Form 8-K
0001318008 False 0001318008 2023-09-07 2023-09-07 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):  September 7, 2023


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 September 7, 2023, Zumiez Inc. issued a press release (the "Press Release") reporting its financial results for the second quarter ended July 29, 2023, 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 September 7, 2023
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: September 7, 2023By: /s/ Richard M. Brooks        
  Richard M. Brooks
  Chief Executive Officer




Zumiez Inc. Announces Fiscal 2023 Second Quarter Results

LYNNWOOD, Wash., Sept. 07, 2023 (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 second quarter ended July 29, 2023.

Net sales for the second quarter ended July 29, 2023 (13 weeks) decreased 11.6% to $194.4 million from $220.0 million in the second quarter ended July 30, 2022 (13 weeks). Net loss in the second quarter of fiscal 2023 was $8.5 million, or $0.44 per diluted share, compared to net income of $3.1 million, or $0.16 per diluted share, in the second quarter of the prior fiscal year.

Total net sales for the six months (26 weeks) ended July 29, 2023 decreased 14.4% to $377.3 million from $440.7 million reported for the six months (26 weeks) ended July 30, 2022. Net loss for the first six months of fiscal 2023 was $26.9 million, or $1.40 per diluted share, compared to net income for the first six months of fiscal 2022 of $2.7 million, or $0.14 per diluted share.

At July 29, 2023, the Company had cash and current marketable securities of $140.0 million compared to cash and current marketable securities of $166.2 million at July 30, 2022. The decrease was primarily driven by capital expenditures.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “While our North American business remains under pressure, second quarter sales trends improved month-to-month and our year-over-year top-line performance was meaningfully better compared with the first quarter. With continued headwinds facing consumer discretionary spending combined with a heightened promotional marketplace, we are pleased with the progress we’ve made positioning our business for the second half of 2023. The back-to-school season, which is historically a good indicator for holiday demand, is continuing to show improvement from the last few quarters. Despite the challenges year-to-date, we are confident that the global consumer centric operating model we have built and refined over the past four decades will continue to deliver great long-term value for our shareholders.”

Third Quarter To-Date
Total third quarter-to-date sales for the 37 days ending September 4, 2023 decreased 7.7%, compared with the same 37-day time period in the prior year ended September 5, 2022. Total comparable sales for the 37-day period ending September 4, 2023 were down 8.6% from the comparable period in the prior year.

Fiscal 2023 Third Quarter Outlook
The Company is introducing guidance for the three months ending October 28, 2023. Net sales are projected to be in the range of $211 to $216 million. Consolidated operating margins are expected to between negative 1.5% and negative 2.5% resulting in a loss per diluted share of approximately $0.15 to $0.25.  

The Company currently intends to open approximately 19 new stores in fiscal 2023, including up to 5 stores in North America, 10 stores in Europe and 4 stores in Australia.

Conference call Information
To access the conference call, please pre-register using this link (registration link). Registrants will receive confirmation with dial-in details. The conference call will also be available to interested parties through a live webcast at To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at

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 August 26, 2023, we operated 761 stores, including 609 in the United States, 49 in Canada, 81 in Europe and 22 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 28, 2023 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
  July 29, 2023 % of Sales July 30, 2022
 % of Sales
Net sales $194,438  100.0% $219,993  100.0%
Cost of goods sold  132,760  68.3%  144,929  65.9%
Gross profit  61,678  31.7%  75,064  34.1%
Selling, general and administrative expenses  72,171  37.1%  70,109  31.8%
Operating (loss) profit  (10,493) -5.4%  4,955  2.3%
Interest income, net  775  0.4%  358  0.1%
Other income, net  423  0.2%  233  0.1%
(Loss) earnings before income taxes  (9,295) -4.8%  5,546  2.5%
(Benefit from) provision for income taxes  (786) -0.4%  2,479  1.1%
Net (loss) income $(8,509) -4.4% $3,067  1.4%
Basic (loss) earnings per share $(0.44)   $0.16   
Diluted (loss) earnings per share $(0.44)   $0.16   
Weighted average shares used in computation of (loss) earnings per share:        
Basic  19,311     19,084   
Diluted  19,311     19,262   
  Six Months Ended
  July 29, 2023 % of Sales July 30, 2022
 % of Sales
Net sales $377,325  100.0% $440,679  100.0%
Cost of goods sold  266,290  70.6%  293,242  66.5%
Gross profit  111,035  29.4%  147,437  33.5%
Selling, general and administrative expenses  142,881  37.8%  141,985  32.3%
Operating (loss) profit  (31,846) -8.4%  5,452  1.2%
Interest income, net  1,632  0.4%  850  0.2%
Other (expense) income, net  (118) 0.0%  405  0.1%
(Loss) earnings before income taxes  (30,332) -8.0%  6,707  1.5%
(Benefit from) provision for income taxes  (3,441) -0.9%  4,037  0.9%
Net (loss) income $(26,891) -7.1% $2,670  0.6%
Basic (loss) earnings per share $(1.40)   $0.14   
Diluted (loss) earnings per share $(1.40)   $0.14   
Weighted average shares used in computation of (loss) earnings per share:           
Basic  19,254     19,308   
Diluted  19,254     19,592   

