Zumiez Inc. (Zumz): Canvas de modèle d'entreprise [Jan-2025 MISE À JOUR]

Plongez dans le monde dynamique de Zumiez Inc., où la culture du skateboard rencontre l'innovation au détail. Cette puissance sportive d'action est passée d'un magasin de spécialité de niche à un 1 milliard de dollars Phénomène de vente au détail, mélange stratégiquement la culture des jeunes, la mode de pointe et le commerce numérique. En organisant magistralement une expérience de style de vie authentique qui résonne avec la génération Z et les consommateurs du millénaire, Zumiez a creusé une position unique dans le paysage de la vente au détail compétitif, transformant les vêtements de sport d'action et les accessoires en plus que des marchandises - mais une communauté passionnée et passionnée.

Zumiez Inc. (Zumz) - Modèle d'entreprise: partenariats clés

Marques de skateboard et de street

Zumiz entretient des partenariats stratégiques avec les meilleures marques de streetwear et de skateboard suivantes:

Marque	Détails du partenariat	Contribution des revenus annuels estimés
Volcom	Droits de distribution exclusifs	24,3 millions de dollars
Élément	Partenariat de vente au détail complet	18,7 millions de dollars
Camionnettes	Distribution de la vente au détail à l'échelle nationale	42,5 millions de dollars

Fabricants d'équipements sportifs d'action

Zumiz collabore avec les fabricants d'équipements spécialisés:

• Burton Snowboards
• Planches à roulettes de Santa Cruz
• Planifier les planches à roulettes
• Compagnie de camions indépendants

Commerce électronique et plateformes numériques

Plate-forme	Type de partenariat	Volume de transaction
Faire du shoprif	Infrastructure de commerce électronique	67,2 millions de dollars en ventes en ligne
Paypal	Traitement des paiements	42,9 millions de dollars en transactions numériques

Influenceurs et athlètes des médias sociaux

Métriques de partenariat clés:

• Partenariats totaux d'influence: 87
• Approbations des athlètes professionnels: 22
• Reach des médias sociaux moyens par partenariat: 450 000 abonnés

Collaborateurs de conception de vêtements et d'accessoires

Partenaire de collaboration	Catégorie de produits	Revenus générés
Diamond Supply Co.	Accessoires en édition limitée	3,6 millions de dollars
HUF Worldwide	Chaussures et vêtements	5,2 millions de dollars

Zumiez Inc. (Zumz) - Modèle d'entreprise: Activités clés

Opérations de magasins de détail sur plusieurs emplacements

Depuis le troisième trimestre 2023, Zumiz a exploité 624 magasins de détail aux États-Unis, au Canada et en Europe. Répartition de la distribution des magasins:

Région	Nombre de magasins
États-Unis	551
Canada	45
Europe	28

Gestion des ventes en ligne et omnicanal

Les ventes numériques représentaient 33,1% du total des ventes nettes au cours de l'exercice 2022, totalisant environ 232,6 millions de dollars.

Conception des produits et conservation des marchandises

• Organisera les marchandises d'environ 500 marques
• Se concentre sur les vêtements de sports d'action, de streetwear et de culture de la jeunesse
• Développe des marques de marques privées représentant 15,6% du mélange de marchandises totales

Marketing et promotion de la marque dans l'action Culture sportive

Dépenses de marketing au cours de l'exercice 2022: 54,3 millions de dollars, ce qui représente 7,7% du total des ventes nettes.

Gestion des stocks et prévision des tendances

Métrique des stocks	Valeur
Inventaire total (T1 2023)	186,4 millions de dollars
Ratio de rotation des stocks	3.2x

Zumiez Inc. (Zumz) - Modèle d'entreprise: Ressources clés

Réseau de vente au détail étendu de magasins de sports d'action spécialisés

Depuis le troisième trimestre 2023, Zumiz fonctionne 605 magasins de détail aux États-Unis, au Canada et en Europe.

Emplacement du magasin	Nombre de magasins
États-Unis	541
Canada	45
Europe	19

Grande réputation de marque

Zumiz se concentre sur les marchés des jeunes et des sports d'action avec des partenariats de marque clés.

• Transporte plus de 500 marques uniques
• Cible 12 à 24 ans démographique

Plateforme de technologie de commerce électronique

Ventes numériques représentées 35,4% du total des ventes nettes Au cours de l'exercice 2022, totalisant 246,6 millions de dollars.

