Zumiez Inc. Announces Fiscal 2011 Third Quarter Results and November 2011 Sales
Third Quarter Sales Increased 13.3% to $154.0 Million; Third Quarter Diluted EPS Increased 12.5% to $0.45; November 2011 Comparable Store Sales Increased 8.4%
(firmenpresse) - EVERETT, WA -- (Marketwire) -- 12/01/11 -- Zumiez Inc. (NASDAQ: ZUMZ), a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today reported record third quarter results for the quarter ended October 29, 2011.
Total net sales for the third quarter (13 weeks) ended October 29, 2011 increased 13.3% to $154.0 million from $135.9 million reported in the third quarter (13 weeks) ended October 30, 2010. Comparable store sales for the third quarter of fiscal 2011 increased 6.0% on top of a comparable store sales increase of 14.4% in the third quarter of fiscal 2010. Net income in the third quarter of fiscal 2011 increased 14.8% to $14.1 million, or $0.45 per diluted share from net income of $12.3 million, or $0.40 per diluted share in the third quarter of the prior fiscal year.
Total net sales for the nine months (39 weeks) ended October 29, 2011 increased 15.3% to $372.0 million from $322.7 million reported for the nine months (39 weeks) ended October 30, 2010. The Company reported net income of $18.6 million, or $0.60 per diluted share in the first nine months of fiscal 2011 compared to net income in the first nine months of the prior fiscal year of $9.2 million, or $0.30 per diluted share. Results for the first nine months of 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. Comparable store sales increased 8.3% in the first nine months of fiscal 2011 on top of a comparable store sales increase of 11.3% in the first nine months of fiscal 2010.
At October 29, 2011, the Company had cash and current marketable securities of $137.1 million compared to cash and current marketable securities of $98.9 million at October 30, 2010.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "Our merchandise, new store opening, and ecommerce strategies once again allowed us to deliver on our goal of consistent sales and earnings growth. During the third quarter we continued to execute on key initiatives aimed at driving productivity, expanding our geographic footprint, and bringing our unique in-store experience to the internet. We are pleased with the current pace of growth for our business and believe our product assortment has us well positioned for the remainder of the holiday selling period."
November 2011 Sales
Total sales for the four-week period ended November 26, 2011 increased 16.2% to $46.9 million, compared to $40.4 million for the four-week period ended November 27, 2010. The Company's comparable store sales increased 8.4% for the four-week period on top of a comparable store sales increase of 20.7% increase in the year ago period.
Fourth Quarter 2011 Outlook
The Company is introducing guidance for the three months ending January 28, 2012 of net income per diluted share of approximately $0.52 to $0.54. This guidance is based on an anticipated comparable store sales increase in the mid single digit range and total sales in the range of $174 to $177 million for the fourth quarter of fiscal 2011.
We have opened all 45 new stores planned in fiscal 2011, including our first stores in Canada.
A conference call will be held today to discuss third quarter 2011 results and will be webcast at 5:00 p.m. ET on . Participants may also dial (617)-597-5378 followed by the conference identification code of 45036960.
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. As of November 26, 2011 we operated 434 stores in the United States and 10 stores in Canada, which are primarily located in shopping malls, and our web site address is .
Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company's annual report on Form 10-Q for the quarter ended July 30, 2011 as filed with the Securities and Exchange Commission and available at . You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Brian Leith
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1610
ICR
Brendon Frey
(203) 682-8200
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Datum: 01.12.2011 - 15:00 Uhr
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