Zumiez Inc. reported a 15% decline in November comps on a day when mainly only discount/mass retailers managed to see comps improve as consumers seek out values and deals. Last year, Zumiezs comps increased 5.6%. The company's total net sales for the four-week period ended Nov. 29, 2008 fell to $32.6 million, down 2.1% from the $33.3 million reported for the four-week period ended Dec. 1, 2007.
The results come on the heels of the companys announcement following the release of its third quarter results that it will slow new store expansion to no more than 15% on a square footage basis in fiscal 2009, compared to the current rate of 24%.
Zumiez has also said it will trim capital expenditures to approximately $28 million in fiscal 2009, from this years projected CapEx of $29 million to $31 million. The action sports retailer said a deteriorating retail environment had caused it to put its new store plans for the next fiscal year on hold.
