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Stock Market News - (NASDAQ:ZUMZ) Q3 Tops View, Shares Soar
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Zumiez Inc. (NASDAQ:ZUMZ) rose 11.50% to $12.38 after it posted a quarterly profit that beat market estimates, helped by lower inventory and improving sales trends in its western markets, but forecast a weak fourth quarter.
For the fourth quarter, the skate and snow-boarding inspired retailer sees earnings per share of about 18 cents to 22 cents, on sales of $122 million to $126 million, based on recent sales trends.
Analysts on average were expecting the company to earn 25 cents a share on revenue of $131.1 million, according to Thomson Reuters I/B/E/S.
Piper Jaffray & Co. reiterates a 'Neutral' rating on Zumiez (Nasdaq: ZUMZ), raises price target from $11 to $15.
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