Some mall-based retailers reported sales results for the holiday season this week, and there were some clear winners and losers.
With fast fashion, online shopping, and changed teen spending habits causing uncertain times in the retail sector, especially at the mall, one longtime teen retailer announced Wednesday it is shuttering a majority of its stores.
Fashion retailer Wet Seal closed 338 stores this week, and laid off 3,695 full and part time employees because of its financial condition. That leaves the company with 173 stores and an Internet business for now.
Meanwhile, industry customer Zumiez continues to outperform at the mall. The company said December same-store sales increased 8 percent, which was better than expected.
As a result, Zumiez raised its Q4 sales and earnings guidance. Zumiez now expects Q4 sales to range from $255 million to $256 million, up from the previous estimate of $249 million to $251 million.
Earnings per share should range from 75 cents to 77 cents. Previously the company had expected earnings per share of 69 cents to 72 cents.
PacSun was also a strong performer, reporting that December same-store sales for December increased 9 percent compared to the same period a year ago.
PacSun also raised its Q4 guidance to a 6% gain in same-store sales, with a loss in the range of 11 to 12 cents per diluted share, vs, previous guidance of a 12 to 17 cent loss.
Other retailers that reported holiday results include The Buckle, which said December same store sales increased 2.5 percent, also above expectations.
Urban Outfitters released details about November and December combined. The company said same store sales at it Urban Outfitters banner rose 1 percent, while at Free People, same-store sales increased 17 percent and at Anthropologie, same-store sales rose 5 percent.
