Zumiez Inc. Announces Fiscal 2024 Second Quarter Results
Zumiez Inc. (NASDAQ: ZUMZ) reported improved financial results for Q2 2024. Net sales increased 8.1% to $210.2 million, with comparable sales up 3.6%. The company narrowed its net loss to $0.8 million ($0.04 per share) from $8.5 million ($0.44 per share) in Q2 2023. Gross margin improved by 250 basis points to 34.2%. For the first six months of fiscal 2024, net sales grew 2.7% to $387.6 million, with a net loss of $17.6 million ($0.91 per share).
The company's Q3 outlook projects net sales between $221-$225 million, representing 2-4% growth. Third quarter-to-date comparable sales are up 12.1%. Zumiez plans to open 9 new stores and close approximately 25 in fiscal 2024. The company repurchased 0.9 million shares during Q2 at an average cost of $20.55 per share.
Zumiez Inc. (NASDAQ: ZUMZ) ha riportato risultati finanziari migliorati per il Q2 2024. Le vendite nette sono aumentate dell'8,1% a 210,2 milioni di dollari, con vendite comparabili in crescita del 3,6%. L'azienda ha ridotto la sua perdita netta a 0,8 milioni di dollari (0,04 dollari per azione) rispetto agli 8,5 milioni di dollari (0,44 dollari per azione) del Q2 2023. Il margine lordo è migliorato di 250 punti base al 34,2%. Nei primi sei mesi dell'anno fiscale 2024, le vendite nette sono cresciute del 2,7% a 387,6 milioni di dollari, con una perdita netta di 17,6 milioni di dollari (0,91 dollari per azione).
Le prospettive per il Q3 dell'azienda prevedono vendite nette tra 221 e 225 milioni di dollari, rappresentando una crescita del 2-4%. Le vendite comparabili fino ad oggi nel terzo trimestre sono aumentate del 12,1%. Zumiez prevede di aprire 9 nuovi negozi e chiudere circa 25 nell'anno fiscale 2024. L'azienda ha riacquistato 0,9 milioni di azioni durante il Q2 a un costo medio di 20,55 dollari per azione.
Zumiez Inc. (NASDAQ: ZUMZ) reportó resultados financieros mejorados para el Q2 2024. Las ventas netas aumentaron un 8.1% a 210.2 millones de dólares, con ventas comparables en aumento del 3.6%. La compañía redujo su pérdida neta a 0.8 millones de dólares (0.04 dólares por acción) desde 8.5 millones de dólares (0.44 dólares por acción) en el Q2 2023. El margen bruto mejoró en 250 puntos básicos al 34.2%. En los primeros seis meses del año fiscal 2024, las ventas netas crecieron un 2.7% a 387.6 millones de dólares, con una pérdida neta de 17.6 millones de dólares (0.91 dólares por acción).
Las perspectivas de la compañía para el Q3 proyectan ventas netas entre 221 y 225 millones de dólares, lo que representa un crecimiento del 2-4%. Las ventas comparables hasta la fecha en el tercer trimestre han aumentado un 12.1%. Zumiez planea abrir 9 nuevas tiendas y cerrar aproximadamente 25 en el año fiscal 2024. La compañía recompró 0.9 millones de acciones durante el Q2 a un costo promedio de 20.55 dólares por acción.
줌리즈 주식회사 (NASDAQ: ZUMZ)가 2024년 2분기 개선된 재무 결과를 발표했습니다. 순매출이 8.1% 증가하여 2억 1,020만 달러에 달했습니다, 동기간 비교 가능한 매출은 3.6% 상승했습니다. 회사는 2023년 2분기 8.5백만 달러 (주당 0.44달러)에서 0.8백만 달러 (주당 0.04달러)로 순손실을 축소했습니다. 총 마진은 250 베이시스 포인트 개선되어 34.2%에 도달했습니다. 2024 회계연도 첫 6개월 동안 순매출은 2.7% 증가하여 3억 8,760만 달러에 달했으며, 순손실은 1,760만 달러 (주당 0.91달러)였습니다.
