Zumiez Soars After Hours On Higher Q2 Profit Forecast, June Sales
Zumiez (NASDAQ: ZUMZ) gained as much as 10 percent after hours Wednesday as the company boosted its outlook and reported strong results for June.
Citing strong sales, the specialty sportswear retailer increased its second-quarter profit forecast to between $0.19 to $0.21 a share, up from $0.12 to $0.16 previously.
Sales for the period will be from $174 million to $176 million, up from its previous forecast of $170 million to $171 million.
New estimates include low single-digit same-store sales gain for the second quarter as well as earlier estimates of a $0.02 cent acquisition charge.
Also buoying the stock, Zumiez reported that same-store sales grew 3.1 percent for in the five-week period ended July 5, compared with one percent in the year-ago period.
Five-week total sales increased 11.1 percent to $65.3 million, compared with $58.8 million a year earlier.
Zumiez traded as high as $31 a share after hours Wednesday and was delayed as of 6:31 p.m. ET.
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