Shares of The Buckle, Inc. BKE dropped roughly 2.3% following the company’s disappointing November comparable-store sales (comps) performance. Comps for the four-week period ended Nov 28, 2015, decreased 7.9% year over year, following a 5.8% decline registered in October. Comps for November also fell short of analysts’ expectations.
Buckle’s net sales for November came in at $96.9 million, reflecting a 6.8% year-over-year decline. In the preceding month, net sales decreased 4.7%.
Comps for the 43-week period were down 3.7%, while net sales over the same time frame dropped 2.1% to $884.5 million from $903.6 million recorded in the year-ago period.
Apart from Buckle, Zumiez, Inc. ZUMZ, The Gap, Inc. GPS and Stein Mart Inc. SMRT, recorded comps decline of 13.8%, 8% and 4.8%, respectively.
Coming back to Buckle, sales at the company’s Men's category dipped 2.5% year over year. The category contributed nearly 47% to Buckle’s November sales. Sales in the Women’s category, which accounted for 53% of the company’s monthly sales, declined 10% year over year. Buckle, which carries a Zacks Rank #4 (Sell), has not been able to turn the performance of its struggling Women’s business around.
On a combined basis, accessory sales, which constituted nearly 8.5% of the company’s November sales, declined 4%, while footwear sales, which accounted for almost 6.5% of net sales, fell marginally.
As of Dec 3, 2015, Buckle operated 469 retail stores across 44 states.
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