Shares Of Zumiez Fall 19% After Retailer Misses Targets

Zumiez Inc. shares fell 19% Thursday after the retailer reported lower-than-expected earnings and lower comparable-store sales. Zumiez said it earned $3.2 million, or 11 cents a share, in the second quarter, a 56% decrease from the $7.5 million reported a year ago. Sales rose 1.8% to $179.8 million in the quarter, from $176.7 million a year ago. Comparable-store sales fell 4.5% in the quarter. Analysts polled by FactSet had expected the retailer to report earnings of 18 cents a share in the quarter. The second-quarter results reflected a slowdown in domestic sales that required the company "to become more promotional than planned to clear slow moving inventory," Chief Executive Rick Brooks said in a statement. Shares of Zumiez had ended the regular session down 3.6%.

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