Zumiez Inc. Announces Fiscal 2024 Fourth Quarter Results
Zumiez reported Q4 FY2024 results with mixed performance. Net sales decreased 0.9% to $279.2 million, while comparable sales increased 5.9%. The company achieved significant improvement in profitability, posting net income of $14.8 million ($0.78 per share) compared to a net loss of $33.5 million ($1.73 per share) in Q4 FY2023.
For the full fiscal year 2024, total net sales increased 1.6% to $889.2 million, with comparable sales up 4.0%. The company reported a net loss of $1.7 million ($0.09 per share). Cash position stood at $147.6 million as of February 1, 2025.
Looking ahead, Q1 FY2025 quarter-to-date comparable sales are up 4.3%, led by North America at 6.4%. The company expects Q1 net sales between $179-183 million with projected EPS loss of $0.72-0.82. The Board approved a new $25 million stock repurchase program through March 2026.
Zumiez ha riportato i risultati del quarto trimestre dell'anno fiscale 2024 con una performance mista. Le vendite nette sono diminuite dello 0,9% a 279,2 milioni di dollari, mentre le vendite comparabili sono aumentate del 5,9%. L'azienda ha ottenuto un miglioramento significativo nella redditività, registrando un utile netto di 14,8 milioni di dollari (0,78 dollari per azione) rispetto a una perdita netta di 33,5 milioni di dollari (1,73 dollari per azione) nel quarto trimestre dell'anno fiscale 2023.
Per l'intero anno fiscale 2024, le vendite nette totali sono aumentate dell'1,6% a 889,2 milioni di dollari, con vendite comparabili in crescita del 4,0%. L'azienda ha riportato una perdita netta di 1,7 milioni di dollari (0,09 dollari per azione). La posizione di cassa era di 147,6 milioni di dollari al 1° febbraio 2025.
Guardando avanti, le vendite comparabili fino ad oggi per il primo trimestre dell'anno fiscale 2025 sono aumentate del 4,3%, guidate dal Nord America con il 6,4%. L'azienda prevede vendite nette per il primo trimestre tra 179 e 183 milioni di dollari, con una perdita EPS prevista di 0,72-0,82 dollari. Il Consiglio ha approvato un nuovo programma di riacquisto di azioni da 25 milioni di dollari fino a marzo 2026.
Zumiez informó resultados del cuarto trimestre del año fiscal 2024 con un rendimiento mixto. Las ventas netas disminuyeron un 0.9% a 279.2 millones de dólares, mientras que las ventas comparables aumentaron un 5.9%. La compañía logró una mejora significativa en la rentabilidad, reportando un ingreso neto de 14.8 millones de dólares (0.78 dólares por acción) en comparación con una pérdida neta de 33.5 millones de dólares (1.73 dólares por acción) en el cuarto trimestre del año fiscal 2023.
Para el año fiscal completo 2024, las ventas netas totales aumentaron un 1.6% a 889.2 millones de dólares, con ventas comparables en alza del 4.0%. La compañía reportó una pérdida neta de 1.7 millones de dólares (0.09 dólares por acción). La posición de efectivo se situó en 147.6 millones de dólares al 1 de febrero de 2025.
De cara al futuro, las ventas comparables hasta la fecha del primer trimestre del año fiscal 2025 han aumentado un 4.3%, lideradas por América del Norte con un 6.4%. La compañía espera ventas netas para el primer trimestre entre 179 y 183 millones de dólares, con una pérdida de EPS proyectada de 0.72-0.82 dólares. La Junta aprobó un nuevo programa de recompra de acciones de 25 millones de dólares hasta marzo de 2026.
Zumiez는 2024 회계연도 4분기 결과를 혼합된 성과로 보고했습니다. 순매출은 0.9% 감소하여 2억 7920만 달러에 이르렀고, 비교 가능한 매출은 5.9% 증가했습니다. 회사는 수익성에서 상당한 개선을 이루어 순이익 1480만 달러(주당 0.78 달러)를 기록했으며, 이는 2023 회계연도 4분기에서 3350만 달러(주당 1.73 달러)의 순손실과 비교됩니다.
