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Zumiez reports rise in Q3 net income to 11.9 mn dollars

Zumiez net sales for the third quarter ended October 28, 2017 increased 11 percent to 245.8 million dollars, while comparable sales for the quarter increased 7.9 percent compared to a 4 percent increase same quarter last year. Net income for the period was 11.9 million dollars or 0.48 dollar per diluted share compared to 10.7 million dollars or 0.43 dollar per diluted share in the third quarter of the prior fiscal year.

Commenting on the company’s results, Rick Brooks, CEO of Zumiez, said in a statement, "Our top-line performance continues to improve even in the face of more challenging comparisons. Third quarter comparable sales increased 7.9 percent on top of a 4 percent gain in the year ago period and our momentum has carried over into November. We are confident that our merchandise strategies, integrated sales channels and best in class sales team have Zumiez well positioned to deliver strong holiday results and achieve meaningful earnings growth in the fourth quarter.”

Net sales for the nine months up 8.1 percent

Total net sales for the nine months increased 8.1 percent to 619.2 million dollars, while comparable sales increased 5.1 percent compared to decrease of 2.5 percent for the thirty-nine weeks last year. Net income for the period was 6.9 million dollars or 0.28 dollar per diluted share compared to 7.7 million dollars or 0.31 dollar per diluted share last year.

Total net sales for the four-week period ended November 25, 2017 increased 11.3 percent to 77.1 million dollars and the company's comparable sales increased 7.8 percent compared to an increase of 5.7 percent for the four-week period ended November 26, 2016.

Zumiez expects net sales for the fourth quarter to be in the range of 291 to 297 million dollars resulting in net income per diluted share of approximately 0.78 dollar to 0.84 dollar. This guidance, the company said, is based upon anticipated comparable sales growth between 3 percent and 5 percent for the fourth quarter of fiscal 2017. The company is on track to open approximately 19 new stores in fiscal 2017, including up to three stores in Canada and five stores in Europe and two stores in Australia.

Picture:Zumiez website