The financial expectations of Wall Street analysts were surpassed with the reported net income of Zumiez Incorporated (ZUMZ) for the third quarter of 2011. Zumiez is in the business of special retailing of action sports apparel, footwear, sports equipment and accessories, and is mall-based in its operations.
Its net income totaled $14 million, representing 45 cents per share, compared to slightly over $12 million, or 40 cents per share, in the same period last year. The company��s performance was a clear increase of 15 percent year-on-year. Revenue accrued to $155 million which is a rise of over 13 percent to the same quarter last year’s figure. Additionally, Zumiez surpassed the expectations of Wall Street analysts of 41 cents per share, or a total of $153 million.
Rick Brooks, Zumiez CEO, commented that the company��s merchandise, new outlet opening, and eCommerce business tactics have once again given the company consistent sales and increase in earnings. He said that the third quarter saw the company continue to focus on key initiatives aimed at increasing productivity, spreading its geographic control, and delivering in-store experience to the Internet for the convenience of its customers.
The double digit growth has been experienced by the company in the last five quarters, which astonishing 17 percent growth average.
Zumiez shares went up following the report, approaching the historical resistance level of $30, which the stock failed to breach on at least two occasions in late 2010 and summer 2011. Short-term support is at $22.50.
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