Zumiez sales growth falls short of Wall Street expectations
It was a rare miss for the teen clothing chain, which consistently has beat analysts' sales expectations for the past two years.
Seattle Times business reporter
Teen clothing chain Zumiez said Wednesday sales at stores open at least a year rose 7.5 percent in July, falling short of Wall Street's estimate.
Analysts expected a gain of 8.5 percent.
It was a rare miss for a retailer that consistently has beat expectations for the past two years.
Shares of Zumiez fell 11 percent to $31.90 in after-hours trading Wednesday following the sales report. Earler in the day shares closed down 40 cents to $35.93.
Zumiez, which recently moved its headquarters to Lynnwood from Everett, said its total monthly sales increased 21.5 percent year over year, to $47 million.
Sales at stores open more than a year rose 9.5 percent in the second quarter, on top of 7.5 percent growth a year ago.
Zumiez said it will announce its second-quarter earnings Aug. 30.
The company operates 479 stores in the U.S., Canada and Europe, where it does business under the name Blue Tomato.
Amy Martinez: 206-464-2923 or firstname.lastname@example.org