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The company reported a net loss of $62.6 million, or $3.25 per share for FY23, marking a significant downturn from the net income of $21.0 million, or $1.08 per diluted share, recorded in fiscal 2022, the company said in a media release.
Zumiez reported a decrease in net sales by 8.6 per cent to $875.5 million in FY23 compared to the previous year.
The company faced a significant net loss of $62.6 million, contrasting sharply with the net income of $21 million in FY22.
In Q4 FY23 saw a slight sales increase of 0.6 per cent to $281.8 million, yet ending in a net loss of $33.5 million.
However, the fourth quarter of fiscal 2023 (Q4 FY23) saw a slight increase in net sales by 0.6 per cent to $281.8 million, compared to $280.1 million in the same quarter of the prior year. Despite this marginal growth, the quarter still concluded with a net loss of $33.5 million, or $1.73 per share, in stark contrast to the net income of $11.4 million, or $0.59 per diluted share, reported in the fourth quarter of fiscal 2022.
“We concluded a difficult year with stronger than anticipated fourth quarter results as our consolidated monthly sales trend accelerated in January. Within our recent performance, there were multiple areas that showed a marked improvement, led by our North American men’s business which grew year-over-year in the fourth quarter. While we are encouraged by our stronger than anticipated fourth quarter and sustained quarterly improvements as we moved through the year, the global operating environment remains challenging and therefore we are further adjusting our strategies to balance the interests of our shareholders and customers,” said Rick Brooks, chief executive officer of Zumiez.
Fibre2Fashion News Desk (DP)
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