2024 회계연도 전체에 대해 총 순매출은 1.6% 증가하여 8억 8920만 달러에 달했으며, 비교 가능한 매출은 4.0% 증가했습니다. 회사는 170만 달러(주당 0.09 달러)의 순손실을 보고했습니다. 현금 보유액은 2025년 2월 1일 기준으로 1억 4760만 달러였습니다.
앞으로, 2025 회계연도 1분기 현재까지의 비교 가능한 매출은 4.3% 증가했으며, 북미가 6.4%로 주도하고 있습니다. 회사는 1분기 순매출을 1억 7900만 달러에서 1억 8300만 달러 사이로 예상하며, 예상 EPS 손실은 0.72-0.82 달러입니다. 이사회는 2026년 3월까지 2500만 달러 규모의 자사주 매입 프로그램을 승인했습니다.
Zumiez a annoncé des résultats pour le quatrième trimestre de l'exercice fiscal 2024 avec des performances mixtes. Les ventes nettes ont diminué de 0,9 % pour atteindre 279,2 millions de dollars, tandis que les ventes comparables ont augmenté de 5,9 %. L'entreprise a réalisé une amélioration significative de sa rentabilité, affichant un bénéfice net de 14,8 millions de dollars (0,78 dollar par action) par rapport à une perte nette de 33,5 millions de dollars (1,73 dollar par action) au quatrième trimestre de l'exercice fiscal 2023.
Pour l'ensemble de l'exercice fiscal 2024, les ventes nettes totales ont augmenté de 1,6 % pour atteindre 889,2 millions de dollars, avec des ventes comparables en hausse de 4,0 %. L'entreprise a enregistré une perte nette de 1,7 million de dollars (0,09 dollar par action). La position de trésorerie était de 147,6 millions de dollars au 1er février 2025.
Pour l'avenir, les ventes comparables pour le premier trimestre de l'exercice fiscal 2025 sont en hausse de 4,3 %, menées par l'Amérique du Nord avec 6,4 %. L'entreprise prévoit des ventes nettes pour le premier trimestre entre 179 et 183 millions de dollars, avec une perte EPS projetée de 0,72 à 0,82 dollar. Le conseil d'administration a approuvé un nouveau programme de rachat d'actions de 25 millions de dollars jusqu'en mars 2026.
Zumiez hat die Ergebnisse des 4. Quartals des Geschäftsjahres 2024 mit gemischter Leistung veröffentlicht. Die Nettoverkäufe sanken um 0,9 % auf 279,2 Millionen US-Dollar, während die vergleichbaren Verkäufe um 5,9 % stiegen. Das Unternehmen erzielte eine signifikante Verbesserung der Rentabilität und meldete einen Nettoertrag von 14,8 Millionen US-Dollar (0,78 US-Dollar pro Aktie) im Vergleich zu einem Nettoverlust von 33,5 Millionen US-Dollar (1,73 US-Dollar pro Aktie) im 4. Quartal des Geschäftsjahres 2023.
Für das gesamte Geschäftsjahr 2024 stiegen die gesamten Nettoverkäufe um 1,6 % auf 889,2 Millionen US-Dollar, wobei die vergleichbaren Verkäufe um 4,0 % zulegten. Das Unternehmen meldete einen Nettoverlust von 1,7 Millionen US-Dollar (0,09 US-Dollar pro Aktie). Die Liquiditätsposition betrug zum 1. Februar 2025 147,6 Millionen US-Dollar.
