Form 8-K
0001318008 False 0001318008 2021-06-03 2021-06-03 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):  June 3, 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 June 3, 2021, Zumiez Inc. issued a press release (the "Press Release") reporting its financial results for the first quarter ended May 1, 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.

Exhibit 99.1. Press release dated June 3, 2021

Exhibit 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: June 3, 2021By: /s/ Richard M. Brooks        
  Richard M. Brooks
  Chief Executive Officer




Zumiez Inc. Announces Record Fiscal 2021 First Quarter Results

Net Sales Increased 102.6% to $279.1 Million
Diluted Earnings Per Share Improved to $1.03

LYNNWOOD, Wash., June 03, 2021 (GLOBE NEWSWIRE) -- Zumiez Inc. (NASDAQ: ZUMZ) a leading specialty retailer of apparel, footwear, equipment and accessories for young men and women, today reported results for the first quarter ended May 1, 2021.

Net sales for the first quarter ended May 1, 2021 (13 weeks) increased 102.6% to $279.1 million from $137.8 million in the first quarter ended May 2, 2020 (13 weeks). Compared to the first quarter ended May 4, 2019 (13 weeks), first quarter 2021 net sales increased 31.1%. Net income in the first quarter of fiscal 2021 was $26.4 million, or $1.03 per diluted share, compared to a net loss of $21.1 million, or $(0.84) per diluted share, in the first quarter of the prior fiscal year. Net income for the first quarter of 2019 was $0.08 million, or $0.03 per diluted share.

At May 1, 2021, the Company had cash and current marketable securities of $400.4 million compared to cash and current marketable securities of $217.2 million at May 2, 2020. The increase in cash and current marketable securities was driven by cash generated through operations partially offset by capital expenditures.   

“After demonstrating great resiliency during the height of the pandemic, our business has exceeded pre-COVID levels even as a portion of our global store fleet remains closed. Our performance amidst very challenging conditions over the past year, and more recently as the operating environment has improved, underscores our market leading position and the strength of our business model. Sales trends accelerated as the first quarter progressed driven by our ability to capture meaningful share of the heightened discretionary spending in the U.S. related to government stimulus, especially in our stores, as customers are becoming increasingly comfortable returning to in person shopping. The strong sales gains on both a one and two year basis combined with the shift back to our historical channel mix following elevated online spending in 2020, fueled a dramatic increase in first quarter profitability. We are very pleased with our start to 2021 and are optimistic that we can maintain our positive momentum over the remainder of the year. With our strong balance sheet and differentiated strategies, we are well positioned to add to our global market share and return increased value to our shareholders over the long-term.”

May 2021 Sales
Net sales for the four-week period ended May 29, 2021 increased 42.4% compared to the four-week period ended May 30, 2020 and increased 30.5% compared to the four-week period ended June 1, 2019.

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 second quarter or the year.

Conference call Information
A conference call will be held today to discuss first quarter fiscal 2021 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 7239969.

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 May 29, 2021, we operated 723 stores, including 602 in the United States, 52 in Canada, 54 in Europe and 15 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 January 30, 2021 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
  May 1, 2021 % of Sales  May 2, 2020 % of Sales
Net sales $279,069 100.0% $137,772  100.0%
Cost of goods sold  175,900 63.0%  114,036  82.8%
Gross profit  103,169 37.0%  23,736  17.2%
Selling, general and administrative expenses  68,889 24.7%  51,584  37.4%
Operating profit (loss)  34,280 12.3%  (27,848) (20.2%)
Interest income, net  975 0.3%  1,074  0.8%
Other income, net  254 0.1%  106  0.0%
Earnings (loss) before income taxes  35,509 12.7%  (26,668) (19.4%)
Provision for (benefit from) income taxes  9,124 3.2%  (5,567) (4.1%)
Net income (loss) $26,385 9.5% $(21,101) (15.3%)
Basic earnings (loss) per share $1.05   $(0.84)  
Diluted earnings (loss) per share $1.03   $(0.84)  
Weighted average shares used in computation of earnings (loss) per share:        
Basic  25,167    25,040   
Diluted  25,676    25,040   

