Zumiez's (ZUMZ) net income rose despite challenges late in quarter and the surf-and-skate company said it remains "upbeat" about its prospects going forward. The company offered 2008 guidance bracketing analysts' expectations, sending shares up after-hours. Zumiez's net income rose 10% to $12.4 million, or 42 cents a share, up from $11.3 million, or 39 cents a share, a year earlier. Revenue grew 13% to $126.6 million from $112.4 million while same-store sales rose 4%, compared with a 12% rise a year earlier.
Analysts' latest mean estimates were for earnings of 38 cents a share on revenue of $126 million. Gross margin slid to 38.4% from 39.3%.
Looking ahead, Zumiez, which has most of its stores in the West, expects fiscal year per-share earnings of 90 cents to 93 cents on same-store sales flat or up in the low single digits. Analysts' mean estimate was for fiscal year earnings of 92 cents.
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