Zumiez, Inc. (NASDAQ: ZUMZ) reported Q1 EPS of ($0.84), $0.43 worse than the analyst estimate of ($0.41). Revenue for the quarter came in at $137.8 million versus the consensus estimate of $152.12 million.

“We came into fiscal 2020 in a strong financial position and the new year was off to a good start with first quarter sales and earnings tracking ahead of expectations through early-March,” commented Rick Brooks, Chief Executive Officer of Zumiez Inc. “Following the outbreak of COVID-19 we closed all of our stores in accordance with state and local guidelines to protect the health and safety of our customers, employees and the communities in which we operate. We immediately shifted our focus to increasing financial flexibility and directing resources towards continuing to engage and service our customers through our digital platforms. We took many difficult actions, but remained committed to our full time employees across the organization who have helped us create the strong culture and brand that has driven our success. We have made this investment throughout the closures and we believe we are already seeing a return on our investment in our ability to connect with our communities during closure and open stores quickly and safely as government guidelines allow. With a history of managing the capital of the organization and quickly adapting to changing environments, we are confident in Zumiez’s ability to weather this crisis and emerge well positioned to further expand our market share and resume our long track record of creating value for our shareholders.”

Store Re-Opening Update

Late in the first quarter the Company began reopening some stores with most at reduced hours in accordance with governmental regulations. The company ended the first quarter with 65 or 9% of our 719 stores open. We ended the period ending May 30, 2020 with 493 open stores consisting of 432 Zumiez stores in North America, 49 Blue Tomato stores in Europe and 12 Fast Times stores in Australia, representing 69% of our total stores. All stores are operating under enhanced measures to ensure the health and safety of employees and customers, including

• requiring our employees to wear masks,
• providing hand sanitizer in multiple locations throughout the store,
• implementing enhanced cleaning and sanitation protocols,
• reconfiguring sales floors to promote physical distancing, and
• modifying employee and customer interactions to limit contact.

May 2020 SalesThe Company's total net sales decreased 8.6% for the four-week period ended May 30, 2020 compared to an increase of 2.6% for the four-week period ended June 1, 2019 primarily based on closures continuing into May with some areas not expected to open until June, offset by better than expected results in stores open and our e-commerce demand. Comparable store sales for locations opened in May as well as our e-commerce traffic increased 79.6%. By channel, our open store comparable sales were 38.5% and our e-commerce sales were 181.6% in May.

OutlookDue to the fast-moving nature of this situation and the uncertainty of impacts on revenue and costs, the Company previously withdrew its full year fiscal 2020 guidance. The Company is not providing an updated outlook at this time for the second quarter or the year.

For earnings history and earnings-related data on Zumiez, Inc. (ZUMZ) click here.