10.04.2014 18:50:32

US Apparel Retailers Report Weak March Comp Sales

(RTTNews) - US apparel retailers on Thursday reported weak sales for March, as a late Easter and the continuing harsh winter made shoppers stay at home. Nonetheless, retailers expect the shift in Easter to boost its April results.

L Brands Inc. (LB), the operator of Victoria's Secret and Bath & Body Works chains, said its March same store sales dropped 1 percent, as late Easter negatively impacted sales by 2 to 3 percentage points. Net sales declined 3 percent to $923.7 million from last year.

Sales at established stores or comparable-store sales is a key retail industry performance metric to gauge activity at store locations that have been open for at least a year.

Regional discounter Stein Mart Inc. (SMRT) reported 0.9 percent increase in comparable store sales for March. Total monthly sales also inched up to $136.3 million from $135.4 million last year.

Teen apparel retailer Buckle Inc. (BKE) said its March comparable store sales decreased 1.8 percent from a year ago. While, net sales were flat at $106.6 million compared to last year's $106.7 million.

Meanwhile, value-priced fashion apparel retailer Cato Corp. (CATO) reported a 5 percent drop in comparable store sales, while total sales decreased 3 percent from last year to $102.0 million.

Cato said its March sales were unfavorably impacted by the shift of Easter from late March last year to mid-April this year. The company expects April sales to favorably benefit from the shift.

Chief Executive John Cato said, "We continue to expect first quarter earnings per diluted share will be in the range of $0.89 to $0.95."

Sports apparel retailer Zumiez Inc. (ZUMZ) Wednesday said its comparable store sales for March slipped 2.9 percent. Nonetheless, total sales increased 4.3 percent from last year to $63.6 million.

Moving forward, apparel retailers look positive as the Easter in April and warmer climate are expected to boost sales in April.

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Cato Corp. 3,54 -0,28% Cato Corp.
The Buckle Inc. 50,02 -0,48% The Buckle Inc.
Zumiez Inc. 16,40 -9,89% Zumiez Inc.