Business
Zumiez Inc. Announces Fiscal 2020 Fourth Quarter Results
Fourth Quarter 2020 Net Sales Increased 0.8% to $331.5 Million Fourth Quarter 2020 Diluted Earnings Per Share Increased 13.9% to $1.68 Cash and Current
About this update from Zumiez Inc.
[{"type":"text","content":"Fourth Quarter 2020 Net Sales Increased 0.8% to $331.5 Million Fourth Quarter 2020 Diluted Earnings Per Share Increased 13.9% to $1.68 Cash and Current Marketable Securities Increased 49.5% to $375.5 Million LYNNWOOD, Wash., March 11, 2021 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the fourth quarter and year ended January 30, 2021. Total net sales for the fourth quarter ended January 30, 2021 (13 weeks) increased 0.8% to $331.5 million from $328.8 million in the quarter ended February 1, 2020 (13 weeks). Comparable sales for the thirteen weeks ended January 30, 2021 increased 4.7% compared to a comparable sales increase of 6.4% for the thirteen weeks ended February 1, 2020. Net income for the fourth quarter of fiscal 2020 was $42.8 million, or $1.68 per diluted share, compared to net income of $37.9 million, or $1.48 per diluted share in the fourth quarter of the prior fiscal year. Total net sales for fiscal 2020 (52 weeks) ended January 30, 2021 decreased 4.2% to $990.7 million from $1.034 billion in fiscal 2019 (52 weeks) ended February 1, 2020. Comparable sales for the fifty-two week period ended January 30, 2021 increased 13.6% compared the same fifty-two week period ended February 1, 2020. Net income in fiscal 2020 increased 14.0% to $76.2 million, or $3.00 per diluted share, compared to net income in the prior fiscal year of $66.9 million, or $2.62 per diluted share. At January 30, 2021, the Company had cash and current marketable securities of $375.5 million compared to cash and current marketable securities of $251.2 million at February 1, 2020. The increase in cash and current marketable securities was driven by cash generated through operations including cash deferment of $30.1 million composed of lower inventory levels, landlord payments, extended vendor terms and payroll tax payments as well as net income improvements related to abatements, credits and expense reductions. This increase was partially offset by $13.4 million of share repurchases through the Company’s stock buyback program prior to our stores closing in March due to COVID-19 and other planned capital expenditures. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We are extremely proud of how our organization executed during a year of significant and unfamiliar challenges. Our one channel approach to retail an...