NEW YORK (TheStreet) -- Shares of Zumiez (ZUMZ) were tanking, sharply down 11.47% to $26.33 in pre-market trading Friday, following the apparel retailer's first quarter earnings results after the market closed late yesterday.
For the first quarter, the company earned 12 cents per share on revenue of $177.6 million.
Both the top and bottom line matched analysts' estimates.
But, the action sports retailer forecast current-quarter profits below the consensus estimate.
For the second quarter, Zumiez guided for earnings of between 12 cents to 15 cents per share on revenue of between $179 million and $183 million.
Analysts on average are forecasting the company to earn 30 cents per share on revenue of $193.7 million.
In addition, Zumiez sees same-store sales falling 3% to 5% in the second quarter.
Shares closed at $29.72 in Thursday's session.
Lynnwood, Wash.-based Zumiez is a multi-channel specialty retailer of action sports related apparel, footwear, accessories and hardgoods, focusing on skateboarding, snowboarding, surfing, motocross and bicycle motocross for young men and women.
Separately, TheStreet Ratings team rates ZUMIEZ INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ZUMIEZ INC (ZUMZ) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had sub par growth in net income."