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Zumiez profit dips in Q2; on track to open 50 stores in 2012
Lynnwood, Wash. -- Zumiez Inc. reported Thursday that net income for the quarter ended July 28 slipped to $2.1 million, from $2.6 million in the year-ago period, largely due to costs associated with its acquisition of Blue Tomato.
Revenue surged 20.4% to $135.1 million from $112.2 million, which includes contributions from Blue Tomato. Same-store sales increased 9.5%.
The company said it is on track to open 50 new stores in fiscal 2012, including up to 10 stores in Canada.
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Fashion Bug inventory being liquidated in preparation for obsolescence
Bensalem, Pa. -- SB Capital Group, Tiger Capital Group and Great American Group jointly announced Tuesday that, in tandem, they will begin to sell off all of the inventory in the 568 Fashion Bug stores in the United States.
The Charming Shoppes unit will be divested and fully closed.
As part of the process, Fashion Bug has retained more than 5,900 store and district personnel to assist in operating the stores through the completion of the sale process.