Zumiez's September Comps Zoom Ahead Of Consensus Estimates
Shoe retailer Zumiez Inc. (NASDAQ: ZUMZ) is racing higher Thursday on a huge boost in comps in September, a 6.3 percent increase. The Street was way off on Zumiez, which had a -0.4 percent consensus estimate.
This represents the first positive comp reading in a year and a half for the company, driven by good execution, favorable trends and full-priced selling. September sales were up 11.5 percent to $75 million.
Zumiez had an expected strong back-to-school period in the month, but what was particularly encouraging was that sales re-accelerated toward the end of the month during a non-peak period.
While analysts at Baird maintain a Neutral rating, they upped Zumiez's price target to $22 from $19. However, Baird wants to see "more confidence in a sustained recovery scenario" before revisiting their position.
At last check, Zumiez was up 18.14 percent at $21.58.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email email@example.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!
Latest Ratings for ZUMZ
|Dec 2016||B. Riley||Downgrades||Buy||Neutral|
|Nov 2016||Wolfe Research||Upgrades||Underperform||Peer Perform|
|Oct 2016||Piper Jaffray||Upgrades||Neutral||Overweight|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.