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Zumiez net sales grows 9.6% to $250 mn in Q2 FY20

Sep '20
Pic: Shutterstock
Pic: Shutterstock
Zumiez, a specialty retailer of apparel, footwear and accessories, has reported 9.6 per cent increase in its total net sales to $250.4 million during second quarter (Q2) fiscal 2020 ended on August 1, 2020 compared to sales of $228.4 million in the same period last year. Company’s net income for the quarter rose to $25.3 million (Q2 FY19: $9.0 million).
Gross profit for the quarter was $90.8 million ($77.1 million). Selling, general and administrative expenses were down to $57.7 million ($65.5 million). Operating profit for the quarter grew to $33.1 million ($11.6 million). 
Company ended the second quarter with 645 of its 720 stores open with the primary closures in California and Australia due to government mandates, as reported.
“As an organisation, we successfully executed a quick and safe reopening of the majority of our stores in the quarter, while continuing to lean heavily on our omni platforms to fulfill strong demand for our distinct merchandise offering,” Rick Brooks, chief executive officer of Zumiez, said in a press release.
“Our recent performance amidst the pandemic underscores the strength of our brand and culture and speaks to the ability of our business model to adapt to changes in purchasing behaviour while continuing to drive strong earnings growth and cash generation,” Brooks said.

Fibre2Fashion News Desk (JL)

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