Zumiez Inc. (ZUMZ), a specialty retail company, announced on Monday a revision to its financial outlook, lowering its projected net sales and earnings per share for the fourth quarter.
In pre-market trading, the company's shares have decreased by approximately 6%.
The updated earnings per share are forecasted to fall within the range of $0.72 to $0.77, a reduction from the previous estimate of $0.83 to $0.93.
Zumiez now predicts fourth-quarter net sales to be between $275 million and $277 million, a decrease from their earlier guidance of $284 million to $288 million.
It is worth noting that the fourth quarter includes an additional week compared to the prior year, which the company expects will result in a negative impact of roughly 4% on the year-over-year net sales growth rate.
The decision to lower the guidance was influenced by the analysis of nine weeks of regional sales data, revealing a 6.9% increase in comparable sales in North America, while international comparable sales, including those in Europe and Australia, saw an increase of 1.1%.
As of the pre-market session, ZUMZ shares have declined by 5.85%, trading at $17.71 on the Nasdaq.
