MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Here's a round-up.
To me, the biggest surprise was Zumiez, which reported a 9 percent decline in same-store sales for the month. Previously, Zumiez had been down a little, but not as much as other retailers. Last month, sales seemed to decline significantly.
The company said sales deteriorated in California, Arizona, Florida and Nevada. Zumiez also experienced weakness in the Northwest and Rocky Mountain states.
Footwear posted positive comps. Mens, juniors and boys apparel all posted negative comps as did accessories and hardgoods.
Here are a few other results:
Same-store sales: down 5 percent. Analysts had expected a decline of 5 percent to 7 percent.
Apparel comps: up 8 percent
Juniors apparel: up 17 percent. Denim and tops were strong.
Young men's apparel: up 1 percent. Denim was strong, T's were weak.
Accessories: down 31 percent.
Footwear: down 55 percent as the company exits the category.
Regions: "Significant" sales declines in California, Florida and the Desert Southwest. Sales also weakened in the Northwest and Rocky Mountains/Great Plains.
Guidance: The company now expects fiscal 2008 third quarter earnings to be at the low end of its previously announced guidance of tiny_mce_marker.00 to tiny_mce_marker.05 per diluted share.
Same-store sales: up 19.7 percent
Same-stores sales: down 9.6 percent, weaker than expected. The company lowered its earnings guidance for the third quarter.
Total company same-store sales: down 14 percent
Hollister same-store sales: down 20 percent
The company lowered guidance for the third quarter and for the second half of the year. It also reiterated its strategy of avoiding promotions to protect its brands in the long term.