Zumiez Inc reported a 3% decrease in net sales to $177.4 million in the first quarter of fiscal 2024 compared to the same period last year. The company also disclosed a net loss of $16.8 million, or $0.86 loss per diluted share, in Q1 FY24, an improvement from a net loss of $18.4 million in the previous fiscal year’s first quarter.
Zumiez released guidance for Q2 fiscal 2024, predicting net sales between $199-$204 million. Expected loss per share is $0.30-$0.40.
In Fiscal 2024, Zumiez saw a positive start with sales trends exceeding expectations. North America experienced growth while Europe improved full priced selling. Despite sales pressure, merchandise margins expanded, offsetting expense deleverage. CEO Rick Brooks credited the strong performance to these factors, leading to enhanced operating performance compared to the previous year. Overall, Zumiez is optimistic about their progress in the new fiscal year.
