Business
Zumiez Inc. Announces Fiscal 2023 Third Quarter Results
LYNNWOOD, Wash., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for
About this update from Zumiez Inc.
[{"type":"text","content":"LYNNWOOD, Wash., Nov. 30, 2023 (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 third quarter ended October 28, 2023. Net sales for the third quarter ended October 28, 2023 (13 weeks) decreased 8.9% to $216.3 million from $237.6 million in the third quarter ended October 29, 2022 (13 weeks). Net loss in the third quarter of fiscal 2023 was $2.2 million, or $0.12 per diluted share, compared to net income of $6.9 million, or $0.36 per diluted share, in the third quarter of the prior fiscal year. Total net sales for the nine months (39 weeks) ended October 28, 2023 decreased 12.5% to $593.7 million from $678.3 million reported for the nine months (39 weeks) ended October 29, 2022. Net loss for the first nine months of fiscal 2023 was $29.1 million, or $1.51 per diluted share, compared to net income for the first nine months of fiscal 2022 of $9.6 million, or $0.49 per diluted share. At October 28, 2023, the Company had cash and current marketable securities of $135.8 million compared to cash and current marketable securities of $141.1 million at October 29, 2022. The decrease was primarily driven by capital expenditures partially offset by cash flow from operating activities. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Third quarter results came in just ahead of our guidance for sales and earnings as we saw sequential improvement in the year-over-year sales comparisons from the first two quarters of 2023. Given the challenging macroeconomic backdrop, we are encouraged by the strength of newer brand introductions and fashion trends that we look to capitalize upon in the important holiday season. While 2023 has certainly been difficult, the adjustments we’ve made to our merchandise assortment and our steadfast commitment to providing consumers with superior service and a highly differentiated shopping experience will continue to separate us from the competition and position Zumiez to recapture operating margin as our sales recover.” Fourth Quarter To-DateTotal fourth quarter-to-date total sales for the 31 days ending November 28, 2023 decreased 4.6%, compared with the same 31-day time period in the prior year ended November 29, 2022. Total comparable sales for the 31-day period ending No...