UPDATE: D.A. Davidson Reiterates on Zumiez as January Comps Weaken

In a report published Thursday, D.A. Davidson analyst Andrew Burns reiterated a Neutral rating on

, but lowered the price target from $27.00 to $24.00. In the report, D.A. Davidson noted, “January comps decline 7.6%, below consensus (per Retail Metrics) of -3.3% and our -0.5% estimate. The comp decline was driven by a decrease in both transactions and dollars per transaction (falling average unit retail was only partially offset by higher units per transaction). Sales decreased 24.3% year-over-year (y/y) to $38.1 million. Excluding the extra 53rd week included in January 2013 sales, revenue would have dropped 0.5% y/y. All product categories declined during the month. January's results brought final 4Q revenue and comps down to $225.8 million and -2.2%. ZUMZ ended the month with 551 stores (down 2 from December), including 28 stores in Canada and 12 in Europe.” Zumiez closed on Wednesday at $21.51.