Everett’s Zumiez announces loss of $1.9 million
Published 10:57 pm Thursday, May 20, 2010
Specialty retailer Zumiez Inc. reported a quarterly loss Thursday of $1.9 million, or 3 cents a share. Its loss for the first quarter ending May 1 was similar to a year ago, when the Everett-based company reported a loss of $1.7 million, or 6 cents a share. This quarter’s loss included $1.2 million in expenses associated with moving the company’s distribution center from Everett to Corona, Calif., a decision expected to save a significant amount in transportation costs. Sales for the quarter increased by 16 percent in comparison with the previous year. CEO Rich Brooks said improved sales and better product margins should help going forward. Officials said the company still expects to lose money this quarter. They also said the company plans to add 25 stores this year.
Economic indicators predict slow growth
A private research group’s gauge of future U.S. economic activity unexpectedly slipped in April, the first decline in more than a year and a sign that growth could slow this summer, weighing on hiring. The Conference Board said Thursday its index of leading economic indicators edged down 0.1 percent last month, the first drop since March 2009. Economists polled by Thomson Reuters had expected a gain of 0.2 percent.
Dell earnings rise 52 percent
Computer maker Dell Inc. said Thursday its first-quarter net income rose 52 percent, helped by sales of computers to businesses and technology services to public-sector customers. But Dell’s gross profit margin dropped from a year ago, and the company said certain PC components are likely to remain in short supply. Investors sent shares down sharply in extended trading. Dell said that from February through April, it earned $441 million, or 22 cents per share. In the same period a year ago it earned $290 million, or 15 cents per share.
AAA expects more to travel for holiday
More Americans will hit the highways and airports over the Memorial Day holiday weekend, but they’ll probably spend much less than last year, according to a study released Thursday by AAA. The travel group said about 32.1 million people are expected to take trips during the final weekend in May. About 30.5 million Americans traveled during the same weekend last year. AAA’s Glen MacDonell said the improving economy will convince more people to get out of the house this year.
Weekly job claims rise unexpectedly
The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows. Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said.
From Herald staff and news services
