In this Friday, Dec. 28, 2012, photo, a trader works on the floor at the New York Stock Exchange in New York. Wall Street stocks tumbled on Thursday Jen. 3. 2013 after a transcript of the last meeting of the U.S. Federal Reserve unveiled a divided opinion among central bankers over how long the Fed should keep buying bonds to support the economy. (AP Photo/Seth Wenig)

Zumiez raises 4Q guidance on higher apparel sales

Published: 11:59:11 PM, Wed 06 February 2013 UTC

EVERETT, Wash. (AP) — Zumiez Inc. reported Wednesday that a key sales measure improved at its stores during January and the action-sports retailer raised its fourth quarter 2012 earnings guidance

Revenue from stores open at least a year increased 2.6 percent for the five-week period ended Feb. 2. That compares with an 11.1 percent gain in the same period last year. The sales metric is a key measure of a retailer's performance because it strips away revenue from recently opened or closed stores.

Analysts polled by Thomson Reuters were expecting the company to show a drop of 3.1 percent for the month.

Total sales the four-week period ended Jan. 28 increased 57.9 percent to $50.3 million, compared with $31.8 million for the prior-year period.

Based on the better-than-expected results the company raised its fiscal fourth-quarter net income estimate to between 65 and 66 cents per share, up from 59 to 62 cents per share. Analysts are expecting 67 cents a share, according to FactSet.

Zumiez Inc. shares rose $1.16, or 5 percent, to $23.31 in extended trading following the release of the sales numbers. They ended the regular session up $1.02, or 4.8 percent, to $22.15.

Tags: factset, thomson reuters, everett, reuters, zumiez inc., stores, cents, feb., period, income, generally accepted accounting principles, quarter, wednesday, percent, key measure, business, company, analysts, drop, wash., sales, stock market, revenue, regular session, better-than-expected results, prior-year period, percent gain, total sales, bloomberg l.p., topological space, key sales measure, four-week period, five-week period, higher apparel sales, net income estimate, zumiez inc. shares, 4q guidance, action-sports retailer, earnings guidance, sales numbers

Close
Loading

Breaking News

Abbott 'impatient' for election win

x
Close