Preliminary Thanksgiving Day Store Checks Showed Robust Traffic - Piper Jaffray
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Piper Jaffray analyst Erinn Murphy offered some data following preliminary store checks on Thanksgiving Day. The group visited malls and big box retailers during the initial 6 PM store openings last night.
While they will continue to monitor stores and online deals throughout the weekend, initial observations are as follows:
1) traffic was robust at the open on Thanksgiving (parking lots 100% full in our local Texas market);
2) electronics & cosmetics appearing to be the must-have items;
3) select retailers opted to stay closed on Thanksgiving including Nordstrom, Dillard's, H&M, Zara among women's concepts;
4) teen retailers offered similar promotions to LY in the 40-50%-off the entire store;
5) apparel inventory levels were particularly high; and
6) footwear noticeable more promotional Y/Y.
Brands that appear more promotional year-over-years included: Deckers Outdoor (NASDAQ: DECK), GoPro (NASDAQ: GPRO), Michael Kors (NYSE: KORS), Ralph Lauren (NYSE: RL), Steven Madden (NASDAQ: SHOO), Under Armour (NYSE: UA).
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