Zumiez Inc. reported total net sales for the first quarter ended May 3, increased 9.7 percent to $162.9 million from $148.5 million in the first quarter ended May 4. Comparable sales increased 1.8 percent compared to a comparable store sales decrease of (0.7 percent) in the first quarter of 2013.
Net income in the first quarter of fiscal 2014 was
$2.5 million, or $0.09 per diluted share, compared to net income of $2.5
million, or $0.08 per diluted share, in the first quarter of the prior
fiscal year. The results for fiscal 2014 include costs of approximately
$0.6 million, or $0.01 per diluted share, for charges associated with
the acquisition of Blue Tomato, and the results for fiscal 2013 include
approximately $1.7 million, or $0.05 per diluted share, for charges
associated with the acquisition of Blue Tomato.
At May 3, 2014,
the company had cash and current marketable securities of $107.8 million
compared to cash and current marketable securities of $97.6 million at
May 4, 2013. The increase in cash and current marketable securities is a
result of cash generated through operations, partially offset by
capital expenditures and stock repurchases.
Rick Brooks, Chief
Executive Officer of Zumiez Inc., stated, "Our merchandise and selling
strategies helped deliver better than expected first quarter results,
including positive comps, and continue to distinguish Zumiez as the
leading global action sports lifestyle retailer.
The investments we've
made in our people and systems including expanding our digital
capabilities are allowing us to better meet the needs of our North
American and European customers and supporting full price selling in a
challenging retail environment. We remain confident that our strategic
course will continue to yield market share gains and improved
profitability over the long-term."
Fiscal 2014 Second Quarter Outlook
company is introducing guidance for the three months ending August 2,
2014. Net sales are projected to be in the range of $167 to $171 million
resulting in net income per diluted share of approximately $0.12 to
$0.16, which includes an estimated $0.6 million, or approximately $0.02
per diluted share, for charges associated with the acquisition of Blue Tomato. This guidance is based on an anticipated comparable store sales
result in the range of a low single digit decrease to flat for the
second quarter of fiscal 2014.
The company currently intends to open approximately 55 new stores in
fiscal 2014, including up to 7 stores in Canada and 5 stores in Europe.
By press release
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