Business
Zumiez Inc. Announces Fiscal 2024 Third Quarter Results
Third Quarter Comparable Sales Increased 7.5%Third Quarter Gross Margin increased 140 basis points to 35.2%Third Quarter Earnings Per share improved to $0.06
About this update from Zumiez Inc.
[{"type":"text","content":"Third Quarter Comparable Sales Increased 7.5%Third Quarter Gross Margin increased 140 basis points to 35.2%Third Quarter Earnings Per share improved to $0.06 from ($0.12) Fourth Quarter Comparable Sales Guidance up 6.0% - 7.5% LYNNWOOD, Wash., Dec. 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 third quarter ended November 2, 2024. Net sales for the third quarter ended November 2, 2024 (13 weeks) increased 2.9% to $222.5 million from $216.3 million in the third quarter ended October 28, 2023 (13 weeks). Comparable sales for the thirteen weeks ended November 2, 2024 increased 7.5%. The shift in the retail calendar had a negative impact on the third quarter results, decreasing net sales growth by approximately 510 basis points. However, this shift positively affected net sales growth in the second quarter. Comparable sales growth, as reported, is not impacted by the calendar shift and provides a more accurate measure of operating performance. Net income in the third quarter of fiscal 2024 was $1.2 million, or $0.06 per share, compared to a net loss of $2.2 million, or $0.12 per share, in the third quarter of the prior fiscal year. Total net sales for the nine months (39 weeks) ended November 2, 2024 increased 2.8% to $610.0 million from $593.7 million reported for the nine months (39 weeks) ended October 28, 2023. Comparable sales increased 3.2% for thirty-nine weeks ended November 2, 2024. Net loss for the first nine months of fiscal 2024 was $16.5 million, or $0.86 per share, compared to a net loss for the first nine months of fiscal 2023 of $29.1 million, or $1.51 per share. As of November 2, 2024, the Company had cash and current marketable securities of $99.3 million compared to cash and current marketable securities of $135.8 million as of October 28, 2023. The decrease was primarily driven by share repurchases and capital expenditures partially offset by cash flow from operations. Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “The strategic initiatives we have been executing this year have contributed to a noticeable increase in sales trends. Fueled by growing strength in our North American business, consolidated comparable sales sequentially accelerated 390 basis point...