Business
Zumiez Inc. Announces Fiscal 2019 Third Quarter Results
Third Quarter 2019 Comparable Sales increased 5.5% Third Quarter 2019 Diluted Earnings Per Share Increased 37.1% to $0.75 Company Raises Full Year Outlook
About this update from Zumiez Inc.
[{"type":"text","content":"Third Quarter 2019 Comparable Sales increased 5.5% Third Quarter 2019 Diluted Earnings Per Share Increased 37.1% to $0.75 Company Raises Full Year Outlook\n LYNNWOOD, Wash., Dec. 05, 2019 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the third quarter ended November 2, 2019. Total net sales for the third quarter ended November 2, 2019 (13 weeks) increased 6.1% to $264.0 million from $248.8 million in the quarter ended November 3, 2018 (13 weeks). Comparable sales for the thirteen weeks ended November 2, 2019 increased 5.5% compared to a comparable sales increase of 4.8% for the thirteen weeks ended November 3, 2018. Net income for the third quarter of fiscal 2019 was $19.2 million, or $0.75 per diluted share, compared to net income of $13.8 million, or $0.55 per diluted share in the third quarter of the prior fiscal year. Total net sales for the nine months (39 weeks) ended November 2, 2019 increased 4.6% to $705.4 million from $674.1 million reported for the nine months (39 weeks) ended November 3, 2018. Comparable sales increased 4.2% for the thirty-nine weeks ended November 2, 2019 compared to a comparable sales increase of 6.3% for the thirty-nine weeks ended November 3, 2018. Net income for the first nine months of fiscal 2019 was $29.0 million, or $1.14 per diluted share, compared to net income for the first nine months of the prior fiscal year of $15.6 million, or $0.62 per diluted share. At November 2, 2019, the Company had cash and current marketable securities of $178.6 million compared to cash and current marketable securities of $127.9 million at November 3, 2018. 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, “We are very pleased with the third quarter performance and our teams continued ability to provide high-quality service to the customer. The third quarter represented our fourth consecutive strong back-to-school season, our 13th quarter of positive comparable sales gains and continued solid full price selling in each of our geographies that we operate. At the same time, the initiatives we’ve implemented aimed at creating efficiencies and generating savings throughout our organization contributed to our better than expected bott...