Zumiez aims to accelerate growth in 2018 as sales rise 17% in Q4 2017
today Mar 16, 2018
Lynnwood, Washington-based specialty action sports apparel retailer Zumiez Inc. reported rises in both net sales and comps on Thursday, leading to growth in net earnings of 9.3% and 3.5% for the fourth quarter and full year 2017, respectively.
Net sales for the 14-week fourth quarter ended February 3, 2018 were up 16.9% to $308.2 million from $263.6 million in the 13-week quarter ended January 28, 2017. Comparable sales increased 7.5%. on a 14-week basis.
Net earnings for the period totaled $19.9 million, compared to $18.2 million in the previous year.
Fiscal 2017 net sales for the 53 weeks ended February 3, 2018 rose 10.9% to $927.4 million, compared to the $836.3 million reported in the 52-week fiscal 2016. Comparable sales increased 5.9% on a 53-week basis.
Net earnings for the year came to $26.8 million, up from 2016’s $25.9 million.
Zumiez CEO Rick Brooks commented in a release, “We concluded 2017 with strong fourth quarter comparable sales performance which came on top of a successful holiday selling period in the prior year fourth quarter.”
“While we are pleased with our recent top-line results, we believe the company is positioned to deliver accelerated earnings growth in 2018 through a combination of positive comparable sales, margin enhancement programs, improved expense leverage, and lower taxes. I am optimistic about Zumiez future prospects and I’m confident that our approach to expanding market share will lead to increased value for our shareholders over the long-term,” he added.
The company also released details concerning its February results, reporting net sales up 23.2% to $63.4 million and a comparable sales increase of 9.2%.
Zumiez’s outlook for Q1 2018 includes net sales ranging from $198 million to $202 million and anticipated comparable sales growth between 4% and 6%.
The company plans to open 13 new stores in fiscal 2018, including up to 6 in the US, 5 in Europe and 2 in Australia.
Copyright © 2019 FashionNetwork.com All rights reserved.