No surprise. For the three months ended May 2, 2009 Seattle’s Zumiez (the 360 store mall chain) lost $1.7 million dollars on $76.8 million in sales. But they came in ahead of “the street” for what it’s worth. Sadly, things will apparently get worse from here.
For the second quarter, Zumiez expects to lose 17 cents to 14 cents a share, worse than the 7 cents a share that analysts expected. . . “Consumer discretionary spending is tough,” Chief Financial Officer Trevor Lang said during a conference call with analysts. “Consumers are focused on really low value price points, and that doesn’t necessarily play to our strength.”
Yeah, either that or they’re more focused on buying food.
[Link: The Seattle Times]
