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Investing.com – Zumiez stock (NASDAQ:ZUMZ) climbed 6% Friday after the company said it will repurchase shares worth $150 million.
The buyback will close on January 28, 2023. The repurchases will be made from time to time on the open market at prevailing market prices, the company said.
Zumiez has 25.16 million shares outstanding with a market cap of just over $1 billion as per the trading price of $41.88 at 11:00 AM ET.
The company had cash and current marketable securities of $412 as of July 31 with total current assets at $597.83 million.
Zumiez did not provide an outlook for the ongoing quarter while May to July net sales rose 7.3% to $268.7 million. Diluted earnings per share fell to 94 cents from $1.01 in the same quarter last year.
