Zumiez Announces 2009 First Quarter Results
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- May 21 2009
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Zumiez released results for it’s 2009 first quarter today, and announced that total net sales have decreased 2.4% to $76.8 million from $78.7 million reported in the first quarter ended May 3, 2008 (13 weeks).
“‘While the ongoing recession continues to pressure sales we were able to deliver first quarter results that exceeded our projections driven primarily by stronger than expected product margins,’ stated Rick Brooks, Chief Executive Officer of Zumiez Inc. ‘Our team continues to do an excellent job managing our expenditures and inventories while at the same time working closely with our vendors to ensure that our merchandise assortments reflect current trends and provide compelling value for our target consumer. This has allowed us to head into the summer selling season with inventory levels in line with our expectations. Given the relative tough comparisons we are up against through August we remain cautious about our near-term prospects, however we believe that our unique concept and strong balance sheet have us well positioned to further expand our market share as the consumer environment improves.’”
Zumiez also introduced guidance for the next three months ending August 1, 2009, as a net loss of approximately ($0.17) to ($0.14) per diluted share, according to the report. The retailer also plans to open 36 new stores in 2009.
Read the entire report HERE. Stay tuned to Transworld Business for a more in-depth follow up and summary of the company’s conference call.
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