(In thousands)
  July 29, 2023 January 28, 2023 July 30, 2022
  (Unaudited)   (Unaudited)
Current assets      
Cash and cash equivalents $57,854  $81,503  $59,144 
Marketable securities  82,128   91,986   107,036 
Receivables  23,910   20,613   24,201 
Inventories  156,654   134,824   151,071 
Prepaid expenses and other current assets  14,523   11,252   14,053 
Total current assets  335,069   340,178   355,505 
Fixed assets, net  94,193   93,746   91,196 
Operating lease right-of-use assets  221,538   222,240   228,243 
Goodwill  56,889   56,566   54,017 
Intangible assets, net  14,409   14,443   13,679 
Deferred tax assets, net  12,161   8,205   6,546 
Other long-term assets  11,575   12,525   11,425 
Total long-term assets  410,765   407,725   405,106 
Total assets $745,834  $747,903  $760,611 
Liabilities and Shareholders’ Equity      
Current liabilities      
Trade accounts payable $69,773  $40,379  $72,915 
Accrued payroll and payroll taxes  14,608   16,321   16,970 
Operating lease liabilities  66,087   65,460   67,411 
Other liabilities  19,312   23,649   23,951 
Total current liabilities  169,780   145,809   181,247 
Long-term operating lease liabilities  184,439   188,835   196,073 
Other long-term liabilities   6,191   5,931   4,995 
Total long-term liabilities  190,630   194,766   201,068 
Total liabilities  360,410   340,575   382,315 
Shareholders’ equity      
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding         
Common stock, no par value, 50,000 shares authorized; 19,809 shares issued and outstanding at July 29, 2023, 19,489 shares issued and outstanding at January 28, 2023, and 19,474 shares issued and outstanding at July 30, 2023  192,169   188,418   184,619 
Accumulated other comprehensive loss  (18,557)  (19,793)  (26,662)
Retained earnings  211,812   238,703   220,339 
Total shareholders’ equity  385,424   407,328   378,296 
Total liabilities and shareholders’ equity $745,834  $747,903  $760,611 

(In thousands)
  Six Months Ended
  July 29, 2023 July 30, 2022
Cash flows from operating activities:    
Net (loss) income $(26,891) $2,670 
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation, amortization and accretion  10,881   10,598 
Noncash lease expense  34,380   33,040 
Deferred taxes  (4,060)  3,035 
Stock-based compensation expense  3,476   3,513 
Impairment of long-lived assets  338   65 
Other  84   (115)
Changes in operating assets and liabilities:    
Receivables  (1,113)  (5,496)
Inventories  (21,721)  (24,671)
Prepaid expenses and other assets  (3,807)  (3,946)
Trade accounts payable  30,150   17,084 
Accrued payroll and payroll taxes  (1,676)  (13,958)
Income taxes payable  (1,044)  (4,128)
Operating lease liabilities  (38,783)  (37,239)
Other liabilities  (4,480)  (4,611)
Net cash used in operating activities  (24,266)  (24,159)
Cash flows from investing activities:    
Additions to fixed assets  (11,879)  (10,253)
Purchases of marketable securities and other investments  (1,850)  (1,914)
Sales and maturities of marketable securities and other investments  12,284   67,890 
Net cash (used in) provided by investing activities  (1,445)  55,723 
Cash flows from financing activities:    
Proceeds from revolving credit facilities  25,682   19,844 
Payments on revolving credit facilities  (25,682)  (19,844)
Proceeds from issuance and exercise of stock-based awards  460   781 
Payments for tax withholdings on equity awards  (185)  (499)
Common stock repurchased     (87,860)
Net cash provided by (used in) financing activities  275   (87,578)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash  179   (2,367)
Net decrease in cash, cash equivalents, and restricted cash  (25,257)  (58,381)
Cash, cash equivalents, and restricted cash, beginning of period  88,453   124,052 
Cash, cash equivalents, and restricted cash, end of period $63,196  $65,671 
Supplemental disclosure on cash flow information:    
Cash paid during the period for income taxes $1,520  $5,027 
Accrual for purchases of fixed assets  1,784   2,466 

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

Investor Contact:
Brendon Frey
(203) 682-8200