The Buckle, Inc.
), retailer of casual apparel, footwear and accessories for men and
women, reported a 3.1% year-over-year fall in comparable-store
sales (comps) for the four weeks ended May 31, 2014. Moreover, net
sales of $72.0 million decreased 1.2% from the prior-year four-week
period ended Jun 1, 2013.
Sales in Buckle's Men's category rose 4.0% year over year in May,
driven mainly by strong performance of denim, casual bottoms,
shorts, knit shirts and accessories. The Men's category contributed
nearly 43.0% to May 2014 sales. Sales in the Women's category were
down 4.5% year over year and contributed 57.0% to May 2014 sales.
On a combined basis, accessories sales which constituted nearly
9.0% of May's net sales decreased 3.0%, while footwear sales which
constituted nearly 7.0% of the net sales remained flat.
Buckle has reported positive comps only once over the span of last
6 months, which was in Apr 2014, when comps grew 0.8% year over
year. Prior to that, comps declined 1.8% in Mar 2014, 1.4% in Feb
2014, 6.6% in Jan 2014, 2.8% in Dec 2013 and 0.6% in Nov 2013.
Weakness in the Women's category remains a persistent problem for
Further, comps for the 17-week period, ended May 31, 2014, fell
1.4% year over year, whereas net sales inched up 0.3% to $343.6
million from the prior-year 17-week period ended Jun 1, 2013.
As of Jun 5, 2014, Kearney, NE-based Buckle operated 453 retail
stores across 44 states.
However, there are other retailers who reported better comps for
May. Sports-related teen apparel retailer,
), reported a 3.6% rise in comps for the four-week period ended May
31, 2014, compared with a comps increase of 1.1% for the four weeks
ended June 1, 2013. We believe the company's sales for the month
mainly picked up with the arrival of warmer weather that induced
demand for the spring and early summer collections.
Furthermore, specialty retailer
L Brands, Inc.
) reported a 3.0% rise in comps for the four weeks ended May 31,
2014 while department retailer
Costco Wholesale Corp.
) posted a 6.0% increase in comps for the four weeks ended June 1,
Currently, Buckle carries a Zacks Rank #4 (Sell).
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