04.12.2014 23:15:52
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Zumiez Q3 Profit Rises
(RTTNews) - Sports apparel retailer Zumiez, Inc. (ZUMZ) Thursday reported an increase in profit for the third quarter, driven largely by same-store store sales increase and lower expenses.
Lynnwood, Washington-based Zumiez's third-quarter profit rose to $15.7 million or $0.54 per share from $11.9 million or $0.39 per share last year.
Results for the quarter include costs of about $0.6 million, or $0.02 per share for charges associated with the acquisition of Blue Tomato.
On average, 20 analysts polled by Thomson-Reuters estimate earnings of $0.53 per share for the quarter. Analysts estimates typically exclude one-time items.
Sales for the third quarter increased 11.6 percent to $213.3 million from $191.1 million last year. Analysts had a consensus revenue estimate of $212.01 million for the quarter.
Chief Executive Rick Brooks said. "We delivered double digit earnings growth in the third quarter driven by higher than expected sales along with lower than planned operating expenses."
Comparable sales for the quarter grew to 3.7 percent on top of a comparable sales increase of 1.5 percent last year. Selling, general and administrative expenses, as a percent of sales, dropped to 24.8 percent from 26.2 percent last year.
Zumiez operates as a multi-channel specialty retailer of action sports related apparel, footwear, accessories, and hardgoods.
Looking forward to the fourth quarter, the company expects earnings of $0.69 to $0.72 per share and sales of $249 million to $251 million. Analysts currently estimate earnings of $0.75 per share on revenues of $252.37 million for the quarter.
"We are optimistic about our growth prospects this holiday season and more importantly over the long-term," Brooks said.
ZUMZ closed Thursday's trading at $35.47, down $0.24 or 0.67% on the Nadaq. The stock further dropped $0.57 or 1.61% in the after-hours trade.
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