Despite the sales growth, Zumiez reported a net loss of $17.6 million, or $0.91 per share, for the first six months of fiscal 2024, though this represented an improvement from the $26.9 million net loss, or $1.40 per share, recorded in the same period of fiscal 2023, the company said in a press release.
Zumiez reported a 2.7 per cent increase in net sales for H1 FY24, totaling $387.6 million, aided by a retail calendar shift.
Despite a net loss of $17.6 million, it improved from last year’s $26.9 million loss.
Q2 FY24 saw an 8.1 per cent sales rise to $210.2 million and a reduced net loss of $0.8 million, compared to $8.5 million last year.
For the second quarter of fiscal 2024 (Q2 FY24), Zumiez reported even stronger results. Net sales for the 13 weeks ended August 3, 2024, increased by 8.1 per cent to $210.2 million, up from $194.4 million in the same quarter the previous year. Comparable sales for Q2 FY24 grew by 3.6 per cent. The retail calendar shift positively impacted the quarter’s net sales growth by approximately 530 basis points.
Zumiez also reported a significant reduction in losses for the quarter. The net loss for Q2 FY24 was $0.8 million, or $0.04 per share, compared to a net loss of $8.5 million, or $0.44 per share, in the second quarter of the prior fiscal.
“We experienced a noticeable acceleration in our sales trend as the second quarter unfolded, with July North America comparable sales increasing in the high-single digits. The work our merchandise teams have done refining our apparel and footwear assortments combined with enhanced customer engagement tactics from our in-store and online sales associates led to better than expected second quarter results and a strong back-to-school season in North America,” said Rick Brooks, chief executive officer of Zumiez.
Fibre2Fashion News Desk (DP)
