News Release
<< Back
Total net sales for the first quarter ended
At
Total net sales for the four-week period ended
Fiscal 2017 Second Quarter Outlook
The Company is introducing guidance for the three months ending
A conference call will be held today to discuss first quarter fiscal 2017 results and will be webcast at
About
Safe Harbor Statement
Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company's future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company's annual report on Form 10-K for the fiscal year ended
| ZUMIEZ INC. | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF LOSS | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended | ||||||||||
| April 29, 2017 | % of Sales | April 30, 2016 | % of Sales | |||||||
| Net sales | $ | 181,155 | 100.0% | $ | 172,970 | 100.0% | ||||
| Cost of goods sold | 129,106 | 71.3% | 123,012 | 71.1% | ||||||
| Gross profit | 52,049 | 28.7% | 49,958 | 28.9% | ||||||
| Selling, general and administrative expenses | 58,283 | 32.2% | 53,899 | 31.2% | ||||||
| Operating loss | (6,234) | (3.5%) | (3,941) | (2.3%) | ||||||
| Interest income, net | 82 | 0.1% | 31 | 0.0% | ||||||
| Other (expense) income, net | (450) | (0.2%) | 499 | 0.3% | ||||||
| Loss before income taxes | (6,602) | (3.6%) | (3,411) | (2.0%) | ||||||
| Benefit from income taxes | (2,154) | (1.1%) | (1,274) | (0.7%) | ||||||
| Net loss | $ | (4,448) | (2.5%) | $ | (2,137) | (1.3%) | ||||
| Basic loss per share | $ | (0.18) | $ | (0.08) | ||||||
| Diluted loss per share | $ | (0.18) | $ | (0.08) | ||||||
| Weighted average shares used in computation of loss per share: | ||||||||||
| Basic | 24,580 | 25,185 | ||||||||
| Diluted | 24,580 | 25,185 | ||||||||
| ZUMIEZ INC. | |||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
| (In thousands) | |||||||||
| April 29, | January 28, | April 30, | |||||||
| 2017 | 2017 | 2016 | |||||||
| Assets | (Unaudited) | (Unaudited) | |||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 22,320 | $ | 20,247 | $ | 16,890 | |||
| Marketable securities | 54,175 | 58,579 | 45,236 | ||||||
| Receivables | 13,992 | 12,538 | 13,234 | ||||||
| Inventories | 122,406 | 106,924 | 112,971 | ||||||
| Prepaid expenses and other current assets | 13,162 | 13,075 | 12,282 | ||||||
| Total current assets | 226,055 | 211,363 | 200,613 | ||||||
| Fixed assets, net | 132,582 | 129,651 | 138,156 | ||||||
| Goodwill | 56,761 | 56,001 | 56,157 | ||||||
| Intangible assets, net | 14,816 | 14,610 | 12,313 | ||||||
| Deferred tax assets, net | 9,061 | 7,041 | 6,362 | ||||||
| Other long-term assets | 8,161 | 8,017 | 8,547 | ||||||
| Total long-term assets | 221,381 | 215,320 | 221,535 | ||||||
| Total assets | $ | 447,436 | $ | 426,683 | $ | 422,148 | |||
| Liabilities and Shareholders' Equity | |||||||||
| Current liabilities | |||||||||
| Trade accounts payable | $ | 53,394 | $ | 25,529 | $ | 44,922 | |||
| Accrued payroll and payroll taxes | 11,410 | 14,914 | 10,074 | ||||||
| Income taxes payable | 67 | 1,866 | 28 | ||||||
| Deferred rent and tenant allowances | 8,425 | 8,344 | 8,229 | ||||||
| Other liabilities | 22,501 | 22,944 | 20,863 | ||||||
| Total current liabilities | 95,797 | 73,597 | 84,116 | ||||||
| Long-term deferred rent and tenant allowances | 41,181 | 41,066 | 43,932 | ||||||
| Other long-term liabilities | 4,889 | 4,969 | 4,800 | ||||||
| Total long-term liabilities | 46,070 | 46,035 | 48,732 | ||||||
| Total liabilities | 141,867 | 119,632 | 132,848 | ||||||
| Shareholders' equity | |||||||||
| Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding | -- | -- | -- | ||||||
| Common stock, no par value, 50,000 shares authorized; 25,196 shares issued and outstanding at April 29, 2017, 24,945 shares issued and outstanding at January 28, 2017, and 25,330 shares issued and outstanding at April 30, 2016 | 142,460 | 140,984 | 136,028 | ||||||
| Accumulated other comprehensive loss | (14,998) | (16,488) | (10,260) | ||||||
| Retained earnings | 178,107 | 182,555 | 163,532 | ||||||
| Total shareholders' equity | 305,569 | 307,051 | 289,300 | ||||||
| Total liabilities and shareholders' equity | $ | 447,436 | $ | 426,683 | $ | 422,148 | |||
| ZUMIEZ INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| April 29, 2017 | April 30, 2016 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (4,448 | ) | $ | (2,137 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation, amortization and accretion | 6,660 | 7,222 | ||||||
| Deferred taxes | (2,033 | ) | (1,586 | ) | ||||
| Stock-based compensation expense | 1,278 | 1,035 | ||||||
| Other | 385 | (176 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables | (135 | ) | 548 | |||||
| Inventories | (15,408 | ) | (13,125 | ) | ||||
| Prepaid expenses and other current assets | (209 | ) | (545 | ) | ||||
| Trade accounts payable | 27,919 | 22,617 | ||||||
| Accrued payroll and payroll taxes | (3,525 | ) | (2,523 | ) | ||||
| Income taxes payable | (3,199 | ) | (5,145 | ) | ||||
| Deferred rent and tenant allowances | 328 | (139 | ) | |||||
| Other liabilities | (2,946 | ) | (3,341 | ) | ||||
| Net cash provided by operating activities | 4,667 | 2,705 | ||||||
| Cash flows from investing activities: | ||||||||
| Additions to fixed assets | (7,117 | ) | (4,485 | ) | ||||
| Purchases of marketable securities and other investments | (20,006 | ) | (26,854 | ) | ||||
| Sales and maturities of marketable securities and other investments | 24,370 | 13,761 | ||||||
| Net cash used in investing activities | (2,753 | ) | (17,578 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repurchase of common stock | - | (12,248 | ) | |||||
| Proceeds from issuance and exercise of stock-based awards | 370 | 526 | ||||||
| Payments for tax withholdings on equity awards | (172 | ) | (121 | ) | ||||
| Net cash provided by (used in) financing activities | 198 | (11,843 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents | (39 | ) | 443 | |||||
| Net increase (decrease) in cash and cash equivalents | 2,073 | (26,273 | ) | |||||
| Cash and cash equivalents, beginning of period | 20,247 | 43,163 | ||||||
| Cash and cash equivalents, end of period | $ | 22,320 | $ | 16,890 | ||||
| Supplemental disclosure on cash flow information: | ||||||||
| Cash paid during the period for income taxes | $ | 3,074 | $ | 5,470 | ||||
| Accrual for purchases of fixed assets | 3,601 | 3,309 | ||||||
| Accrual for repurchase of common stock | - | 341 | ||||||
Company Contact:
Director of Finance &
Investor Relations
(425) 551-1500, ext. 1337
Investor Contact:
ICR
(203) 682-8200
Source: