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LYNNWOOD, Wash. – Zumiez Inc . (NASDAQ:ZUMZ) noticed its inventory surge 13% after the specialty retailer reported better-than-expected third-quarter earnings and offered upbeat income steerage for the fourth quarter.
The corporate posted adjusted earnings per share of $0.06 for the third quarter ended November 2, 2024, surpassing analyst estimates of $0.03. This marked a major enchancment from a lack of -$0.12 per share in the identical quarter final 12 months. Income rose 2.9% YoY to $222.5 million, barely beneath the consensus estimate of $222.85 million.
Comparable gross sales for the quarter elevated 7.5%, demonstrating sturdy client demand for Zumiez’s attire and footwear choices. The corporate’s gross margin expanded 140 foundation factors to 35.2%, contributing to the bottom-line beat.
“The strategic initiatives we now have been executing this 12 months have contributed to a noticeable enhance in gross sales developments,” stated Rick Brooks, Chief Govt Officer of Zumiez Inc. “Fueled by rising power in our North American enterprise, consolidated comparable gross sales sequentially accelerated 390 foundation factors to high-single digits within the third quarter.”
Trying forward, Zumiez offered fourth-quarter income steerage of $284-288 million, above the analyst consensus of $283.5 million. The corporate expects earnings per share between $0.83 and $0.93 for the quarter, beneath the $1.01 consensus estimate.
Zumiez reported that whole gross sales for the primary 31 days of the fourth quarter elevated 10% in comparison with the identical interval final 12 months, with comparable gross sales up 2.9%.
The retailer plans to open one further retailer within the fourth quarter, bringing the whole new retailer rely to 7 for fiscal 2024. Zumiez expects to shut roughly 33 shops by the top of the 12 months.
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