Zumiez bucks the trend
After several US footwear retailers reporting less than positive results last week, action sports related footwear, apparel, and equipment retailer Zumiez Inc. has bucked the trend, posting record figures for the third quarter and nine months ended November 3.
Total net sales for the third quarter increased 26.5% to $104 million from $82.3 million in the comparable quarter last year, whilst net income improved to $8.1 million from $6.8 million. Comparable store sales also increased, rising 13.2% compared with 10.7% in the third quarter of fiscal 2006.
Total net sales for the first nine months increased 37.1% to $254.8 million from $185.8 million and net income rose to $12.9 million from $9.6 million. Comparable store sales increased 12.2% compared with 13.6% last year.
“We opened 17 new stores in the third quarter and 48 stores year-to-date. In November, we reached our goal of 50 new stores in fiscal 2007, and continue to believe that we can eventually operate 800 Zumiez stores in the US. We remain optimistic for the long-term prospects of Zumiez as we have cultivated a unique brand in the action sports industry. We believe the investments we are making, along with our proven strategy, will continue to drive quality long-term growth,” said Rick Brooks, president and chief executive.
