Form 8-K
0001318008 False 0001318008 2021-03-11 2021-03-11 iso4217:USD xbrli:shares iso4217:USD xbrli:shares



Washington, D.C. 20549





Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  March 11, 2021


Zumiez Inc.

(Exact name of registrant as specified in its charter)


(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

4001 204th Street SW

Lynnwood, Washington 98036

(Address of Principal Executive Offices) (Zip Code)

(425) 551-1500

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockZUMZNasdaq Global Select

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 11, 2021, Zumiez Inc. issued a press release (the "Press Release") reporting its financial results for the fourth quarter and year ended January 30, 2021, a copy of which is attached hereto as Exhibit 99.1 and the contents of which are incorporated herein by this reference.

In accordance with General Instruction B.2. of Form 8-K, the information contained in this report and the Press Release shall not be deemed "Filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.
99.1 Press Release dated March 11, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Zumiez Inc.
Date: March 11, 2021By: /s/ Richard M. Brooks        
  Richard M. Brooks
  Chief Executive Officer




Zumiez Inc. Announces Fiscal 2020 Fourth Quarter Results

Fourth Quarter 2020 Net Sales Increased 0.8% to $331.5 Million
Fourth Quarter 2020 Diluted Earnings Per Share Increased 13.9% to $1.68
Cash and Current Marketable Securities Increased 49.5% to $375.5 Million

LYNNWOOD, Wash., March 11, 2021 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the fourth quarter and year ended January 30, 2021.

Total net sales for the fourth quarter ended January 30, 2021 (13 weeks) increased 0.8% to $331.5 million from $328.8 million in the quarter ended February 1, 2020 (13 weeks). Comparable sales for the thirteen weeks ended January 30, 2021 increased 4.7% compared to a comparable sales increase of 6.4% for the thirteen weeks ended February 1, 2020. Net income for the fourth quarter of fiscal 2020 was $42.8 million, or $1.68 per diluted share, compared to net income of $37.9 million, or $1.48 per diluted share in the fourth quarter of the prior fiscal year.

Total net sales for fiscal 2020 (52 weeks) ended January 30, 2021 decreased 4.2% to $990.7 million from $1.034 billion in fiscal 2019 (52 weeks) ended February 1, 2020. Comparable sales for the fifty-two week period ended January 30, 2021 increased 13.6% compared the same fifty-two week period ended February 1, 2020. Net income in fiscal 2020 increased 14.0% to $76.2 million, or $3.00 per diluted share, compared to net income in the prior fiscal year of $66.9 million, or $2.62 per diluted share.

At January 30, 2021, the Company had cash and current marketable securities of $375.5 million compared to cash and current marketable securities of $251.2 million at February 1, 2020. The increase in cash and current marketable securities was driven by cash generated through operations including cash deferment of $30.1 million composed of lower inventory levels, landlord payments, extended vendor terms and payroll tax payments as well as net income improvements related to abatements, credits and expense reductions. This increase was partially offset by $13.4 million of share repurchases through the Company’s stock buyback program prior to our stores closing in March due to COVID-19 and other planned capital expenditures.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We are extremely proud of how our organization executed during a year of significant and unfamiliar challenges. Our one channel approach to retail and relentless focus on serving the consumer allowed to us to achieve annual sales close to fiscal 2019 levels and record profitability despite our stores around the world being closed for approximately 22% of the possible operating days. Our recent performance, including during the holiday season, has strengthened our operation and financial foundation and enhanced our competitive advantages. While the near-term environment is likely to remain volatile due to uncertainty surrounding the virus, we believe we are well positioned with a strong balance sheet and differentiated strategies to further expand our global market share and continue generating meaningful value for our shareholders in the years ahead.”

Fiscal First Quarter-to-Date Sales

Total first quarter-to-date sales for the 35 days ended March 6, 2021 were down approximately 3.8%, compared with the same 35 day time period in the prior year ended March 7, 2020. Comparable sales for the 35 days ended March 6, 2021 decreased 0.4%. By channel, open store comparable sales decreased 6.9% and e-commerce sales increased 29.5%. During this timeframe, we had roughly 7% fewer open store days than last year due to governmental orders and potential safety concerns. We also experienced significant metering of traffic and reduced hours where required by local governments. We expect that the store closures and various other operating restrictions will fluctuate as we move through the quarter.


Due to the continued fast-moving nature of this situation and the uncertainty of impacts on revenue and costs, the Company is not providing an outlook at this time for the first quarter or the year.

Conference call Information

A conference call will be held today to discuss fourth quarter fiscal 2020 results and will be webcast at 5:00 p.m. ET on Participants may also dial (574) 990-9934 followed by the conference identification code of 1986667.

About Zumiez Inc.

Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of March 6, 2021, we operated 722 stores, including 602 in the United States, 52 in Canada, 54 in Europe and 14 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at, and

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 February 1, 2020 as filed with the Securities and Exchange Commission and available at You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

(In thousands, except per share amounts)

   Three Months Ended
   January 30, % of  February 1, % of
   2021 Sales  2020 Sales
   (Unaudited)   (Unaudited)  
Net sales $331,536 100.0%  328,754 100.0%
Cost of goods sold  201,913 60.9%  200,427 61.0%
Gross profit  129,623 39.1%  128,327 39.0%
Selling, general and administrative expenses  75,814 22.9%  79,471 24.1%
Operating profit  53,809 16.2%  48,856 14.9%
Interest income, net  881 0.3%  1,002 0.3%
Other expense, net  1,417 0.4%  545 0.1%
Earnings before income taxes  56,107 16.9%  50,403 15.3%
Provision for income taxes  13,310 4.0%  12,518 3.8%
Net income $42,797 12.9% $37,885 11.5%
Basic earnings per share $1.71   $1.50  
Diluted earnings per share $1.68   $1.48  
Weighted average shares used in computation of Earnings per share:       
Basic  25,024    25,281  
Diluted  25,462    25,662  
(In thousands, except per share amounts)
   Fiscal Year Ended
   January 30, % of  February 1, % of
   2021 Sales  2020 Sales
Net sales $990,652 100.0% $1,034,129 100.0%
Cost of goods sold  640,637 64.7%  667,566 64.6%
Gross profit  350,015 35.3%  366,563 35.4%
Selling, general and administrative expenses  253,077 25.5%  280,756 27.1%
Operating profit  96,938 9.8%  85,807 8.3%
Interest income, net  3,518 0.3%  3,654 0.4%
Other expense, net  2,001 0.2%  1,532 0.1%
Earnings before income taxes  102,457 10.3%  90,993 8.8%
Provision for income taxes  26,230 2.6%  24,112 2.3%
Net income $76,227 7.7% $66,881 6.5%
Basic earnings per share $3.06   $2.65  
Diluted earnings per share $3.00   $2.62  
Weighted average shares used in computation of Earnings per share:       
Basic  24,942    25,200  
Diluted  25,398    25,535  

(In thousands)

  January 30,
 February 1,
Current assets    
Cash and cash equivalents $73,622 $52,428 
Marketable securities  301,920  198,768 
Receivables  16,558  16,841 
Inventories  134,354  135,095 
Prepaid expenses and other current assets  8,823  9,456 
Total current assets  535,277  412,588 
Fixed assets, net  98,352  113,051 
Operating lease right-of-use assets  267,152  301,784 
Goodwill  61,470  57,099 
Intangible assets, net  16,029  14,564 
Deferred tax assets, net  9,927  6,303 
Other long-term assets  10,157  8,869 
Total long-term assets  463,087  501,670 
Total assets $998,364 $914,258 
Liabilities and Shareholders’ Equity    
Current liabilities    
Trade accounts payable $69,751 $47,787 
Accrued payroll and payroll taxes  27,911  23,653 
Income taxes payable  6,317  4,686 
Operating lease liabilities  66,993  61,800 
Other liabilities  24,480  21,784 
Total current liabilities  195,452  159,710 
Long-term operating lease liabilities  246,123  284,717 
Other long-term liabilities  4,193  3,745 
Total long-term liabilities  250,316  288,462 
Total liabilities  445,768  448,172 
Shareholders’ equity    
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding     
Common stock, no par value, 50,000 shares authorized; 25,599 shares issued and outstanding at January 30, 2021 and 25,828 shares issued and outstanding at February 1, 2020  171,628  161,458 
Accumulated other comprehensive income (loss)  939  (12,591)
Retained earnings  380,029  317,219 
Total shareholders’ equity  552,596  466,086 
Total liabilities and shareholders’ equity $998,364 $914,258 

(In thousands)

  Fiscal Year Ended
  January 30,
 February 1,
Cash flows from operating activities:    
Net income $76,227  $66,881 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion  24,059   25,449 
Noncash lease expense  61,694   58,223 
Deferred taxes  (3,890)  899 
Stock-based compensation expense  6,448   6,382 
Impairment of long-lived assets  4,803   215 
Other  (570)  (656)
Changes in operating assets and liabilities:    
Receivables  928   3,396 
Inventories  3,946   (6,825)
Prepaid expenses and other current assets  1,010   861 
Trade accounts payable  20,797   12,756 
Accrued payroll and payroll taxes  3,841   2,735 
Income taxes payable  1,602   (1,127)
Operating lease liabilities  (65,479)  (62,217)
Other liabilities  2,996   (902)
Net cash provided by operating activities  138,412   106,070 
Cash flows from investing activities:    
Additions to fixed assets  (9,057)  (18,818)
Purchases of marketable securities and other investments  (222,785)  (236,838)
Sales and maturities of marketable securities and other investments  121,301   152,725 
Net cash used in investing activities  (110,541)  (102,931)
Cash flows from financing activities:    
Proceeds from issuance and exercise of stock-based awards  3,877   2,332 
Payments for tax withholdings on equity awards  (154)  (322)
Common stock repurchased  (13,417)   
Net cash (used in) provided by financing activities  (9,694)  2,010 
Effect of exchange rate changes on cash and cash equivalents  3,522   (429)
Net increase in cash and cash equivalents  21,699   4,720 
Cash and cash equivalents, beginning of period  58,991   54,271 
Cash and cash equivalents, end of period $80,690  $58,991 
Supplemental disclosure on cash flow information:    
Cash paid during the period for income taxes $27,598  $24,138 
Accrual for purchases of fixed assets  231   1,152 

Company Contact:

Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337

Investor Contact:
Brendon Frey
(203) 682-8200