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ROTH CAPITAL PARTNERS: Zumiez comps exceed estimates.
Details on Industry Insight.
Zumiez outperformed many retail competitors in June with same store sales rising 10.9%.
Strong categories included junior’s, men’s, boy’s and accessories.
It was the first time in 28 months that junior's has posted a positive result, Brian Leith, Zumiez's Director of Finance, told me this afternoon.
Footwear and hardgoods posted weak results.
Zumiez’s comps for the five weeks ended July 3 were:
1. up 10.7%
2. up 7.2%
3. up 9%
4. up 14.6%
5. up 13.4%
Regions: Comps rose 10% at stores in the western half of the U.S. In the Midwest, Northeast, and South, comps rose in the high-single digits.
Zumiez said comps benefited from the shift in when Memorial Day and the Fourth of July fell in relation to the reporting period. It was also up against an easy comparison – in June 2009, same store sales declined 19.3%.
Quarter-to-date, same store sales are up 9.3% and year-to-date, same store sales are up 9.2%.
Here is a sampling of how some other retailers fared in June:
Buckle: down 7.3% (its usually strong women’s business saw total sales fall 4.5% in June.)
Aeropostale: up 8%
Hollister: up 7%
Wet Seal: down 3.6%
Nordstrom: up 14.1% (sales were boosted by date shift of half-yearly sale.)
Macy’s: up 6.5%
Target: up 1.7%
The somewhat tepid results has some retail analysts concerned about the back-to-school season, according to a story in the Associated Press.