US: Zumiez Q2 profit falls on acquisition costs
- Q2 profit down 19.5% to $2.1m
- Net sales up 6.4% to $3.8m
- Company expects Q3 net sales of $181-$185m
US sportswear retailer Zumiez has booked a 19.5% decline in second-quarter net profit after acquisition costs offset higher sales.
Net income reached US$2.1m for the three months ended 28 July, compared to $2.6m the same period last year.
This was primarily due to Blue Tomato acquisition costs and operations worth $2.5m, the company said, as well costs related to the relocation of its e-commerce fulfilment centre and corporate offices.
Operating income climbed 6.4% to $3.8m. Net sales increased 20.4% to $135.1m, while comparable store sales rose 9.5%.
CEO 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."
Looking forward, the company expects net income per diluted share to be between $0.42 to $0.45 and net sales to range from $181m to $185m for the third quarter. It also expects to open 50 new stores in fiscal 2012, including up to ten stores in Canada.
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The following is a general roundup of US apparel and shoe retailers' January 2013 sales results....
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
US sportswear retailer Zumiez has seen its third-quarter net profit slip on the back of a series of one-off costs....
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