• Zumiez Inc. Announces Fiscal 2022 Second Quarter Results

    来源: Nasdaq GlobeNewswire / 08 9月 2022 16:05:01   America/New_York

    LYNNWOOD, Wash., Sept. 08, 2022 (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 second quarter ended July 30, 2022.

    Net sales for the second quarter ended July 30, 2022 (13 weeks) decreased 18.1% to $220.0 million from $268.7 million in the second quarter ended July 31, 2021 (13 weeks). Compared to the second quarter ended August 3, 2019 (13 weeks), second quarter 2022 net sales decreased 3.7%. Net income in the second quarter of fiscal 2022 was $3.1 million, or $0.16 per diluted share, compared to net income of $24.0 million, or $0.94 per diluted share, in the second quarter of the prior fiscal year. Net income for the second quarter of 2019 was $9.0 million, or $0.36 per diluted share.

    Total net sales for the six months (26 weeks) ended July 30, 2022 decreased 19.5% to $440.7 million from $547.7 million reported for the six months (26 weeks) ended July 31, 2021. Compared to the first six months (26 weeks) ended August 3, 2019, net sales decreased 0.2%. Net income for the first six months of 2022 was $2.7 million, or $0.14 per diluted share, compared to net income for the first six months of fiscal 2021 of $50.4 million, or $1.96 per diluted share, and compared to net income for the first six months of fiscal 2019 of $9.8 million, or $0.39 per diluted share.

    At July 30, 2022, the Company had cash and current marketable securities of $166.2 million compared to cash and current marketable securities of $412.0 million at July 31, 2021. The decrease was driven by share repurchases and capital expenditures partially offset by cash generated through operations.

    Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “As the second quarter progressed, we experienced continued pressure on our U.S. business as macroeconomic headwinds, led by inflation weighed on consumer discretionary spending. Our full-price selling model has fueled long cycles of sustained growth and increased profitability during Zumiez’s 44 year history with outsized gains during periods of high disposable income levels such as last year’s stimulus driven demand environment. We are disappointed that our recent performance fell short of expectations and we are making adjustments to our merchandise assortments and managing expenses in order to improve near-term results. While comparisons do begin to moderate in the back half of the year, based on recent trends we believe it is prudent to adopt a more cautious view on the remainder of 2022. We are currently planning our business and inventory levels accordingly while also focusing on what is important for the customer. Longer-term, we remain optimistic that our differentiated strategies and strong balance sheet have the Company well positioned to add to our global market share and return increased value to our shareholders.

    Third Quarter To-Date
    Total third quarter-to-date sales for the 37 days ending September 5, 2022 decreased 18.1%, compared with the same 37-day time period in the prior year ended September 6, 2021. Compared to the 37-day period ended September 9, 2019, total net sales decreased 12.6%. Total comparable sales for the 37-day period ending September 5, 2022 were down 19.7% from the comparable period in the prior year, and decreased 15.3% from the comparable period in 2019.

    Fiscal 2022 Third Quarter Outlook
    The Company is introducing guidance for the three months ending October 29, 2022. Net sales are projected to be in the range of $220 to $228 million. Consolidated operating margins are expected to between 0.5% and 2.5% resulting in earnings per diluted share of approximately $0.03 to $0.18. The Company currently intends to open approximately 35 new stores in fiscal 2022, including up to 16 stores in North America, 14 stores in Europe and 5 stores in Australia.

    Conference call Information
    To access the conference call, please pre-register using this link (registration link). Registrants will receive confirmation with dial-in details. The conference call will also be available to interested parties through a live webcast at https://ir.zumiez.com. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at https://ir.zumiez.com.

    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 August 27, 2022, we operated 753 stores, including 612 in the United States, 52 in Canada, 70 in Europe and 19 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 29, 2022 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 OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended 
      July 30, 2022 % of Sales  July 31, 2021 % of Sales 
    Net sales $219,993 100.0% $268,666  100.0% 
    Cost of goods sold  144,929 65.9%  163,701  60.9% 
    Gross profit  75,064 34.1%  104,965  39.1% 
    Selling, general and administrative expenses  70,109 31.8%  73,011  27.2% 
    Operating profit  4,955 2.3%  31,954  11.9% 
    Interest income, net  358 0.1%  965  0.4% 
    Other income (expense), net  233 0.1%  (151) -0.1% 
    Earnings before income taxes  5,546 2.5%  32,768  12.2% 
    Provision for income taxes  2,479 1.1%  8,770  3.3% 
    Net income $3,067 1.4% $23,998  8.9% 
    Basic earnings per share $0.16   $0.95    
    Diluted earnings per share $0.16   $0.94    
    Weighted average shares used in computation of earnings per share:         
    Basic  19,084    25,274    
    Diluted  19,262    25,651    
                
      Six Months Ended 
      July 30, 2022 % of Sales  July 31, 2021 % of Sales 
    Net sales $440,679 100.0% $547,735  100.0% 
    Cost of goods sold  293,242 66.5%  339,602  62.0% 
    Gross profit  147,437 33.5%  208,133  38.0% 
              
