Everett-based company hopes to raise $57.5 million.
Coming to a teen near you:
Zumiez (pronounced zoo-MEEZ), an action-sports lifestyle retailer, yesterday filed to sell shares to the public in an offering that could raise as much as $57.5 million.
The Everett-based company, founded in 1978, operates 140 action-sports-oriented lifestyle stores, mostly in malls. It plans to use proceeds from the offering to open new stores.
Most Read Stories
- Cheating hubby needs to reset attitude toward ‘affair baby’ | Dear Carolyn
- Seattle home too toxic to enter sparked a bidding frenzy — now we know why VIEW
- Swedish CEO resigns in wake of Seattle Times investigation
- Jay Inslee for president? Governor’s profile is on the rise
- Seattle cop accused of doing drugs with strip-club dancer, slipping names of crime victims to Q13 anchor
The retailer — which caters to 12- to 24-year-olds who buy skateboarding, surfing, snowboarding and BMX clothing and gear — posted $100.6 million in sales for the nine months ended Oct. 30, a 28.9 percent jump versus a year ago. Profit nearly doubled to $3.0 million, according to regulatory filings.
Malls have experienced a resurgence in retail stores targeting teens — and the money they spend.
Those 12 to 19 years old spent an average of $91 per week in 2004, according to Northbrook, Ill.-based Teenage Research Unlimited. The spending figure includes teens’ own money, plus cash they received as gifts, allowance and other spending money from parents.
Tacoma Mall marketing director Margaret Marshall said the demographic has become so important that the mall’s owner, Simon Property Group, launched the “Simon Detour Live” mall tour three years ago.
At a glance
Sales: $100.6 million for nine months ended Oct. 30
Profit: $3.0 million for nine months ended Oct. 30
Stores: 140, primarily in West Coast malls
Employees: 426 full time, 1,076 part time
Source: Securities and Exchange Commission filings
The tour brings emerging artists such as Ashlee Simpson to its properties across the U.S. to draw teens into its malls. “No matter what day of the week, you see kids and parents walking through with Journeys bags and Zumiez bags,” Marshall said.
Zumiez, meantime, has accelerated its growth in recent years. The retailer expanded from 53 stores in fiscal 1999 to 140 stores at the end of January. It expects to open 35 stores this year.
The company has 426 full-time and 1,076 part-time employees.
Monica Soto Ouchi: 206-515-5632 or firstname.lastname@example.org