- Prachi Singh |
For the second quarter, net sales at Zumiez Inc. increased 9.6 percent to 250.4 million dollars. The company said in a statement that due to store closures, stores were open for 73.4 percent of the second quarter. For the stores that were open, comparable sales increased 37.3 percent compared to the same period a year ago. Net income for the quarter was 25.4 million dollars or 1.01 dollars per diluted share compared to 9 million dollars or 36 cents per diluted share in the second quarter of the prior fiscal year. Total net sales for the six months decreased 12.1 percent to 388.2 million dollars, while net income for the period was 4.3 million dollars or 17 cents per diluted share compared to 9.8 million dollars or 39 cents per diluted share.
Commenting on the company’s performance, Rick Brooks, Chief Executive Officer of Zumiez, said: “As an organization, we successfully executed a quick and safe reopening of the majority of our stores in the quarter, while continuing to lean heavily on our omni platforms to fulfil strong demand for our distinct merchandise offering. With close to 300 million dollars in cash and no debt on our balance sheet, we are set up well to navigate whatever headwinds arise over the coming quarters and emerge from this crisis positioned to accelerate market share in each of our geographies.”
The company added that total third quarter-to-date sales for the 37 days ending September 7, 2020 were down approximately 14 percent, while total comparable sales for the period were down 5.1 percent. By channel, open store comparable sales decreased 10.7 percent and e-commerce sales increased 27.4 percent.