Zumiez Zooms Past Estimates

The retailer gives a forecast for the current year that tops expectations.
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(ZUMZ) - Get Report

posted a 67% rise in fourth-quarter earnings, beating analysts' target, and the retailer also gave a forecast for the current year that topped Wall Street's projection.

The company, a seller of action sports-related apparel, reported fourth-quarter earnings of $11.3 million, or 39 cents a share, up from $6.8 million, or 23 cents a share, a year earlier. The results beat Wall Street's forecast of 36 cents, based on a Thomson Financial survey.

Sales jumped 49% to $112.4 million from $75.4 million, while same-store sales increased 12%. Analysts expected sales of $111.1 million.

For the current fiscal year, Zumiez sees earnings of 94 cents to 96 cents a share. Analysts, on average, project earnings of 92 cents a share.

"We remain on track to open 50 new stores in fiscal 2007, and are excited about our growth prospects for the coming year and beyond," said President and CEO Rick Brooks.

Zumiez currently operates 238 stores, primarily located in shopping malls.

The company's shares were adding $1.04, or 2.9%, to $37.25 in after-hours trading.