MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Some chain retailers reported November sales this morning, and the results were mixed.
The midnight opening and heavy promotions boosted sales for Macy’s, where same store sales rose 4.8%, better than expected. The company said younger shoppers especially responded to the early Black Friday opening.
Macy’s said if the strong sales trend continues, it will raise its fourth quarter guidance above the 4% to 4.5% increase it currently expects.
The Buckle reported a 6.9% increase in same store sales, which was better than expected. The Buckle did not promote heavily on Black Friday.
Nordstrom same store sales rose 5.6%, also better than analysts expected. Nordstrom did not promote heavily on Black Friday.
Wet Seal’s total same store sales declined 3.1%, dragged down by a 11.2% decline at Arden B. However, same store sales at its Wet Seal chain declined 1.8%, less than expected. Wet Seal, known as a teen fashion retailer, is trying to battle fast fashion chains like Forever 21. Wet Seal said it was pleased with its performance given that the Wet Seal chain was less promotional this year.
The Gap said same store sales declined 5% companywide, more than expected.
Zumiez will report November sales this afternoon.