American retailer Zumiez's net sales at $177.4 mn in Q1 FY24

08 Jun '24

2 min read

American retailer Zumiez's net sales at $177.4 mn in Q1 FY24

Pic: Zumiez

Insights

Zumiez reported Q1 FY24 net sales of $177.4 million, a 3 per cent decrease from last year.
The net loss was $16.8 million ($0.86 per diluted share), compared to $18.4 million ($0.96 per share) in the prior fiscal's first quarter.
For Q2 FY24, Zumiez projects net sales between $199 and $204 million, with a loss per share expected between $0.30 and $0.40.

Zumiez Inc, a leading specialty retailer of apparel, footwear, and accessories, has reported net sales of $177.4 million in the first quarter of fiscal 2024 (Q1 FY24), a decrease of 3 per cent compared to $182.9 million in the same period last year.

The net loss for the first quarter was $16.8 million, or $0.86 loss per diluted share, compared to a net loss of $18.4 million, or $0.96 loss per diluted share, in the first quarter of the prior fiscal, the company said in its Q1 FY24 results.

Zumiez has introduced its guidance for the second quarter of fiscal 2024, ending August 3, 2024. The company projects net sales to be in the range of $199 to $204 million. The loss per share is expected to be between $0.30 and $0.40.

“Fiscal 2024 is off to an encouraging start as we once again achieved sequential improvement in our year-over-year quarterly sales trends and both top and bottom-line results exceeded our initial outlook for the quarter. The results were driven by our North American region which inflected positive in the first quarter. At the same time, our focus on improving full priced selling in Europe helped expand merchandise margins, which more than offset expense deleverage and fuelled enhanced operating performance versus a year ago, even as overall sales remained under pressure,” said Rick Brooks, chief executive officer of Zumiez.

Fibre2Fashion News Desk (DP)

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