Zumiez Profit Tops Estimate, Q3 Outlook Weak; Stock Down 7%

(RTTNews) - Specialty retailer Zumiez Inc (ZUMZ) Thursday reported second-quarter net earnings of $7.5 million or $0.26 per share compared with $4.7 million or $0.16 per share last year.

Results for the quarter included $0.01 per share of charges associated with the acquisition of Blue Tomat.

Revenues for the quarter were up 12% at $176.7 million compared with $157.9 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.23 per share on revenues of $176.9 million for the quarter. Analysts' estimates typically exclude special items.

Comparable sales for the quarter increased 3.4%.

Looking ahead to the third quarter, the company expects earnings of $0.47 to $0.50 per share, including $0.02 per share of acquisition charges, and revenues of $207 million to $211 million. Analysts expect earnings of $0.54 per share on revenues of $210 million.

The company said that for August, sales increased 9.4% to $94 million, and comparable sales increased 2%.

Zumiez, based in Lynnwood, Washington, operates as a multi-channel specialty retailer of action sports related apparel, footwear, accessories, and hardgoods.

Zumiez stock dropped $2.34 or 7.22% at $30.07 in after-hours trade on the Nasdaq.