Washington-based clothing retailer Zumiez Inc. (NASDAQ:ZUMZ) swung to a narrower-than-expected first-quarter loss Thursday as sales improved.
Zumiez reported a first-quarter April 2018 loss of US$0.10 per share on revenue of US$206.3mln. The consensus estimate was a loss of US$0.12 per share on revenue of US$199.3 million.
Revenue grew 13.9% on a year-over-year basis. Comparable-store sales increased 8.3%, compared with a comparable-store sales increase of 1.8% a year ago.
“The strong top-line momentum we achieved in 2017 accelerated during the first quarter fueled by the strength of our assortments and the seamless shopping experience we’ve created for consumers who interact with our brand,’ said Zumiez Inc. CEO Rick Brooks.
“With comparable sales increasing 8.3%, we generated significant expense leverage and dramatically improved our bottom line performance year-over-year,” he added.
Guides higher
The multi-channel specialty retailer said it expects second-quarter earnings of US$0.04 to US$0.09 per share on revenue of US$213mln to US$217mln.
The current consensus estimate is for breakeven results on revenue of $200.9 million for the quarter ending July 31, 2018.
Shares of Zumiez Inc. surged 11% late Thursday after it came out with its earnings, but traded only slightly higher at $US27.20 midday Friday.