• Zumiez Inc. Announces Fiscal 2022 Fourth Quarter Results

    Источник: Nasdaq GlobeNewswire / 09 мар 2023 16:05:00   America/New_York

    LYNNWOOD, Wash., March 09, 2023 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today reported results for the fourth quarter and fiscal year ended January 28, 2023.

    Net sales for the fourth quarter ended January 28, 2023 (13 weeks) decreased 19.2% to $280.1 million from $346.7 million in the fourth quarter ended January 29, 2022 (13 weeks). Net income in the fourth quarter of fiscal 2022 was $11.4 million, or $0.59 per diluted share, compared to net income of $38.2 million, or $1.70 per diluted share, in the fourth quarter of the prior fiscal year.

    Total net sales for the twelve months (52 weeks) ended January 28, 2023 decreased 19.0% to $958.4 million from $1,183.9 million reported for the twelve months (52 weeks) ended January 29, 2022. Net income for fiscal 2022 was $21.0 million, or $1.08 per diluted share, compared to net income for fiscal 2021 of $119.3 million, or $4.85 per diluted share.

    At January 28, 2023, the Company had cash and current marketable securities of $173.5 million compared to cash and current marketable securities of $294.5 million at January 29, 2022. The decrease was driven by share repurchases of $87.9 million and capital expenditures of $25.6 million over this time period.

    Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We concluded a challenging fiscal 2022 with fourth quarter results that were ahead of our guidance, but below year ago levels. While the operating environment has been difficult and our recent financial performance disappointing, our commitment to serving consumers with world class service and highly differentiated, sought-after merchandise, is as strong as ever and has the business positioned to recover quickly when the macroeconomic conditions improve. I am confident that the channel-less retail model and strong corporate culture we have built and evolved over Zumiez’s 45-year history and brought to Canada, Europe and Australia will continue to separate our banners from the competition and drive profitable growth for our shareholders over the long-term.”

    Fiscal First Quarter-to-Date Sales
    Total first quarter-to-date sales for the 35 days ended March 4, 2023 decreased 15.5%, compared with the same 35-day time period in the prior year ended March 5, 2022. Total comparable sales for the 35-day period ending March 4, 2023 decreased 16.6% from the comparable period in the prior year.

    Outlook
    Fiscal 2023 First Quarter Outlook
    The Company is introducing guidance for the three months ending April 29, 2023. Net sales are projected to be in the range of $178 to $184 million. Earnings per share are expected to be between a loss of $0.85 and a loss of $0.95.

    The Company currently intends to open approximately 23 new stores in fiscal 2023, including up to 8 stores in North America, 10 stores in Europe and 5 stores in Australia.

    Conference call Information
    To access the conference call, please pre-register using this link (registration link). Registrants will receive confirmation with dial-in details. The conference call will also be available to interested parties through a live webcast at https://ir.zumiez.com. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at https://ir.zumiez.com.

    About Zumiez Inc.

    Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of February 25, 2023, we operated 756 stores, including 607 in the United States, 50 in Canada, 78 in Europe and 21 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au.

    Safe Harbor Statement

    Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company’s annual report on Form 10-K for the fiscal year ended January 29, 2022 as filed with the Securities and Exchange Commission and available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (Unaudited)

       Three Months Ended
       January 28, % of  January 29, % of
       2023  Sales  2022  Sales
       (Unaudited)   (Unaudited)  
    Net sales $280,110  100.0%  346,677  100.0%
    Cost of goods sold  184,841  66.0%  212,744  61.4%
    Gross profit  95,269  34.0%  133,933  38.6%
    Selling, general and administrative expenses  80,059  28.6%  82,198  23.7%
    Operating profit  15,210  5.4%  51,735  14.9%
    Interest income, net  645  0.2%  759  0.2%
    Other income (expense), net  293  0.1%  (1,462) -0.4%
    Earnings before income taxes  16,148  5.7%  51,032  14.7%
    Provision for income taxes  4,716  1.7%  12,828  3.7%
    Net income $11,432  4.0% $38,204  11.0%
    Basic earnings per share $0.60    $1.73   
    Diluted earnings per share $0.59    $1.70   
    Weighted average shares used in computation of earnings per share:       
    Basic  19,114     22,056   
    Diluted  19,255     22,451   
              
              
       Fiscal Year Ended
       January 28, % of  January 29, % of
       2023  Sales  2022  Sales
       (Unaudited)      
    Net sales $958,380  100.0% $1,183,867  100.0%
    Cost of goods sold  633,702  66.1%  727,137  61.4%
    Gross profit  324,678  33.9%  456,730  38.6%
    Selling, general and administrative expenses  293,578  30.7%  298,920  25.3%
    Operating profit  31,100  3.2%  157,810  13.3%
    Interest income, net  1,924  0.3%  3,592  0.4%
    Other expense, net  (557) -0.1%  (891) -0.1%
    Earnings before income taxes  32,467  3.4%  160,511  13.6%
    Provision for income taxes  11,433  1.2%  41,222  3.5%
    Net income $21,034  2.2% $119,289  10.1%
    Basic earnings per share $1.10    $4.93   
    Diluted earnings per share $1.08    $4.85   
    Weighted average shares used in computation of earnings per share:       
    Basic  19,208     24,187   
    Diluted  19,428     24,593   

