Zumiez slumps on downbeat forecast, results

Zumiez

09/09/2022 14:28

** Shares of specialty retailer Zumiez Inc  ZUMZ.O  fall
~13% to $23 before the bell; set to open at more than 2-yr low
if current losses hold
    ** ZUMZ after market hours on Thurs forecast Q3 sales and
profit below estimates after reporting downbeat Q2 results as
inflation dents demand
    ** Co sees Q3 net sales in the range of $220 mln to $228 mln
vs analysts' avg estimate of $250.5 mln, according to Refinitiv
IBES 
    ** Expects Q3 EPS of 3-18 cents; analysts estimate EPS of 88
cents
    ** Co reports Q2 profit of 16 cents/share on revenue of
~$220 mln, both missing market estimates
    ** "We experienced continued pressure on our U.S. business
as macroeconomic headwinds, led by inflation weighed on consumer
discretionary spending" - CEO Rick Brooks
    ** Up to Thursday's close, ZUMZ down ~45% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))