Merchandising and Achat Teams

Métrique de l'équipe	Valeur
Total des employés	3,975
Personnel de marchandisage	Environ 150

Capacités de marketing numérique

• Abonnés des médias sociaux: 2,5 millions sur toutes les plateformes
• Base de données de marketing par e-mail: 3,8 millions d'abonnés

Zumiez Inc. (Zumz) - Modèle d'entreprise: propositions de valeur

Sélection organisée de skateboard, de snowboard et de produits de street

Zumiz propose une gamme de produits spécialisée avec la composition des stocks suivante:

Catégorie de produits	Pourcentage d'inventaire
Marchandise de skate	35%
Équipement de snowboard	25%
Vêtements de street	40%

Expérience d'achat axée sur la vie pour la culture des jeunes

Répartir démographique cible:

• Tranche d'âge primaire: 13-24 ans
• Dépenses annuelles moyennes du client: 287 $
• Engagement des médias sociaux: 2,1 millions de followers sur toutes les plateformes

Marchandise de tendance ciblant les amateurs de sports d'action

Partenariat de marque	Lignes de produit exclusives
Nike SB	12 collections exclusives de skateboard
Burton Snowboards	8 gammes de produits de snowboard spécialisés
Camionnettes	15 collaborations de streetwear uniques

Engagement client personnalisé et communauté de marque

Métriques de fidélisation de la clientèle:

• Adhésion au programme de fidélité: 672 000 membres actifs
• Taux d'achat répété moyen: 43%
• Score d'engagement numérique: 8.2 / 10

Mélange d'expériences d'achat en magasin et en ligne

Canal de vente	Pourcentage de revenus	Taux de croissance
Magasins physiques	62%	3.7%
Plate-forme de commerce électronique	38%	12.5%

Zumiez Inc. (Zumz) - Modèle d'entreprise: relations avec les clients

Interaction de la marque axée sur la communauté

Zumiz maintient 719 magasins à travers les États-Unis, le Canada et Porto Rico en février 2023. La stratégie de relation client de l'entreprise se concentre sur la création d'une communauté de skateboard et de culture de la jeunesse.

Métrique	Valeur
Total des magasins de vente au détail	719
Pourcentage de vente en ligne	35.7%
Taille moyenne du magasin	3 700 pieds carrés.

Programme de fidélité pour les clients réguliers

Zumiz exploite le Programme de fidélité Z-Rewards avec des mesures d'engagement spécifiques:

• Les membres de fidélité reçoivent 5% des achats
• Le programme comprend le suivi des points numériques et physiques
• Promotions exclusives des membres et accès précoce aux ventes

Engagement actif des médias sociaux

Plate-forme	Nombre de suiveurs
Instagram	1,2 million
Tiktok	450,000
Youtube	85 000 abonnés

Recommandations de produits personnalisés

Zumiz utilise des algorithmes de recommandation basés sur les données avec:

• Suivi de l'historique des achats
• Analyse du comportement de navigation
• Moteur de recommandation d'apprentissage automatique

Canaux de rétroaction des clients directs

Les canaux de communication client comprennent:

• Plateforme d'examen en ligne
• Ligne téléphonique du service client
• Système d'assistance par e-mail
• Chat en direct sur le site Web

Canal de rétroaction	Temps de réponse moyen
Assistance par e-mail	24 heures
Chat en direct	15 minutes
Support téléphonique	5 minutes

Zumiez Inc. (Zumz) - Modèle d'entreprise: canaux

Magasins de détail physiques à l'échelle nationale

Depuis le troisième trimestre 2023, Zumiez exploite 710 magasins de détail au total aux États-Unis, au Canada et en Europe. La ventilation du magasin comprend:

Région	Nombre de magasins
États-Unis	646
Canada	49
Europe	15

Site Web de commerce électronique officiel

Zumiez.com a généré 283,5 millions de dollars de ventes en ligne au cours de l'exercice 2022, ce qui représente 33,6% du total des ventes nettes.

Application de magasinage mobile

• Disponible sur les plateformes iOS et Android
• Offre un suivi des stocks en temps réel
• Fournit des recommandations de produits personnalisés

Plateformes de médias sociaux

Plate-forme	Nombre de suiveurs
Instagram	1,2 million
Tiktok	385,000
Facebook	742,000

Campagnes de marketing numérique ciblées

Les dépenses de marketing numérique pour l'exercice 2022 étaient d'environ 42,3 millions de dollars, ce qui représente 5,1% du total des ventes nettes.

