US specialty retailer Zumiez posts Q1 FY21 sales of $279 mn09

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Zumiez, a US-based specialty retailer of apparel, footwear and accessories, has reported 102.6 per cent sales increase to $279.1 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the sales of $137.8 million in the corresponding period of previous fiscal. The company’s net income rose to $26.4 million (Q1 FY20: loss $21.1 million).

“After demonstrating great resiliency during the height of the pandemic, our business has exceeded pre-Covid levels even as a portion of our global store fleet remains closed. Our performance amidst very challenging conditions over the past year, and more recently as the operating environment has improved, underscores our market leading position and the strength of our business model,” the company said in a press release.

“Sales trends accelerated as the first quarter progressed driven by our ability to capture meaningful share of the heightened discretionary spending in the US related to government stimulus, especially in our stores, as customers are becoming increasingly comfortable returning to in person shopping,” the company added.

Gross profit for Q1 FY21 was $103.1 million ($23.7 million), while selling, general and administrative expenses was $68.8 million ($51.5 million). The company’s operating profit was $34.3 million (loss: $27.8 million).

“We are very pleased with our start to 2021 and are optimistic that we can maintain our positive momentum over the remainder of the year. With our strong balance sheet and differentiated strategies, we are well positioned to add to our global market share and return increased value to our shareholders over the long-term,” the company concluded in the release.

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