Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.
Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.#
“We came into fiscal 2020 in a strong financial position and the new year was off to a good start with first quarter sales and earnings tracking ahead of expectations through early-March,”
Rick Brooks, chief executive officer of Zumiez, said in a press release.
Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.#
Gross profit for the quarter were $23.7 million ($66.46 million). Selling, general and administrative expenses were $51.5 million ($65.4 million). Company reported an operating loss of $27.8 million compared to operating profit of 0.9 million in same period prior year.
Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.#
“Following the
outbreak of Covid-19 we closed all of our stores in accordance with state and local guidelines to protect the health and safety of our customers, employees and the communities in which we operate,” Brooks said.
Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.#
The company ended the first quarter with 65 of its 719 stores open.
Zumiez Inc, a specialty retailer of apparel, footwear and accessories for young men and women, reported 35.3 per cent sales decline to $137.8 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $212.9 million in same period prior year. Company reported a net loss of $21.1 million compared to net income of $0.79 million in Q1 FY19.#
Zumiez also reported its total net sales decreased 8.6 per cent for the four-week period ended May 30, 2020 compared to an increase of 2.6 per cent for the four-week period ended June 1, 2019 primarily based on closures continuing into May with some areas not expected to open until June, offset by better than expected results in stores open and company’s e-commerce demand.
Fibre2Fashion News Desk (JL)
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