May Softline Same-Store Sales 'Generally Disappointing' - Janney
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Commenting on this morning's softline retail sales numbers, analyst at Janney Montgomery Scott said at first blush they look "generally disappointing" with a weaker-than-expected Memorial Day weekend.
"Memorial Day seems to have been disappointing in terms of traffic despite the aggressive promotional activity of the weekend. Perhaps we will see some pent-up demand in June, but we are concerned that the consumer, particularly at the lower end, may simply have a fixed spending amount and may simply spend less as apparel prices rise."
Buckle Inc. (NYSE: BKE) missed, Gap Inc. (NYSE: GPS) missed, Hot Topic Inc. (Nasdaq: HOTT) missed and Zumiez, Inc. (Nasdaq: ZUMZ) beat slightly.
"Memorial Day seems to have been disappointing in terms of traffic despite the aggressive promotional activity of the weekend. Perhaps we will see some pent-up demand in June, but we are concerned that the consumer, particularly at the lower end, may simply have a fixed spending amount and may simply spend less as apparel prices rise."
Buckle Inc. (NYSE: BKE) missed, Gap Inc. (NYSE: GPS) missed, Hot Topic Inc. (Nasdaq: HOTT) missed and Zumiez, Inc. (Nasdaq: ZUMZ) beat slightly.
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