• Zumiez Inc. Announces Fiscal 2021 Third Quarter Results

    来源: Nasdaq GlobeNewswire / 02 12月 2021 15:05:00   America/Chicago

    Net Sales Increased 6.8% to $289.5 Million
    Diluted Earnings Per Share Increased 7.8% to $1.25

    LYNNWOOD, Wash., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today reported results for the third quarter ended October 30, 2021.

    Net sales for the third quarter ended October 30, 2021 (13 weeks) increased 6.8% to $289.5 million from $271.0 million in the third quarter ended October 31, 2020 (13 weeks). Compared to the third quarter ended November 2, 2019 (13 weeks), third quarter 2021 net sales increased 9.6%. Net income in the third quarter of fiscal 2021 was $30.7 million, or $1.25 per diluted share, compared to net income of $29.1 million, or $1.16 per diluted share, in the third quarter of the prior fiscal year. Net income for the third quarter of 2019 was $19.2 million, or $0.75 per diluted share.

    Total net sales for the nine months (39 weeks) ended October 30, 2021 increased 27.0% to $837.2 million from $659.1 million reported for the nine months (39 weeks) ended October 31, 2020. Compared to the first nine months (39 weeks) ended November 2, 2019, net sales increased 18.7%. Net income for the first nine months of 2021 was $81.1 million, or $3.20 per diluted share, compared to net income for the first nine months of fiscal 2020 of $33.4 million, or $1.32 per diluted share, and compared to net income for the first nine months of fiscal 2019 of $29.0 million, or $1.14 per diluted share.

    At October 30, 2021, the Company had cash and current marketable securities of $338.1 million compared to cash and current marketable securities of $316.2 million at October 31, 2020. The increase in cash and current marketable securities was driven by cash generated through operations partially offset by share repurchases and capital expenditures. The Company repurchased 2.2 million shares during the quarter at an average cost of $41.00 per share and a total cost of $91.6 million.

    Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Our business continues to perform extremely well. With a strong back to school season driving record third quarter results, we generated more income in the first nine months of 2021 than in any full year period in the Company’s history and we still have the important holiday season ahead of us. Our operating model has again proven to be highly adaptable as we’ve recently navigated multiple external headwinds starting with the pandemic in early 2020 and now global supply chain disruptions to capitalize on strong consumer demand and expand our market share. The fourth quarter has started well and we are confident that our investments in people, sourcing and fulfillment will allow us to serve our consumers this holiday season with the distinct merchandise, great service and seamless shopping experiences that are the pillars of Zumiez’s long-term success.”

    Fourth Quarter To-Date
    Total fourth quarter-to-date total sales for the 31 days ending November 30, 2021 increased 11.5%, compared with the same 31-day time period in the prior year ended December 1, 2020. Compared to the 31-day period ended December 3, 2019, total net sales increased 8.6%. Total comparable sales for the 31-day period ending November 30, 2021 were up 8.4% from the comparable period in the prior year, and increased 6.5% from the comparable period in 2019. During the 31 days ending November 30, 2021 we have again experienced closures in Europe as a result of the pandemic. We continue to monitor this situation closely as sustained closures may have an impact on our forth quarter results. Fourth quarter-to-date as of November 30, 2021, the Company has repurchased an additional 0.4 million shares of stock at an average price of $47.91 and a total cost of $17.5 million. This brings 2021 fiscal year-to-date share repurchases to 2.8 million shares at an average cost of $42.16 per share for a total cost of $120.0 million.

    Outlook
    Due to the continued fast-moving nature of this situation and the uncertainty of impacts on revenue and costs, the Company is not providing an outlook at this time for the fourth quarter or the year.

    Conference call Information
    A conference call will be held today to discuss third quarter fiscal 2021 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (844) 309-0606 (domestic) or (574) 990-9934 (international) followed by the conference identification code of 2639078.

    About Zumiez Inc.

    Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of November 27, 2021, we operated 739 stores, including 607 in the United States, 52 in Canada, 63 in Europe and 17 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au.

    Safe Harbor Statement

    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-K for the fiscal year ended January 30, 2021 as filed with the Securities and Exchange Commission and available at www.sec.gov. 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.


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended 
      October 30, 2021 % of Sales  October 31, 2020 % of Sales 
    Net sales $289,455 100.0% $270,952 100.0% 
    Cost of goods sold  174,791 60.4%  165,146 61.0% 
    Gross profit  114,664 39.6%  105,806 39.0% 
    Selling, general and administrative expenses  74,822 25.8%  67,941 25.0% 
    Operating profit   39,842 13.8%  37,865 14.0% 
    Interest income, net  893 0.3%  769 0.3% 
    Other income, net  468 0.1%  86 0.0% 
    Earnings before income taxes  41,203 14.2%  38,720 14.3% 
    Provision for income taxes  10,501 3.6%  9,581 3.5% 
    Net income  $30,702 10.6% $29,139 10.8% 
    Basic earnings per share $1.26   $1.17   
    Diluted earnings per share $1.25   $1.16   
    Weighted average shares used in computation of earnings per share:         
    Basic  24,284    24,864   
    Diluted  24,629    25,219   
                