회사의 3분기 전망은 순매출이 2억 2,100만 달러에서 2억 2,500만 달러 사이를 예상하고 있으며, 이것은 2-4%의 성장을 나타냅니다. 3분기 현재 비교 가능한 매출은 12.1% 증가했습니다. 줌리즈는 2024 회계연도에 9개의 새로운 매장을 열고 약 25개 매장을 폐쇄할 계획입니다. 회사는 2분기 동안 주당 평균 20.55달러에 90만 주를 재매입했습니다.
Zumiez Inc. (NASDAQ: ZUMZ) a rapporté des résultats financiers améliorés pour le Q2 2024. Les ventes nettes ont augmenté de 8,1% pour atteindre 210,2 millions de dollars, avec des ventes comparables en hausse de 3,6%. L'entreprise a réduit sa perte nette à 0,8 million de dollars (0,04 dollar par action) contre 8,5 millions de dollars (0,44 dollar par action) au Q2 2023. La marge brute s'est améliorée de 250 points de base pour atteindre 34,2%. Pour les six premiers mois de l'exercice fiscal 2024, les ventes nettes ont augmenté de 2,7% à 387,6 millions de dollars, avec une perte nette de 17,6 millions de dollars (0,91 dollar par action).
Les prévisions de l'entreprise pour le Q3 projettent des ventes nettes comprises entre 221 et 225 millions de dollars, représentant une croissance de 2 à 4%. Les ventes comparables depuis le début du troisième trimestre ont augmenté de 12,1%. Zumiez prévoit d'ouvrir 9 nouveaux magasins et de fermer environ 25 durant l'exercice fiscal 2024. L'entreprise a racheté 0,9 million d'actions au cours du Q2 à un coût moyen de 20,55 dollars par action.
Zumiez Inc. (NASDAQ: ZUMZ) hat verbesserte Finanzergebnisse für Q2 2024 berichtet. Der Nettoumsatz stieg um 8,1% auf 210,2 Millionen Dollar, während die vergleichbaren Umsätze um 3,6% zulegen konnten. Das Unternehmen konnte seinen Nettoverlust auf 0,8 Millionen Dollar (0,04 Dollar pro Aktie) von 8,5 Millionen Dollar (0,44 Dollar pro Aktie) im Q2 2023 verringern. Die Bruttomarge verbesserte sich um 250 Basispunkte auf 34,2%. Für die ersten sechs Monate des Geschäftsjahres 2024 wuchsen die Nettoumsätze um 2,7% auf 387,6 Millionen Dollar, bei einem Nettoverlust von 17,6 Millionen Dollar (0,91 Dollar pro Aktie).
Die Prognose des Unternehmens für Q3 erwartet Nettoumsätze zwischen 221 und 225 Millionen Dollar, was einem Wachstum von 2-4% entspricht. Die vergleichbaren Umsätze bis dato im dritten Quartal sind um 12,1% gestiegen. Zumiez plant, 9 neue Geschäfte zu eröffnen und etwa 25 im Geschäftsjahr 2024 zu schließen. Das Unternehmen hat im Q2 0,9 Millionen Aktien zu einem durchschnittlichen Preis von 20,55 Dollar pro Aktie zurückgekauft.
- Net sales increased 8.1% to $210.2 million in Q2 2024
- Comparable sales grew 3.6% in Q2 2024
- Gross margin improved by 250 basis points to 34.2% in Q2 2024
- Net loss per share improved to ($0.04) from ($0.44) year-over-year
- Third quarter-to-date comparable sales up 12.1%
- Company repurchased 0.9 million shares during Q2
- Net loss of $0.8 million in Q2 2024
- Cash and current marketable securities decreased to $127.0 million from $140.0 million year-over-year
- Net loss of $17.6 million for the first six months of fiscal 2024
- Plans to close approximately 25 stores by the end of the year
Insights
Zumiez's Q2 results show notable improvement, with comparable sales up 3.6% and gross margin expanding 250 basis points to 34.2%. The reduced loss per share from
However, investors should note the net loss of
The company's Q3 guidance of 2-4% sales growth (7-9% adjusted for calendar shift) and 0.2-1.2% operating margin suggests cautious optimism. The planned store closures indicate a focus on optimizing the retail footprint, which could improve profitability if executed well.
