The Buckle, Inc. (BKE - Free Report) has been continuing with its sluggish comparable-store sales (comps) performance this year. Comps for the four-week period ended Oct 29, 2016, fell 15.5% year over year, continuing the declining trend – 15.5% in September, 14.8% in August, 10.9% in July, 10.6% in June, 11% in May, 13.2% in April, 11.8% in March, 8.9% in February and 11.3% in January.
The company generated net sales of $69.1 million in October, down 15.1% year over year. Notably, net sales decreased 14.8% in September, 14% in August, 9.8% in July, 10.1% in June, 10.4% in May, 12.3% in April, 11% in March, 7.7% in February and 10.1% in January.
Sales at the company’s Men's category tumbled 11% year over year. This category contributed nearly 45% to Buckle’s October sales. Sales in the Women’s category, which represented 55% of the company’s monthly sales, slumped 18.5% year over year. Buckle has not been able to turn the performance of its struggling Women’s business around.
On a combined basis, accessory sales, which constituted nearly 8% of the company’s October sales, dropped 20.5%, while footwear sales, which accounted for almost 7% of net sales, plummeted 22%.
Comps for the 13-week period ended Oct 29, 2016, declined 15.3%, while net sales over the period decreased 14.6% to $239.2 million from $280.2 million reported in the year-ago period. For the 39-week period ended, comps plunged 12.5%, while net sales over the same time frame fell 11.8% to $694.9 million from $787.6 million recorded in the year-ago period.
As of Nov 3, 2016, Buckle operated 470 retail stores across 44 states.
Apart from Buckle, L Brands, Inc. (LB - Free Report) , Costco Wholesale Corp. (COST - Free Report) and Zumiez Inc. came out with their comparable sales results for the month of October registering an increase of 1%, 2% and 10.2%, respectively.
Buckle currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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