• Zumiez Inc. Announces Fiscal 2021 Fourth Quarter Results

    Источник: Nasdaq GlobeNewswire / 10 мар 2022 15:05:01   America/Chicago

    LYNNWOOD, Wash., March 10, 2022 (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 year ended January 29, 2022.

    Net sales for the fourth quarter ended January 29, 2022 (13 weeks) increased 4.6% to $346.7 million from $331.5 million in the fourth quarter ended January 30, 2021 (13 weeks). Compared to the fourth quarter ended February 1, 2020 (13 weeks), fourth quarter 2021 net sales increased 5.5%. Net income in the fourth quarter of fiscal 2021 was $38.2 million, or $1.70 per diluted share, compared to net income of $42.8 million, or $1.68 per diluted share, in the fourth quarter of the prior fiscal year. Net income for the fourth quarter of 2019 was $37.9 million, or $1.48 per diluted share.

    Total net sales for fiscal 2021 (52 weeks) ended January 29, 2022 increased 19.5% to $1,183.9 million from $990.7 million reported for fiscal 2020 (52 weeks) ended January 30, 2021. Compared to the fiscal 2019 (52 weeks) ended February 1, 2020, net sales increased 14.5%. Net income for fiscal 2021 was $119.3 million, or $4.85 per diluted share, compared to net income for fiscal 2020 of $76.2 million, or $3.00 per diluted share, and compared to net income for fiscal 2019 of $66.9 million, or $2.62 per diluted share.

    At January 29, 2022, the Company had cash and current marketable securities of $294.5 million compared to cash and current marketable securities of $375.5 million at January 30, 2021. The decrease in cash and current marketable securities was driven by share repurchases and capital expenditures partially offset by cash generated through operations. The Company repurchased 4.6 million shares during fiscal 2021 an average cost of $43.30 per share and a total cost of $198.4 million.

    Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “Fiscal 2021 was a year of tremendous growth and record profitability for Zumiez. Our multi-year success is directly attributable to the execution of the long-term consumer centric growth strategy the Company has been building and evolving since its inception. This strategy, which requires significant agility in navigating the trend cycles and speed desired by our customer, has produced a 36.1% five-year compound annual growth rate in diluted earnings per share and generated $422 million in free cash flow over the same period. And in 2021, we further enhanced our shareholder value creation through the repurchase of 4.6 million shares or 18% of our common stock. We are pleased with our many recent accomplishments and we are excited about the opportunities to profitably expand our global reach in the years to come.”

    Fiscal First Quarter-to-Date Sales

    Total first quarter-to-date sales for the 35 days ended March 5, 2022 decreased 1.9%, compared with the same 35 day time period in the prior year ended March 6, 2021. First quarter-to-date as of March 5, 2022, the Company has repurchased an additional 1.2 million shares of stock at an average price of $44.47 and a total cost of $54.3 million.

    Outlook

    Given the positive impact of stimulus on net sales in the first quarter of fiscal 2021 and the current economic uncertainty, the Company anticipates that net sales for the first quarter of fiscal 2022 will be between $215 million and $221 million, down meaningfully to the prior year. With this reduction in sales the Company expects deleverage in the income statement related to both fixed costs as well as the re-introduction of expenses forgone in 2021 as a result of the COVID-19 pandemic such as store wages, training and travel. Earnings per diluted share for the quarter are expected to be break-even to positive $0.10 per diluted share.

    The Company currently intends to open approximately 34 new stores in fiscal 2022, including up to 15 stores in North America, 14 stores in Europe and 5 stores in Australia.

    Conference call Information

    A conference call will be held today to discuss fourth quarter and fiscal 2021 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (844) 309-0606 (domestic) or (574) 990-9934 (international) followed by the conference identification code of 4186044.

    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 26, 2022, we operated 738 stores, including 602 in the United States, 52 in Canada, 67 in Europe and 17 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 30, 2021 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 INCOME
    (In thousands, except per share amounts)
    (Unaudited)

       Three Months Ended 
       January 29, % of  January 30, % of  
       2022 Sales 2021 Sales 
       (Unaudited)   (Unaudited)   
    Net sales $346,677  100.0%  331,536 100.0% 
    Cost of goods sold  212,744  61.4%  201,913 60.9% 
    Gross profit  133,933  38.6%  129,623 39.1% 
    Selling, general and administrative expenses  82,198  23.7%  75,814 22.9% 
    Operating profit  51,735  14.9%  53,809 16.2% 
    Interest income, net  759  0.2%  881 0.3% 
    Other (expense) income, net  (1,462) -0.4%  1,417 0.4% 
    Earnings before income taxes  51,032  14.7%  56,107 16.9% 
    Provision for income taxes  12,828  3.7%  13,310 4.0% 
    Net income $38,204  11.0% $42,797 12.9% 
    Basic earnings per share $1.73    $1.71   
    Diluted earnings per share $1.70    $1.68   
    Weighted average shares used in computation of earnings per share:        
    Basic  22,056     25,024   
    Diluted  22,451     25,462   
               