(In thousands)
  May 1, 2021 January 30, 2021 May 2, 2020
  (Unaudited)   (Unaudited)
Current assets      
Cash and cash equivalents $81,503 $73,622 $63,731 
Marketable securities  318,888  301,920  153,494 
Receivables  20,481  16,558  16,837 
Inventories  136,498  134,354  136,354 
Prepaid expenses and other current assets  9,481  8,823  5,179 
Total current assets  566,851  535,277  375,595 
Fixed assets, net  96,004  98,352  109,573 
Operating lease right-of-use assets  259,790  267,152  285,416 
Goodwill  61,307  61,470  56,706 
Intangible assets, net  15,996  16,029  14,366 
Deferred tax assets, net  6,168  9,927  11,206 
Other long-term assets  11,688  10,157  8,571 
Total long-term assets  450,953  463,087  485,838 
Total assets $1,017,804 $998,364 $861,433 
Liabilities and Shareholders’ Equity      
Current liabilities      
Trade accounts payable $75,610 $69,751 $49,497 
Accrued payroll and payroll taxes  24,784  27,911  13,173 
Income taxes payable  3,698  6,317  4,430 
Operating lease liabilities  67,433  66,993  70,584 
Other liabilities  21,721  24,480  19,197 
Total current liabilities  193,246  195,452  156,881 
Long-term operating lease liabilities  238,553  246,123  269,608 
Other long-term liabilities  4,224  4,193  3,790 
Total long-term liabilities  242,777  250,316  273,398 
Total liabilities  436,023  445,768  430,279 
Shareholders’ equity      
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding       
Common stock, no par value, 50,000 shares authorized; 25,780 shares issued and
outstanding at May 1, 2021, 25,599 shares issued and outstanding at January 30,
2021, and and 25,431 shares issued and outstanding at May 1, 2021
  174,921  171,628  163,349 
Accumulated other comprehensive income (loss)  446  939  (14,896)
Retained earnings  406,414  380,029  282,701 
Total shareholders’ equity  581,781  552,596  431,154 
Total liabilities and shareholders’ equity $1,017,804 $998,364 $861,433 

(In thousands)
  Three Months Ended
  May 1, 2021 May 2, 2020
Cash flows from operating activities:    
Net income (loss) $26,385  $(21,101)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation, amortization and accretion  5,889   6,096 
Noncash lease expense  15,968   14,996 
Deferred taxes  4,063   (4,856)
Stock-based compensation expense  1,740   1,556 
Impairment of long-lived assets  2,079   1,514 
Other  (246)  (173)
Changes in operating assets and liabilities:    
Receivables  (2,019)  1,918 
Inventories  (1,813)  (2,031)
Prepaid expenses and other assets  (2,098)  4,354 
Trade accounts payable  5,796   1,074 
Accrued payroll and payroll taxes  (3,141)  (10,423)
Income taxes payable  (3,690)  (1,078)
Operating lease liabilities  (18,776)  (6,948)
Other liabilities  (3,212)  (2,440)
Net cash provided by (used in) operating activities  26,925   (17,542)
Cash flows from investing activities:    
Additions to fixed assets  (2,825)  (2,504)
Purchases of marketable securities and other investments  (60,692)  (9,106)
Sales and maturities of marketable securities and other investments  42,249   54,344 
Net cash (used in) provided by investing activities  (21,268)  42,734 
Cash flows from financing activities:    
Proceeds from issuance and exercise of stock-based awards  2,039   428 
Payments for tax withholdings on equity awards  (486)  (93)
Common stock repurchased     (13,417)
Net cash provided by (used in) financing activities  1,553   (13,082)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash  766   (853)
Net increase (decrease) in cash, cash equivalents, and restricted cash  7,976   11,257 
Cash, cash equivalents, and restricted cash, beginning of period  80,690   58,991 
Cash, cash equivalents, and restricted cash, end of period $88,666  $70,248 
Supplemental disclosure on cash flow information:    
Cash paid during the period for income taxes $8,738  $343 
Accrual for purchases of fixed assets  553   1,976 

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

Investor Contact:
Brendon Frey
(203) 682-8200