Pro Content
Zumiez Inc. Announces Fiscal Q4’22 and Full Year Ended January 28, 2023 Results
Zumiez Inc. Announces Fiscal 2022 Fourth Quarter and fiscal year ended January 28, 2023 results.
Net sales for the fourth quarter ended January 28, 2023 (13 weeks) decreased 19.2% to $280.1 million from $346.7 million in the fourth quarter ended January 29, 2022 (13 weeks). Net income in the fourth quarter of fiscal 2022 was $11.4 million, or $0.59 per diluted share, compared to net income of $38.2 million, or $1.70 per diluted share, in the fourth quarter of the prior fiscal year.
Total net sales for the twelve months (52 weeks) ended January 28, 2023 decreased 19.0% to $958.4 million from $1,183.9 million reported for the twelve months (52 weeks) ended January 29, 2022. Net income for fiscal 2022 was $21.0 million, compared to net income for fiscal 2021 of $119.3 million.
At January 28, 2023, the Company had cash and current marketable securities of $173.5 million compared to cash and current marketable securities of $294.5 million at January 29, 2022. The decrease was driven by share repurchases of $87.9 million and capital expenditures of $25.6 million over this time period.
Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We concluded a challenging fiscal 2022 with fourth quarter results that were ahead of our guidance, but below year ago levels. While the operating environment has been difficult and our recent financial performance disappointing, our commitment to serving consumers with world class service and highly differentiated, sought-after merchandise, is as strong as ever and has the business positioned to recover quickly when the macroeconomic conditions improve. I am confident that the channel-less retail model and strong corporate culture we have built and evolved over Zumiez’s 45-year history and brought to Canada, Europe and Australia will continue to separate our banners from the competition and drive profitable growth for our shareholders over the long-term.”
Fiscal First Quarter-to-Date Sales
Total first quarter-to-date sales for the 35 days ended March 4, 2023 decreased 15.5%, compared with the same 35-day time period in the prior year ended March 5, 2022. Total comparable sales for the 35-day period ending March 4, 2023 decreased 16.6% from the comparable period in the prior year.
Outlook
Fiscal 2023 First Quarter Outlook
The Company is introducing guidance for the three months ending April 29, 2023. Net sales are projected to be in the range of $178 to $184 million. Earnings per share are expected to be between a loss of $0.85 and a loss of $0.95.
The Company currently intends to open approximately 23 new stores in fiscal 2023, including up to 8 stores in North America, 10 stores in Europe and 5 stores in Australia.
Read the individual updates for each Quarter of fiscal 2022 below:
