Business
Zumiez Inc. Announces Fiscal 2020 Third Quarter Results
Third Quarter 2020 Sales Increased 2.6% to $271.0 MillionThird Quarter 2020 Diluted Earnings Per Share Increased 54.7% to $1.16Cash and Current Marketable
About this update from Zumiez Inc.
[{"type":"text","content":"Third Quarter 2020 Sales Increased 2.6% to $271.0 MillionThird Quarter 2020 Diluted Earnings Per Share Increased 54.7% to $1.16Cash and Current Marketable Securities Increased 77.0% to $316.2 Million LYNNWOOD, Wash., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the third quarter ended October 31, 2020. Total net sales for the third quarter ended October 31, 2020 (13 weeks) increased 2.6% to $271.0 million from $264.0 million in the quarter ended November 2, 2019 (13 weeks). Due to store closures, stores were open for approximately 95% of the third quarter of 2020 measured as the total number of store days open in the quarter divided by the total number of store days available. For the stores that were open, comparable sales for the thirteen weeks ended October 31, 2020 increased 8.1% compared to the same period a year ago. Net income for the third quarter of fiscal 2020 was $29.1 million, or $1.16 per diluted share, compared to net income of $19.2 million, or $0.75 per diluted share in the third quarter of the prior fiscal year. Total net sales for the nine months (39 weeks) ended October 31, 2020 decreased 6.6% to $659.1 million from $705.4 million reported for the nine months (39 weeks) ended November 2, 2019. Net income for the first nine months of fiscal 2020 increased 15.3% to $33.4 million, or $1.32 per diluted share, compared to net income for the first nine months of the prior fiscal year of $29.0 million, or $1.14 per diluted share. At October 31, 2020, the Company had cash and current marketable securities of $316.2 million compared to cash and current marketable securities of $178.6 million at November 2, 2019. The increase in cash and current marketable securities was driven by cash generated through operations including cash deferment of $53.0 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 once again successfully navigated volatile market conditions and ...