               
       Fiscal Year Ended 
       January 29, % of  January 30, % of  
       2022 Sales 2021 Sales 
       (Unaudited)       
    Net sales $1,183,867  100.0% $990,652 100.0% 
    Cost of goods sold  727,137  61.4%  640,637 64.7% 
    Gross profit  456,730  38.6%  350,015 35.3% 
    Selling, general and administrative expenses  298,920  25.3%  253,077 25.5% 
    Operating profit  157,810  13.3%  96,938 9.8% 
    Interest income, net  3,592  0.4%  3,518 0.3% 
    Other (expense) income, net  (891) -0.1%  2,001 0.2% 
    Earnings before income taxes  160,511  13.6%  102,457 10.3% 
    Provision for income taxes  41,222  3.5%  26,230 2.6% 
    Net income $119,289  10.1% $76,227 7.7% 
    Basic earnings per share $4.93    $3.06   
    Diluted earnings per share $4.85    $3.00   
    Weighted average shares used in computation of earnings per share:        
    Basic  24,187     24,942   
    Diluted  24,593     25,398   
               


    ZUMIEZ INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)

      January 29, 2022 January 30, 2021 
      (Unaudited)   
    Assets     
    Current assets     
    Cash and cash equivalents $117,223  $73,622 
    Marketable securities  177,260   301,920 
    Receivables  14,427   16,558 
    Inventories  128,728   134,354 
    Prepaid expenses and other current assets  10,011   8,823 
    Total current assets  447,649   535,277 
    Fixed assets, net  91,451   98,352 
    Operating lease right-of-use assets  230,187   267,152 
    Goodwill  57,560   61,470 
    Intangible assets, net  14,698   16,029 
    Deferred tax assets, net  8,659   9,927 
    Other long-term assets  11,808   10,157 
    Total long-term assets  414,363   463,087 
    Total assets $862,012  $998,364 
          
    Liabilities and Shareholders’ Equity     
    Current liabilities     
    Trade accounts payable $55,638  $69,751 
    Accrued payroll and payroll taxes  31,209   27,911 
    Income taxes payable  1,137   6,317 
    Operating lease liabilities  63,577   66,993 
    Other liabilities  32,878   24,480 
    Total current liabilities  184,439   195,452 
    Long-term operating lease liabilities  204,309   246,123 
    Other long-term liabilities  4,946   4,193 
    Total long-term liabilities  209,255   250,316 
    Total liabilities  393,694   445,768 
          
    Shareholders’ equity     
    Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding  —   — 
    Common stock, no par value, 50,000 shares authorized; 21,215 shares issued and outstanding at January 29, 2022 and 25,599 shares issued and outstanding at January 30, 2021  180,824   171,628 
    Accumulated other comprehensive (loss) income  (13,463)  939 
    Retained earnings  300,957   380,029 
    Total shareholders’ equity  468,318   552,596 
    Total liabilities and shareholders’ equity $862,012  $998,364 
          

     

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

      Fiscal Year Ended 
      January 29, 2022 January 30, 2021 
      (Unaudited)   
    Cash flows from operating activities:     
    Net income $119,289  $76,227  
    Adjustments to reconcile net income to net cash provided by operating activities:     
    Depreciation, amortization and accretion  22,930   24,059  
    Noncash lease expense  64,466   61,694  
    Deferred taxes  2,374   (3,890) 
    Stock-based compensation expense  6,816   6,448  
    Impairment of long-lived assets  2,229   4,803  
    Other  2,728   (570) 
    Changes in operating assets and liabilities:     
    Receivables  2,884   928  
    Inventories  2,587   3,946  
    Prepaid expenses and other assets  (2,824)  1,010  
    Trade accounts payable  (14,060)  20,797  
    Accrued payroll and payroll taxes  3,649   3,841  
    Income taxes payable  (5,101)  1,602  
    Operating lease liabilities  (77,657)  (65,479) 
    Other liabilities  4,640   2,996  
    Net cash provided by operating activities  134,950   138,412  
    Cash flows from investing activities:     
    Additions to fixed assets  (15,749)  (9,057) 
    Purchases of marketable securities and other investments  (160,328)  (222,785) 
    Sales and maturities of marketable securities and other investments  277,720   121,301  
    Net cash provided by (used in) investing activities  101,643   (110,541) 
    Cash flows from financing activities:     
    Proceeds from issuance and exercise of stock-based awards  3,001   3,877  
    Payments for tax withholdings on equity awards  (621)  (154) 
    Common stock repurchased  (193,789)  (13,417) 
    Net cash (used in) provided by financing activities  (191,409)  (9,694) 
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  (1,822)  3,522  
    Net increase in cash, cash equivalents, and restricted cash  43,362   21,699  
    Cash, cash equivalents, and restricted cash, beginning of period  80,690   58,991  
    Cash, cash equivalents, and restricted cash, end of period $124,052  $80,690  
    Supplemental disclosure on cash flow information:     
    Cash paid during the period for income taxes $42,767  $27,598  
    Accrual for repurchase of common stock  4,572   —  
    Accrual for purchases of fixed assets  984   231  
          

    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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