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Zumiez Q1 net loss widens to 4.4 mn dollars

By Prachi Singh

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Report

Zumiez total net sales for the first quarter ended April 29, 2017 increased 4.7 percent to 181.2 million dollars from 173 million dollars in the same quarter ended April 30, 2016. Comparable sales for the period increased 1.8 percent compared to a sales decrease of 7.5 percent in the first quarter of 2016. Net loss in the quarter was 4.4 million dollars or 0.18 dollar per diluted share, compared to 2.1 million dollars or 0.08 dollar per diluted share, in the first quarter of the prior fiscal year.

Commenting on the company’s results, Rick Brooks, Chief Executive Officer of Zumiez said in a statement, "The combination of our authentic brand positioning, on-trend merchandise assortments, engaging sales experiences and advanced omni-channel capabilities contributed to first quarter comparable sales that were towards the high-end of our guidance range. I am confident we are on the right course to grow both sales and earnings to generate value for our shareholders."

Net sales in May 2017 rise 6.5 percent

Total net sales for the four-week period ended May 27, 2017 increased 6.5 percent to 53.2 million dollars compared to 50 million dollars for the same period ended May 28, 2016. The company's comparable sales increased 3.3 percent against a comparable sales decrease of 7.6 percent for the four-week period ended May 28, 2016.

For the three months ending July 29, 2017, the company’s net sales are projected to be in the range of 185 to 189 million dollars resulting in net loss per diluted share of approximately 0.06 dollar to 0.11 dollar, based on an anticipated comparable sales increase in the 1 percent to 3 percent range for the second quarter of fiscal 2017. The company currently intends to open approximately 19 new stores in fiscal 2017, including up to three stores in Canada, four in Europe and two stores in Australia.

Picture:Zumiez website

Zumiez