UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of |
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(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
At August 31, 2023, there were
ZUMIEZ INC.
FORM 10-Q
TABLE OF CONTENTS
Part I. |
Financial Information |
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Item 1. |
Condensed Consolidated Financial Statements |
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Condensed Consolidated Balance Sheets at July 29, 2023 (unaudited) and January 28, 2023 |
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4 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
33 |
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Item 4. |
33 |
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Part II. |
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Item 1. |
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Item 1A. |
34 |
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Item 2. |
34 |
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Item 3. |
34 |
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Item 4. |
34 |
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Item 5. |
34 |
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Item 6. |
35 |
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36 |
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2
ZUMIEZ INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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July 29, 2023 |
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January 28, 2023 |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
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$ |
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Marketable securities |
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Receivables |
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Inventories |
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Prepaid expenses and other current assets |
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Total current assets |
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Fixed assets, net |
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Operating lease right-of-use assets |
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Goodwill |
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Intangible assets, net |
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Deferred tax assets, net |
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Other long-term assets |
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Total long-term assets |
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Total assets |
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$ |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Trade accounts payable |
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$ |
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$ |
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Accrued payroll and payroll taxes |
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Operating lease liabilities |
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Other liabilities |
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Total current liabilities |
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Long-term operating lease liabilities |
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Other long-term liabilities |
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Total long-term liabilities |
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Total liabilities |
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Shareholders’ equity |
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Preferred stock, par value, |
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Common stock, par value, |
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Accumulated other comprehensive loss |
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Retained earnings |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements
3
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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July 29, 2023 |
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July 30, 2022 |
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July 29, 2023 |
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July 30, 2022 |
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Net sales |
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$ |
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$ |
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$ |
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$ |
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Cost of goods sold |
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Gross profit |
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Selling, general and administrative expenses |
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Operating (loss) profit |
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Interest income, net |
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Other income (expense), net |
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(Loss) earnings before income taxes |
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( |
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(Benefit from) provision for income taxes |
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Net (loss) income |
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$ |
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$ |
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$ |
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$ |
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Basic (loss) earnings per share |
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$ |
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$ |
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$ |
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$ |
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Diluted (loss) earnings per share |
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$ |
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$ |
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$ |
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$ |
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Weighted average shares used in computation of (loss) earnings per share: |
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Basic |
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Diluted |
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See accompanying notes to condensed consolidated financial statements
4
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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July 29, 2023 |
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July 30, 2022 |
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July 29, 2023 |
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July 30, 2022 |
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Net (loss) income |
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$ |
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$ |
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$ |
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$ |
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Other comprehensive income (loss), net of tax and reclassification adjustments: |
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Foreign currency translation |
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Net change in unrealized gain (loss) on available-for-sale debt securities |
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Other comprehensive income (loss), net |
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Comprehensive loss |
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$ |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements
5
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands)
(Unaudited)
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Common Stock |
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Accumulated |
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Retained |
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Shares |
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Amount |
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Loss |
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Earnings |
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Total |
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Balance at April 29, 2023 |
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$ |
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$ |
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$ |
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$ |
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Net loss |
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— |
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— |
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— |
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Other comprehensive income, net |
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— |
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— |
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— |
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Issuance and exercise of stock-based awards |
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— |
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— |
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— |
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— |
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Stock-based compensation expense |
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— |
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— |
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— |
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Balance at July 29, 2023 |
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$ |
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$ |
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$ |
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$ |
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Common Stock |
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Accumulated |
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Retained |
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Shares |
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Amount |
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Loss |
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Earnings |
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Total |
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Balance at April 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Other comprehensive loss, net |
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— |
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— |
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— |
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Issuance and exercise of stock-based awards |
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( |
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— |
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— |
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Stock-based compensation expense |
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— |
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— |
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— |
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Balance at July 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Common Stock |
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Accumulated |
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Retained |
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Shares |
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Amount |
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Loss |
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Earnings |
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Total |
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Balance at January 28, 2023 |
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$ |
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$ |
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$ |
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$ |
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Net loss |
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— |
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— |
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— |
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( |
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Other comprehensive income, net |
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— |
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— |
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— |
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Issuance and exercise of stock-based awards |
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— |
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— |
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Stock-based compensation expense |
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— |
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— |
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— |
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Balance at July 29, 2023 |
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$ |
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$ |
( |
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$ |
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$ |
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Common Stock |
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Accumulated |
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Retained |
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Shares |
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Amount |
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Loss |
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Earnings |
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Total |
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Balance at January 29, 2022 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Other comprehensive loss, net |
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— |
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— |
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— |
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Issuance and exercise of stock-based awards |
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— |
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— |
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Stock-based compensation expense |
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— |
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— |
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— |
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Repurchase of common stock |
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— |
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— |
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Balance at July 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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See accompanying notes to condensed consolidated financial statements
6
ZUMIEZ INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
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Six Months Ended |
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July 29, 2023 |
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July 30, 2022 |
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Cash flows from operating activities: |
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Net (loss) income |
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$ |
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$ |
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Adjustments to reconcile net (loss) income to net cash used in operating activities: |
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Depreciation, amortization and accretion |
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Noncash lease expense |
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Deferred taxes |
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Stock-based compensation expense |
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Impairment of long-lived assets |
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Other |
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Changes in operating assets and liabilities: |
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Receivables |
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Inventories |
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Prepaid expenses and other assets |
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Trade accounts payable |
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Accrued payroll and payroll taxes |
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Income taxes payable |
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( |
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( |
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Operating lease liabilities |
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( |
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( |
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Other liabilities |
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( |
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( |
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Net cash used in operating activities |
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Cash flows from investing activities: |
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Additions to fixed assets |
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Purchases of marketable securities and other investments |
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