Piper Jaffray Completes Seventh Bi-Annual 'Taking Stock With Teens' National Study of Generation Y Shopping Behavior and Brand P
April 08 2004 - 11:39AM
PR Newswire (US)
Piper Jaffray Completes Seventh Bi-Annual 'Taking Stock With Teens'
National Study of Generation Y Shopping Behavior and Brand
Preferences Teens' and Parents' Spending Increases Year-Over-Year;
Abercrombie & Fitch Rated Teens' Favorite Brand MINNEAPOLIS,
April 8 /PRNewswire-FirstCall/ -- Piper Jaffray & Co. Senior
Retail Analyst Jeff Klinefelter today released the results of his
seventh bi-annual proprietary research survey on teen spending
habits and retail brand perception, titled "Taking Stock With
Teens." Klinefelter conducted mall research field trips with more
than 700 teens from 15 high schools in 12 states across the country
and one province of Canada. Overall, the survey shows that
year-over-year spending increased on fashion products, particularly
apparel and accessories. "We believe that the apparel recovery
continues to gain momentum due to the increase in spending
year-over-year as well as the growing diversity of brand
preferences," said Klinefelter. "We are also very encouraged by the
increase in spending by the young men in our survey as sales of
young men's product have been a challenge for many retailers during
the past two years." Brand Preferences Survey Results: Klinefelter
surveyed teens on their favorite places to shop as well as their
spending habits. Based on their responses, Abercrombie & Fitch
(ANF, Outperform, $36.10, #) remains the most frequent overall
destination for the sixth survey in a row, grabbing 13 percent of
the total votes, which is an increase from 12 percent in the fall
2003 survey. In second place is American Eagle Outfitters (AEOS,
Outperform, $27.99, #) and in third is Pacific Sunwear of
California (PSUN, Outperform, $23.93, #). In addition, Limited's
Express unit (LTD,Market Perform, $21.02, #) ranked fourth this
spring and Abercrombie's Hollister concept was fifth. These two
brands ranked similarly in the fall 2003 survey. "Overall we
believe the tide is turning in a long-standing decline in young
men's business with Abercrombie as a clear beneficiary," said
Klinefelter. "We believe this changing tide will help to boost
Abercrombie's sales and earnings, beyond consensus expectations."
Gen Y - Teen and Parent Spending Increases Total spending on
fashion products (apparel, shoes and accessories) increased by 3.4
percent to $1,447 per student annually on a year-over-year basis,
as compared to spring 2003. In addition, spending on fashion
products by male students increased 11.6 percent as compared to the
spring 2003 survey and increased by an even stronger 24 percent as
compared to the fall 2003 season. The female students increased
spending nine percent year-over-year on fashion products. "We
believe this recovery in young men's spending will continue to
drive comparable stores sales gains and margin recovery for several
dual-gender retailers during the next several quarters," said
Klinefelter. In addition to surveying students on their spending,
Klinefelter also polled their parents. Parents have increased the
amount of money that they spend on apparel for their teens by 59
percent as compared to spring 2003 and by 11 percent as compared to
fall 2003. They have also increased the dollars they spend on
apparel for themselves by 88 percent, versus spring 2003 and by 19
percent, versus fall 2003. Headquartered in Minneapolis, Piper
Jaffray & Co., a subsidiary of Piper Jaffray Companies, is a
focused securities firm dedicated to delivering superior financial
advice, investment products and transactionexecution within
selected sectors of the financial services marketplace. The company
operates through two primary revenue-generating segments -- Capital
Markets and Private Client Services. Investment Research, an
independent group reporting to the CEO, supports clients of both
segments. The firm serves corporations, government and non-profit
entities, and institutional investors on a national basis and
serves the financial advisory needs of private individuals
predominantly across the western halfof the United States. The firm
has over 2900 employees in 111 offices in 23 states across the
country and in London, England. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/ . Since
1895. Member SIPC and NYSE. Research Disclosures The following
disclosures apply to securities mentioned in this report if and as
indicated: (#) Piper Jaffray was making a market in the Company's
securities at the time this research report was published. Piper
Jaffray will buy and sell the Company's securities on a principal
basis. (^) A Piper Jaffray analyst who follows this Company or a
member of the analyst's household has a financial interest (a long
equity position) in the Company's securities. (@) Within the past
12 months Piper Jaffray was a managing underwriter of an offering
of, or a dealer manager of a tender offer for, the Company's
securities or the securities of an affiliate. (>) Piper Jaffray
has received compensation for investment banking services fromthe
Company within the past 12 months. (
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