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The company also reported a net loss of $26.9 million for H1 FY23, equivalent to $1.40 per diluted share. This stands in contrast to the first six months of fiscal 2022, where Zumiez recorded a net income of $2.7 million, or $0.14 per diluted share.
Zumiez Inc has reported a 14.4 per cent decrease in H1 FY23 net sales, amounting to $377.3 million.
Q2 FY23 also saw a 11.6 per cent decrease in net sales at $194.4 million and a net loss of $8.5 million.
Looking ahead to Q3 FY23, Zumiez forecasts net sales between $211 million and $216 million with a projected diluted share loss between $0.15 and $0.25.
In the breakdown of the second quarter of fiscal 2023 (Q2 FY23), Zumiez faced a decrease of 11.6 per cent in net sales, bringing it down to $194.4 million from $220 million reported in Q2 FY22. The company faced a net loss of $8.5 million or $0.44 per diluted share during this quarter, a downturn from the net income of $3.1 million or $0.16 per diluted share recorded in the same quarter of the preceding fiscal, Zumiez said in a press release.
“While our North American business remains under pressure, second quarter sales trends improved month-to-month and our year-over-year top-line performance was meaningfully better compared with the first quarter. With continued headwinds facing consumer discretionary spending combined with a heightened promotional marketplace, we are pleased with the progress we’ve made positioning our business for the second half of 2023,” said Rick Brooks, chief executive officer of Zumiez.
Looking forward to the third quarter of fiscal 2023, the projected net sales are expected to be between $211 and $216 million. However, Zumiez anticipates encountering a negative consolidated operating margin lying in the range of negative 1.5 per cent to negative 2.5 per cent. This is forecast to yield a loss per diluted share approximating $0.15 to $0.25.
Fibre2Fashion News Desk (DP)
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