Buckle's Comps Rise in April - Analyst Blog
Despite challenges arising from higher social security payroll taxes and unexpected cold weather, Buckle Inc. ( BKE ) came up with better-than-expected comparable-store sales (comps) results for the month of April.
Buckle, the retailer of casual apparels, footwear and accessories for men and women, witnessed a 6.2% increase in comps when compared with Apr 2012 results. Moreover, results improved sequentially as comps remained flat in Mar 2013.
Net sales increased 3.1% to $73.8 million from $71.6 million in the prior-year period. For the 13-week period ended May 4, 2013, Buckle witnessed a 1.2% rise in comps, while net sales increased 2.3% to $269.7 million.
Besides Buckle, few other retail chains were able to navigate through this challenging economy. Clothing retailers like The TJX Companies, Inc . ( TJX ), Ross Stores Inc . ( ROST ) and Zumiez, Inc. ( ZUMZ ) witnessed comps increase of 8%, 7% and 4.6%, respectively.
Buckle witnessed an increase of 1.5% in total sales in the men's category, which comprised roughly 40% of Apr 2013 sales. The rise reflected strong sales of denim and accessories.
Women's category, which represents 60% of total sales for Apr 2013, marked an increase of 4% when compared with Apr 2012. The category witnessed increased sales in accessories, denims, woven tops, active apparel, dresses and footwear.
On a combined basis, accessory sales elevated approximately 7.5%, while footwear sales jumped about 12.5% during the period under review.
The company opened 1 new store during the month and operates through 443 retail stores across 43 states.
Headquartered in Kearney, NE, shares of Buckle currently carry a favorable Zacks Rank #2 (Buy).
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