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Zumiez Inc. (ZUMZ) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $222.5 million for the three months ended November 2, 2024, an increase from $216.3 million in the same period the previous year. This growth was primarily driven by a comparable sales increase in North America.
Gross profit for the quarter was $78.3 million, up from $73.2 million in the previous year. The gross profit margin increased to 35.2%, reflecting improvements in product margin and store occupancy cost leverage.
Selling, general, and administrative expenses were reported at $75.9 million, up from $73.4 million in the previous year. The increase was attributed to higher incentive compensation and store costs.
Net income for the quarter was $1.2 million, or $0.06 per diluted share, compared to a net loss of $2.2 million, or $0.12 per diluted share, in the previous year. The effective income tax rate was 63.4% for the quarter.
For the nine months ended November 2, 2024, net sales were $610.0 million, compared to $593.7 million in the previous year. The increase was driven by North American sales, despite a decline in international sales.
Gross profit for the nine-month period was $202.0 million, up from $184.2 million, with a gross profit margin of 33.1%.
Selling, general, and administrative expenses for the nine months were $220.2 million, compared to $216.2 million in the previous year. The decrease in expenses as a percentage of net sales was due to reduced corporate costs and store wages.
The company reported a net loss of $16.5 million for the nine months, or $0.86 per diluted share, compared to a net loss of $29.1 million, or $1.51 per diluted share, in the previous year.
Zumiez Inc. has utilized its entire $25 million share repurchase program as of November 2, 2024, repurchasing 1,165,000 shares at an average price of $21.46 per share.
The filing also discusses ongoing litigation, including a representative action under California's Private Attorneys General Act, and notes that the company is defending itself against these claims.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zumiez Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.