The seller of action sports-related goods said Monday that its same-store sales, or sales at stores open at least a year, rose 3.9% for the five-week period ended Jan. 5. Total sales increased 15% to $72 million.
Based on these results, Zumiez now predicts earnings of 82 cents to 83 cents a share for the fiscal year, down from its prior guidance of 92 cents to 94 cents a share. That prior outlook was already lowered in November from Zumiez's earlier targets.
Analysts polled by Thomson Financial projected earnings of 93 cents a share for the year. Last year, Zumiez recorded a profit of 73 cents a share.
"While we were pleased to again report positive comparable store sales in December against a very tough comparison, we fell short of our expectations for the month," said Chairman and CEO Rick Brooks in a statement. "Although holiday sales were positive, we did not experience the across the board strength that we had planned for."
Zumiez is considered a high-growth retailer that prior to recent bumps had consistently posted double-digit gains in monthly same-store sales. In the prior year, December same-store sales jumped 11.5%.
The company's shares, however, have plunged 65% since reaching a 52-week high of $53.99 in October as sales have slowed and investors fret about a slowdown in consumer spending.
The stock recently was down $1.26, or 6.7%, to $17.39.
This article was written by a staff member of TheStreet.com.