Retail
Zumiez, Same Store Sales Down Now & Ahead (ZUMZ)
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Zumiez Inc. (NASDAQ: ZUMZ) was halted pending news into earnings. The snowboarding (as well as skateboarding, BMX, and action sports) apparel and outdoor wear retail and apparel company posted $0.09 EPS on $92.3 million in revenues, compared to $0.07 EPS and $92.64 million revenues.
Its comparable store sales were down 1.7% and the company now seesearnings at $0.80 to $0.82 EPS versus prior estimates of $0.90 to $0.93EPS. First Call has estimates of $0.89 EPS. The company said a moreconservative macroeconomic climate was making them more cautious. Thisis also based upon 20% square foot sales growth and a mid-single digitto low single digit decline in same store sales in the second half.
Zumiez currently has 324 stores (as of August 2, after opening 34stores so far this year) and the company maintained that it still wantsto strive to 800 stores.
As a reminder, shares are halted right after the news after closingdown about 0.7% at $13.19 today. Its 52-week trading range is $11.80to $53.99.
Jon C. Ogg
August 21, 2008
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