UPDATE: Zumiez Posts 10% Drop In Q3 Profit, Issues Downbeat Q4 Forecast
Zumiez (NASDAQ: ZUMZ) reported a 10% drop in its fiscal third-quarter earnings and issued a downbeat forecast for the current quarter.
For the current quarter, Zumiez expects earnings of $0.59 to $0.62 per share on total sales of $218 million to $221 million. However, analysts were expecting earnings of $0.71 per share on revenue of $223 million.
Zumiez's quarterly profit fell to $12.7 million, or $0.40 per share, from $14.1 million, or $0.45 per share, in the year-ago period.
Its revenue rose 17% to $180 million. The company had earlier projected earnings of $0.38 to $0.39 per share on revenue of $181 million to $185 million.
Zumiez's November same-store sales fell 4.2%.
Its gross margins dropped to 37.3% from 38.9%.
Zumiez shares dropped 8.34% to $19.02 in after-hours trading.
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