Oppenheimer Reiterates Outperform on Zumiez (ZUMZ)

Oppenheimer is out with its report today on Zumiez ZUMZ, reiterating Outperform. In a note to clients, Oppenheimer writes, "ZUMZ posted an 8.9% March comp, significantly above our/consensus estimates of 4%/3.2% and compared to 13.2% ly. Impressively, comps were in the positive teen range in weeks 1-4 and only turned negative in week 5 when up against ly's Easter compare. By category, footwear, accessories, guys' and juniors' continued to exhibit broadbased strength. Results were driven by improved comparable-store transactions, partially offset by a decline in dollars/transaction. We believe full-priced momentum has continued in April. ZUMZ remains a top pick through YE; reiterate Outperform rating and $35 PT." At the time of posting, shares of ZUMZ were trading pre-market at $28, up 1.82% from Wednesday's close.