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Today's news...8/18/05
AUGUST 18, 2005 --
Zumiez 2Q Sales Up 29%; Comps Soar 11%
Total 2Q net sales of lifestyle retailer Zumiez increased 28.7% to $39.4 million. The company posted net income for the quarter of $848,000, or 6¢ per diluted share vs net income of $239,000 or 2¢ per diluted share. Comp-store sales increased 11.3% compared to 6.8% in 2Q04.
Rick Brooks, president/CEO, stated, "Our results for the second quarter, which exceeded expectations, were driven by new store openings, double-digit comparable-store sales gains and continued operating margin expansion. We were pleased with the strong performance of our new stores, further highlighting the expansion opportunities that exist for Zumiez on a national basis. "
For FY, the company plans to open 35 new stores. In 1H05, Zumiez opened 11 stores and remains on plan for its store openings for the remainder of the year.
Brooks concluded, "We believe that Zumiez is a leading lifestyle retailer with a compelling mix of branded merchandise, a strong hard goods assortment and a 'controlled chaos' environment that appeals to teenagers and young adults. Additionally, we feel that our unique culture allows us to react quickly to product and fashion cycles to meet the needs of today's youthful minded consumer. We continue to believe that we have considerable growth prospects and we are dedicated to fully capitalizing on the many opportunities that lie ahead."
Huffy May Emerge From Chapter 11 In October
The US Bankruptcy Court for the Southern District of Ohio has approved the Disclosure Statement for Huffy's Joint Plan of Reorganization. The Bankruptcy Court also authorized the company to begin soliciting approval from its creditors for its Plan. With this action, Huffy remains on schedule to emerge from Chapter 11 protection on or about the first week of October.
A confirmation hearing for the Court to consider approval of the Plan has been scheduled for September 22. By August 26, Huffy will mail notice of the proposed confirmation hearing and begin the process of soliciting approvals for the Plan from qualified claim holders. Assuming that the requisite approvals are received and the court confirms the Plan under the current timetable, the company intends to emerge from Chapter 11 reorganization on or about the first week of October.
SEC Charges Eight In Reebok Option Case
The SECS named eight more defendants in a case involving alleged insider trading in Reebok call options. The SEC had frozen the online brokerage account of a retired Croatian cleaning woman, Sonja Anticevic, and accused her of insider trading in Reebok options ahead of news it would be acquired by rival Adidas-Salomon. The eight defendants added to the case include Henry Siegel; Monika Vujovic; Elvis Santana; Zoran Sormaz; Perica Lopandic; Ilija Borac; unknown persons trading in the account of an Austrian bank; and David Pajcin, nephew of Anticevic, according to a court filing.
Bass Pro Shops will open its first mega-store in Southern California. Rancho Cucamonga is the site of a planned one-story, 180,000-square-foot branch. The store is expected to open in early '07. Rancho Cucamonga's City Council is expected to approve a profit-participation agreement with the company. Through the agreement, the city will give a certain amount of dollars back to the company for 27 years, based on the store's sales.
The Good Housekeeping Institute named the Kelty Juniper as the best back-to-school backpack for '05. As detailed in the September issue of Good Housekeeping magazine, the Institute tested 19 packs at its testing facility in New York City. The Kelty Juniper stood out above all competitors for its durability, comfort and style.
Analyst Robby Ohmes, Banc of America Securities, maintained his "buy" rating on Dick's Sporting Goods, while reducing his estimates for the company. The target price has been reduced from $42 to $40.
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