The Buckle, Inc. BKE has been continuing with its sluggish comparable-store sales (comps) performance this year. Comps for the four-week period ended Nov 26, 2016, fell 16.2% year over year, continuing the declining trend – 15.5% both in October and 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 $81.5 million in October, down 15.9% year over year. Notably, net sales decreased 15.1% in October, 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.
Buckle’s disappointing performance was also visible from its dismal run in the index. Shares of this retailer of casual apparel, footwear, and accessories have declined 21.2% so far in the year, and underperformed the Zacks Categorized Retail-Wholesale industry that increased 2.8% in the same time frame.
Sales at the company’s Men's category, which contributed nearly 50% to Buckle’s November sales, tumbled 10% year over year. Sales in the Women’s category, which represented 50% of the company’s monthly sales, slumped 20.5% 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 9% of the company’s October sales, dropped 13.5%, while footwear sales, which accounted for almost 6% of net sales, plummeted 22%.
Comps for the 43-week period ended Nov 26, 2016, declined 12.9%, while net sales over the period decreased 12.2% to $776.5 million from $884.5 million reported in the year-ago period.
As of Dec 1, 2016, Buckle operated 471 retail stores across 44 states.
Apart from Buckle, Costco Wholesale Corporation COST, L Brands, Inc. LB and Zumiez Inc. ZUMZ came out with their comparable sales results for the month of November registering an increase of 1%, 4% and 5.7%, respectively.
Buckle currently carries a Zacks Rank #5 (Strong Sell).
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