Zumiez's performance reflects a broader trend in specialty retail recovery. The 3.6% comparable sales growth outpaces many peers, indicating effective merchandise and engagement strategies. The high-single digit growth in July North America comps suggests successful back-to-school execution, a critical period for youth-oriented retailers.
The company's multichannel approach, combining brick-and-mortar with e-commerce, appears to be paying off. With 752 stores across four countries and multiple online platforms, Zumiez is well-positioned to capture diverse market segments. The planned closure of 25 stores while opening 9 new ones indicates a strategic realignment of the physical footprint.
The 250 basis point gross margin improvement is particularly noteworthy in a challenging retail environment, suggesting better inventory management and potentially reduced discounting. If Zumiez can maintain this trajectory, it could signal a stronger competitive position in the youth apparel and lifestyle market.
Second Quarter Comparable Sales Increased
Second Quarter Gross Margin increased 250 basis points to
Second Quarter Loss Per share improved to (
Third Quarter-to-date Comparable Sales up
LYNNWOOD, Wash., Sept. 05, 2024 (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 second quarter ended August 3, 2024.
Net sales for the second quarter ended August 3, 2024 (13 weeks) increased
Total net sales for the six months (26 weeks) ended August 3, 2024 increased
At August 3, 2024, the Company had cash and current marketable securities of
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We experienced a noticeable acceleration in our sales trend as the second quarter unfolded, with July North America comparable sales increasing in the high-single digits. The work our merchandise teams have done refining our apparel and footwear assortments combined with enhanced customer engagement tactics from our in-store and online sales associates led to better than expected second quarter results and a strong back-to-school season in North America. With back-to-school a good indicator for holiday demand in the past, we are encouraged about our prospects for growth over the remainder of fiscal 2024. Looking farther ahead, we are confident that our global customer centric operating model has the Company positioned to continue building on the progress we’ve made towards delivering enhanced value for our shareholders in the years to come.”
Third Quarter To-Date
Third quarter-to-date net sales for the 30 days ending September 2, 2024 increased
Fiscal 2024 Third Quarter Outlook
The Company is introducing guidance for the three months ending November 2, 2024. Net sales are projected to be in the range of
The Company currently intends to open approximately 9 new stores in fiscal 2024, including up to 3 stores in North America, 3 stores in Europe and 3 stores in Australia and close approximately 25 stores by the end of the year.
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 August 31, 2024, we operated 752 stores, including 593 in the United States, 46 in Canada, 86 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.
Company Contact:
Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337
Investor Contact:
ICR
Brendon Frey
(203) 682-8200
| ZUMIEZ INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| August 3, 2024 | % of Sales | July 29, 2023 | % of Sales | |||||||||||
| Net sales | $ | 210,179 | 100.0 | % | $ | 194,438 | 100.0 | % | ||||||
| Cost of goods sold | 138,385 | 65.8 | % | 132,760 | 68.3 | % | ||||||||
| Gross profit | 71,794 | 34.2 | % | 61,678 | 31.7 | % | ||||||||
