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Mall Retailers Report Mixed Holiday Results

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Several retailers released holiday sales results Monday before presenting this week at the ICR inventor conference.

Journeys

Journeys parent Genesco said quarter-to-date sales have been better than expected at Journeys, an important industry footwear customer.

Journeys has seen a big downturn in sales after it missed the strength of the Adidas trend.

The retailer’s quarter-to-date same-store sales are down 6%, which is better than the negative 8% to 9% expected.

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Genesco does expect gross margin to be hurt by discounting to clear inventory, however.

Because of better than expected sales across its retail portfolio, Genesco said its earnings should come in at the high end of its previously reduced guidance.

Urban Outfitters

Same-store sales at the Urban Outfitters chain in November and December, including stores and e-commerce, rose 3.6%.

Online sales rose in the strong double digits, while store sales were negative.

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Because of slow traffic in stores, Urban Outfitters was more promotional than planned, which will hurt gross margin for the quarter.

We noticed that Urban Outfitters was more promotional than we have ever seen during this holiday season.

Free People same-store sales rose 2.9% during November and December, and Anthropologie same-store sales dropped 1%.

Lululemon

Lululemon said its sales and earnings guidance today will come in at the high end of its previous estimate after strong holiday sales both in stores and online. The activewear chain did not need to discount to drive sales the way some other retailers did.

Lululemon said same-store sales rose in the mid-single digits.

The company now expects Q4 revenue to range from $775 million to $785 million vs. the previous range of $765 million to $785 million.

Earnings per share should be in the range of 99 cents to $1.01 vs. the previous guidance of 96 cents to $1.01.

 

 

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