Zumiez Inc. Announces Fiscal 2015 Third Quarter Results
Third Quarter Earnings per Share of $0.36; Company Announces $70 Million Buy-Back Authorization
(firmenpresse) - LYNNWOOD, WA -- (Marketwired) -- 12/03/15 -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the third quarter ended October 31, 2015.
Total net sales for the third quarter ended October 31, 2015 (13 weeks) decreased 4.2% to $204.3 million from $213.3 million in the quarter ended November 1, 2014 (13 weeks). Comparable sales for the thirteen weeks ended October 31, 2015 decreased 7.3% compared with a comparable sales increase of 3.7% for the thirteen weeks ended November 1, 2014. Net income in the third quarter of fiscal 2015 decreased to $9.7 million, or $0.36 per diluted share, compared to net income of $15.7 million, or $0.54 per diluted share in the third quarter of the prior fiscal year. The results for fiscal 2014 include costs of $0.6 million, or $0.02 for charges associated with the acquisition of Blue Tomato
Total net sales for the nine months (39 weeks) ended October 31, 2015 increased 1.6% to $561.7 million from $553.0 million reported for the nine months (39 weeks) ended November 1, 2014. Comparable sales decreased 3.4% for the thirty nine weeks ended October 31, 2015 compared with a comparable sales increase of 3.0% for the thirty nine weeks ended November 1, 2014. Net income in the first nine months of fiscal 2015 decreased to $15.6 million, or $0.55 per diluted share, compared to net income for the first nine months of the prior fiscal year of $25.7 million, or $0.88 per diluted share. Results for the first nine months of fiscal 2015 include approximately $1.5 million, or $0.04 per diluted share, for charges associated with the acquisition of Blue Tomato. Results for the first nine months of fiscal 2014 include approximately $1.9 million, or $0.05 per diluted share, for charges associated with the acquisition of Blue Tomato.
At October 31, 2015, the Company had cash and current marketable securities of $51.1 million compared to cash and current marketable securities of $108.7 million at November 1, 2014. The decrease in cash and current marketable securities is a result of stock repurchases and capital expenditures, partially offset by cash generated through operations.
During the quarter, the Company repurchased 0.7 million shares on the open market for a total of $16.7 million. Year to date through November, we have purchased 3.0 million shares on the open market for a total $77.7 million. Today the company announced that the Board of Directors of Zumiez Inc. has authorized the repurchase of up to an additional $70 million of its Common Stock.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We''ve moved quickly to reduce expenses to protect profitability in the face of challenging sales trends, which helped us exceed our bottom line guidance for the third quarter. With the fourth quarter off to a slow start combined with tougher sales comparisons ahead, we believe it''s prudent to maintain a cautious outlook for the remainder of fiscal 2015 and we are focused on managing expenses and inventory levels during this difficult time. Long-term we remain confident that the strategic course we have set for the company will deliver increased shareholder value in the years ahead."
November 2015 Sales
Total net sales for the four-week period ended November 28, 2015 decreased 10.6% to $62.8 million, compared to $70.3 million for the four-week period ended November 29, 2014. The Company''s comparable sales decreased 13.8% for the four-week period ended November 28, 2015 compared with a comparable sales increase of 6.3% for the four-week period ended November 29, 2014.
Fiscal 2015 Fourth Quarter Outlook
The Company is introducing guidance for the three months ending January 30, 2016. Net sales are projected to be in the range $226 to $231 million resulting in net income per diluted share of approximately $0.40 to $0.46. This guidance is based on an anticipated comparable sales decrease in the 14% to 16% range for the fourth quarter of fiscal 2015.
A conference call will be held today to discuss third quarter fiscal 2015 results and will be webcast at 5:00 p.m. ET on . Participants may also dial (617) 614-6206 followed by the conference identification code of 28648169.
Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear and other unique lifestyles. As of November 28, 2015 we operated 659 stores, including 593 in the United States, 42 in Canada, and 24 in Europe. We operate under the name Zumiez and Blue Tomato. Additionally, we operate ecommerce web sites at and .
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 quarterly report on Form 10-Q for the quarter ended August 1, 2015 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.
Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337
ICR
Brendon Frey
(203) 682-8200
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Datum: 03.12.2015 - 15:05 Uhr
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