Piper Jaffray: Fashion Retailers Big Winners on Black Friday
In a published note, Piper Jaffray singles out Express Inc. (NYSE: EXPR), Nordstrom, Inc. (NYSE: JWN) and Urban Outfitter, Inc. (NASDAQ: URBN) as potential big winners on Black Friday, as shoppers so far seem to reward retailers offering a high degree of fashion, targeting a ages 20 to 30, and who are not perceived as typically promotional.
Piper Jaffray comments, “Specifically, we have observed outsized traffic and conversion at Express, Nordstrom, and Urban Outfitters, potentially setting the stage for more meaningful market share gains in Dec. For women's apparel retailers, heavier promotional activity is likely the result of bloated inventories, and it does not appear that robust Black Friday traffic is helping to meaningfully move units out the door. We continue to favor EXPR, JWN, and URBN in anticipation of a continued strong consumer response.”
EXPR closed at $20.13 per share on Wednesday, while JWM and URBN closed at $44.74 and $$25.26 per share, respectively.
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