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Zumiez comparable store sales rise 11.3% in Q1

24 May '07

2 min read

Zumiez Inc reported results for the first quarter ended May 5, 2007.

Total net sales for the first quarter (13 weeks) ended May 5, 2007 increased by 44.0% to $68.8 million from $47.8 million reported in the first quarter (13 weeks) of the prior fiscal year.

The company posted net income for the quarter of $1.6 million or $0.06 per diluted share versus $1.1 million or $0.04 per diluted share in the first quarter of the prior fiscal year.

Comparable store sales increased 11.3% for the first quarter of fiscal 2007 compared to a 19.7% increase in the first quarter of fiscal 2006.

Rick Brooks, President and Chief Executive Officer of Zumiez Inc, stated, "With strong increases in sales and earnings, we are pleased with our first quarter operating results and are confident that we are well positioned for another great year at Zumiez."

"We opened 19 new stores in the first quarter, accelerating our store openings from prior years. We remain on track to open 50 new stores in fiscal 2007, most of which will be opened by the end of the third quarter."

The company remains focused on its long-term financial targets of comparable store sales growth in the mid single digit range, net square footage expansion of approximately 20%, and diluted EPS growth in excess of 30%.

As such, the company is reaffirming its previous guidance for fiscal 2007 of $0.94 to $0.96 in diluted earnings per share. Weighted average diluted shares for the fiscal year are expected to be approximately 29,500,000.

In putting forth this outlook, the company reminds investors of the complexity of accurately assessing future growth given the difficulty in predicting fashion trends and consumer preferences, boardsports popularity and participation rates, general economic conditions and the impact of other business variables and risks.

Zumiez Inc

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