Zumiez profit falls on acquisition, move
The company reported net income of $12.7 million, or 40 cents per share, compared to $14.1 million, or 45 cents per diluted share, in the third quarter of 2011. A retailer of sports-related footwear, apparel and equipment, Zumiez' results included $500,000 in costs for moving its headquarters to Lynnwood from Everett and $4 million for buying Blue Tomato, a European sports retailer. Zumiez' shares dropped 7 percent to $19.30 in after-hours trading when the company's results were announced.
CEO Rick Brooks noted that Zumiez' performance was affected by softer-than-expected sales in Europe as well as Hurricane Sandy. However, total monthly sales through Nov. 24, which included early holiday shopping, were up 14 percent compared to the same month in 2011. Same-store sales, though, declined 4 percent for the same period.
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