Action sportswear and footwear retailer Zumiez has reported a 22.1% rise in fourth-quarter net profit, boosted by double-digit sales growth, but forecasts a weaker first-quarter performance.
Net income reached $22.9 million for the three months to February 2, compared to $18.7 million the prior year. Net sales also jumped 22.1% to $224.4 million from $183.9 million the same period last year, while comparable store sales edged down 1%.
“We are pleased with the quality of our fourth-quarter results,” said CEO Rick Brooks.
“Our ability to deliver better-than-expected sales and earnings underscores the strength of our business model which is rooted in a diverse branded merchandising strategy, highly differentiated shopping experience, and unique culture.”
Looking forward to the first quarter, the company said it expects net sales to range from $141 million to $144 million, resulting in net income of $0.04 to $0.07 per share, down from the $0.74 it reported in the fourth quarter.
It plans to open around 60 new stores in fiscal 2013, including up to ten in Canada and six in Europe.
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