Total net sales for the third quarter ended November 2, 2013 (13 weeks) increased 6.2% to $191.1 million from $180.0 million in the quarter ended October 27, 2012 (13 weeks). Comparable store sales for the thirteen weeks ended November 2, 2013 increased 1.5% on top of a comparable store sales increase of 3.7% for the thirteen weeks ended October 27, 2012. Net income in the third quarter of fiscal 2013 was $11.9 million, or $0.39 per diluted share, compared to net income of $12.7 million, or $0.40 per diluted share, in the third quarter of the prior fiscal year. The results for fiscal 2013 include costs of $1.7 million for charges associated with the acquisition of Blue Tomato and $1.3 million for the conditional settlement of a previously disclosed California class action wage and hour lawsuit, or $0.07 per diluted share in total. The results for fiscal 2012 include $4.0 million of Blue Tomato acquisition related costs and operations and $0.5 million of exit costs associated with the relocation of our corporate offices to Lynnwood, Washington, or $0.11 per diluted share in total.
Total net sales for the nine months (39 weeks) ended November 2, 2013 increased 11.8% to $497.5 million from $445.0 million reported for the nine months (39 weeks) ended October 27, 2012. Comparable store sales increased 0.7% for the thirty nine weeks ended November 2, 2013 on top of a comparable store sales increase of 8.0% for the thirty nine weeks ended October 27, 2012.
The Company reported net income of $19.1 million or $0.63 per diluted share in the first nine months of fiscal 2013 compared to net income for the first nine months of the prior fiscal year of $19.3 million or $0.61 per diluted share. Results for the first nine months of fiscal 2013 include approximately $6.3 million, or $0.16 per diluted share, for charges associated with the acquisition of Blue Tomato and the conditional settlement of a California class action wage and hour lawsuit. Results for the first nine months of fiscal 2012 included approximately $8.9 million, or $0.22 per diluted share, of Blue Tomato acquisition related costs and operations and costs associated with the relocation the Company’s ecommerce fulfillment center to Edwardsville, Kansas and corporate offices to Lynnwood, Washington from Everett, Washington.
At November 2, 2013, the Company had cash and current marketable securities of $94.2 million compared to cash and current marketable securities of $98.3 million at October 27, 2012. The decrease in cash and current marketable securities is a result of capital expenditures and stock repurchases, offset by cash generated through operations.
Rick Brooks, the Company’s Chief Executive Officer, stated, “The quarter began with a solid Back to School season, and while softer traffic trends returned, we were able to maintain a positive comparable store sales result for the quarter. We believe the investments in our people, merchandise assortment planning and omni-channel capabilities are helping to further distinguish our concept and enabling us to gain market share. We are committed to selling the most compelling mix of brands and products coveted by our customer in a unique, personalized and efficient manner across all channels, and we believe our business is well positioned for the upcoming holiday season and more importantly the long-term.”
November 2013 Sales
Total net sales for the four-week period ended November 30, 2013 increased 16.3% to $62.4 million, compared to $53.6 million for the four-week period ended November 24, 2012. The Company’s comparable store sales increased 1.7% for the four-week period ended November 30, 2013 compared to a comparable store sales decrease of 4.2% for the four-week period ended November 24, 2012.
Fiscal 2013 Fourth Quarter Outlook
The Company is introducing guidance for the three months ending February 1, 2014. Net sales are projected to be in the range of $230 to $237 million resulting in net income per diluted share of approximately $0.60 to $0.66, which includes an estimated $1.7 million, or approximately $0.05 per diluted share, for charges associated with the acquisition of Blue Tomato. This guidance is based on anticipated comparable store sales in the range of (1%) to 2% for the fourth quarter of fiscal 2013. The Company is planning to open 59 new stores in fiscal 2013, including 9 in Canada and 6 in Europe.
New Share Repurchase Program
The Company is also announcing that, effective December 4, 2013, the Board of Directors of Zumiez Inc. has approved the repurchase of up to $30 million of its Common Stock. The repurchases will be made from time to time on the open market at prevailing market prices and is expected to continue through the fiscal year 2014 that will end on January 31, 2015, unless the time period is extended or shortened by the Board of Directors. The new repurchase program supersedes the previously approved repurchase program approved on December 17, 2012, which as of December 4, 2013 had $12.5 million of stock repurchase authorization.
A conference call will be held today to discuss third quarter fiscal 2013 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (617) 399-5124 followed by the conference identification code of 42688272.
About Zumiez Inc.
Zumiez is a leading multi-channel specialty retailer of action sports related apparel, footwear, equipment and accessories, focusing on skateboarding, snowboarding, surfing, motocross and BMX for young men and women. As of November 30, 2013 we operated 551 stores including, 513 in the United States, 28 in Canada, and 10 in Europe. We operate under the name Zumiez and Blue Tomato. Additionally, we operate ecommerce web sites at www.zumiez.com and www.blue-tomato.com.
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