Q2 2024 Zumiez Inc Earnings Call Transcript
Key Points
- Zumiez Inc (ZUMZ) reported stronger-than-anticipated performance in the second quarter, exceeding expectations.
- Total sales for the second quarter increased 8% year-over-year to $210 million, surpassing guidance.
- Men's and women's categories showed significant growth, with women's category posting strong double-digit growth.
- Comparable sales in North America were up 5.9%, indicating strong regional performance.
- The company has a strong balance sheet with more than $125 million in cash and no debt.
- International sales, particularly in Europe, declined, impacting overall performance.
- Hardgoods category experienced the largest negative comparable sales growth.
- The shift in the retail calendar will negatively impact third-quarter net sales growth.
- The company is closing approximately 25 underperforming stores in 2024, indicating challenges in certain locations.
- The macroeconomic environment in Europe remains challenging, affecting profitability and sales.
Good afternoon, ladies and gentlemen, and welcome to the Zumiez Inc. Second Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions)
Before we begin, I'd like to remind everyone of the company's safe harbor language. Today's conference call includes comments concerning Zumiez Inc. business outlook and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call that are not based on historical facts are subject to risks and uncertainties. Actual results may differ materially.
Additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez filings with the SEC.
At this time, I will turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks?
Hello, everyone, and thank you for joining us on today's call. With me today is Chris Work, our Chief Financial Officer. I'll begin with a
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