Comps Decline at Buckle - Analyst Blog
Buckle Inc. ( BKE ), the leading retailer of casual apparels, footwear and accessories for men and women, came up with soft comparable-store sales (comps) results for the five-week period ended Feb 2, 2013.
The company witnessed a 2% decline in comps when compared with Jan 2012 results. However, net sales increased 30.7% to $78.8 million from $60.3 million in the comparable prior-year period.
In terms of performance, January was strong on the whole for most retailers, with other major players including Kohl's Corp. ( KSS ), Nordstrom Inc ( JWN ) and Macy's Inc. ( M ) registering comps growth of over 10%.
Buckle witnessed an increase of 35% in total sales in the men's category, which represented approximately 40.5% of the sales for January. The rise reflected strong sales of denim, accessories, woven shirts, and outerwear.
Women's category, which represented 59.5% of total sales for January, marked an increase of 27.5% in total sales when compared with Jan 2012. The company witnessed increased sales in active apparel, woven tops, accessories and footwear.
On a combined basis, accessories sales increased approximately 44%, while footwear sales jumped about 24.5% during the period under review.
The company stated that comps remained flat for the fourth-quarter of fiscal 2012, while net sales rose 7% year over year to $360.6 million. Buckle witnessed a 2.1% increase in comps for fiscal 2012, while net sales increased 5.7% year over year to $1,124 million.
Headquartered in Kearney, Neb., Buckle ended the month of January with 440 retail stores across 43 states. Currently, shares of Buckle retain a Zacks Rank #3 (Hold).
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