Zumiez Inc. (NASDAQ:ZUMZ) Q4 2023 Results Conference Call March 14, 2024 5:00 PM ET
Company Participants
Rick Brooks - Chief Executive Officer
Chris Work - Chief Financial Officer
Conference Call Participants
Corey Tarlowe - Jefferies
Mitch Kummetz - Seaport
Operator
Good afternoon, ladies and gentlemen. And welcome to the Zumiez Inc. Fourth Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] 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'd like to turn the call over to Rick Brooks, Chief Executive Officer. Mr. Brooks?
Rick Brooks
Hello, everyone, and thanks you for joining us on today's call. With me today is Chris Work, our Chief Financial Officer. I'll begin with a few remarks about our fourth quarter and full year performance before discussing some of our strategic priorities for 2024. Chris will then take you through the financials and our outlook for the coming year. After that, we'll open the call to your questions.
The fourth quarter represented an encouraging finish to what was a challenging year. As was the case throughout fiscal 2023, we faced headwinds in the fourth quarter, including highly promotional activity across the soft lines retail sector and an increasingly selective consumer pressured by the multiyear inflationary impact on discretionary income. That said, our men's business turned positive in November and growth accelerated in both December and January. Overall, momentum built throughout the quarter with total sales trends improving month-to-month, culminating January turning to positive comparable sales, fueling fourth quarter sales and adjusted EPS that were both above the high-end of our guidance ranges.
Many ways, the fourth quarter monthly sales trends were a microcosm of the trend we've seen throughout the year. To recap our improving trend line, year-over-year total sales were down 17% in first quarter, down 12% in the second quarter, down 9% in the third quarter and down less than 4% in the fourth quarter, excluding the benefit of the 53rd week, which drove sales slightly positive for the quarter.