Business
Zumiez Inc. Announces Fiscal 2024 Second Quarter Results
Second Quarter Comparable Sales Increased 3.6%Second Quarter Gross Margin increased 250 basis points to 34.2%Second Quarter Loss Per share improved to ($0.04)
About this update from Zumiez Inc.
[{"type":"text","content":"Second Quarter Comparable Sales Increased 3.6%Second Quarter Gross Margin increased 250 basis points to 34.2%Second Quarter Loss Per share improved to ($0.04) from ($0.44) Third Quarter-to-date Comparable Sales up 12.1% LYNNWOOD, Wash., Sept. 05, 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 second quarter ended August 3, 2024. Net sales for the second quarter ended August 3, 2024 (13 weeks) increased 8.1% to $210.2 million from $194.4 million in the second quarter ended July 29, 2023 (13 weeks). Comparable sales for the thirteen weeks ended August 3, 2024 increased 3.6%. The shift in the retail calendar had a positive impact on the second quarter results, increasing net sales growth by approximately 530 basis points. However, this shift will negatively affect net sales growth in the third quarter. Comparable sales growth, as reported, is adjusted for the calendar shift and provides a more accurate measure of operating performance. Net loss in the second quarter of fiscal 2024 was $0.8 million, or $0.04 per share, compared to a net loss of $8.5 million, or $0.44 per share, in the second quarter of the prior fiscal year. Total net sales for the six months (26 weeks) ended August 3, 2024 increased 2.7% to $387.6 million from $377.3 million reported for the six months (26 weeks) ended July 29, 2023. The retail calendar shift positively impacted net sales growth by approximately 310 basis points year-to-date. Comparable sales increased 0.8% for the twenty-six weeks ended August 3, 2024. Net loss for the first six months of fiscal 2024 was $17.6 million, or $0.91 per share, compared to a net loss for the first six months of fiscal 2023 of $26.9 million, or $1.40 per share. At August 3, 2024, the Company had cash and current marketable securities of $127.0 million compared to cash and current marketable securities of $140.0 million at July 29, 2023. The decrease was primarily driven by share repurchases and capital expenditures partially offset by cash flow from operations. The Company repurchased 0.9 million shares during the quarter at an average cost of $20.55 per share and a total cost of $19.4 million. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We experienced a noticeable ac...