Für die Zukunft erwarten die vergleichbaren Verkäufe im ersten Quartal des Geschäftsjahres 2025 bis heute einen Anstieg von 4,3 %, angeführt von Nordamerika mit 6,4 %. Das Unternehmen erwartet Nettoverkäufe im ersten Quartal zwischen 179 und 183 Millionen US-Dollar mit einem prognostizierten EPS-Verlust von 0,72-0,82 US-Dollar. Der Vorstand genehmigte ein neues Aktienrückkaufprogramm über 25 Millionen US-Dollar bis März 2026.
- Q4 comparable sales increased 5.9%
- Gross margin improved 190 basis points to 36.2%
- Q4 net income improved to $14.8M from -$33.5M year-over-year
- First quarter-to-date comparable sales up 4.3%
- North America showing strong performance with 6.4% comparable sales growth
- New $25M stock buyback program approved
- Q4 net sales decreased 0.9% to $279.2M
- Cash position declined to $147.6M from $171.6M year-over-year
- Full-year net loss of $1.7M in fiscal 2024
- International comparable sales decreased 3.7% in recent trading
- Projecting Q1 2025 loss between $0.72-0.82 per share
Insights
Zumiez's Q4 results demonstrate substantial financial improvement with the 190 basis point gross margin expansion driving a profit of
The
The Q1 projected loss of
The
The company's disciplined approach to store growth - adding just 9 locations to its 729-store base - demonstrates a strategic shift from expansion to optimization. Zumiez's focus on "product and customer engagement initiatives" appears to be resonating with its target demographic of young consumers seeking unique lifestyle merchandise.
The specialty retailer's ability to grow comparable sales by
Fourth Quarter Comparable Sales Increased
Fourth Quarter Gross Margin Increased 190 Basis Points to
Fourth Quarter Earnings Per Share Improved to
First Quarter-To-Date Comparable Sales up
Board Approves New Stock Repurchase Authorization
LYNNWOOD, Wash., March 13, 2025 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today reported results for the fourth quarter and year ended February 1, 2025.
Net sales for the fourth quarter ended February 1, 2025 (13 weeks) decreased
Total net sales for the twelve months (52 weeks) ended February 1, 2025, increased
As of February 1, 2025, the Company had cash and current marketable securities of
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We delivered a substantial improvement in fourth quarter operating profitability driven by significant gross margin expansion and a meaningful reduction in operating expenses. Comparable sales increased by
Fiscal First Quarter-to-Date Sales
Total first quarter-to-date sales for the four weeks ended March 1, 2025 increased
Fiscal 2025 First Quarter Outlook
The Company is introducing guidance for the three months ending May 3, 2025. Net sales are projected to be in the range of
The Company currently intends to open approximately 9 new stores in fiscal 2025, including up to 6 stores in North America, 2 stores in Europe and 1 store in Australia.
Stock Repurchase Authorization
On March 12, 2024, Zumiez Inc. approved the repurchase of up to an aggregate of
Conference call Information
To access the conference call, please pre-register using this link (Registration Link) Registrants will receive confirmation with dial-in details. The conference call will also be available to interested parties through a live webcast at https://ir.zumiez.com. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at https://ir.zumiez.com.
About Zumiez Inc.
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 March 1, 2025, we operated 729 stores, including 569 in the United States, 46 in Canada, 87 in Europe and 27 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au.
Safe Harbor Statement
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 annual report on Form 10-K for the fiscal year ended January 28, 2023 as filed with the Securities and Exchange Commission and available at www.sec.gov. 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.
