Why Zumiez Stock Was Falling Earlier Today
Shares of Zumiez (NASDAQ: ZUMZ) were down 2.8% as of 12:09 p.m. ET on Friday after the company delivered disappointing results for its fiscal second quarter. For the period that ended July 30, its net sales fell 18% year over year, and were down 3.7% compared to the same quarter in 2019.
Zumiez is in the same boat as many other retailers right now. It faces difficult growth comparisons to 2021, when consumers were still receiving economic stimulus checks, and a shift in consumer spending patterns in 2022 has cut into its sales. These headwinds have taken the stock down 46% year to date.
Zumiez, which focuses on skateboarding gear and related apparel, is feeling mounting pressure from supply chain issues, higher transportation costs, and a tight labor market. Its results highlight how bad it's getting out there for the consumer, and management noted that the company is also seeing sales pressure on its premium (higher-priced) skateboarding products.
Source Fool.com
