EVERETT – Zumiez Inc. saw first-quarter sales zip ahead 43 percent compared to the same period last year, thanks to the teen-oriented retailer’s fast expansion and strong sales of action sports clothing and equipment.
Sales during the quarter ended April 29 totaled nearly $48 million, up from $33.4 million in last year’s first quarter.
That helped the company post net earnings of $1.1 million, or 4 cents a share, compared to a net loss of $40,000 at this time last year.
Rick Brooks, chief executive officer of the Everett-based chain, noted the record quarter exceeded most expectations.
“While it’s typically our seasonally slowest quarter in terms of sales and earnings, we’re very pleased to have started 2006 on a strong note,” Brooks said in Wednesday’s Webcast to investors.
Of particular note, sales at Zumiez locations open for more than a year grew by 19.7 percent.
“They had great comparable store sales. They continue to do very, very well,” said Sara Hasan, an analyst at Seattle’s McAdams Wright Ragen Inc. who tracks Zumiez.
Brooks said Zumiez, which has 180 locations, opened five new stores last quarter and is on track to open a total of 42 before the year ends.
On Tuesday, Zumiez also announced its acquisition of Texas-based Fast Forward, a similarly skateboard-oriented chain of 19 stores in three states. Brooks said the deal doesn’t mean that Zumiez plans to buy up many other companies.
“Over the years, we’ve looked at numerous acquisition candidates and never felt like they were the right fit for Zumiez,” he said. “Organic growth is still our No. 1 priority. However, with Fast Forward, the opportunity was so unique and compelling that we had to pursue the combination.”
Shares of Zumiez, which went public a year ago, closed trading Wednesday at $33.30, up $1.06 for the day.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Zumiez Inc.
Headquarters: Everett
First-quarter sales: $47.8 million
First-quarter income: $1.1 million
Number of stores: 180
Company’s market value: $907.7 million
Zumiez Inc.
Headquarters: Everett
First-quarter sales: $47.8 million
First-quarter income: $1.1 million
Number of stores: 180
Company’s market value: $907.7 million
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