Zumiez Inc. Announces Record Fiscal 2011 Fourth Quarter and Full Year Results
Fourth Quarter 2011 Diluted EPS Increased 22.4% to a Record $0.60; Fiscal 2011 Full Year Diluted EPS Increased 51.9% to $1.20; Fiscal 2011 Full Year Operating Margin Improved to 10.8%
(firmenpresse) - EVERETT, WA -- (Marketwire) -- 03/08/12 -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of action sports related apparel, footwear, equipment and accessories, today reported record results for the fourth quarter and fiscal year ended January 28, 2012.
Total net sales for the fourth quarter ended January 28, 2012 (13 weeks) increased 17.7% to $183.9 million from $156.2 million in the quarter ended January 29, 2011 (13 weeks). Comparable store sales for the fourth quarter of fiscal 2011 increased 9.7% on top of a comparable store sales increase of 13.0% in the fourth quarter of fiscal 2010. Net income in the fourth quarter of fiscal 2011 increased 24.9% to $18.7 million, or $0.60 per diluted share from net income of $15.0 million, or $0.49 per diluted share in the fourth quarter of the prior fiscal year.
Total net sales for fiscal 2011 (52 weeks) increased 16.1% to $555.9 million from $478.8 million in fiscal 2010 (52 weeks). Comparable store sales increased 8.7% in fiscal 2011 on top of a comparable store sales increase of 11.9% in fiscal 2010. Net income in fiscal 2011 increased 54.3% to $37.4 million, or $1.20 per diluted share compared to net income in the prior fiscal year of $24.2 million, or $0.79 per diluted share. Results for fiscal 2010 include costs of $2.4 million, or approximately $0.05 per diluted share, associated with the relocation of the Company's distribution center, and $2.1 million, or approximately $0.04 per diluted share, for the settlement of a previously disclosed lawsuit.
At January 28, 2012, the Company had cash and current marketable securities of $172.8 million, an increase of 34.2% compared to cash and current marketable securities of $128.8 million at January 29, 2011.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, "We are extremely pleased with our fiscal fourth quarter and full year results. This quarter's performance demonstrated a continuation of the strength we have seen throughout the year driven by consistently well executed merchandising, passionate employees providing a unique in-store experience, new store openings, and ecommerce strategies. Our recent performance also highlights the power of our business model as a high single digit comp and the addition of 45 productive new stores over the past year fueled a 300 basis point improvement in operating margin and generated more than $68 million in operating cash flow. With a highly differentiated mall-based concept that has significant unit expansion opportunities, a fast growing ecommerce business, and the ability to leverage our infrastructure, we believe the Company is well positioned to deliver sustainable sales and earnings growth over the near and long-term."
Fiscal 2012 First Quarter Outlook
The Company is introducing guidance for the three months ending April 28, 2012. Net sales are projected to be in the range of $123 to $125 million and resulting in net income per diluted share of approximately $0.06 to $0.08, which includes an estimated $0.4 million, or approximately $0.01 per diluted share, for charges associated with the relocation of ecommerce fulfillment operations to Edwardsville, KS. This guidance is based on an anticipated comparable store sales increase in the high single digit range for the first quarter of fiscal 2012.
The Company currently intends to open approximately 50 new stores in fiscal 2012, including up to 10 stores in Canada, with an opening cadence similar to fiscal 2011.
A conference call will be held today to discuss fourth quarter and fiscal 2011 year-end results and will be webcast at 5:00 p.m. ET on . Participants may also dial (617)-597-5307 followed by the conference identification code of 22378309.
Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX. As of February 25, 2012 we operated 434 stores in the United States and 10 stores in Canada, which are primarily located in shopping malls, and our web site address is .
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-Q for the quarter ended October 29, 2011 as filed with the Securities and Exchange Commission and available at . 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.
Brian Leith
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1610
ICR
Brendon Frey
(203) 682-8200
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Datum: 08.03.2012 - 21:00 Uhr
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News-ID 123127
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