US: Zumiez Q1 net income down on aquisition costs
- Net income fell to $2.5m from $4.5m
- Sales increased 14.3% to $148.5m
- Comparable sales fell 0.7%
US sportswear retailer Zumiez saw first-quarter net income almost halve on the back of costs relating to its acquisition of sports retailer Blue Tomato.
The company said net income fell to US$2.5m over the quarter ended 4 May, from $4.5m in the same period of the prior year.
Sales increased 14.3% over the quarter to reach $148.5m, while comparable sales declined 0.7% over the quarter.
Our business improved throughout the first quarter driven by strong full price selling during the combined March/April period," said CEO Rick Brooks.
"These results, which were delivered in a more challenging operating environment than a year ago, reflect the success of our continued execution on long-term growth strategies and the strength of our highly differentiated and diverse merchandise offering."
Sportswear brand Zumiez saw second quarter net income surge on the back of expansion. ...
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