Zumiez reports comparable sales growth of 4.8% in third quarter
today Dec 7, 2018
Lynnwood, Washington-based specialty apparel retailer Zumiez, Inc. announced on Thursday that it achieved its ninth consecutive quarter of positive comparable sales in Q3 2018, driving progress with both sales and earnings.
The company announced a comps increase of 4.8% in the third quarter ended November 3, 2018, compared to a comparable sales increase of 7.9% in the prior-year period.
This growth was reflected in Zumiez’s net sales, which rose 1.2% to $248.8 million, compared to $245.8 million in Q3 2017.
Net income for the quarter was reported as $13.8 million, up from $11.9 million.
Year to date, the Zumiez announced net sales of $674.1 million, an 8.9% increase from $619.2 million in the same period in the previous year, while comparable sales rose 6.3%.
Net income for the nine-month period totaled $15.6 million, compared to the $6.9 million reported for the equivalent period in the previous fiscal year.
The company also detailed its November 2018 sales, which rose 9.4% to $84.4 million, while comps increased 2.3%.
Looking toward the end of the year, Zumiez expects to achieve net sales of between $295 and $301 million in the fourth quarter, while net income per diluted share is predicted to be in the range of $1.02 to $1.08.
“The fourth quarter has gotten off to a positive start driven by robust demand over the Black Friday weekend and Cyber Monday,” said Zumiez CEO Rick Brooks in a release. “We are confident that our differentiated product offering, seamless multi-channel shopping experience, and superior customer service has Zumiez well positioned for a strong finish to the year and sustained success over the long-term.”
Over the course of the year, Zumiez, which operates under the Zumiez, Blue Tomato and Fast Times banners, has opened a total of 12 new stores (5 in North America and 7 in Europe) and has plans to open one more location in 2018.
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