06.09.2013 02:50:10
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Zumiez Q2 Results Top Estimates, Guides Q3 Below View
(RTTNews) - Sports apparel retailer Zumiez, Inc. (ZUMZ) reported Thursday a profit for the second quarter that more than doubled from last year, reflecting double-digit revenue growth and improved margins amid lower expenses. Stripping down charges, earnings per share would have topped analysts' expectations, so did quarterly revenues.
Meanwhile, the company provided earnings and revenue guidance for the third quarter, both below Street view.
"We are pleased with our second quarter earnings results in what proved to be a challenging retail environment. We believe we have compelling merchandise assortments and our efforts to enhance our omni-channel capabilities are yielding positive gains," CEO Rick Brooks said in a statement.
Everett, Washington-based Zumiez reported net income of $4.74 million or $0.16 per share for the second quarter, higher than $2.09 million or $0.07 per share in the prior-year quarter.
Results for the latest quarter include $0.04 per share of charges associated with the acquisition of Blue Tomato, while the year-ago results included $0.06 per share of the same charges and $0.03 per share of costs associated with a facility relocation.
Excluding the charges, adjusted net income for the latest quarter would have been $0.20 per share, compared to last year's $0.16 per share.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Total net sales for the quarter increased 16.9 percent to $157.86 million from $135.07 million in the same quarter last year, and topped Wall Street analysts' consensus estimate of $157.78 million by a whisker.
Comparable store sales, or sales from stores open at least a year, for the quarter edged down 0.9 percent on top of a 9.5 percent increase last year.
Operating margin for the quarter expanded 220 basis points to 5.0 percent from last year's 2.8 percent, as gross margin improved 50 basis points and selling, general and administrative expenses, as a percentage of total sales, decreased 170 basis points.
For the month of August, Zumiez reported that comparable store sales grew 3.0 percent on top of a 3.7 percent increase last year. Total sales for the month increased 14.3 percent to $85.9 million from $75.2 million reported in August 2012.
Looking ahead to the third quarter, the company said it expects earnings in a range of $0.39 to $0.43 per share, on projected net sales of between $187 million and $191 million, with comparable store sales in the range of flat to an increase of 2 percent.
Excluding an estimated $0.04 per share of charges associated with the acquisition of Blue Tomato, adjusted earnings would be expected in a range of $0.43 to $0.47 per share.
Street is currently looking for earnings of $0.55 per share on revenue of $199.31 million for the third quarter.
The company also revealed that it still intends to open 58 new stores in fiscal 2013, including 9 stores in Canada and 5 stores in Europe.
"With significant expansion opportunities still ahead of us, we continue to invest in our people and infrastructure in order to best position the company to deliver sustainable sales and earnings growth and shareholder value for years to come," Brooks added.
ZUMZ closed Thursday's regular trading session at $25.29, down $0.91 or 3.47% on a volume of 0.36 million shares. The stock slipped a further $1.04 or 4.11% in after-hours trading.
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