     

    ZUMIEZ INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)

      January 28, 2023 January 29, 2022
      (Unaudited)  
    Assets    
    Current assets    
    Cash and cash equivalents $81,503  $117,223 
    Marketable securities  91,986   177,260 
    Receivables  20,613   14,427 
    Inventories  134,824   128,728 
    Prepaid expenses and other current assets  11,252   10,011 
    Total current assets  340,178   447,649 
    Fixed assets, net  93,746   91,451 
    Operating lease right-of-use assets  222,240   230,187 
    Goodwill  56,566   57,560 
    Intangible assets, net  14,443   14,698 
    Deferred tax assets, net  8,205   8,659 
    Other long-term assets  12,525   11,808 
    Total long-term assets  407,725   414,363 
    Total assets $747,903  $862,012 
         
    Liabilities and Shareholders’ Equity    
    Current liabilities    
    Trade accounts payable $40,379  $55,638 
    Accrued payroll and payroll taxes  16,321   31,209 
    Operating lease liabilities  65,460   63,577 
    Other liabilities  23,649   34,015 
    Total current liabilities  145,809   184,439 
    Long-term operating lease liabilities  188,835   204,309 
    Other long-term liabilities  5,931   4,946 
    Total long-term liabilities  194,766   209,255 
    Total liabilities  340,575   393,694 
         
    Shareholders’ equity    
    Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding      
    Common stock, no par value, 50,000 shares authorized; 19,489 shares issued and outstanding at January 28, 2023 and 21,215 shares issued and outstanding at January 29, 2022  188,418   180,824 
    Accumulated other comprehensive loss  (19,793)  (13,463)
    Retained earnings  238,703   300,957 
    Total shareholders’ equity  407,328   468,318 
    Total liabilities and shareholders’ equity $747,903  $862,012 
         

     

    ZUMIEZ INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)

      Fiscal Year Ended
      January 28, 2023 January 29, 2022
      (Unaudited)  
    Cash flows from operating activities:    
    Net income $21,034  $119,289 
    Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
    Depreciation, amortization and accretion  21,626   22,930 
    Noncash lease expense  67,394   64,466 
    Deferred taxes  2,485   2,374 
    Stock-based compensation expense  6,991   6,816 
    Impairment of long-lived assets  2,081   2,229 
    Other  1,176   2,728 
    Changes in operating assets and liabilities:    
    Receivables  (1,716)  2,884 
    Inventories  (5,279)  2,587 
    Prepaid expenses and other assets  (1,082)  (2,824)
    Trade accounts payable  (15,484)  (14,060)
    Accrued payroll and payroll taxes  (14,895)  3,649 
    Income taxes payable  (2,320)  (5,101)
    Operating lease liabilities  (76,605)  (77,657)
    Other liabilities  (5,785)  4,640 
    Net cash (used in) provided by operating activities  (379)  134,950 
    Cash flows from investing activities:    
    Additions to fixed assets  (25,627)  (15,749)
    Purchases of marketable securities and other investments  (1,914)  (160,328)
    Sales and maturities of marketable securities and other investments  81,750   277,720 
    Net cash provided by investing activities  54,209   101,643 
    Cash flows from financing activities:    
    Proceeds from revolving credit facilities  3,979    
    Payments on revolving credit facilities  (3,979)   
    Proceeds from issuance and exercise of stock-based awards  1,111   3,001 
    Payments for tax withholdings on equity awards  (508)  (621)
    Common stock repurchased  (87,860)  (193,789)
    Net cash used in financing activities  (87,257)  (191,409)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (2,172)  (1,822)
    Net (decrease) increase in cash, cash equivalents, and restricted cash  (35,599)  43,362 
    Cash, cash equivalents, and restricted cash, beginning of period  124,052   80,690 
    Cash, cash equivalents, and restricted cash, end of period $88,453  $124,052 
    Supplemental disclosure on cash flow information:    
    Cash paid during the period for income taxes $11,309  $42,767 
    Accrual for repurchase of common stock  -   4,572 
    Accrual for purchases of fixed assets  1,433   984 

     

    Company Contact:
    Darin White
    Director of Finance &
    Investor Relations
    Zumiez Inc.
    (425) 551-1500, ext. 1337

    Investor Contact:
    ICR
    Brendon Frey
    (203) 682-8200


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