During the quarter, the Company implemented a two-for-one stock split of its common shares. The stock split was effected on April 19, 2006 and trading began on a post-split basis on Nasdaq on April 20, 2006.
Mr. Brooks concluded, "While we are proud of the strong results that Zumiez has generated, we believe we are still in the early stages of our growth potential. With only 179 stores at quarter end, we are still tremendously under-penetrated, and believe we can eventually operate 800 stores in the U.S. We have a terrific team in place to deliver on our goals as we expand in the marketplace."
2006 Outlook The company stated that it is raising guidance for fiscal 2006 to $0.65 to $0.66 from the prior split-adjusted guidance of $0.61 in diluted earnings per share, of which $0.01 to $0.02 is from the acquisition of Fast Forward.
Weighted average diluted shares for the fiscal year are expected to be approximately 29,300,000. The company also stated that it believes that its projected earnings growth rate of 30 percent continues to be achievable for fiscal 2006 and beyond.
In putting forth this outlook, the company reminds investors of the complexity of accurately assessing future growth given the difficulty in predicting fashion trends and consumer preferences, boardsports popularity and participation rates, general economic conditions and the impact of other business variables and risks.
A conference call will be held today to discuss first quarter results and will be web cast at 5:00 p.m. ET on http://ir.zumiez.com.
Zumiez is a leading specialty retailer of action sports related apparel, footwear, equipment and accessories. Our stores cater to young men and women between ages 12-24, focusing on skateboarding, surfing, snowboarding, motocross and BMX.
As of May 15, 2006 we operate 180 stores, which are primarily located in shopping malls and our web site address is www.zumiez.com.
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