According to the Houston Chronicle William M. Barnum Jr., a director of Zumiez Inc. just bought 54,937 shares of Zumiez.
In a Form 4 filed with the SEC, William M. Barnum Jr. reported he bought the shares for $18.05 to $18.40 apiece on Thursday.
Wonder if he knows anything?
[Link: Chron.com]
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For the past seven years Quiksilver has been in court fighting over the name “Roxy” with Kymsta Corp. makers of Roxywear. Quik has now announced thatis has “again prevailed” in Federal court. Bob McKnight is happy:
We are pleased with the decision of the court. As a matter of principle and financial responsibility, we are deeply committed to protecting and defending our trademarks and brands. We were always confident in our rights with regard to our longstanding usage and the fame of the ‘Roxy’ trademark. This victory protects our valuable mark, upholds our investment in the ‘Roxy’ brand, and protects consumers from confusion in the marketplace.”
For all the messy details of this on-going lawsuit, follow the jump.
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Shop, eat, surf’s, Tiffany Montgomery attended the Quiksilver shareholders meeting on March 28, 2008 so we didn’t have to. Here are her take-aways. . . wait, she didn’t have any take-aways, just the facts:
Company goals include driving growth in apparel and footwear brands, divesting the equipment business, continuing its initiative to streamline global sourcing, cutting expenses, improving operating profit margins, improving cash flow and reducing debt. . . . Quiksilver now owns 406 retail stores, a $392 million business acounting for 20 percent of apparel and footwear sales last year.
You can read the rest on her blog.
[Link: Shop Eat Surf]
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Luxottica Group SpA, the world’s largest eyewear manufacturer suffered it’s first profit decline in nine years according to a story on Bloomberg.com. And they’re blaming Oakley.
Luxottica dropped as much as 5.7 percent after the company said late yesterday fourth-quarter net income declined 3.7 percent on costs to combine sports-eyewear maker Oakley Inc. with its other divisions. The stock was down 79 cents, or 4.7 percent, to 16.21 euros at 9:40 a.m. in Milan. A close at that price would be the lowest since May 20, 2005.
What a nice welcome to the family. We’re guessing we’ll all see some pretty big changes at Oakley in the coming year. We’ll keep you posted.
[Link: Bloomberg.com]
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Looks like Zumiez has at least one fan in the analyst crowd:
Oppenheimer & Co. analyst Roxanne Meyer maintained an “Outperform” rating on shares. She said any dip in same-store sales may hold back growth, but thinks the stock already reflects such expectations.
Much of this apparently “outperform” comes from the potential for the company to “double it’s store base.”
[Link: Forbes]
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Quiksilver has not been having a great first quarter. Though their total revenue is up 14% over first quarter 2007, they are down nearly $20 million in profits compared to last year:
Consolidated income from continuing operations for the first quarter of fiscal 2008 was a loss of $14.7 million, or $0.12 per share, compared to income of $6.8 million, or $0.05 per share, for the first quarter of fiscal 2007. . . . Robert B. McKnight, Jr., Chairman of the Board, Chief Executive Officer and President of Quiksilver, Inc., commented, “Although we are not satisfied with our financial results in general, we are pleased that our core apparel and footwear operations enabled us to partially offset the more difficult than expected results from our wintersports equipment business. As we go forward, we are energized to regain focus on our core opportunities. We are executing a variety of strategies to improve our gross margin, reduce our expense levels and generate cash flow to repay our indebtedness. We are resolved to continue to pursue strategic transactions to reduce or eliminate our exposure to our wintersports equipment business.”
[Link: MarketWatch.com]
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Sure, it’s a clever way to promote women and fashion and we guess that’s why Quiksilver is doing an interesting corporate buy-in with their “artist in residence” program at a space in Los Angeles’ trendy Silver Lake. The press release explains it:
To celebrate the introduction of its new collection for women, Quiksilver has selected six independent and creative young women to be Visionaries in Residence at Quiksilver’s siteLA, a communal work and exhibition space in the Silver Lake neighborhood of Los Angeles. . . The residency program is a year-long engagement for women working in and across creative cultural fields. Like sponsored athletes, their personal passions echo the Quiksilver spirit: progressive, creative and confident. Although they have been selected for their independent projects, they share a communal workspace and together create public programs and host special events at siteLA.
Quik has already run sponsoring attractive action models into the ground, why not throw some money to people who are getting cool shit done. We’re just wondering where the reality TV show is to go along with it? Follow the jump for all the details.
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After announcing that it’s same-store sales in February fell 2.6 percent (which doesn’t sound like a whole lot to us) Zumiez stock took a 14% plunge this morning.
The Everett company (NASDAQ: ZUMZ) said total sales increased last month to $23.1 million from $20.7 million. . . . Analysts were expecting February same-store sales to grow by 1.4 percent to 2 percent so the decline caught some by surprise. Sara Hasan at McAdams Wright Ragen in Seattle lowered her 2008 fiscal year earnings estimate from 97 cents to 92 cents, but she kept a “buy” rating on the stock.
This on the same day that Pacific Sunwear announced that it’s total sales for February increased seven percent and same-store sales for the month increased six percent. Hmmm. . .
[Link: Puget Sound Business Journal]
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Volcom is up to six retail stores with the December opening of their Telegraph Ave. store in Berkeley, California “just a stone’s throw from the Cal Berkeley campus.” But they waited until last Friday night to have a grand opening party.
People filled the Volcom store on Telegraph Avenue Friday night to celebrate its grand opening with an all-ages party complete with free beer, free pizza and live music.
Although the boardsports-oriented clothing store officially opened its doors for business in December, they wanted the community to become more familiar with their products.
“We just want to introduce ourselves to the community and let everyone know we’re in town,” said Jeff Roberts, vice president of retail for Volcom.
And the Stone marches on.
[Link: The Daily Californian]
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According to BusinessWire:
Zumiez Inc. (NASDAQ:ZUMZ) today announced that the Company’s conference call to discuss fourth quarter fiscal 2007 financial results will be broadcast live over the Internet on Thursday, March 13, 2008 at 5:00 p.m. Eastern Time and may be accessed at http://ir.zumiez.com. To listen to the webcast, please go to the website at least 15 minutes prior to the start time to register and download any necessary software.
[Link: BusinessWire]
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