Wednesday, sports related accessories retailer Zumiez Inc. (ZUMZ) reported a 0.3% increase in comparable store sales for the five-week ended January 2, 2010. Looking forward, the company raised its guidance for the fourth quarter 2009. Zumiez shares jumped over 15% on the Nasdaq, following the news.
Zumiez' comparable store sales for December increased 0.3%, compared to a decrease of 12.3% in the year ago period. Total net sales for December was $77.6 million, up from $72.0 million in the comparable period last year.
Looking ahead, based on the revised sales and margin projections, Zumiez expects fiscal fourth quarter 2009 earnings to range between $0.24 to $0.27 per share, up from the previous guidance of $0.18 to $0.22 per share. The expectations exclude potential non-cash impairment charges and an accrual for a previously disclosed lawsuit.
Wall street analysts currently estimate a loss of $0.03 per share for the fourth quarter.
Zumiez expects comparable store sales to decline in the mid-to-low single digit range compared to previous expectation of a decline in the high-to-mid single digit range. Zumiez will report year end earnings in March 2010.
In the previous third quarter, Everett, Washington-based Zumiez reported a profit that dropped to $5.1 million or $0.17 per share from $6.8 million or $0.23 per share a year ago. Comparable store sales fell 8% compared to 5.8% reported in the prior-year.
ZUMZ closed Wednesday's trading at $12.68, up 0.39 or 3.17%, on a volume of 0.49 million shares on the Nasdaq. In after hours, the stock gained 15.69% or $1.99, trading at $14.67.
For comments and feedback: editorial@rttnews.com