Needham & Company on Retail Apparel: Black Friday 2011 Mall Walks: Bargains & Self-Gifting Drive Traffic Over the Weekend
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Rating Summary:
20 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
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Needham & Company on Retail Apparel: Black Friday 2011 Mall Walks: Bargains & Self-Gifting Drive Traffic Over the Weekend
Analyst, Christine Chen, said, "We shopped a variety of malls in Northern California over the Black Friday weekend, fighting the crowds for parking spaces. Though we were tempted, we did not wait in-line to take advantage of early bird promotions as the lines were much longer than LY. Shoppers were out in full force up +6.6% vs. LY with 226 M shoppers during Black Friday weekend, according to the National Retail Federation (NRF). More importantly, the average spend per shopper was up +9.1% from LY to $398.62 from $365.34 LY, the best BF weekend since 2008 at $372.57. Despite the increase, consumers have completed similar amounts of Holiday shopping at this time, suggesting that the sales increases were largely driven by self-gifting, which bodes well for the remainder of the season. According to the NRF, a +16% increase in self-gifting spend should offset a slight -2.0% decrease in gifting."
Traffic Leaders at Full-Price Malls Include: Abercrombie & Fitch (NYSE: ANF), Urban Outfitters (Nasdaq: URBN), Ann Taylor (NYSE: ANN), Guess? (NYSE: GES), Express (Nasdaq: EXPR), Zumiez (Nasdaq: ZUMZ) and Gap Kids/Baby (NYSE: GPS).
Traffic Laggards at Full-Price Malls Include: Coldwater Creek (Nasdaq: CWTR), Chico's (NYSE: CHS), Hot Topic (Nasdaq: HOTT), Gap (Adult) and Pacific Sunwear (Nasdaq: PSUN).
Traffic Leaders at Outlet: Polo (NYSE: RL) & Coach (NYSE: COH)
Traffic Laggards at Outlet: Ann, Pac Sun, Gap Outlet, Coldwater
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Analyst, Christine Chen, said, "We shopped a variety of malls in Northern California over the Black Friday weekend, fighting the crowds for parking spaces. Though we were tempted, we did not wait in-line to take advantage of early bird promotions as the lines were much longer than LY. Shoppers were out in full force up +6.6% vs. LY with 226 M shoppers during Black Friday weekend, according to the National Retail Federation (NRF). More importantly, the average spend per shopper was up +9.1% from LY to $398.62 from $365.34 LY, the best BF weekend since 2008 at $372.57. Despite the increase, consumers have completed similar amounts of Holiday shopping at this time, suggesting that the sales increases were largely driven by self-gifting, which bodes well for the remainder of the season. According to the NRF, a +16% increase in self-gifting spend should offset a slight -2.0% decrease in gifting."
Traffic Leaders at Full-Price Malls Include: Abercrombie & Fitch (NYSE: ANF), Urban Outfitters (Nasdaq: URBN), Ann Taylor (NYSE: ANN), Guess? (NYSE: GES), Express (Nasdaq: EXPR), Zumiez (Nasdaq: ZUMZ) and Gap Kids/Baby (NYSE: GPS).
Traffic Laggards at Full-Price Malls Include: Coldwater Creek (Nasdaq: CWTR), Chico's (NYSE: CHS), Hot Topic (Nasdaq: HOTT), Gap (Adult) and Pacific Sunwear (Nasdaq: PSUN).
Traffic Leaders at Outlet: Polo (NYSE: RL) & Coach (NYSE: COH)
Traffic Laggards at Outlet: Ann, Pac Sun, Gap Outlet, Coldwater
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