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Zumiez (ZUMZ) cuts full-year margin guidance after a weak Q2, with shares trading near a 52-week low

9/16/2026

(NASDAQ: ZUMZ) looks rational on the surface: the company missed estimates, widened its net loss, and walked back its full-year margin target when it reported second-quarter fiscal 2026 results on September 10.

The risk is that the work required to fix the US business will take longer than a forward P/E of 9.83 implies.

What complicates the straight bear case is $97.3 million in cash, zero debt, and a stock sitting just above its 52-week low after a 45% year-to-date decline.

Second-quarter net sales came in at $209 million, down 2.5% year-over-year, with comparable sales off 2.1%.