Why Shares of Zumiez Tumbled Today
Shares of retailer Zumiez (NASDAQ: ZUMZ) slumped on Friday following the company's third-quarter report. Zumiez reported in-line earnings and revenue above what analysts had expected, along with strong comparable sales growth. But investors may have been concerned about a slumping gross margin. The stock was down about 11% at 12:15 p.m. EST.
Zumiez reported third-quarter revenue of $245.8 million, up 11% year over year and about $3.4 million above the average analyst estimate. Comparable sales jumped 7.9%, on top of a 4% increase during the third quarter of 2016. Zumiez also reported strong November sales, with comparable sales during the month jumping 7.8%.
Image source: Zumiez.
Source: Fool.com
