Zumiez sees uptick in holiday sales, ups guidance
Zumiez, Inc., the American retailer specialized in streetwear and action sports apparel, has announced a solid increase in comparable sales for the 2019 holiday period and increased its financial outlook for the fourth quarter.
The Lynnwood, Washington-based company, which operates under the Zumiez, Blue Tomato and Fast Times banners, reported a 6.8% increase in comparable sales during the nine-week period ended January 4, 2020. In the prior-year period, comparable sales rose 4.0%.
In light of these stronger than expected sales, Zumiez also revealed that it has revised up its fourth-quarter guidance and now expects to see a comparable sales increase of around 6.0%, and earnings per share of between $1.34 and $1.38.
The retailer’s previously reported guidance had predicted a rise in comparable sales of between 2% and 4%, and EPS in the range of $1.26 to $1.32.
In the third quarter, Zumiez reported net income of $19.2 million, or $0.75 per diluted share, on net sales of $264.0 million, which reflected a 6.1% increase from the $248.8 million reported by the company in the prior-year period.
Zumiez currently operates 719 stores under its different brand names, 608 of which are located in the U.S., 52 in Canada, 48 in Europe and 11 in Australia. The retailer also runs three brand-specific e-commerce websites.
The company plans to report its full fourth-quarter 2019 results on March 12, 2020.
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