Zumiez reports 22.2 percent decline in holiday sales

10 January, 2023
Zumiez reports 22.2 percent decline in holiday sales
Total net sales at Zumiez decreased 22.2 percent for the nine-week period ended December 31, 2022, compared to the nine-week period ended January 1, 2022. During the same period comparable sales decreased 23.9 percent.

From a regional perspective, the company said, quarter-to-date North America net sales decreased 26.7 percent, and other international net sales, which consists of Europe and Australia, increased 1.9 percent.

Excluding the impact of foreign currency translation, North America net sales decreased 26.4 percent and other international net sales increased 10.5 percent for the nine-week period. Commenting on the company’s holiday period performance, Rick Brooks, chief executive officer of Zumiez Inc., stated: “Through the holiday season we have continued to experience difficult economic conditions led by a pullback in discretionary spending, inflation driven costs pressures and a promotional marketplace.”

“Sales have been slightly ahead of our guided levels, but we have also seen further discounting required to move inventory resulting in earnings coming in within our planned range,” added Brooks.

During the period under review, the company added, all categories were down in comparable sales from the prior year with men’s being our most negative, followed by Hardgoods, accessories, women’s, and footwear.

The company currently anticipates that sales for the fourth quarter of fiscal 2022 will come in slightly above the high end of our fourth quarter sales guidance of 258 million dollars to 268 million dollars, while earnings are expected to be in the mid to high end of its range of earnings per diluted share of 36 cents to 51 cents.
Source: fashionunited.uk
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