Zumiez Q1 Sales Up 18.8%; Comps Surge 12.6%

 

Comparable store sales for the first quarter of fiscal 2011 increased 12.6 percent on top of an increase of 9.1 percent for the first quarter of fiscal 2010. The company posted net income for the quarter of $1.9 million or 6 cents per diluted share compared to a net loss of $1.9 million or 6 cents per diluted share in the first quarter of the prior fiscal year.

 

The results for the first quarter of fiscal 2010 include costs of approximately $1.2 million, or 3 cents per diluted share, associated with the relocation of the company’s distribution center from Everett, Washington to Corona, CA.

 

At April 30, 2011, the company had cash and current marketable securities of $130.7 million compared to cash and current marketable securities of $96.8 million at May 1, 2010.

 

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Our first quarter results represent a good start to fiscal 2011, although only a small percentage of our full year earnings. This gives us added confidence as we increase our store base in the U.S. and now Canada. Longer-term, we remain excited about the multiple areas of organic growth we believe exist for our concept including meaningful unit expansion, same store sales opportunities, and further development of our e-commerce platform.”

 

2011 Outlook

 

The company is introducing guidance for the three months ending July 30, 2011 of net income per diluted share of approximately 2 cents to 4 cents per diluted share. This guidance is based on an anticipated comparable store sales increase in the mid single digit range for the second quarter of fiscal 2011.