Net loss in the first quarter expanded to $18,382,000 from a loss of $397,000 last year, on revenues that tumbled 17% to $182,887,000 from $220,686,000, including an 18.8% comp decline. ZUMZ blamed the impact of high inflation on discretionary spending for the downturn, but is maintaining its strategy of testing new brands even as it works to manage inventory down in the difficult market.

All categories were lower in Q1, with men’s most negative, followed by footwear, accessories, hardgoods, and women’s. Dollars per transaction improved, driven by an increase in AUR, though ... Log in to view full article.