Buckle Reports Healthy May Sales - Analyst Blog
The Buckle, Inc. ( BKE ) came up with better-than-expected comparable-store sales (comps) results for the month of May. Buckle, the retailer of casual apparels, footwear and accessories for men and women, witnessed a 4.1% increase in comps when compared with May 2012 results.
Net sales increased 4.2% to $72.8 million from $69.9 million in the prior-year period. For the 17-week period ended Jun 1, 2013, Buckle witnessed a 1.8% rise in comps, while net sales increased 2.7% to $342.5 million from $333.6 million in the year-ago period.
Besides Buckle, other retail chains also posted healthy sales results for the month of May owing to the improving job market, lower gas prices and rebound in the housing market.
Clothing chain, The Gap, Inc . ( GPS ) registered a 7% rise in comps, substantially up from the 2% increase witnessed in May 2012, while leading specialty retailer of women's intimate garments, L Brands, Inc . ( LTD ) marked a 3% rise in comps. Apparel retailer, Stein Mart Inc. ( SMRT ), came as a bigger surprise for the month, as it registered an 8.2% rise in comps.
Coming back to Buckle, it witnessed an increase of 4% in total sales in the men's category, which comprised roughly 41% of May 2013 sales. The rise reflected strong sales of denim, accessories, knit shirts and active apparel.
Women's category, which represents 59% of total sales for May 2013, marked an increase of 4% when compared with May 2012. The category witnessed increased sales in accessories, woven tops, active apparel, dresses and footwear.
On a combined basis, accessory sales elevated approximately 5%, while footwear sales surged about 20.5% during the period under review.
The company opened 1 new store during the month and operates through 444 retail stores across 43 states.
Headquartered in Kearney, NE, shares of Buckle currently carry a Zacks Rank #3 (Hold).
BUCKLE INC (BKE): Free Stock Analysis Report
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