| Selling, general and administrative expenses | 72,187 | 34.4 | % | 72,171 | 37.1 | % | ||||||||
| Operating loss | (393 | ) | -0.2 | % | (10,493 | ) | -5.4 | % | ||||||
| Interest income, net | 1,128 | 0.6 | % | 775 | 0.4 | % | ||||||||
| Other (expense) income, net | (179 | ) | -0.1 | % | 423 | 0.2 | % | |||||||
| Income (loss) before income taxes | 556 | 0.3 | % | (9,295 | ) | -4.8 | % | |||||||
| Benefit from (provision for) income taxes | 1,403 | 0.7 | % | (786 | ) | -0.4 | % | |||||||
| Net loss | $ | (847 | ) | -0.4 | % | $ | (8,509 | ) | -4.4 | % | ||||
| Basic loss per share | $ | (0.04 | ) | $ | (0.44 | ) | ||||||||
| Diluted loss per share | $ | (0.04 | ) | $ | (0.44 | ) | ||||||||
| Weighted average shares used in computation of loss per share: | ||||||||||||||
| Basic | 19,284 | 19,311 | ||||||||||||
| Diluted | 19,284 | 19,311 | ||||||||||||
| Six Months Ended | ||||||||||||||
| August 3, 2024 | % of Sales | July 29, 2023 | % of Sales | |||||||||||
| Net sales | $ | 387,567 | 100.0 | % | $ | 377,325 | 100.0 | % | ||||||
| Cost of goods sold | 263,874 | 68.1 | % | 266,290 | 70.6 | % | ||||||||
| Gross profit | 123,693 | 31.9 | % | 111,035 | 29.4 | % | ||||||||
| Selling, general and administrative expenses | 144,240 | 37.2 | % | 142,881 | 37.8 | % | ||||||||
| Operating loss | (20,547 | ) | -5.3 | % | (31,846 | ) | -8.4 | % | ||||||
| Interest income, net | 2,449 | 0.6 | % | 1,632 | 0.4 | % | ||||||||
| Other expense, net | (946 | ) | -0.2 | % | (118 | ) | 0.0 | % | ||||||
| Loss before income taxes | (19,044 | ) | -4.9 | % | (30,332 | ) | -8.0 | % | ||||||
| Provision for income taxes | (1,417 | ) | -0.4 | % | (3,441 | ) | -0.9 | % | ||||||
| Net loss | $ | (17,627 | ) | -4.5 | % | $ | (26,891 | ) | -7.1 | % | ||||
| Basic loss per share | $ | (0.91 | ) | $ | (1.40 | ) | ||||||||
| Diluted loss per share | $ | (0.91 | ) | $ | (1.40 | ) | ||||||||
| Weighted average shares used in computation of loss per share: | ||||||||||||||
| Basic | 19,375 | 19,254 | ||||||||||||
| Diluted | 19,375 | 19,254 | ||||||||||||
| ZUMIEZ INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||||||||
| August 3, 2024 | February 3, 2024 | July 29, 2023 | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Assets | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | $ | 65,766 | $ | 88,875 | $ | 57,854 | ||||||
| Marketable securities | 61,194 | 82,704 | 82,128 | |||||||||
| Receivables | 23,129 | 13,780 | 23,910 | |||||||||
| Inventories | 158,753 | 128,827 | 156,654 | |||||||||
| Prepaid expenses and other current assets | 17,939 | 12,401 | 14,523 | |||||||||
| Total current assets | 326,781 | 326,587 | 335,069 | |||||||||
| Fixed assets, net | 87,573 | 90,508 | 94,193 | |||||||||
| Operating lease right-of-use assets | 203,744 | 196,775 | 221,538 | |||||||||
| Goodwill | 15,358 | 15,374 | 56,889 | |||||||||
| Intangible assets, net | 14,196 | 14,200 | 14,409 | |||||||||
| Deferred tax assets, net | 9,928 | 8,623 | 12,161 | |||||||||
| Other long-term assets | 11,947 | 12,159 | 11,575 | |||||||||
| Total long-term assets | 342,746 | 337,639 | 410,765 | |||||||||
| Total assets | $ | 669,527 | $ | 664,226 | $ | 745,834 | ||||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Current liabilities | ||||||||||||
| Trade accounts payable | $ | 75,016 | $ | 38,885 | $ | 69,773 | ||||||
| Accrued payroll and payroll taxes | 20,517 | 18,431 | 14,608 | |||||||||
| Operating lease liabilities | 62,759 | 60,885 | 66,087 | |||||||||
| Other current liabilities | 22,472 | 25,886 | 19,312 | |||||||||
| Total current liabilities | 180,764 | 144,087 | 169,780 | |||||||||
| Long-term operating lease liabilities | 161,663 | 159,877 | 184,439 | |||||||||
