US: Zumiez reveals flat Q1 earnings
- Q1 earnings flat at US$2.5m
- Sales increase 9.7%
One-off charges resulted in flat earnings for action sportswear and footwear retailer Zumiez in the first quarter.
Net income totalled US$2.5m, unmoved from the prior year quarter. The 2014 results included costs of around $0.6m for charges associated with the company's acquisition of Blue Tomato.
Total net sales for the quarter ended 3 May increased 9.7% to $162.9m from $148.5 million a year earlier. Comparable sales were up 1.8%.
Stifel analyst Richard Jaffe noted: "We believe Zumiez is a well-run business with a corporate culture that is engaging for the consumer and effective in generating earnings growth. However, at the current stock price, we believe much of the good news is in the stock, therefore the reward potential is limited and risk, given the fashion content, remains significant."
Zumiez's share price closed up 1.9% at $27.22 yesterday.
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