Buckle Inc. (BKE), the retailer of casual apparels, footwear and accessories for men and women, witnessed flat comps during March 2013 when compared with March 2012 results.
However, results improved sequentially as it registered a 1.1% decline in comps in Feb 2013. Net sales increased 1.1% to $106.7 million from $105.5 million in the prior-year period. For the nine-week period ended April 6, 2013, Buckle witnessed a 0.5% decline in comps, while net sales increased 1.9% to $195.9 million.
In general, Mar 2013 was tough for most retailers as higher taxes and unfavorable weather conditions hindered consumer spending and in turn adversely affected the growth and profitability of companies.
Other clothing retail chains like The Cato Corporation (CATO), Gap Inc. (GPS) and The TJX Companies, Inc. (TJX) witnessed comps decline of 11%, 1% and 2%, respectively.
Buckle witnessed an increase of 3.5% in total sales in the Men's category, which comprised roughly 40% of March 2013 sales. The rise reflected strong sales of denim and accessories.
The Women's category, which represents 60% of total sales for March 2013, marked a marginal increase when compared with March 2012. The category witnessed increased sales in accessories, woven tops and footwear.
On a combined basis, accessory sales elevated approximately 12%, while footwear sales jumped about 11% during the period under review.
Headquartered in Kearney, NE, Buckle operates through 442 retail stores across 43 states. Currently, the company retains a favorable Zacks Rank #2 (Buy).
BUCKLE INC (BKE): Free Stock Analysis Report
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TJX COS INC NEW (TJX): Free Stock Analysis Report
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