Business
Zumiez Inc. Announces Fiscal 2023 Fourth Quarter Results
LYNNWOOD, Wash., March 14, 2024 (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 14, 2024 (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 fiscal year ended February 3, 2024. Net sales for the fourth quarter ended February 3, 2024 (14 weeks) increased 0.6% to $281.8 million from $280.1 million in the fourth quarter ended January 28, 2023 (13 weeks). Net loss in the fourth quarter of fiscal 2023 was $33.5 million, or $1.73 per share, compared to net income of $11.4 million, or $0.59 per diluted share, in the fourth quarter of the prior fiscal year. Fiscal 2023 fourth quarter results reflect a goodwill impairment charge of $41.1 million, or $2.13 per share after-tax, related to the Company’s decision to slow store growth and focus on profitability in Europe and the corresponding impact on the future cash flow projections of its Blue Tomato business. Total net sales for the twelve months (53 weeks) ended February 3, 2024 decreased 8.6% to $875.5 million from $958.4 million reported for the twelve months (52 weeks) ended January 28, 2023. Net loss for fiscal 2023 inclusive of the $41.1 million goodwill impairment charge was $62.6 million, or $3.25 per share, compared to net income for fiscal 2022 of $21.0 million, or $1.08 per diluted share. At February 3, 2024, the Company had cash and current marketable securities of $171.6 million compared to cash and current marketable securities of $173.5 million at January 28, 2023. The slight decrease was primarily driven by capital expenditures, offset by cash flow from operating activities. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We concluded a difficult year with stronger than anticipated fourth quarter results as our consolidated monthly sales trend accelerated in January. Within our recent performance, there were multiple areas that showed a marked improvement, led by our North American men’s business which grew year-over-year in the fourth quarter. While we are encouraged by our stronger than anticipated fourth quarter and sustained quarterly improvements as we moved through the year, the global operating environment remains challenging and therefore we are further adjusting our strategies to balance the interests of our shareholders and customers. For 2024, this includes sl...