Zumiez
ZUMZNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $14.28 Prior regular-session close from the quote source.
- $14.03–$14.39 Regular-session low and high so far today.
- 129.6K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Dec 3 projected Projected for 2026-12-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $13.07–$31.70 52-week trading low and high returned by the quote source.
Understand the Business
- Zumiez sells youth-oriented clothing, footwear, accessories and hardgoods through specialty stores and websites. Most online orders ship from stores, tying digital convenience to local inventory and store costs.↗
- It captures value by curating branded lifestyle products and adding private labels, which reached 30.3% of fiscal 2025 sales and can help merchandise economics if shoppers accept them.↗
Why this business is different
- Zumiez aims its specialty-shop experience at teenagers and young adults; that focus can differentiate assortment, but weak U.S. traffic and footwear softness expose store fixed costs.↗↗
- The footprint spans North America, Europe and Australia, yet the Blue Tomato impairment and slower European growth show expansion must earn local productivity, not just add stores.↗↗
What could matter next
- The key test is whether fiscal 2026’s early comparable-sales growth resumes, or September’s negative quarter-to-date trend signals a weaker holiday setup.↗↗
- Margin upside depends on private-label acceptance and closing weak stores improving occupancy economics without shrinking the network that supports store-based ecommerce fulfillment.↗↗
Why the Stock Moved
- November 2023 · Recovery still loss-making: Interpretation: investors could see a slower, less profitable recovery. On November 30, 2023, nine-month sales fell 12.5%, and Zumiez remained loss-making. Lower sales reduced fixed-cost leverage and future earnings durability.↗
- March 2024 · Europe growth reset: Interpretation: European expansion looked less valuable. On March 14, 2024, Zumiez linked a goodwill impairment to slower European store growth and a profitability focus. That reduced confidence in long-run store growth and cash returns.↗
- September 2024 · Comparable sales recovered: Interpretation: confidence improved as sales and gross margin recovered. On September 5, 2024, comparable sales rose 3.6%, gross margin improved, and the loss narrowed. Positive comparable sales suggested operating leverage could return without relying only on store growth.↗
The core investment thesis
Own ZUMZ if teen and young-adult shoppers keep responding to its assortment, private labels help margins, and stores remain useful as discovery and fulfillment hubs.
ZUMZ price history
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Investment thesis
What must happen next
The stock depends on Zumiez proving the latest U.S. traffic and footwear weakness is temporary, not a renewed demand reset.WeakeningMateriality: High
Q1 FY2026 comparable sales grew 4.0%, then Q2 fell 2.1%. The first 37 days of Q3 through September 7 fell 3.5%, not a full-quarter result. Comparable sales are the main operating lever because stores carry fixed occupancy and labor costs; weaker traffic quickly pressures earnings.
Watch: U.S. comparable sales and footwear demand must stabilize before holiday demand, or operating leverage will work against earnings.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
First-quarter comparable sales rose 4%, before the later slowdown.
Open source ↗The negative 3.5% reading covers only the first 37 days of Q3.
Open source ↗The margin case needs private-label growth to continue as a profitable supplement to branded discovery, not a sign of weakened brand access.HoldingMateriality: High
Private-label share rose from 23.0% in FY2023 to 30.3% in FY2025. However, Q2 FY2026 gross margin slipped to 35.3% from 35.5% as sales weakened. Private label can lift merchandise economics and offer value, but only if it complements rather than displaces the branded products that bring customers in.
Watch: Private-label penetration must keep supporting product economics without causing stale assortments, heavier markdowns, or brand-vendor pushback.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Private-label sales share increased over three fiscal years, but share alone does not prove profitability.
Open source ↗The latest gross margin declined slightly despite the longer-term private-label expansion.
Open source ↗The omnichannel model must translate inventory access and service into sales productivity, not simply preserve an expensive store base.HoldingMateriality: High
Stores fulfill most online orders. September’s plan called for five openings and roughly 16 closures, so fewer stores still need to sustain service and local productivity. Zumiez’s store network is valuable only if stores sell, market the experience, and fulfill online orders efficiently enough to cover fixed costs.
Watch: Watch sales and profit per retained store, closure savings and delivery economics as the footprint contracts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Stores handle most online fulfillment, linking the footprint to delivery and inventory economics.
Open source ↗The current plan has five store openings and about 16 closures, fewer closures than previously planned.
Open source ↗International diversification must become sustainably profitable, because sales diversification alone does not protect shareholder value.UnclearMateriality: Medium
Zumiez slowed European store growth after a Blue Tomato impairment, while the latest release said other regions partly offset U.S. weakness. International stores diversify U.S. exposure, but Europe already showed that expansion can destroy value if local demand and margins disappoint.
Watch: Europe and Australia need to keep offsetting U.S. weakness while avoiding another impairment-style reset.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
A Blue Tomato goodwill write-down reflected a slower European expansion plan.
Open source ↗Management reported international growth partly offsetting the weaker U.S. business.
Open source ↗Per-share upside depends on buybacks reinforcing an operating recovery, not masking pressure in sales or store economics.WeakeningMateriality: Medium
First-half FY2026 operations used $27.3 million versus $9.5 million a year earlier; capital spending used another $4.9 million while repurchases continued. Buybacks can increase per-share value when operations recover, but they are less helpful if cash is spent before demand and margins hold.
