It could have been worse: Zumiez total sales were down .3 percent in 2009 vs. 2008, but their sale store comps were down 10 percent according to information released today.
“The year ended stronger than expected from both a sales and earnings standpoint,” commented Rick Brooks, Chief Executive Officer of Zumiez. “Our unique merchandise assortments and compelling promotional packages resonated with consumers, driving an increase in units sold for the fourth quarter, and at the same time, our efforts to build in higher IMU’s coupled with well managed inventory resulted in a significant improvement in product margins. While we are not pleased with our annual performance, we are encouraged that the steps we took to reverse the negative trends from early in the year led to improved results during the back half of 2009. We ended fiscal 2009 well capitalized, with more than $108 million in cash and current marketable securities, and will continue to invest in our business to build on our recent momentum and expand our position as the leading retail destination for the actions sports lifestyle.”
Items of interest we gleaned from today’s call:
Private label accounts for 15.7 percent of sales and is growing.
There are some price points where the brands “do not want to play” and that’s where private label comes in.
Snow hardgoods less than 3 percent of sales, but “it’s very important.”
Juniors 11 percent of our sales.
Most exciting for Zumeiz is Mens and accessories which make up about 60 percent of our sales.
Had great success selling package deals thanks to sales teams.
Zumiez is now more brand unique than they have ever been.
Four new brands entered the Zumiez top 10 this year, three new brands moved into the top 20.
“Nothing is being left untouched” in Zumiez evaluation of the women’s market whether it’s product, how they sell the product, how they merchandize it in their stores. They have a complete team working on how they’re going to handle the women’s business.
Zumiez plans to open 25 new stores in 2010 but will if thing continue to improve they are “certainly willing to open more locations if we can strike the right deals with landlords.
Follow the jump for all the numbers and the entire release. [click to continue…]
Sanuk’s temporary retail experiment in Anaheim, California’s Downtown Disney is set to close when its lease expires March 14, 2010 according to a story in the Orange County Register.
Sanuk and Disney are in talks to find a new location within Downtown Disney, but nothing has been found yet, said James Crush, marketing manager for Sanuk Footwear. . . “We are working with Sanuk to develop future opportunities in Downtown Disney,” said Betsy Sanchez, a Disneyland Resort spokeswoman, in a prepared statement.
The store apparently flourished in the loose-wallet tourist zone.
February wasn’t so bleak for core mall retailer Zumiez according to same store sales numbers released yesterday March 3, 2010.
February sales at stores open at least one year rose 11.2%. Analysts, on average, had expected same-store sales to rise 1.2%, according to Thomson Reuters. Total net sales for the four weeks ended Feb. 27 increased 19.6% to $27.6 million, said the specialty apparel retailer.
Uyehara says he just wants residents, tourists and the homeless to get along. . . “We need to have a better balance if we’re going to keep this an attractive tourist attraction, a destination that’s also located in a residential neighborhood.”
When former Quiksilver retail store employee Lynn Adams filed a wrongful termination suit against her former employer Quiksilver filed a motion claiming that when Adams was hired she signed a electronic arbitration agreement and waived her rights to a jury trial. The court granted the motion, according to an opinion released February 22, 2010 on Leagle.com.
Adams then filed a “petition for extraordinary relief” with the Court of Appeals of California, Fourth Appellate District, Division Three saying she “never agreed to arbitrate claims against Quiksilver and she never signed the electronic document containing the arbitration clause” and the court agreed with her.
Adams contends there is no substantial evidence to support the trial court’s finding that she entered into an agreement to arbitrate her claims against Quiksilver. She argues there is no evidence she typed in the electronic signature and, even if she did, there is no evidence she actually agreed to arbitrate. We agree.
Guess that means Adams can continue on with her legal action and Quik has one more appellate reversal and Adams legal costs to pay.
A plan to move their distribution warehouse from Everett, Washington to Southern California will have 170 of Zumiez’s Northwest employees looking for new jobs according to a story in The Seattle Times.
The chain of youth-oriented sports apparel stores said in a statement Monday that the majority of its vendors are in California, and the move will cut transportation costs and improve its efficiency. . . The company said its headquarters and e-commerce operation will remain in Everett, next door to the leased warehouse it is closing. . . Zumiez said it expects to hire 180-200 people for its new distribution center in Corona, Calif.
Peter Glenn of Vermont, the 16 store medium box East Coast snow sports retailer has announced they are closing their original Berlin, Vermont location after more than 50 years, according to a story in the Time Argus.
“After more than 52 years selling Skis, Snowboards, Skateboards, Accessories and Outerwear clothing in Vermont, 20 years at this location, Peter Glenn of Vermont, will close their doors,” the press release stated. “Peter Glen (sic) operates 15 other stores in the southern United States which will not be closing.”
Gary Shoenfeld isn’t messing around with his plans to put Pacific Sunwear back on the up. To help he reportedly hired Christine Lee the former general merchandise manager of women’s apparel and accessories at Urban Outfitters.
Lee will be PacSun’s senior vice president and general merchandise manager of clothes for teen girls, according to a story in the Orange County Business Journal.
Zumiez had a great January according to a new release issued last week. Store comps were up 1.8 percent and total sales came in at $22.1 million for the month, up 9.2 percent over last year.
It could have been worse: Zumiez total sales were down .3 percent in 2009 vs. 2008, but their sale store comps were down 10 percent according to information released today.
