Zumiez Inc. (NASDAQ:ZUMZ) Q1 2023 Earnings Conference Call June 1, 2023 5:00 PM ET
Company Participants
Rick Brooks - CEO
Chris Work - CFO
Conference Call Participants
Richard Magnusen - B. Riley
Mitch Kummetz - Seaport
Operator
Good afternoon ladies and gentlemen and welcome to the Zumiez Inc., First Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference.
Before we begin, I'd like to remind everyone of the company's Safe Harbor language. Today's conference call includes comments concerning Zumiez Inc., business outlook and contains forward-looking statements. These forward-looking statements and all other statements that may be made on this call that are not based on historical facts are subject to risks and uncertainties. Actual results may differ materially.
Additional information concerning a number of factors that could cause actual results to differ materially from the information that will be discussed is available in Zumiez filings with the SEC.
At this time, I will turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks?
Rick Brooks
Hello everyone and thank you for joining us on the call. With me today is Chris Work, our Chief Financial Officer. I'll begin today's call with a few remarks about the first quarter, before handing the call over to Chris, who will take you through the financials, and some thoughts on the second quarter and rest of the year. After that, we'll open the call to your questions.
As anticipated, the first quarter was challenging as we saw similar domestic trends to those experienced in the fourth quarter of last year. Our operating performance was in line with our outlook and reflects a significant change the broader US economy and retail in particular has undergone over the past 12 months.
The continued effects of inflation weighing on consumer discretionary spending combined with heightened promotional activity across the industry to clear excess inventory levels, our full price selling model has been under pressure.
We're not pleased with our recent results. That said, we aren't discouraged either. Our team has navigated economic down cycles before and while each cycle has some unique characteristics, the one constant is that they eventually turn positive and Zumiez has historically outperformed the market on the way up.
We are confident that the connections we forge with our customers through our distinct brand, culture, and diverse and differentiated merchandise offering, featuring highly sought after hard-to-find brands and world-class service are as strong as ever.