fourth-quarter earnings shot up 59% from a year ago on huge same-store sales growth. The extreme-sports outfitter also offered solid guidance for the current year and split its stock, two shares for for one.
Zumiez earned $6.8 million, or 47 cents a share, in the quarter, compared with $4.2 million, or 32 cents a share, a year ago. Analysts surveyed by Thomson First Call were forecasting earnings of 46 cents a share in the most recent quarter.
Fourth-quarter sales rose 42% from last year to $75.4 million, roughly matching estimates. Same-store sales rose 20.7%, year over year.
Zumiez' shares are up 25% this year and more than 160% since their initial offering price in May 2005. The company has been in the sweet spot of teen fashion, capitalizing on tastes for skate and surf gear while goth emporia like
"While we plan for low to mid single-digit comp store sales, our 2005 actual comparable store sales increase of 14.2% shows that we have the ability to drive sales beyond our plan with our flexible merchandising strategy," Zumiez said. "We were pleased to open 35 new stores in 2005 and feel very good about our expansion plans for 2006 and beyond." The company plans to open 42 new stores this year.
For fiscal 2006, Zumiez pegged earnings at $1.22 a share, including its stock-options expense. The First Call consensus, which usually excludes options, is for earnings of $1.19 a share.