Zumiez meets Street with Q1 income, will open 57 stores

Lynnwood, Wash. – Zumiez Inc. met Wall Street expectations for profit in the first quarter of fiscal 2015.



Net income rose 12% to $2.8 million from $2.5 million the same period a year earlier, aided by slowing growth rates of cost of goods sold and selling, general and administrative (SG&A) expenses.



Total net sales increased 9% to $177.6 million from $162.9 million. Same-store sales increased 3%. Zumiez intends to open approximately 57 new stores in fiscal 2015, including up to seven stores in Canada and six stores in Europe.



"We delivered first quarter results that were in-line with our expectations,” said Rick Brooks, CEO of Zumiez. “While the pace of our domestic business slowed more than anticipated in April, this was offset by strong sales gains in Europe where growth momentum continues. Overall, we remain confident that our omnichannel strategy, authentic lifestyle positioning, and commitment to customer service provide us with strong competitive advantages."



In the second quarter of fiscal 2015, Zumiez expects net sales in the range of $179 million to $183 million and a same-store sales decrease in the 3%-5% range.