Charges Hit Zumiez Q3 Earnings

ZumiezEverett, WA—Zumiez booked a drop in earnings in the third quarter hurt by one-off charges but offered an optimistic long-term outlook.

For the quarter ended Nov. 2, the board sport specialty retailer said earnings fell to $11.9 million due to charges related to the firm’s acquisition of Blue Tomato and a lawsuit settlement. This compared to a net profit of $12.7 million in the prior year period.

Sales, however, were up 6.2% to $191.1 million from $180 million last year. Comparable store sales increased 1.5%.

CEO Rick Brooks said the quarter began with a “solid” back to school season but conceded that softer traffic trends returned.

Nonetheless, he added: “We were able to maintain a positive comparable store sales result for the quarter. We believe the investments in our people, merchandise assortment planning and omni-channel capabilities are helping to further distinguish our concept and enabling us to gain market share. We believe our business is well positioned for the upcoming holiday season and more importantly the long-term.”

For the fourth quarter, Zumiez is guiding for net sales in the range of $230 million to $237 million resulting per share earnings ranging from 60 cents to 66 cents a share. This is based on anticipated comparable store sales in the range of (1%) to 2%.

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