Zumiez Inc. Reports Holiday 2023 Sales Results
09 January 2024 - 8:05AM
Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel,
footwear, equipment and accessories for young men and women, today
announced that the Company's total net sales decreased 4.4% for the
nine-week period ended December 30, 2023, compared to the nine-week
period ended December 31, 2022. During the same period comparable
sales decreased 5.9%.
From a regional perspective, quarter-to-date
North America net sales decreased 6.6% from the prior year with
comparable sales over this period down 6.3%. Other international
net sales, which consists of Europe and Australia, increased 4.2%
quarter to date with comparable sales down 4.2% over the same
period. Excluding the impact of foreign currency translation, North
America net sales decreased 6.6% and other international net sales
increased 0.8% for the nine-week period compared to the prior
year.
During the nine-week period, men’s posted
positive comparable sales while all other categories were down in
comparable sales from the prior year with Women's being the most
negative category, followed by Hardgoods, accessories and
Footwear.
Based on results for the nine-week period ended
December 30, 2023, the Company now anticipates fiscal 2023 fourth
quarter sales to be near the low end of its guidance range of $275
million to $281 million and fourth quarter earnings per share also
to be also near the low end of its range of $0.24 to $0.34. As a
reminder, the fourth quarter of fiscal 2023 includes an additional
week compared to the fourth quarter of fiscal 2022. The Company
currently anticipates that this incremental week, which is included
in the guidance above, will have a positive impact on the
year-over-year growth rate for the fourth quarter of approximately
4%.
Rick Brooks, Chief Executive Officer of Zumiez
Inc., stated, “After an encouraging start to the holiday season
relative to trends earlier in the year, sales decelerated after the
Black Friday / Cyber Monday weekend in the weeks leading up to
Christmas. Consumers continue to be very selective about when they
shop and what they purchase. While the adjustments we’ve made to
our merchandise assortments have positively impacted high demand
shopping days, it hasn’t been enough to offset sustained periods of
softer than normal traffic patterns. Unseasonably warm weather in
many parts of the U.S. along with minimal snowfall in key winter
sports regions in both North America and Europe were also a
headwind to our recent performance. With a long history of
successfully navigating difficult operating environments combined
with a strong balance sheet, we are confident that we’ll emerge
from the current downcycle well positioned to capitalize on the
long-term growth opportunities.”
About Zumiez Inc.
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 December 30, 2023, we operated 770 stores,
including 608 in the United States, 49 in Canada, 88 in Europe and
25 in Australia. We operate under the names Zumiez, Blue Tomato and
Fast Times. Additionally, we operate ecommerce web sites at
zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au.
Safe Harbor Statement
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-K for the fiscal year ended January 28, 2023 as filed with the
Securities and Exchange Commission and available at www.sec.gov.
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.
Company Contact:Darin WhiteVP of Finance &
Investor RelationsZumiez Inc.(425) 551-1500, ext. 1337
Investor Contact:ICRBrendon Frey (203)
682-8200
Zumiez (NASDAQ:ZUMZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Zumiez (NASDAQ:ZUMZ)
Historical Stock Chart
From Apr 2023 to Apr 2024