Zumiez (NASDAQ:ZUMZ) earnings for the clothing retailer’s fiscal first quarter of 2020 have ZUMZ stock heading higher on Friday. That’s despite its adjusted losses per share of 79 cents. This is worse than Wall Street’s estimate of -54 cents per share. Its revenue of $137.77 million also comes in below Wall Street’s estimate of $144.1 million.
Here’s what else is worth mentioning from the most recent Zumiez earnings report.
- Adjusted per-share losses are down from the company’s adjusted EPS of 3 cents from fiscal Q1 2019.
- Revenue is sitting 35.3% lower than the $212.93 million reported during the same period of the year prior.
- Operating loss of $27.85 million is a decline year-over-year compared to an operating income of $968,000
- The Zumiez earnings report also has it bringing in a net loss of $21.1 million.
- That’s a major drop compared to the company’s net income of $793,000 a year ago.
Rick Brooks, CEO of ZUMZ, said this about the earnings report.
“We came into fiscal 2020 in a strong financial position and the new year was off to a good start with first quarter sales and earnings tracking ahead of expectations through early-March. Following the outbreak of COVID-19 we closed all of our stores in accordance with state and local guidelines to protect the health and safety of our customers, employees and the communities in which we operate.”
Zumiez doesn’t include an outlook in its current earnings report. It cites the novel coronavirus as the reason for this. Despite this, the company does note that it’s starting to reopen more stores.
ZUMZ stock was up 2.1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.