Retail Sales Mixed for September
Zumiez Inc. was one of the lucky retailers who beat pessimistic forecasts predicting that the retailer would see a decline in its same-store sales results.
Analysts had predicted that Zumiez would see a 0.4 percent decline in its comparable-store sales, according to market-research firm Retail Metrics. But instead the Seattle-area mall retailer catering to young adults posted a 6.3 percent increase in its same-store results.
Based on its sales increase, Zumiez announced Oct. 5 that it would raise its guidance for its third-quarter sales results. Net sales for the quarter will come in at $216 million to $217 million. Previous guidance for net sales had ranged from $209 million to $213 million.
There was an uptick for L Brands Inc. stock after it announced its September sales results. The Columbus, Ohio–headquartered L Brands reported a same-store-sales increase of 3 percent. The company’s Bath & Body Works division posted a 9 percent increase in comp sales for the month, but its Victoria’s Secret division reported flat same-store sales, said Amie Preston of L Brands.
The Buckle Inc.’s stock declined 10 percent to $21.24 per share on news of its poor performance during September, according to Yahoo Finance. The Nebraska-headquartered retailer’s same-store sales declined 15.5 percent. The last time the mall-based purveyor of jeans and premium clothing recorded positive same-store sales was in May 2015, when it reported a 2.4 percent increase in sales.
Gap Inc. reported a 3 percent decline in same-store sales in September. Its Gap Global division posted a 10 percent drop in comps, its Banana Republic Global division posted a 9 percent decline and its Old Navy Global reported a 4 percent increase in same-store sales.