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Buckle (BKE) Showcases Soft Comps Performance in October
The Buckle, Inc.’s (BKE - Free Report) comparable-store sales (comps) for October slid 1%, following a decline of 2.4% in the preceding month In August and June, the company witnessed comps decline of 0.7% and 1.2%, respectively. However, the metric improved 2.3% in July. Net sales came in at $64.5 million in October, down 2.5% year over year. This follows a decrease of 3.2% in September.
While comps for the 13-week third quarter (ended Nov 3) dipped 1.4%, net sales decreased 4.1% to $215.1 million. Comps for the 39-week period (ended Nov 3) fell 1.1%, while net sales declined 1.8% to $621.1 million.
Sales at the company’s Men's category, which contributed nearly 50.5% to sales in October, fell 1% 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 49.5% of the company’s monthly sales, declined 6.5% year over year.
On a combined basis, accessory sales, which constituted nearly 7.5% of the company’s October sales, dropped 11%. However, footwear sales that accounted for almost 7.5% of net sales increased 9%.
Currently, Buckle operated 453 retail stores across 43 states.
Apart from Buckle, Costco (COST - Free Report) , L Brands and Zumiez (ZUMZ - Free Report) came out with comparable sales results for October. Costco, L Brands and Zumiez registered comps growth of 8.6%, 4% and 1.6%, respectively.
In the past three months, shares of this Zacks Rank #4 (Sell) stock have lost 11.4% compared with the industry’s 3.5% decline.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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