Rick Brooks led Zumiez Inc, a leading specialty retailer of action sports apparel reported an 11.6 per cent year on year hike in net sales for the third quarter ended November 1, 2014.
Total net sales for the third quarter of 2014 surged 11.6 per cent to $213.3 million from $191.1 million in the third quarter ended November 2, 2013.
Comparable sales rose 3.7 per cent as against 1.5 per cent for the thirteen weeks ended November 2, 2013.
Net income at Zumiez in the reporting quarter zoomed to 32.6 per cent to $15.7 million, or $0.54 per diluted share from $11.9 million, or $0.39 per diluted share in the prior year third quarter.
“The results for period under review include costs of approximately $0.6 million, or $0.02 per diluted share, for charges associated with the acquisition of Blue Tomato,” the retailer explained.
Zumiez CEO Rick Brooks said, "We delivered double digit earnings growth in the third quarter driven by higher than expected sales along with lower than planned operating expenses.”
As on November 1, 2014, it had cash and current marketable securities of $108.7 million compared to cash and current marketable securities of $94.2 million at November 2, 2013.
According to Zumiez, the increase in cash and current marketable securities is a result of cash generated through operations, partially offset by capital expenditures and stock repurchases.
“We are optimistic about our growth prospects this holiday season and more importantly over the long-term," Brooks added
