Zumiez, which sells clothing, shoes, equipment and accessories, reported that its net sales increased by about 103 percent from Q1 2020 to Q1 2021, according to an announcement. In contrast, the retailer reported that net sales in the first quarter of 2021 were up about 31 percent from the first quarter of 2019.
“Sales trends accelerated during the first quarter, driven by our ability to capture a significant portion of the increased discretionary spending in the US related to government incentives, particularly in our stores, as customers become more satisfied with in-person shopping to return, ”said the management in the announcement.
Zumiez posted net income of $ 26.4 million, or $ 1.03 per diluted share, for the first quarter of 2021, compared to a net loss of $ 21.1 million, or 84 cents per diluted share, for the first quarter of the previous fiscal year . The retailer reported that net income for the first quarter of 2019 was 3 cents per diluted share.
Zumiez also reported that net sales were up about 42 percent in the four weeks ended May 29, 2021 compared to the four weeks ended May 30, 2020, and increased by about 31 percent over the four weeks ended June 1, 2019.
“We are very satisfied with our start into the year 2021 and are optimistic that we can maintain our positive momentum also in the further course of the year,” said the message.
As of May 1, 2021, the company had EUR 400.4 million.
Zumiez describes himself as “a leading retailer of clothing, shoes, accessories and hard goods for young men and women who want to express their individuality through fashion, music, art and culture of action sports, streetwear and other unique lifestyles”.
Zumiez’s earnings report, coming as PVH, whose brand collection includes brands like Calvin Klein and Tommy Hilfiger, reported that total direct-to-consumer (D2C) sales increased 66 percent in the first quarter of 2021 compared to the same period last year. Additionally, PVH reported that its wholesale sales increased 53 percent in the first quarter compared to the same period last year.
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NEW PYMNTS DATA: CRYPTO CURRENCY PAYMENT STUDY – MAY 2021
About the course: U.S. consumers view cryptocurrency as more than just a store of value: 46 million plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveyed 8,008 users and non-users of cryptocurrencies in the US to investigate how they would like to use crypto for purchases, which crypto they would like to use – and how merchant adoption can affect merchant choice and consumer spending.
