Oppenheimer Has Outperform On Zumiez Following Strong April Same-Store-Sales (ZUMZ)

Oppenheimer & Co. has an Outperform rating and a $35 price target on shares of Zumiez, Inc. ZUMZ following a strong April. In a note to clients, Oppenheimer writes, "ZUMZ posted a 17.5% April comp, above our/consensus estimates of 15%/14.1% and vs. 2.1% ly. Comps were positive each week with the strongest results in week 3 (Easter week) and all categories posted gains. Consistent with last month, results reflect improved comparable-store transactions, partially offset by a decline in dollars/transaction (lower units per transaction, higher average unit retail). We view recent results as proof of solid fundamentals and differentiated product/shopping experience. This is supported by our channel checks which indicate that full-priced momentum has continued with limited promotions. We reiterate our Outperform rating and $35 PT. ZUMZ remains one of our top picks through year-end given its competitive advantage in navigating ongoing consumer headwinds." Shares of ZUMZ gained 49 cents yesterday to close at $28.55, a gain of 1.75%.