Wedbush Identifies The Most Notable Black Friday Clothiers
Wedbush said its checks show Black Friday promotions of Urban Outfitters, Inc. (NASDAQ: URBN) and Anthropologie were higher than last year, with Francesca's Holdings Corp (NASDAQ: FRAN) lapping tough compares despite strong traffic.
“Traffic was strong at both Urban and Anthro and we believe deeper promotions tracked in line with internal plan based on management’s commentary on the 3Q conference call,” analyst Morry Brown wrote in a note.
Brown noted Francesca's incremental promotions for the fourth consecutive week against tough compares suggest business has slowed sequentially. The analyst added that L Brands Inc (NYSE: LB)’s Victoria’s Secret generated strong traffic, with lines out the door at many locations.
In addition, Express, Inc. (NYSE: EXPR) saw improved traffic and sell through with a modest tick higher in promotions, while Lululemon Athletica inc. (NASDAQ: LULU) generated strong traffic without participating in storewide promotions.
On the handbag front, Wedbush’s checks found that Kate Spade & Co (NYSE: KATE) was the clear traffic winner relative to handbag peers over Black Friday weekend due to strong response to its Magic collection, Cameron Street Lane, Byrdie bags and glitter bags.
Meanwhile, Michael Kors Holdings Ltd (NYSE: KORS) was the laggard among handbag retailers with minimal response to its tiered promotion, while Coach Inc (NYSE: COH) saw favorable responses to the 30 percent off Thanksgiving sale and 50 percent off select Edie bags.
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