Business
Zumiez Inc. Announces Fiscal 2021 Fourth Quarter Results
LYNNWOOD, Wash., March 10, 2022 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories
About this update from Zumiez Inc.
[{"type":"text","content":"LYNNWOOD, Wash., March 10, 2022 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today reported results for the fourth quarter and year ended January 29, 2022. Net sales for the fourth quarter ended January 29, 2022 (13 weeks) increased 4.6% to $346.7 million from $331.5 million in the fourth quarter ended January 30, 2021 (13 weeks). Compared to the fourth quarter ended February 1, 2020 (13 weeks), fourth quarter 2021 net sales increased 5.5%. Net income in the fourth quarter of fiscal 2021 was $38.2 million, or $1.70 per diluted share, compared to net income of $42.8 million, or $1.68 per diluted share, in the fourth quarter of the prior fiscal year. Net income for the fourth quarter of 2019 was $37.9 million, or $1.48 per diluted share. Total net sales for fiscal 2021 (52 weeks) ended January 29, 2022 increased 19.5% to $1,183.9 million from $990.7 million reported for fiscal 2020 (52 weeks) ended January 30, 2021. Compared to the fiscal 2019 (52 weeks) ended February 1, 2020, net sales increased 14.5%. Net income for fiscal 2021 was $119.3 million, or $4.85 per diluted share, compared to net income for fiscal 2020 of $76.2 million, or $3.00 per diluted share, and compared to net income for fiscal 2019 of $66.9 million, or $2.62 per diluted share. At January 29, 2022, the Company had cash and current marketable securities of $294.5 million compared to cash and current marketable securities of $375.5 million at January 30, 2021. The decrease in cash and current marketable securities was driven by share repurchases and capital expenditures partially offset by cash generated through operations. The Company repurchased 4.6 million shares during fiscal 2021 an average cost of $43.30 per share and a total cost of $198.4 million. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Fiscal 2021 was a year of tremendous growth and record profitability for Zumiez. Our multi-year success is directly attributable to the execution of the long-term consumer centric growth strategy the Company has been building and evolving since its inception. This strategy, which requires significant agility in navigating the trend cycles and speed desired by our customer, has produced a 36.1% five-year compound annual growth rate in diluted earnin...