Seeking Alpha

Zumiez (ZUMZ) recently reported Q2 earnings on September 5, 2013. There were some very interesting developments on the call, so I decided to lay out the bull and bear cases for the company going forward. Let's first give a high level overview of the bull and bear cases:

Bull Case - in a very difficult environment, the company was able to achieve positive comps (off a strong 2012 number) in the back-to-school season. The company is clearly taking share in a space that looks to be consolidating. Above-average store growth, combined with a different product and over $3 a share in net cash make the company's valuation reasonable going forward.

Bear Case - The company...

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