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By Dhirendra Tripathi
Investing – Zumiez (NASDAQ:ZUMZ) shares were up more than 3% Friday as the company pleasantly surprised the Street with a profit.
The retailer of apparel, footwear, equipment and accessories benefited from higher discretionary spending as people stepped out to use their stimulus checks.
The pent-up demand allowed it to report a profit even as a portion of its global store fleet remains closed.
Net income in 2021 fiscal’s first quarter ended May 1 was $1.03 per diluted share, compared to a loss of 84 cents in the year-ago quarter. It exceeded the 3-cent profit of the 2019 quarter when the world hadn’t heard of Covid-19.
While the company didn’t provide a guidance as the pandemic is still raging in several countries and many are still in lockdown, it said it is “optimistic that we can maintain our positive momentum over the remainder of the year”.
Net sales for the first quarter rose 102.6%, to $279.1 million, from $137.8 million in the year-ago quarter. They were higher by 31.1% from 2019’s first quarter.