ZUMIEZ INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
February 1, | % of | February 3, | % of | ||||||||||||
2025 | Sales | 2024 | Sales | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
Net sales | $ | 279,160 | 100.0 | % | 281,822 | 100.0 | % | ||||||||
Cost of goods sold | 178,127 | 63.8 | % | 185,171 | 65.7 | % | |||||||||
Gross profit | 101,033 | 36.2 | % | 96,651 | 34.3 | % | |||||||||
Selling, general and administrative expenses | 80,903 | 29.0 | % | 129,436 | 45.9 | % | |||||||||
Operating profit (loss) | 20,130 | 7.2 | % | (32,785 | ) | -11.6 | % | ||||||||
Interest income, net | 742 | 0.3 | % | 941 | 0.3 | % | |||||||||
Other (expense) income , net | (915 | ) | -0.3 | % | 545 | 0.2 | % | ||||||||
Earnings (loss) before income taxes | 19,957 | 7.2 | % | (31,299 | ) | -11.1 | % | ||||||||
Provision for income taxes | 5,203 | 1.9 | % | 2,188 | 0.8 | % | |||||||||
Net income (loss) | $ | 14,754 | 5.3 | % | $ | (33,487 | ) | -11.9 | % | ||||||
Basic earnings (loss) per share | $ | 0.80 | $ | (1.73 | ) | ||||||||||
Diluted earnings (loss) per share | $ | 0.78 | $ | (1.73 | ) | ||||||||||
Weighted average shares used in computation of earnings per share: | |||||||||||||||
Basic | 18,464 | 19,323 | |||||||||||||
Diluted | 18,806 | 19,323 | |||||||||||||
Fiscal Year Ended | |||||||||||||||
February 1, | % of | February 3, | % of | ||||||||||||
2025 | Sales | 2024 | Sales | ||||||||||||
(Unaudited) | |||||||||||||||
Net sales | $ | 889,202 | 100.0 | % | $ | 875,486 | 100.0 | % | |||||||
Cost of goods sold | 586,162 | 65.9 | % | 594,596 | 67.9 | % | |||||||||
Gross profit | 303,040 | 34.1 | % | 280,890 | 32.1 | % | |||||||||
Selling, general and administrative expenses | 301,090 | 33.9 | % | 345,679 | 39.6 | % | |||||||||
Operating profit (loss) | 1,950 | 0.2 | % | (64,789 | ) | -7.4 | % | ||||||||
Interest income, net | 4,205 | 0.5 | % | 3,522 | 0.4 | % | |||||||||
Other expense, net | (2,078 | ) | -0.2 | % | (611 | ) | -0.1 | % | |||||||
Earnings (loss) before income taxes | 4,077 | 0.5 | % | (61,878 | ) | -7.1 | % | ||||||||
Provision for income taxes | 5,790 | 0.7 | % | 732 | 0.1 | % | |||||||||
Net income | $ | (1,713 | ) | -0.2 | % | $ | (62,610 | ) | -7.2 | % | |||||
Basic earnings per share | $ | (0.09 | ) | $ | (3.25 | ) | |||||||||
Diluted earnings per share | $ | (0.09 | ) | $ | (3.25 | ) | |||||||||
Weighted average shares used in computation of earnings per share: | |||||||||||||||
Basic | 18,918 | 19,290 | |||||||||||||
Diluted | 18,918 | 19,290 |
ZUMIEZ INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | |||||||
February 1, 2025 | February 3, 2024 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 112,668 | $ | 88,875 | |||
Marketable securities | 34,890 | 82,704 | |||||
Receivables | 12,825 | 13,780 | |||||
Inventories | 146,648 | 128,827 | |||||
Prepaid expenses and other current assets | 15,354 | 12,401 | |||||
Total current assets | 322,385 | 326,587 | |||||
Fixed assets, net | 80,178 | 90,508 | |||||
Operating lease right-of-use assets | 183,235 | 196,775 | |||||
Goodwill | 15,258 | 15,374 | |||||
Intangible assets, net | 13,577 | 14,200 | |||||
Deferred tax assets, net | 8,684 | 8,623 | |||||
Other long-term assets | 11,564 | 12,159 | |||||
Total long-term assets | 312,496 | 337,639 | |||||
Total assets | $ | 634,881 | $ | 664,226 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities | |||||||
Trade accounts payable | $ | 49,389 | $ | 38,885 | |||
Accrued payroll and payroll taxes | 21,962 | 18,431 | |||||
Operating lease liabilities | 56,009 | 60,885 | |||||
