Zumiez Inc. (ZUMZ) is plummeted 5.30% in the pre-market trading session at the price of $37.5 after the release of fiscal 2021 second-quarter financial results. ZUMZ is a leading specialty retailer of apparel, footwear, accessories, streetwear, and other unique lifestyles goods. Their designed products are for young men and women who want to express their uniqueness through fashion, music, art, and culture.
ZUMZ Announced Fiscal 2021 Second Quarter Results
On 9th September 2021, ZUMZ announced results for the second quarter ended 31st July 2021. Chief Executive Officer of Zumiez, Rick Brooks, remarked that their second-quarter performance reflected the sustained success of their business over the past few years. They witnessed solid growth after the reopening of their stores in the second quarter of last year. Their teams did a superb job to fulfill robust demand for their distinct merchandise offering. Their third quarter drove by a more normalized back-to-school shopping season. They believe the flexibility of their business model provides them with the key comeback-to-schools that will leverage to maintain positive momentum. With their strong balance sheet and differentiated strategies, they are well-positioned to increase their global market share and add more value to their shareholders, he added.
Second Quarter 2021 Financial Summary
ZUMZ reported net sales of $268.7 million for the second quarter ended 31st July 2021. It represents a rise of 7.3% from $250.4 million in the second quarter ended 1st August 2020. Second-quarter 2021 net sales increased 17.6% compared to the second quarter ended 3rd August 2019. Net income was $24.0 million, or $0.94 per diluted share, in the second quarter of fiscal 2021. It was $25.4 million, or $1.01 per diluted share, in the second quarter of fiscal 2020. Net income for the second quarter of 2019 was $9.0 million or $0.36 per diluted share. The second quarter of 2021 net income was negatively affected by $2.8 million or $0.08 per diluted share due to the conditional settlement of a California class-action lawsuit.
ZUMZ reported net sales of $547.7 million for the six months ended 31st July 2021. It represents an increase of 41.1% from $388.2 million for the six months ended 1st August 2020. Compared to the first six months ended 3rd August 2019, net sales were 24.1% up. Net income was $50.4 million, or $1.96 per diluted share, for the first six months of 2021. For the first six months of fiscal 2020, net income was $4.3 million or $0.17 per diluted share.
