Oppenheimer Comments On Zumiez's Impressive 12.8% February Comp Vs. 11.2% Last Year

In a report published by Oppenheimer, Zumiez ZUMZ reported an impressive 12.8% February comp vs. 11.2% last year.

Oppenheimer reported that results were positive throughout the month, culminating with a 24.4% comp in week 4 on top of a difficult 11.8% in the year-ago period. “Consistent with the past several months, all categories but boys (an insignificant piece of the business) posted gains. The teen customer continued to respond well to the ongoing emphasis on high-margin/low-price accessories, resulting in planned declines in dollars/transaction and average unit retail. Beyond significant store growth opportunity, clean end-of-quarter clearance inventories combined unique third-party assortments, a flexible promotional cadence and revenues heavily skewed to the less fashion-oriented men's category give us further confidence in near- and long-term margin opportunity. Reiterate Outperform rating and $35 PT.”

Oppenheimer closed yesterday at $25.94.