Everett, Wash. Zumiez Inc. reported that its net sales for the third quarter ended Nov. 1 increased by 7.9% to $112.2 million from $104.0 million in the same period of the year before.
The company posted net income for the quarter of $6.8 million vs. $8.1 million in the third quarter of the prior fiscal year.
Same-store sales decreased 5.8% for the third quarter of fiscal 2008 compared to a 13.2% increase in the third quarter of fiscal 2007.
“Given the recent economic events and their impact on the retail industry, namely a slowdown in traffic levels and a heightened promotional environment, we recently adopted lowered sales and earnings expectations for the remainder of 2008. We still believe that our merchandise mix continues to be one of the most diverse and compelling in the industry and that our stores remain a destination for our consumers,” said Rick Brooks, CEO of Zumiez.