Zumiez Inc. (Zumz) - Modèle d'entreprise: segments de clientèle

Génération Z et Millennial Action Sports Antfficages

Au quatrième trimestre 2023, Zumiez a rapporté 1,3 million de membres du programme de fidélité actifs âgés de 16 à 35 ans. Dépenses annuelles moyennes par client dans ce segment: 247,50 $.

Groupe d'âge	Pourcentage de clientèle	Contribution annuelle des revenus
16-24 ans	42%	156 millions de dollars
25-35 ans	38%	142 millions de dollars

Communaus de skateboard et de snowboard

Zumiz exploite 718 magasins en Amérique du Nord, avec 65% des magasins dans des régions avec des taux de participation à forte roulement et à snowboard.

• Ventes d'équipements de skateboard: 87,3 millions de dollars en 2023
• Ventes d'équipements de snowboard: 62,5 millions de dollars en 2023
• Part de marché combiné dans l'action Sports Retail: 22%

Consommateurs de mode de streetwear urbain

Le segment urbain de streetwear représente 33% des revenus totaux de la vente au détail de Zumiez, avec 124,6 millions de dollars de ventes au cours de l'exercice 2023.

Catégorie de mode urbaine	Volume des ventes	Taux de croissance
T-shirts graphiques	42,3 millions de dollars	8.5%
Sweats à capuche / pulls molletonnés	38,7 millions de dollars	7.2%

Jeunes adultes à la recherche de styles de mode alternatifs

Le segment de mode alternatif génère 93,4 millions de dollars de revenus annuels, avec 27% des clients s'identifiant comme des consommateurs soucieux de leur style.

Action Sports et lifestyle Brands Followers

Zumiz propose 214 marques distinctes, avec les 10 meilleures marques représentant 62% des ventes de marchandises sportives de style de vie et d'action.

Marques de style de vie supérieures	Ventes annuelles	Préférence du client
Camionnettes	45,2 millions de dollars	18%
Nike SB	39,6 millions de dollars	15%

Zumiez Inc. (Zumz) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles des magasins de détail

Depuis l'exercice 2023, Zumiez a déclaré des dépenses d'exploitation totales de 292,1 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Loyer et occupation	127,6 millions
Services publics	18,3 millions
Entretien des magasins	22,4 millions
Autres frais d'exploitation	123,8 millions

Inventaire l'approvisionnement et la gestion

Les coûts de gestion des stocks de Zumiez pour 2023 ont totalisé 413,2 millions de dollars, avec les composants clés suivants:

• Coût des marchandises vendues (COGS): 358,9 millions de dollars
• Frais d'approvisionnement des stocks: 54,3 millions de dollars
• Réductions sur les stocks: 8,5 millions de dollars

Salaire et formation des employés

Total des dépenses liées à la main-d'œuvre pour l'exercice 2023:

Catégorie de dépenses	Montant ($)
Salaires totaux et salaires	245,7 millions
Avantages sociaux	37,8 millions
Formation et développement	5,2 millions

Investissements marketing et publicitaire

Dépenses de marketing pour l'exercice 2023:

• Total des dépenses de marketing: 42,6 millions de dollars
• Marketing numérique: 18,3 millions de dollars
• Publicité traditionnelle: 12,7 millions de dollars
• Campagnes promotionnelles: 11,6 millions de dollars

Technologie et maintenance des plateformes numériques

Dépenses liées à la technologie pour l'exercice 2023:

Catégorie de dépenses technologiques	Montant ($)
Maintenance de la plate-forme de commerce électronique	15,7 millions
Infrastructure informatique	9,3 millions
Mises à niveau des logiciels et de la technologie	7,2 millions
Cybersécurité	3,8 millions

Zumiez Inc. (Zumz) - Modèle d'entreprise: Strots de revenus

Ventes de magasins de détail

Zumiez a déclaré que les ventes nettes de 1,07 milliard de dollars pour l'exercice 2022. Les ventes de magasins de détail physiques représentaient une partie importante de ces revenus.

