Zumiez, which sells clothing, shoes, equipment and accessories, reported that its net sales surged by approximately 103 percent from Q1 2020 to Q1 2021, according to an announcement. By contrast, the retailer reported that Q1 2021 net sales climbed approximately 31 percent from Q1 2019.
“Sales trends accelerated as the first quarter progressed driven by our ability to capture a meaningful share of the heightened discretionary spending in the U.S. related to government stimulus, especially in our stores, as customers are becoming increasingly comfortable returning to in-person shopping,” management said in the announcement.
Zumiez posted $26.4 million in net income for Q1 fiscal 2021 or $1.03 per diluted share, swinging from a net loss of $21.1 million or 84 cents per diluted share in Q1 of the prior fiscal year. The retailer reported that net income for Q1 2019 was 3 cents per diluted share.
Zumiez also reported that net sales for the four weeks concluding on May 29, 2021 climbed by approximately 42 percent from the four weeks concluding on May 30, 2020, and climbed approximately 31percent from the four weeks concluding on June 1, 2019.
“We are very pleased with our start to 2021 and are optimistic that we can maintain our positive momentum over the remainder of the year,” the statement said.
The company had $400.4 million in cash and current marketable securities as of May 1, 2021, nearly doubling its cash and current marketable securities of $217.2 million as of May 2, 2020.
Zumiez describes itself as “a leading specialty retailer of apparel, footwear, accessories and hard goods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear and other unique lifestyles.”
Zumiez’s earnings report comes as PVH, whose collection of brands includes labels like Calvin Klein and Tommy Hilfiger, reported that its total direct-to-consumer (D2C) revenue soared by 66 percent in Q1 2021 from the prior-year period. Moreover, PVH reported that its wholesale revenue for Q1 surged by 53 percent from the prior-year period.