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TheStreet Open House

Zumiez's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: ZUMZ

I want to point out that this is our first internal promote to our executive team in many years. This promotion reflects our core values and our focus on developing our team and talent in the organization over the past few years. I look forward to all of you getting to meet him over the next few months.

Now, let's begin with our comments. I'll begin with thoughts about back-to-school followed by highlights about Blue Tomato, and then we'll discuss the Q2 results. After that, Chris will review our financial and operating highlights for the second quarter. After our prepared remarks, we'll open the call up to your questions.

Earlier today in our press release we announced the sales result for August with a 3.7% comparable store sales growth. As we've discussed over the past couple of years, the back-to-school season continued to shift later into the season. This year is no exception. The first three weeks produced essentially flat comps followed by high concentration of sales in the final week of the period, and while the back-to-school season is not over, when all is said and done, I expect results will once again show that we are a key destination for our customers' back-to-school fashion needs. I should also point out that the first two weeks of September represent for us nearly one-third of the entire back-to-school business. At the end of August, approximately 40% of schools in our store base had yet to start the academic year.

We're not only seeing the shift in sales moving later each year, but also that the back-to-school sales are becoming a smaller portion of our annual sales, a trend we've now seen since 2009. Part of the annual decrease is offset by the strength in our non-peak season results due to the increasing speed that the omni-channel consumer can find what they are looking for and complete their purchase in real-time throughout the year.

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