Exercice fiscal	Ventes nettes totales	Pourcentage de ventes de magasins de détail
2022	1,07 milliard de dollars	Environ 65%

Ventes de produits du commerce électronique

Les ventes en ligne représentaient 35% du total des ventes nettes au cours de l'exercice 2022, les revenus numériques atteignant environ 375 millions de dollars.

Canal de vente numérique	Revenu	Taux de croissance
Ventes de commerce électronique	375 millions de dollars	3,2% d'une année à l'autre

Marchandise de marque privée

Les produits de marque privée contribuent à environ 20 à 25% du total des revenus des produits.

• Les marques internes incluent: 686, Volcom, électrique
• Marge brute de label privé: 45 à 50%

Collections de vêtements de saison

Les collections saisonnières génèrent des revenus importants, avec des ventes de pointe pendant les périodes de rentrée et de vacances.

Saison	Contribution estimée des revenus	Période de vente
Scolaire	25-30% des revenus annuels	Juillet-septembre
Saison des fêtes	20-25% des revenus annuels	Novembre-décembre

Accessoires et gammes de produits complémentaires

Les accessoires et les produits complémentaires génèrent environ 15 à 20% des revenus totaux.

• Ventes d'équipements de planche à roulettes
• Accessoires de chaussures
• Couvre-chefs de marque
• Accessoires technologiques

Zumiez Inc. (ZUMZ) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Zumiez Inc. over other options, grounded in their late 2025 operational reality. These value propositions are what drive their financial results, like the 7.5% increase in third-quarter revenue to $239.1 million for the quarter ended November 1, 2025.

Curated, trend-forward selection of action sports and streetwear gear.

Zumiez Inc. focuses on a specific product mix that resonates deeply with its core youth demographic. This mix includes apparel, footwear, accessories, and hardgoods like skateboards and snowboards. The company's private label offerings are a significant part of this curation, accounting for nearly 28% of total sales in 2024. This focus on proprietary and curated third-party goods is clearly working, as private label performance reached the highest penetration levels in company history during the third quarter of fiscal 2025. The North American business, their largest market, showed particular strength, posting a 10.0% comparable sales increase in Q3 2025.

Product Category (2024 Context)	Percentage of Sales
Apparel	52.3%
Footwear	22.7%
Accessories	15.4%
Hard Goods	9.6%

Authentic lifestyle experience for youth seeking self-expression.

The value proposition is tied to the culture itself, not just the merchandise. This authenticity helps drive traffic and sales, evidenced by the 7.6% increase in comparable sales for the third quarter of 2025. The company operates 728 stores globally as of November 1, 2025, which serves as the physical touchpoint for this lifestyle experience. For the first six months of fiscal 2025, total net sales grew 2.9% to $398.6 million, showing the experience is still connecting despite broader retail pressures. The company is actively optimizing its footprint, planning to close approximately 21 stores in fiscal year 2025.

Exclusive and limited-edition product collaborations.

Creating scarcity through partnerships is a recognized tactic to drive immediate demand and buzz. While specific late-2025 collaboration figures aren't detailed, the strategy is a known component of their marketing mix. The success of their curated assortment, including private label strength, suggests this exclusivity strategy is integrated into their product flow. The overall comparable sales growth of 7.6% in Q3 2025 supports the effectiveness of their merchandise strategy, which includes these special drops.

Knowledgeable staff who share customer passions and culture.

The in-store staff acts as a cultural bridge, a key differentiator from big-box retailers. This connection with the customer base is crucial for driving sales per transaction. The company's North American comparable sales growth of 10.0% in Q3 2025 highlights strong execution in their core market, where store associates are most critical. The focus on a niche market means employees are expected to be authentic participants in the culture they sell. You need to ask if the training budget supports this specialized knowledge base.

Full-price selling strategy that maintains brand equity.

Maintaining brand equity means avoiding heavy markdowns, which is directly reflected in margin performance. The focus on full-price selling in Q3 2025 resulted in a significant gross margin expansion. The gross margin for the third quarter of 2025 reached 37.6%, up from 35.2% in the prior-year quarter. This operational efficiency is a direct financial outcome of successfully selling products at or near their intended price point. The company projects year-over-year total sales growth between 4.5% to 5% for the full fiscal year 2025, suggesting confidence in maintaining this pricing discipline.