      Nine Months Ended 
      October 30, 2021 % of Sales  October 31, 2020 % of Sales 
    Net sales $837,190 100.0%  659,116 100.0% 
    Cost of goods sold  514,393 61.4%  438,724 66.6% 
    Gross profit  322,797 38.6%  220,392 33.4% 
    Selling, general and administrative expenses  216,722 25.9%  177,263 26.9% 
    Operating profit  106,075 12.7%  43,129 6.5% 
    Interest income, net  2,833 0.3%  2,637 0.4% 
    Other income, net  571 0.1%  584 0.1% 
    Earnings before income taxes  109,479 13.1%  46,350 7.0% 
    Provision for income taxes  28,394 3.4%  12,920 1.9% 
    Net income $81,085 9.7%  33,430 5.1% 
                
    Basic earnings per share $3.26    1.34   
    Diluted earnings per share $3.20    1.32   
    Weighted average shares used in computation of earnings per share:           
    Basic  24,905    24,913   
    Diluted  25,325    25,271   
                


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)

      October 30, 2021 January 30, 2021 October 31, 2020 
      (Unaudited)   (Unaudited) 
    Assets       
    Current assets       
    Cash and cash equivalents $75,545  $73,622 $84,939  
    Marketable securities  262,541   301,920  231,234  
    Receivables  22,107   16,558  19,301  
    Inventories  175,108   134,354  160,961  
    Prepaid expenses and other current assets  11,633   8,823  9,240  
    Total current assets  546,934   535,277  505,675  
    Fixed assets, net  91,956   98,352  101,820  
    Operating lease right-of-use assets  244,777   267,152  273,796  
    Goodwill  59,525   61,470  59,540  
    Intangible assets, net  15,409   16,029  15,329  
    Deferred tax assets, net  7,784   9,927  8,192  
    Other long-term assets  11,804   10,157  9,802  
    Total long-term assets  431,255   463,087  468,479  
    Total assets $978,189  $998,364 $974,154  
            
    Liabilities and Shareholders’ Equity       
    Current liabilities       
    Trade accounts payable $84,609  $69,751 $84,069  
    Accrued payroll and payroll taxes  27,436   27,911  25,603  
    Income taxes payable  11,095   6,317  8,402  
    Operating lease liabilities  64,389   66,993  72,526  
    Other liabilities  30,112   24,480  25,327  
    Total current liabilities  217,641   195,452  215,927  
    Long-term operating lease liabilities  220,524   246,123  255,160  
    Other long-term liabilities   8,282   4,193  3,881  
    Total long-term liabilities  228,806   250,316  259,041  
    Total liabilities  446,447   445,768  474,968  
            
    Shareholders’ equity       
    Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding  —   —  —  
    Common stock, no par value, 50,000 shares authorized; 23,319 shares issued and outstanding at October 30, 2021, 25,599 shares issued and outstanding at January 30, 2021, and 25,472 shares issued and outstanding at October 31, 2020  179,049   171,628  167,119  
    Accumulated other comprehensive (loss) income  (5,867)  939  (5,165) 
    Retained earnings  358,560   380,029  337,232  
    Total shareholders’ equity  531,742   552,596  499,186  
    Total liabilities and shareholders’ equity $978,189  $998,364 $974,154  
               


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)

      Nine Months Ended 
      October 30, 2021 October 31, 2020 
    Cash flows from operating activities:     
    Net income $81,085  $33,430  
    Adjustments to reconcile net income to net cash provided by operating activities:     
    Depreciation, amortization and accretion  17,318   17,909  
    Noncash lease expense  48,131   45,797  
    Deferred taxes  2,772   (2,155) 
    Stock-based compensation expense  5,118   4,795  
    Impairment of long-lived assets  2,079   4,443  
    Other  1,204   (430) 
    Changes in operating assets and liabilities:     
    Receivables  (3,681)  (1,030) 
    Inventories  (41,702)  (24,856) 
    Prepaid expenses and other assets  (4,275)  532  
    Trade accounts payable  14,276   36,196  
    Accrued payroll and payroll taxes  (351)  1,711  
    Income taxes payable  4,253   2,629  
    Operating lease liabilities  (59,099)  (40,945) 
    Other liabilities  4,808   3,728  
    Net cash provided by operating activities  71,936   81,754  
    Cash flows from investing activities:     
    Additions to fixed assets  (8,808)  (7,488) 
    Purchases of marketable securities and other investments  (151,089)  (135,515) 
    Sales and maturities of marketable securities and other investments  186,116   104,742  
    Net cash provided by (used in) investing activities  26,219   (38,261) 
    Cash flows from financing activities:     
    Proceeds from issuance and exercise of stock-based awards  2,863   959  
    Payments for tax withholdings on equity awards  (560)  (93) 
    Common stock repurchased  (98,520)  (13,417) 
    Net cash used in financing activities  (96,217)  (12,551) 
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (66)  1,899  
    Net increase in cash, cash equivalents, and restricted cash  1,872   32,841  
    Cash, cash equivalents, and restricted cash, beginning of period  80,690   58,991  
    Cash, cash equivalents, and restricted cash, end of period $82,562  $91,832  
    Supplemental disclosure on cash flow information:     
    Cash paid during the period for income taxes $20,507  $11,933  
    Accrual for purchases of fixed assets  1,851   346  
    Accrual for repurchase of common stock  4,034   —  
          

    Company Contact:
    Darin White
    Director of Finance &
    Investor Relations
    Zumiez Inc.
    (425) 551-1500, ext. 1337

    Investor Contact:
    ICR
    Brendon Frey
    (203) 682-8200




     

     


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