Shares of The Buckle, Inc ( BKE ) witnessed a marginal decline of roughly 1.2%, following comparable-store sales (comps) results for the four weeks ended Nov 1, 2014 that missed the analysts' expectations. As announced on Nov 6, comps of this casual apparel, footwear, and accessories retailer fell 4.4%, following comparable-store sales growth for four consecutive months.
Comparable-store sales for September had increased 2.2% year over year following growth of 0.8%, 0.5% and 0.7% in August, July and June, respectively. Buckle's net sales for October totaled $85.4 million, registering a 1.3% decline from the prior-year four-week period ended Nov 2, 2013
Though the economy is gradually picking up pace, sluggish sales for the month of October reflects a lull in the shopping scenario, usually observed after the back-to-school season comes to an end.
Other than Buckle, another apparel retailer The Gap, Inc. ( GPS ) had its comps for the month slip 3% compared to a 4% jump last year. However, other retailers such as Zumiez, Inc. ( ZUMZ ) and Rite Aid Corp. ( RAD ) saw their comps rising 3.1% and 5.5%, respectively, during the month helped by increasing consumer confidence and improving job prospects.
Buckle, which holds a Zacks Rank #4 (Sell), in particular has been suffering from a persistent weakness in the Women's category, which is taking the shine off its healthy Men's and accessories business.
Sales in Buckle's Men's category rose 3% year over year, mainly driven by strong performance of denim, casual bottoms, woven shirts and accessories. The Men's category contributed nearly 41.5% to October sales. Sales in the Women's category fell 4.5% year over year, while contributing 58.5% to the month's sale.
On a combined basis, accessories sales which constituted nearly 8% of October's net sales increased 4%, while footwear sales which constituted nearly 6.5% of the net sales decreased 3.5%.
Comps for the 13-weeks and 39-weeks also decreased 0.3% and 0.5% year over year, respectively. However, net sales for 13 weeks and 39 weeks increased 1.9% to $292.2 million and 1.3% to $799.6 million, respectively.
As of Nov 6, 2014, Buckle operated 461 retail stores across 44 states.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
