After recording declining comps in the last month, Buckle Inc. (BKE) posted strong same-store sales as well as total sales for the four-week period ended October 27, 2012. The increase in comps and net sales were witnessed mainly due to rises in both women’s and men's segments.
This leading retailer of casual apparels, footwear and accessories for both sexes, stated that its total sales of $84.2 million for the month of October 2012, climbed 5.7% from $79.7 million in the comparable prior-year period. Same-store sales increased 3.8% year over year for the month.
Buckle witnessed an increase of roughly 8.5% and 4.5% in men’s and women’s side business, respectively. The men’s segment accounted for roughly 39% and the women’s side accounted for 61% of total sales for the month.
For Buckle, its denim, woven tops, sweaters, accessories and footwear categories performed well. Accessory sales in both men's and women's categories increased approximately by 8.5% year over year, while footwear business jumped 15.0%.
For the third quarter of 2012 (ending on October 27, 2012), Buckle reported net sales of $284.1 million compared with $273.4 million, reflecting an increase of 3.9% year over year. Same-store sales over this period grew 2.4%
Further, for the 39-weeks period ended October 27, 2012, Buckle’s sales grew 5.2% to $763.4 million from $725.9 million in the same period last year. Year-to-date, the company’s same-store sales also increased 3.2% over the prior-year period.
Moreover, Buckle has been consistently performing better than its peer. One of its competitors, Cato Corp. (CATO) reported an increase of 3.0% in total sales for the month of October whereas same-store sales remained flat during the reported month.
Headquartered in Kearney, Nebraska, Buckle ended the month of October with 441 retail stores in 43 states (comprising one new store opened in the reported month) compared with 430 stores in 43 states as of November 1, 2011. Buckle, which mainly caters to older teens and young adults, currently retains a Zacks #3 Rank that translates into a short-term ‘Hold’ rating.
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