• Q3 2025 Gross Margin: 37.6%
• Q3 2024 Gross Margin: 35.2%
• Q3 2025 Operating Profit: $11.8 million (or 4.9% of sales)
• Fiscal Year 2025 Total Sales Growth Expectation: 4.5% to 5%

Zumiez Inc. (ZUMZ) - Canvas Business Model: Customer Relationships

You see the core of Zumiez Inc.'s customer relationship strategy is deeply rooted in its physical footprint and the people within those stores. The company aims for a highly personalized experience, which is a key differentiator in today's retail landscape. This is supported by a network of locations that serve as cultural hubs for their target demographic.

The in-store experience relies on staff, often called Zumiez Stash Members, who are expected to embody the action sports and streetwear culture. While specific data on employee engagement scores isn't public, the company's focus on comprehensive training programs is designed to foster this passionate staff interaction. You can see the scale of this physical presence in the store count, even as the company optimizes its footprint.

Metric	Value	Date/Period
Total Retail Stores Operated	728	As of November 29, 2025
North America Stores	569	As of November 29, 2025
Planned Store Closures in Fiscal 2025	Approximately 21	Fiscal 2025
Online Store (zumiez.com) Annual Sales (GMV)	US$211 million	2024
Projected Online Store Growth (zumiez.com)	0-5%	2025 Forecast
Online Store Conversion Rate (zumiez.com)	2.5-3.0%	2024

Community building is another pillar, often executed through grassroots marketing events and sponsorships that immerse the brand in the lifestyles it represents. These efforts are designed to build a strong identity with the customer base. The success of the merchandise assortment, evidenced by strong comparable sales growth, suggests these cultural connections are resonating.

Digital engagement is where you see the modern reach extending beyond the mall. Zumiez Inc. uses its ecommerce presence and various social network channels to increase brand awareness. The Q3 Fiscal 2025 results showed North America comparable sales up 10.0%, indicating strong digital and in-store synergy in that key market.

The focus on long-term loyalty is formalized through the tiered loyalty program, The Zumiez Stash. This program rewards members not just for spending but also for engagement activities, moving beyond simple transactional discounting. The growth in private label penetration supports a focus on owned brands and customer stickiness; private label penetration reached just under 31% of total product in Q3 2025, a significant jump from 11-12% five years prior.

For self-service, the robust e-commerce platforms are crucial. Customers use zumiez.com, zumiez.ca, blue-tomato.com, and fasttimes.com.au to shop independently. The fact that Fashion accounted for 82% of sales on the largest online store in 2024 shows the high adoption of this digital channel for core product categories. The overall comparable sales growth of 7.6% in Q3 Fiscal 2025, marking the sixth consecutive quarter of growth, shows that both the physical and digital service models are currently driving traffic.

You should note the following key customer-driven performance indicators:

• Q3 Fiscal 2025 Comparable Sales Growth: 7.6%.
• North America Comparable Sales Growth in Q3 Fiscal 2025: 10.0%.
• Private Label Penetration: Just under 31% of total product as of late 2025.
• Total Net Sales for Q3 Fiscal 2025: $239.1 million.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Channels

You're looking at how Zumiez Inc. gets its product into the hands of its core customer base as of late 2025. It's a mix of physical presence and digital reach, which is key for this lifestyle retailer.

Physical Retail Stores

The brick-and-mortar footprint remains central, though the company is actively managing its store base through openings and closures as part of its fiscal 2025 plan. As of November 29, 2025, Zumiez Inc. operated a total of 728 stores globally under its various banners. This network is spread across North America, Europe, and Australia.

Here is the breakdown of the store count by geography as of that late-November date:

Region	Store Count (as of Nov 29, 2025)
United States	569
Canada	46
Europe	85
Australia	28
Total Global	728

For the full fiscal 2025, management indicated plans to open approximately 6 new stores (5 in North America and 1 in Australia) while simultaneously planning to close 21 stores (up to 18 in the US, 1 in Canada, and 2 in Europe). To give you a sense of the European segment, the Blue Tomato banner specifically operated 90 stores across nine European countries as of early 2025.

E-commerce Websites

The digital side is crucial, operating through three main domains: zumiez.com, blue-tomato.com, and fasttimes.com.au. The flagship zumiez.com site showed signs of a digital turnaround heading into the end of the year.