    Selling, general and administrative expenses  141,985 32.3%  141,900  25.9% 
    Operating profit  5,452 1.2%  66,233  12.1% 
              
    Interest income, net  850 0.2%  1,940  0.4% 
    Other income, net  405 0.1%  103  0.0% 
    Earnings before income taxes  6,707 1.5%  68,276  12.5% 
    Provision for income taxes  4,037 0.9%  17,893  3.3% 
    Net income $2,670 0.6% $50,383  9.2% 
    Basic earnings per share $0.14   $2.00    
    Diluted earnings per share $0.14   $1.96    
    Weighted average shares used in computation of earnings per share:           
    Basic  19,308    25,221    
                
    Diluted  19,592    25,675    


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)

      July 30, 2022 January 29, 2022 July 31, 2021 
      (Unaudited)   (Unaudited) 
    Assets       
    Current assets       
    Cash and cash equivalents $59,144  $117,223  $74,207  
    Marketable securities  107,036   177,260   337,772  
    Receivables  24,201   14,427   24,834  
    Inventories  151,071   128,728   149,368  
    Prepaid expenses and other current assets  14,053   10,011   11,656  
    Total current assets  355,505   447,649   597,837  
    Fixed assets, net  91,196   91,451   92,921  
    Operating lease right-of-use assets  228,243   230,187   246,592  
    Goodwill  54,017   57,560   60,440  
    Intangible assets, net  13,679   14,698   15,629  
    Deferred tax assets, net  6,546   8,659   5,879  
    Other long-term assets  11,425   11,808   11,444  
    Total long-term assets  405,106   414,363   432,905  
    Total assets $760,611  $862,012  $1,030,742  
            
    Liabilities and Shareholders’ Equity       
    Current liabilities       
    Trade accounts payable $72,915  $55,638  $80,174  
    Accrued payroll and payroll taxes  16,970   31,209   23,371  
    Operating lease liabilities  67,411   63,577   65,844  
    Other liabilities  23,951   34,015   35,764  
    Total current liabilities  181,247   184,439   205,153  
    Long-term operating lease liabilities  196,073   204,309   223,043  
    Other long-term liabilities  4,995   4,946   8,250  
    Total long-term liabilities  201,068   209,255   231,293  
    Total liabilities  382,315   393,694   436,446  
            
    Shareholders’ equity       
    Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding  —   —   —  
    Common stock, no par value, 50,000 shares authorized; 19,474 shares issued and outstanding at July 30, 2022, 21,215 shares issued and outstanding at January 29, 2022, and 25,559 shares issued and outstanding at July 31, 2021  184,619   180,824   176,951  
    Accumulated other comprehensive loss  (26,662)  (13,463)  (2,144) 
    Retained earnings  220,339   300,957   419,489  
    Total shareholders’ equity  378,296   468,318   594,296  
    Total liabilities and shareholders’ equity $760,611  $862,012  $1,030,742  
               


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

      Six Months Ended 
      July 30, 2022 July 31, 2021 
    Cash flows from operating activities:     
    Net income $2,670  $50,383  
    Adjustments to reconcile net income to net cash (used in) provided by operating activities:     
    Depreciation, amortization and accretion  10,598   11,639  
    Noncash lease expense  33,040   32,044  
    Deferred taxes  3,035   4,260  
    Stock-based compensation expense  3,513   3,431  
    Impairment of long-lived assets  65   2,079  
    Other  (115)  1,064  
    Changes in operating assets and liabilities:     
    Receivables  (5,496)  (5,353) 
    Inventories  (24,671)  (15,408) 
    Prepaid expenses and other assets  (3,946)  (4,173) 
    Trade accounts payable  17,084   10,178  
    Accrued payroll and payroll taxes  (13,958)  (4,462) 
    Income taxes payable  (4,128)  (304) 
    Operating lease liabilities  (37,239)  (40,413) 
    Other liabilities  (4,611)  7,165  
    Net cash (used in) provided by operating activities  (24,159)  52,130  
    Cash flows from investing activities:     
    Additions to fixed assets  (10,253)  (5,418) 
    Purchases of marketable securities and other investments  (1,914)  (112,888) 
    Sales and maturities of marketable securities and other investments  67,890   75,234  
    Net cash provided by (used in) investing activities  55,723   (43,072) 
    Cash flows from financing activities:     
    Proceeds from revolving credit facilities  2,430   —  
    Payments on revolving credit facilities  (2,430)  —  
    Proceeds from issuance and exercise of stock-based awards  781   2,452  
    Payments for tax withholdings on equity awards  (499)  (560) 
    Common stock repurchased  (87,860)  (10,481) 
    Net cash used in financing activities  (87,578)  (8,589) 
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (2,367)  139  
    Net (decrease) increase in cash, cash equivalents, and restricted cash  (58,381)  608  
    Cash, cash equivalents, and restricted cash, beginning of period  124,052   80,690  
    Cash, cash equivalents, and restricted cash, end of period $65,671  $81,298  
    Supplemental disclosure on cash flow information:     
    Cash paid during the period for income taxes $5,027  $13,542  
    Accrual for purchases of fixed assets  2,466   686  
    Accrual for repurchase of common stock  -   442  

    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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