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Costco Wholesale Corporation (COST) - free report >>
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Buckle (BKE) Down 7% on Soft Comps Performance in September
Shares of The Buckle, Inc. (BKE - Free Report) fell 7.4% on Oct 11 as investors were concerned about the company’s dismal comparable sales (comps) performance in September. Comps for the five-week period ended Oct 6 decreased 2.4% year over year. Prior to this, the company witnessed comps decline of 0.7% and 1.2% in August and June, respectively, and a rise of 2.3% in July.
The company generated net sales of $75.4 million in September, down 3.2% year over year. Net sales decreased 6.3% in August. Comps for the 35-week period ended Oct 6 declined 1.1%, while net sales tumbled 1.7% to $556.6 million.
Sales at the company’s Men's category, which contributed nearly 49% to sales in September, fell 0.5% year over year. Moreover, the company has not been able to revive the performance of the struggling Women’s business. Sales in the Women’s category, which represented 51% of the company’s monthly sales, declined 8% year over year.
Accessory sales, which constituted nearly 8.5% of the company’s September sales, dropped 7%. Footwear sales, which accounted for almost 7% of net sales, decreased 2%.
Buckle currently operates 454 retail outlets across 43 states.
Apart from Buckle, L Brands, Inc. , Costco Wholesale Corporation (COST - Free Report) and The Cato Corp. (CATO - Free Report) came out with comparable sales results for September. Costco and L Brands registered comps growth of 8.4% and 5%, respectively. On the contrary, Cato witnessed comps decline of 1%.
Notably, shares of Buckle have lost 15.3% in the past three months compared with the industry’s decline of 9.1%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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