Zumiez reported their results for the year and quarter ended February 1st on March 12th. Great quarter and year. But about a week after their fiscal year ended, the impact of the pandemic on the economy became apparent. For all retailers who sell directly to the consumer, in our industry or not, the world is changing.
After I read the 10-K and conference call transcript, I asked myself if anybody cared, for any industry company, about financial statements that became potentially irrelevant financial history in ten days’ time?
While I was thinking about it, Zumiez announced the closing of all its stores and then, on April 2nd, a series of personnel and financial actions in response to the economic downturn (that’s way too benign a term). That convinced me I was right- nobody was likely to care about ancient history. You can read the two press releases on their investors’ web site.