10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MAY 4, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-51300

ZUMIEZ INC.

(Exact name of registrant as specified in its charter)


Washington		91-1040022
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4001 204th Street SW, Lynnwood, WA 98036

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (425) 551-1500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐
			☐
Emerging growth company	☐		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

Securities registered pursuant to Section 12(b) of the Act:

    Title of each class

    Trading
Symbol(s)

    Name of each exchange on which registered

    Common Stock

    ZUMZ

    Nasdaq Global Select

At June 1, 2024, there were 20,274,412 shares outstanding of common stock.

ZUMIEZ INC.

FORM 10-Q

TABLE OF CONTENTS


Part I.	Financial Information

	Item 1.	Condensed Consolidated Financial Statements

		Condensed Consolidated Balance Sheets at May 4, 2024 (unaudited) and February 3, 2024	3

		Unaudited Condensed Consolidated Statements of Loss for the three months ended May 4, 2024 and April 29, 2023	4

		Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three months ended May 4, 2024 and April 29, 2023	5

		Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three months ended May 4, 2024 and April 29, 2023	6

		Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended May 4, 2024 and April 29, 2023	7

		Notes to Condensed Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

	Item 4.	Controls and Procedures	30

Part II.	Other Information

	Item 1.	Legal Proceedings	31

	Item 1A.	Risk Factors	31

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

	Item 3.	Defaults Upon Senior Securities	31

	Item 4.	Mine Safety Disclosures	31

	Item 5.	Other Information	31

	Item 6.	Exhibits	32

Signature			33

ZUMIEZ INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)


	May 4, 2024		February 3, 2024
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	74,864	$	88,875
Marketable securities		71,757		82,704
Receivables		13,415		13,780
Inventories		146,815		128,827
Prepaid expenses and other current assets		14,177		12,401
Total current assets		321,028		326,587
Fixed assets, net		89,831		90,508
Operating lease right-of-use assets		192,607		196,775
Goodwill		15,385		15,374
Intangible assets, net		14,117		14,200
Deferred tax assets, net		11,158		8,623
Other long-term assets		12,495		12,159
Total long-term assets		335,593		337,639
Total assets	$	656,621	$	664,226

Liabilities and Shareholders’ Equity
Current liabilities
Trade accounts payable	$	62,301	$	38,885
Accrued payroll and payroll taxes		16,958		18,431
Operating lease liabilities		59,191		60,885
Other current liabilities		18,869		25,886
Total current liabilities		157,319		144,087
Long-term operating lease liabilities		155,040		159,877
Other long-term liabilities		6,927		7,052
Total long-term liabilities		161,967		166,929
Total liabilities		319,286		311,016
Commitments and contingencies (Note 5)
Shareholders’ equity
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding		—

SEC Form 10-Q filed by Zumiez Inc.