Zumiez October same-store sales miss estimates on Europe weakness
(Reuters) - Zumiez Inc's (ZUMZ.O) October same-store sales missed estimates and the action sports apparel and equipment retailer cut its third-quarter profit outlook on weakness in its European business, sending its shares down 11 percent.
The mall-based specialty retailer said October same-store sales, or sales at stores open for at least a year, rose 0.6 percent compared with the 4.6 percent growth expected by analysts polled by Thomson Reuters.
Zumiez, which sells licensed brands such as Billabong Inter (BBG.AX), Nike Inc (NKE.N) and Skullcandy Inc (SKUL.O), cut its third-quarter profit outlook to between 38 cents per share and 39 cents per share from its previous forecast of between 42 cents and 45 cents per share.
The company's shares, which have risen more than 17 percent over the past year, fell 11 percent to $22.50 in extended trade.
(Reporting by Aditi Shrivastava in Bangalore; Editing by Saumyadeb Chakrabarty)
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