Zumiez Inc. (NASDAQ:ZUMZ) announced on Monday that it expects its revenue and earnings per share in the fourth quarter 2023 to come in at the low end of its past guidance following weaker-than-expected holiday sales.
The specialty apparel retailer said total net sales fell 4.4% year over year for the nine-week period ended December 30, 2023, while comparable sales decreased 5.9%, as the company cited unseasonably warm weather in many parts of the US along with minimal snowfall in key winter sports regions.
"After an encouraging start to the holiday season relative to trends earlier in the year, sales decelerated after the Black Friday / Cyber Monday weekend in the weeks leading up to Christmas,” Zumiez CEO Rick Brooks said in a statement.
"While the adjustments we’ve made to our merchandise assortments have positively impacted high demand shopping days, it hasn’t been enough to offset sustained periods of softer than normal traffic patterns," he added.
Zumiez had previously guided for 4Q sales of $275 million to $281 million and $0.24 to $0.34 per share in earnings.
Shares of Zumiez slipped 3.3% to $18.15 in midday trading on Tuesday.