World News: 21:14 GMT Thursday 6th December 2018. [Zumiez Inc via Globe Newswire via SPi World News]
LYNNWOOD, Wash., Dec. 06, 2018 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the third quarter ended November 3, 2018.
Total net sales for the third quarter ended November 3, 2018 (13 weeks) increased 1.2% to $248.8 million from $245.8 million in the quarter ended October 28, 2017 (13 weeks). Comparable sales for the thirteen weeks ended November 3, 2018 increased 4.8% compared to a comparable sales increase of 7.9% for the thirteen weeks ended October 28, 2017. Net income for the third quarter of fiscal 2018 was $13.8 million, or $0.55 per diluted share, compared to net income of $11.9 million, or $0.48 per diluted share in the third quarter of the prior fiscal year.
Total net sales for the nine months (39 weeks) ended November 3, 2018 increased 8.9% to $674.1 million from $619.2 million reported for the nine months (39 weeks) ended October 28, 2017. Comparable sales increased 6.3% for the thirty-nine weeks ended November 3, 2018 compared to a comparable sales increase of 5.1% for the thirty-nine weeks ended October 28, 2017. Net income for the first nine months of fiscal 2018 was $15.6 million, or $0.62 per diluted share, compared to net income for the first nine months of the prior fiscal year of $6.9 million, or $0.28 per diluted share.
At November 3, 2018, the Company had cash and current marketable securities of $127.9 million compared to cash and current marketable securities of $85.8 million at October 28, 2017. The increase in cash and current marketable securities was primarily driven by cash generated through operations, partially offset by capital expenditures.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We are very pleased with our third quarter performance and strong back-to-school season. The third quarter represented our ninth quarter of positive comparable sales and consisted of meaningful full priced selling throughout the period. With 140 basis points of improvement between product margins and inventory shrink, we were able to offset the loss of a high volume week due to the calendar shift and deliver earnings per share ahead of our expectations. The fourth quarter has gotten off to a positive start driven by robust demand over the Black Friday weekend and Cyber Monday. 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.”
A conference call will be held today to discuss third quarter fiscal 2018 results and will be webcast at 5:00 p.m. ET on . Participants may also dial (574) 990-9934 followed by the conference identification code of 1995029.
Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of December 1, 2018 we operated 708 stores, including 610 in the United States, 50 in Canada, 41 in Europe and 7 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, blue-tomato.com and fasttimes.com.au
Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company’s quarterly report on Form 10-Q for the quarter ended August 4, 2018 as filed with the Securities and Exchange Commission and available at . You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Globe Newswire: 21:14 GMT Thursday 6th December 2018
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