Zumiez slides as Q1 outlook, holiday-quarter results disappoint
11/03/2022 14:12
** Shares of apparel retailer ZUMZ.O fall ~15% to $36.70
before the bell; set to open at near six-month low if premarket
losses hold
** ZUMZ after market hours on Thursday forecast a sharp fall
in current-quarter sales, as co laps the benefit from higher
consumer spending driven by stimulus checks last
year urn:newsml:reuters.com:*:nGNX6YJC6T
** ZUMZ, known for selling clothing and goods for skaters,
snowboarders and other action sports, expects Q1 net sales
between $215 mln and $221 mln, a ~22% decline at midpoint
compared to $279.1 mln reported a year earlier urn:newsml:reuters.com:*:nGNX4VBl1B
** Co's Q4 sales of $346.7 mln and EPS of $1.70 also fall
short of estimates, per three analysts polled by Refinitiv
** Jefferies slashes PT on ZUMZ to $38 from $50, saying ZUMZ
is at the back-end of a resurgence in appetite for skating,
which has hit sales of hardgoods like skateboards
** As of last close, ZUMZ shares down ~10% YTD
(Reporting by Deborah Sophia in Bengaluru)
((DeborahMary.Sophia@thomsonreuters.com;))