Zumiez Plunges After Disappointing Q2, Weak Outlook

Shares of Zumiez

are moving on very heavy volume on Friday after the company released its fiscal second-quarter results after the closing bell on Thursday. The stock had fallen better than 11% in mid-day trading and shares are now sitting at new multi-month lows after the report. The company reported second quarter income of $2.1 million or $0.07 per share, compared to $2.6 million or $0.08 per share, in the year ago period. Wall Street analysts had expected the company to report EPS of $0.13. Revenues in the quarter were up 20.4 percent to $135.1 million to $135.1 million from $112.2 million last year. This was just below analysts' consensus revenue estimates of $135.52 million. Same store sales in the quarter were up 9.5 percent. Looking ahead to Q3, Zumiez said that it expects earnings per share of $0.42 to $0.45 on sales of $181 million to $185 million. Currently, analysts expect the company to report EPS of $0.56 on revenue of $183.79 million in the third quarter. Zumiez CEO Rick Brooks said, "The second quarter was a productive and transformational period for our Company. We continued to expand our North American footprint while at the same time driving a high single digit comparable sales gain."