Watch: Repurchases must remain funded by durable cash generation and should not reduce flexibility during a weaker consumer cycle.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
First-half operating cash use increased while cash also went to capital spending and repurchases.
Open source ↗
Full investment case & evidence
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Original research
The stock depends on Zumiez proving the latest U.S. traffic and footwear weakness is temporary, not a renewed demand reset. Comparable sales are the main operating lever because stores carry fixed occupancy and labor costs; weaker traffic quickly pressures earnings.
The margin case needs private-label growth to continue as a profitable supplement to branded discovery, not a sign of weakened brand access. Private label can lift merchandise economics and offer value, but only if it complements rather than displaces the branded products that bring customers in.
The omnichannel model must translate inventory access and service into sales productivity, not simply preserve an expensive store base. Zumiez’s store network is valuable only if stores sell, market the experience, and fulfill online orders efficiently enough to cover fixed costs.
International diversification must become sustainably profitable, because sales diversification alone does not protect shareholder value. International stores diversify U.S. exposure, but Europe already showed that expansion can destroy value if local demand and margins disappoint.
Per-share upside depends on buybacks reinforcing an operating recovery, not masking pressure in sales or store economics. Buybacks can increase per-share value when operations recover, but they are less helpful if cash is spent before demand and margins hold.
All standing thesis claims
Original report summary
teen and young-adult shoppers keep responding to its assortment, private labels help margins, and stores remain useful as discovery and fulfillment hubs.
Since this case
What has happened since Sep 29, 2026
The case above was written from evidence through Sep 29, 2026 and stays as written. This part is read from SEC filings and closing prices each time the page is built, so it moves as new reports are filed.
- Results
- No results reported since this case, as of this reading. The next report is expected around Dec 3, 2026, estimated from the company’s filing pattern.
- Share price
- +2.3% since Sep 29, 2026, from $13.78 to $14.10 on Nov 12, 2026. The stock alone, not measured against other companies.
- Filings
- No 8-K or 6-K filed since Sep 29, 2026, as of this reading.
- Insiders
- No insider transaction reported since Sep 29, 2026, as of this reading.
- Conditions
- None of the conditions the Thesis-Break Engine checks has crossed on Zumiez since Sep 29, 2026.
Read from SEC filings and closing prices through Nov 12, 2026. A filing made today can take up to about four hours to appear here.
Bull case and bear case
Bull case and bear case for Zumiez Inc
Where the evidence on Zumiez disagrees: Mixed on the latest evidence (Sep 29, 2026). Of its 5 thesis points, 2 holding, 2 weakening and 1 unclear.
Bull case: what the evidence supports
The margin case needs private-label growth to continue as a profitable supplement to branded discovery, not a sign of weakened brand access.
The omnichannel model must translate inventory access and service into sales productivity, not simply preserve an expensive store base.
Bear case: what the evidence questions
The stock depends on Zumiez proving the latest U.S. traffic and footwear weakness is temporary, not a renewed demand reset.
International diversification must become sustainably profitable, because sales diversification alone does not protect shareholder value.
Per-share upside depends on buybacks reinforcing an operating recovery, not masking pressure in sales or store economics.
Company research
Research on Zumiez
- Reporting · Zumiez Repurchases Shares as U.S. Comparable Sales Keep Falling
Zumiez reduced its share count, but weaker domestic demand and a wider loss keep the capital-return case unproven.
Thesis-Break Engine
Thesis-break watch · Zumiez
No break has crossed Zumiez’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- ChallengingBack-to-school period weakened
Q2 comparable sales fell 2.1% and the net loss widened. Through September 7, the first 37 days of Q3 had a 3.5% comparable-sales decline. Management cited U.S. footwear and traffic weakness, partly offset by international growth.
- SupportiveFiscal 2026 began with positive comparable sales
Q1 comparable sales rose 4.0%. The net loss narrowed to $13.3 million from $14.3 million, but the prior year included a $2.9 million lawsuit charge and loss per share worsened as buybacks reduced the share count.
Risks / falsifiers
What could break the thesis
- U.S. comparable sales and footwear demand must stabilize before holiday demand, or operating leverage will work against earnings.
- Private-label penetration must keep supporting product economics without causing stale assortments, heavier markdowns, or brand-vendor pushback.
- Watch sales and profit per retained store, closure savings and delivery economics as the footprint contracts.
- Europe and Australia need to keep offsetting U.S. weakness while avoiding another impairment-style reset.
- Repurchases must remain funded by durable cash generation and should not reduce flexibility during a weaker consumer cycle.
ZUMZ news
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Financial statements
ZUMZ income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ZUMZ: quick answers
- When does Zumiez (ZUMZ) report earnings next?
- Zumiez's next results are projected for December 3, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on September 10, 2026. Earnings calendar
- What is ZUMZ's short interest?
- As of October 30, 2026, 2.1M ZUMZ shares were sold short, 13.6% of its shares outstanding, up 17.5% from the count before. At the stock's average daily volume that is 7.1 days to cover. FINRA publishes the count twice a month. ZUMZ short interest history