| Other long-term liabilities | 7,296 | 7,052 | 6,191 | |||||||||
| Total long-term liabilities | 168,959 | 166,929 | 190,630 | |||||||||
| Total liabilities | 349,723 | 311,016 | 360,410 | |||||||||
| Shareholders’ equity | ||||||||||||
| Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | — | — | — | |||||||||
| Common stock, no par value, 50,000 shares authorized; 19,360 shares issued and outstanding at August 3, 2024 and 19,833 shares issued and outstanding at February 3, 2024 | 199,763 | 196,144 | 192,169 | |||||||||
| Accumulated other comprehensive loss | (18,844 | ) | (19,027 | ) | (18,557 | ) | ||||||
| Retained earnings | 138,885 | 176,093 | 211,812 | |||||||||
| Total shareholders’ equity | 319,804 | 353,210 | 385,424 | |||||||||
| Total liabilities and shareholders’ equity | $ | 669,527 | $ | 664,226 | $ | 745,834 | ||||||
| ZUMIEZ INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | ||||||||
| Six Months Ended | ||||||||
| August 3, 2024 | July 29, 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (17,627 | ) | $ | (26,891 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation, amortization and accretion | 11,052 | 10,881 | ||||||
| Noncash lease expense | 32,169 | 34,380 | ||||||
| Deferred taxes | (1,688 | ) | (4,060 | ) | ||||
| Stock-based compensation expense | 3,391 | 3,476 | ||||||
| Impairment of long-lived assets | 298 | 338 | ||||||
| Other | 949 | 84 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables | (7,067 | ) | (1,113 | ) | ||||
| Inventories | (30,665 | ) | (21,721 | ) | ||||
| Prepaid expenses and other assets | (937 | ) | (3,807 | ) | ||||
| Trade accounts payable | 34,650 | 30,150 | ||||||
| Accrued payroll and payroll taxes | 2,102 | (1,676 | ) | |||||
| Income taxes payable | (1,346 | ) | (1,044 | ) | ||||
| Operating lease liabilities | (36,817 | ) | (38,783 | ) | ||||
| Other liabilities | (3,886 | ) | (4,480 | ) | ||||
| Net cash used in operating activities | (15,422 | ) | (24,266 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Additions to fixed assets | (6,266 | ) | (11,879 | ) | ||||
| Purchases of marketable securities | (1,967 | ) | (1,850 | ) | ||||
| Sales and maturities of marketable securities and other investments | 24,145 | 12,284 | ||||||
| Net cash provided by (used in) investing activities | 15,912 | (1,445 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from revolving credit facilities | 3,220 | 25,682 | ||||||
| Payments on revolving credit facilities | (3,220 | ) | (25,682 | ) | ||||
| Proceeds from issuance and exercise of stock-based awards | 357 | 460 | ||||||
| Payments for tax withholdings on equity awards | (130 | ) | (185 | ) | ||||
| Repurchase of common stock, including taxes | (19,581 | ) | - | |||||
| Net cash (used in) provided by financing activities | (19,354 | ) | 275 | |||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (213 | ) | 179 | |||||
| Net decrease in cash, cash equivalents, and restricted cash | (19,077 | ) | (25,257 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 94,284 | 88,453 | ||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 75,207 | $ | 63,196 | ||||
| Supplemental disclosure on cash flow information: | ||||||||
| Cash paid during the period for income taxes | $ | 1,805 | $ | 1,520 | ||||
| Accrual for purchases of fixed assets | $ | 3,326 | 1,784 | |||||
| Accrual for repurchase of common stock | 479 | - | ||||||
FAQ
What was Zumiez's (ZUMZ) comparable sales growth in Q2 2024?
How much did Zumiez's (ZUMZ) net sales grow in Q2 2024?
What is Zumiez's (ZUMZ) earnings per share for Q2 2024?
What is Zumiez's (ZUMZ) guidance for Q3 2024 net sales?
How many shares did Zumiez (ZUMZ) repurchase in Q2 2024?
