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Buckle (BKE) Showcases Strong Comps Performance in July

Zacks Equity Research
Buckle (BKE) returns to growth trajectory with strong comparable sales in July. We note that total comparable sales grew 2.3%.

After registering 1.2% decline in June, The Buckle, Inc.’s BKE reported comparable-store sales (comps) growth for July.  Comps for the four-week period ended Aug 4, 2018 increased 2.3% year over year. The company generated net sales of $68 million in July, up 12.3% year over year. We note that net sales had decreased 3.8% in the month of June.

Comps for the 26-week period ended Aug 4 slid 0.9%, while net sales tumbled 0.5% to $406 million.

Apart from July comps, this American fashion retailer reported net sales for second-quarter fiscal 2018 (ending Aug 4, 2018) which jumped 2.8% year over year to $201.1 million. Comps in the quarter improved 1.4%.

Sales at the company’s Men's category, which contributed nearly 52.5% to sales in July, rose 6.5% year over year. Moreover, the company has not been able to revive the performance of the struggling Women’s business. Sales in the Women’s category, which represented 47.5% of the company’s monthly sales, fell 2% year over year.

On a combined basis, accessory sales, which constituted nearly 9% of the company’s July sales, dropped 3.5%. Footwear sales, which accounted for almost 6% of net sales, increased 9.5%.

As of Aug 9, 2018, Buckle operated 455 retail stores across 43 states.

Apart from Buckle, L Brands, Inc. LB, Costco Wholesale Corporation COST and The Cato Corporation CATO came out with comparable sales results for the month of July. While L Brands reported flat comparable sales, Costco and Cato increased 8.3% and 9.1%, respectively.

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