ended April 28, 2012 (13 weeks) increased 22.7% to $129.9 million from $105.9 million in the quarter ended April 30, 2011 (13 weeks). Comparable store sales for the first quarter of fiscal 2012 increased 12.9% on top of a comparable store sales increase of 12.6% in the first quarter of fiscal 2011.

Net income in the first quarter of fiscal 2012 increased 140.0% to $4.5 million, or $0.14 per diluted share, from net income of $1.9 million, or $0.06 per diluted share, in the first quarter of the prior fiscal year, diluted earnings per share increase of 133.3%.

The results for fiscal 2012 include costs of approximately $0.3 million, or $0.01 per diluted share, associated with the relocation of the Company's ecommerce fulfillment center from Everett, Washington to Edwardsville, Kansas.

At April 28, 2012, the Company had cash and current marketable securities of $171.2 million, an increase of 31.0% compared to cash and current marketable securities of $130.7 million at April 30, 2011.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We are pleased to start the year off with such strong performance. While the first quarter represents only a small percentage of our annual sales and earnings, theses results are further validation that our strategies to profitably grow the business are working. Our teams are energized and focused on carrying our current momentum into summer and positioning the Company for a successful back half of the year."

Fiscal 2012 Second Quarter Outlook
The Company is introducing guidance for the three months ending July 28, 2012. Net sales are projected to be in the range of $128 to $130 million resulting in net income per diluted share of approximately $0.04 to $0.06.

This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the second quarter of fiscal 2012 and includes costs of approximately $1.8 million, or $0.03 per diluted share, associated with the relocation the Company's ecommerce fulfillment center to Edwardsville, Kansas and corporate offices to Lynnwood, Washington from Everett, Washington.

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.

Zumiez Inc


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