Zumiez May revenue metric up less than expected
Zumiez reports smaller-than-expected increase in key revenue figure during May
LYNNWOOD, Wash. (AP) -- Zumiez said Thursday that revenue at stores open at least a year rose 1.1 percent in May, but the increase was smaller than Wall Street expected.
Analysts polled by Thomson Reuters predicted the figure would climb 2.3 percent.
Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
Zumiez Inc., which sells surf- and skate-themed clothing, footwear, equipment and accessories, said that total revenue for the four weeks ended June 1 climbed 16.7 percent to $43.6 million.
Last month the Lynnwood, Wash., company reported that its fiscal first-quarter net income dropped 45 percent, weighed down by greater costs related to its acquisition of sports retailer Blue Tomato.
Zumiez had 509 stores as of June 1.
Its stock dropped 63 cents, or 2 percent, to $30.37 in midday trading. Over the past year, the shares have traded between $17.93 and $41.96.
