Shares Of Zumiez Surge Following Release Of Sales Metrics, Raised Guidance

Shares of

spiked higher by more than 15 percent after the company

a business update on its sales and revised its fourth quarter guidance. Zumiez said that total net sales for the five-week period ending January 2, 2016 fell 6.2 percent to $134.5 million compared to the same period a year ago. The company also said that comparable sales fell 8.9 percent during the same period. Despite the sales metrics, Zumiez raised its fourth quarter earnings per share expectations to a range of $0.45 to $0.47 from a prior range of $0.40 to $0.46. The company also guided its fourth quarter revenue higher to a range of $237 million to $239 million from a prior range of $226 million to $231 million. Wall Street analysts were previously expecting the company to earn $0.43 per share on revenue of $230 million.