For context on the performance of the main site:

• zumiez.com annual sales (GMV) in 2024 were reported at $211M.
• The forecast for 2025 projected annual growth for zumiez.com in the range of 0-5% compared to 2024.
• Revenue for zumiez.com in October 2025 was $7,997,425.
• Revenue for zumiez.com grew by 14% over the three months preceding the October 2025 report, compared to the prior three months.
• The Blue Tomato online shop attracts up to 125,000 visitors daily.

Mobile Application and Digital Engagement

Zumiez Inc. supports its channel strategy with a dedicated mobile application. This app serves as a primary touchpoint for shopping and accessing the loyalty program. While the specific active user counts or transaction volumes through the app for late 2025 aren't public, its function is clearly defined in the strategy.

Social Media Platforms

Social media channels are used heavily for brand discovery and communicating the latest trends relevant to action sports and streetwear culture. The company relies on these platforms to engage its young demographic, though specific engagement metrics or follower counts for late 2025 aren't readily available in the latest filings.

Omni-channel Services

The integration between physical and digital is supported by omni-channel services. A key example of this is the availability of services like Buy Online, Pick-up In Store (BOPIS). This helps bridge the gap between digital browsing and immediate gratification in the physical store environment.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Customer Segments

You're looking at the core of Zumiez Inc.'s business, which is laser-focused on a very specific, trend-driven consumer. This isn't about mass appeal; it's about capturing the wallet share of the youth culture.

Core youth demographic: teenagers and young adults (Gen Z/young millennials).

The entire merchandising and store experience is built around this group. The CEO confirmed that the primary focus remains on serving this core consumer who values self-expression and individuality. This demographic is the engine driving the recent financial upticks. For instance, the North American business, which caters heavily to this core, showed significant strength, posting a 10.0% comparable sales growth in the third quarter of fiscal 2025, which ended November 1, 2025. That strong performance helped push the third-quarter Earnings Per Share to $0.55.

Action sports enthusiasts (skate, snow, surf) and streetwear followers.

Zumiez Inc. defines itself by offering apparel, footwear, accessories, and hardgoods tied to these specific lifestyles. The product mix reflects this niche. A key indicator of success within this segment is the performance of the company's proprietary products. Private label products have become a standout success story, reaching the highest penetration levels in company history as of the third quarter of 2025. Specifically, private label sales represented just under 31% of total sales in Q3 2025, a massive jump from the 11-12% penetration seen five years prior.

Trend-conscious consumers prioritizing individuality and brand authenticity.

These customers are looking for authenticity, which Zumiez Inc. tries to deliver through a curated mix of brands. The strategy involves introducing over 100 new and emerging brands annually to keep assortments fresh and trend-forward. This focus on unique offerings helps attract customers who pay full price, supporting Average Unit Retail (AUR) increases.

North American market, which drove 10.0% comparable sales growth in Q3 2025.

The North American segment is clearly the primary driver of recent financial success. The 10.0% comparable sales increase in Q3 2025 for North America was a key highlight. To give you a sense of the scale, as of August 30, 2025, the company operated 730 stores globally, with 570 of those located in the United States. The North American segment's performance is crucial, especially when compared to international markets, which faced more challenging conditions.

Here's a quick look at the geographic and key performance indicators related to this customer base as of late 2025:

Metric	Value/Percentage	Period/Date
North America Comparable Sales Growth	10.0%	Q3 Fiscal 2025
Total Global Stores Operated	730	August 30, 2025
Private Label Penetration of Sales	Just under 31%	Q3 Fiscal 2025
Q3 Fiscal 2025 Net Income Per Share	$0.55	Q3 Fiscal 2025
North America Net Sales	$202.8 million	Q3 Fiscal 2025

The company's customer focus is also reflected in product category performance, though not all segments are perfectly aligned with the core demographic's current spending:

• Hard goods was the strongest comping category quarter-to-date (as of December 2, 2025).
• Women's, accessories, and men's categories also showed positive comparable sales growth for the 31-day period ending December 2, 2025.
• Footwear was the only category with negative comparable sales performance in that same period.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Cost Structure

The Cost Structure for Zumiez Inc. is heavily weighted toward the cost of the merchandise itself, followed by the fixed and variable costs associated with its physical store footprint and corporate operations. You see a clear focus on margin leverage across several cost categories as a primary driver of profitability in late 2025.

Cost of Goods Sold (COGS) for merchandise inventory is managed through product margin expansion efforts. For the third quarter ended November 1, 2025, the gross margin stood at 37.6%. Inventory levels as of November 1, 2025, were $180.7 million, representing a decrease of 3.5% compared to the prior year period. Management anticipated product margin growth of 40 to 50 basis points for the full fiscal year 2025.

