Business
ZUMIEZ INC. ANNOUNCES FISCAL 2019 FOURTH QUARTER RESULTS
Fourth Quarter 2019 Comparable Sales Increased 6.4%Fourth Quarter 2019 Diluted Earnings Per Share Increased 25.4% to $1.48February 2020 Comparable Sales
About this update from Zumiez Inc.
[{"type":"text","content":"Fourth Quarter 2019 Comparable Sales Increased 6.4%Fourth Quarter 2019 Diluted Earnings Per Share Increased 25.4% to $1.48February 2020 Comparable Sales Increased 5.8%\n LYNNWOOD, Wash., March 12, 2020 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the fourth quarter and year ended February 1, 2020. Total net sales for the fourth quarter ended February 1, 2020 (13 weeks) increased 7.9% to $328.8 million from $304.6 million in the quarter ended February 2, 2019 (13 weeks). Comparable sales for the thirteen weeks ended February 1, 2020 increased 6.4% compared to a comparable sales increase of 3.9% for the thirteen weeks ended February 2, 2019. Net income for the fourth quarter of fiscal 2019 was $37.9 million, or $1.48 per diluted share, compared to net income of $29.6 million, or $1.18 per diluted share in the fourth quarter of the prior fiscal year. Fourth quarter fiscal 2019 results include $2.0 million in net sales related to the recognition of deferred revenue due to changes in our STASH loyalty program estimated redemption rate, which was worth approximately $0.06 cents in earnings per share. Total net sales for fiscal 2019 (52 weeks) ended February 1, 2020 increased 5.7% to $1.034 billion from $978.6 million in fiscal 2018 (52 weeks) ended February 2, 2019. Comparable sales for the fifty-two week period ended February 1, 2020 increased 4.9% compared the same fifty-two week period ended February 2, 2019. Net income in fiscal 2019 increased 48.0% to $66.9 million, or $2.62 per diluted share, compared to net income in the prior fiscal year of $45.2, or $1.79 per diluted share. At February 1, 2020, the Company had cash and current marketable securities of $251.2 million compared to cash and current marketable securities of $165.3 million at February 2, 2019. The increase in cash and current marketable securities was driven by cash generated through operations partially offset by capital expenditures. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Our strong fourth quarter and full year performance underscores the power of our business model. Through our unwavering commitment to providing best-in-class service and great product to our customers, we have generated 14 consecutive quarters of positive comparable sales gains. Our success in progressively increasing sales with double digit gr...