Other current liabilities | 28,154 | 25,886 | |||||
Total current liabilities | 155,514 | 144,087 | |||||
Long-term operating lease liabilities | 143,812 | 159,877 | |||||
Other long-term liabilities | 6,578 | 7,052 | |||||
Total long-term liabilities | 150,390 | 166,929 | |||||
Total liabilities | 305,904 | 311,016 | |||||
Shareholders’ equity | |||||||
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | — | — | |||||
Common stock, no par value, 50,000 shares authorized; 19,159 shares issued and outstanding at February 1, 2025 and 19,833 shares issued and outstanding at February 3, 2024 | 203,581 | 196,144 | |||||
Accumulated other comprehensive loss | (23,778 | ) | (19,027 | ) | |||
Retained earnings | 149,174 | 176,093 | |||||
Total shareholders’ equity | 328,977 | 353,210 | |||||
Total liabilities and shareholders’ equity | $ | 634,881 | $ | 664,226 |
ZUMIEZ INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
Fiscal Year Ended | |||||||
February 1, 2025 | February 3, 2024 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | (1,713 | ) | $ | (62,610 | ) | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||
Depreciation, amortization and accretion | 22,160 | 22,763 | |||||
Noncash lease expense | 64,415 | 68,164 | |||||
Deferred taxes | (609 | ) | (1,050 | ) | |||
Stock-based compensation expense | 6,831 | 7,022 | |||||
Impairment of goodwill and long-lived assets | 1,473 | 43,904 | |||||
Foreign currency transaction loss | 2,145 | 25 | |||||
Other | 178 | 181 | |||||
Changes in operating assets and liabilities: | - | - | |||||
Receivables | 1,533 | 6,859 | |||||
Inventories | (21,687 | ) | 5,809 | ||||
Prepaid expenses and other assets | 1,558 | (1,817 | ) | ||||
Trade accounts payable | 11,698 | (907 | ) | ||||
Accrued payroll and payroll taxes | 3,768 | 2,170 | |||||
Income taxes payable | 4,705 | 2,090 | |||||
Operating lease liabilities | (73,564 | ) | (78,983 | ) | |||
Other liabilities | (2,190 | ) | 1,135 | ||||
Net cash provided by (used in) operating activities | 20,701 | 14,755 | |||||
Cash flows from investing activities: | |||||||
Additions to fixed assets | (15,004 | ) | (20,350 | ) | |||
Purchases of marketable securities and other investments | (2,980 | ) | (38,348 | ) | |||
Sales and maturities of marketable securities and other investments | 50,586 | 50,150 | |||||
Net cash provided by (used in) investing activities | 32,602 | (8,548 | ) | ||||
Cash flows from financing activities: | |||||||
Proceeds from revolving credit facilities | 3,220 | 49,440 | |||||
Payments on revolving credit facilities | (3,220 | ) | (49,440 | ) | |||
Proceeds from issuance and exercise of stock-based awards | 606 | 704 | |||||
Payments for tax withholdings on equity awards | — | — | |||||
Common stock repurchased | (25,206 | ) | — | ||||
Net cash (used in) provided by financing activities | (24,600 | ) | 704 | ||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1,458 | ) | (1,080 | ) | |||
Net change in cash, cash equivalents, and restricted cash | 27,245 | 5,831 | |||||
Cash, cash equivalents, and restricted cash, beginning of period | 94,284 | 88,453 | |||||
Cash, cash equivalents, and restricted cash, end of period | $ | 121,529 | $ | 94,284 | |||
Supplemental disclosure on cash flow information: | |||||||
Cash paid during the period for income taxes | $ | 2,490 | $ | 2,065 | |||
Accrual for purchases of fixed assets | 109 | 800 |
Company Contact:
Darin White
Vice President of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337
Investor Contact:
ICR
Brendon Frey
(203) 682-8200