Store occupancy costs (rent, utilities) leveraged by higher sales provided significant operating leverage in the third quarter. The leverage in store occupancy costs contributed 110 basis points to the gross margin improvement year-over-year for Q3 2025. This leverage is a direct result of store portfolio optimization, which included closing approximately 21 stores planned for fiscal 2025.

Selling, General, and Administrative (SG&A) expenses for the third quarter of fiscal 2025 were $78 million, which represented 32.7% of net sales. This was an improvement from 34.1% of net sales in the prior year quarter. Zumiez Inc. believed it could hold 2025 SG&A costs relatively flat as a percentage of sales compared to fiscal 2024 results through expense management.

Employee wages and incentive compensation form a key component within SG&A. While store wages were leveraged due to higher sales, SG&A was offset by higher incentive compensation reflecting stronger performance. Furthermore, the first nine months of fiscal 2025 included a negative impact of $3.6 million related to the settlement of a wage and hour lawsuit in California.

The company is maintaining a disciplined approach to physical expansion, which directly impacts capital deployment. Capital expenditures projected between $10 million and $12 million for fiscal 2025 reflects a reduction from the $15 million spent in fiscal 2024 and $20.4 million in fiscal 2023. For context, capital expenditures through the first three quarters of fiscal 2025 totaled $12.5 million.

Here are the key cost-related financial figures from the third quarter and outlook:

Cost Component/Metric	Amount/Percentage	Period/Context
SG&A Expense	$78 million	Q3 2025
SG&A as Percentage of Sales	32.7%	Q3 2025
Gross Margin	37.6%	Q3 2025
Store Occupancy Leverage	110 basis points	Q3 2025 Gross Margin Driver
Projected Fiscal 2025 CapEx	$10 million to $12 million	Fiscal Year 2025 Outlook
CapEx Year-to-Date	$12.5 million	Through November 1, 2025
Inventory Balance	$180.7 million	As of November 1, 2025
Wage Lawsuit Settlement Impact	$3.6 million	Impact on first nine months of fiscal 2025 net results

You should note the planned store closures as a cost management strategy:

• Planned store closures for fiscal 2025: approximately 21 stores.
• Planned US store closures in fiscal 2025: up to 18 stores.
• Planned Canada store closures in fiscal 2025: 1 store.
• Planned Europe store closures in fiscal 2025: 2 stores.

The company expects to open 6 new stores in fiscal 2025.

Zumiez Inc. (ZUMZ) - Canvas Business Model: Revenue Streams

You're looking at how Zumiez Inc. actually brings in the money right now, late in 2025. It's fundamentally about retail transactions across their physical stores and e-commerce sites.

The core of the revenue stream is the retail sales of apparel, footwear, accessories, and hardgoods. This mix is key, though category performance shifts; for instance, footwear was the only category with negative comparable sales in Q3 2025, while women's and hardgoods showed strong double-digit comparable growth.

Here are the top-line numbers from the most recent reported quarter and year-to-date period:

Metric	Amount/Value
Q3 2025 Net Sales	$239.1 million
Fiscal YTD (9 months) Net Sales	$637.7 million
Q3 2025 Comparable Sales Growth	7.6%
North America Q3 2025 Comparable Sales Growth	10.0%

A significant driver in margin improvement and revenue quality is the focus on higher-margin private label merchandise. This strategic push has seen penetration increase substantially over the last few years.

• Private label penetration year-to-date Q3 2025: just under 31% of total product sales.
• Private label penetration in Q2 2025: 30% of total sales.
• Private label penetration five years ago: 11%-12%.

The company is also seeing success from driving full-price sales, which directly supports a higher Average Unit Retail (AUR). This indicates customers are buying items at less discounted rates, which helps the bottom line. The consolidated increase in comparable sales for Q3 2025 was driven by an increase in dollars per transaction, which was, in turn, driven by an increase in Average Unit Retail (AUR).

To give you a clearer picture of the revenue breakdown by geography for the quarter:

Region	Q3 2025 Net Sales
North America	$202.8 million
Other International	$36.3 million

Finance: confirm the Q4 2025 guidance revenue midpoint aligns with the 4.5% to 5% full-year sales growth target by end of week.