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Friday, November 30, 2012 - Page updated at 04:00 p.m.
Zumiez posts lower profit
By Amy Martinez
Seattle Times business reporter
Teen-oriented retailer Zumiez posted an 11 percent drop in its third-quarter profit Thursday, blaming weakness in Europe and modest sales in the off-season between back-to-school shopping and Christmas.
Lynnwood-based Zumiez said it also was hurt by Hurricane Sandy in early November, but it remains upbeat about the holidays, noting that sales at stores open more than a year were up for Black Friday weekend compared with a year ago.
Zumiez, which sells snowboarding and skating gear, said it made a quarterly profit of $12.7 million, or 40 cents a share, down from $14.1 million, or 45 cents, a year ago. Sales rose 17 percent to $180 million.
Zumiez said its results included $4 million in costs from its purchase of Austria-based retailer Blue Tomato, as well as $500,000 in costs related to its headquarters move to Lynnwood from Everett.
The company operates 474 stores in the United States, 20 in Canada and eight in Europe.
Zumiez, which released its results after the markets closed, saw its shares fall 7 percent to $19.30 in extended trading Thursday. The stock ended the regular session down 35 cents to $20.75.
Amy Martinez: 206-464-2923 or email@example.com