Zumiez Plunges After Disappointing Q2, Weak Outlook
Shares of Zumiez (NASDAQ: ZUMZ) 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 more than 11 percent 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 (SSS) 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 Chief Executive Officer 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."
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