Q3 2024 Zumiez Inc Earnings Call Transcript
Key Points
- Zumiez Inc (ZUMZ) reported a 7.5% increase in comparable sales for the third quarter, driven by strong performance in North America.
- The men's category showed positive momentum, growing year-over-year for the fourth consecutive quarter.
- The women's category experienced strong double-digit growth year-over-year in Q2 and continued to accelerate in Q3.
- Zumiez Inc (ZUMZ) reached the high end of its guidance range for earnings at $0.06 per share.
- Private label sales have grown significantly, representing over 27% of total sales year-to-date in 2024.
- International sales declined, with Europe facing challenges due to unfavorable weather impacting snow-related apparel demand.
- The hardgoods category was the largest negative comping category, followed by accessories.
- The shift in the retail calendar negatively impacted net sales growth by approximately 510 basis points during the third quarter.
- SG&A expenses increased as a percentage of net sales, partly due to increased incentive compensation.
- Zumiez Inc (ZUMZ) plans to close approximately 31 underperforming North American locations in 2024, indicating challenges in certain markets.
Good afternoon, ladies and gentlemen, and welcome to the Zumiez Inc., third-quarter fiscal 2024 earnings conference call. (Operator Instructions)
Before we begin, I'd like to remind everyone of the company's safe harbor language. Today's conference call includes comments concerning Zumiez Inc., business outlook and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call that are not based on historical facts are subject to risks and uncertainties. Actual results may differ materially.
Additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez Inc.'s filings with the SEC.
At this time, I'll turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks?
Hello, and thank you, everyone, for joining us on the call today. With me is Chris Work, our Chief Financial Officer.
I'll
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