Zumiez Q3 Profit Declines - Quick Facts

(RTTNews) - Zumiez Inc. (ZUMZ) reported net income for the third quarter of $11.9 million, or $0.39 per share, compared to $12.7 million, or $0.40 per share in the year-ago quarter.

Total net sales for the third quarter increased 6.2% to $191.15 million from $180.02 million a year ago. Same-store sales for the quarter decreased 1.5%.

Analysts polled by Thomson Reuters expected the company to earn $0.46 per share on revenue of $190.72 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecast earnings of $0.60 to $0.66 per share, which includes an estimated about $0.05 per share for charges associated with the acquisition of Blue Tomato. Net sales are expected to be in the range of $230 million to $237 million.

Analysts currently expect the company to earn $0.79 per share on revenue of $241.28 million for the fourth quarter.

The company also announced that, effective December 4, 2013, the Board of Directors of Zumiez Inc. has approved the repurchase of up to $30 million of its Common Stock which will be made from time to time on the open market at prevailing market prices and is expected to continue through the fiscal year 2014 that will end on January 31, 2015, unless the time period is extended or shortened by the Board of Directors.

The new repurchase program supersedes the previously approved repurchase program approved on December 17, 2012, which as of December 4, 2013 had $12.5 million of stock repurchase authorization.