Net income slipped 11% in the fourth quarter to $38,204,000 from $42,797,000 on 5% higher revenues of $346,677,000 against $331,536,000. North American sales at Zumiez stores inched up 1% to $287.0 million, but a big recovery in International sales at ZUMZ’ Blue Tomato stores in Europe and Fast Times stores in Australia resulted in a 29% (+37% CC) increase to $59.6 million. Sales gains were led by men’s, followed by footwear, accessories and women’s, while hardgoods declined.

Gross margin narrowed by 50 b.p. to 38.6%, including 40 b.p. from inventory shrinkage and obsolescence, 30 b.p. of occupancy deleverage and 20 b.p. ... Log in to view full article.