The Buckle's Comps Fall 13.2% In April
The Buckle, Inc. (NYSE: BKE) revealed that its comparable store net sales, for the four-week period ended April 30, dropped 13.2 percent from the four-week period ended May 2, 2015. According to the company, its net sales also fell 12.3 percent to $65.2 million from $74.3 million in the year-ago month.
For the first quarter, The Buckle witnessed 11.1 percent drop in its comparable store net sales over the last year's first quarter. Its net sales also fell 10.2 percent to $243.5 million from $271.3 million in the previous year quarter. Analysts were expecting $250.76 million revenue.
The company pointed out that net sales for both the four and thirteen-week periods ended April 30, 2016 were net of a $3.0 million adjustment recorded as a reduction to revenue to accrue for estimated future rewards related to its new Guest Loyalty program. The company unveiled the program during the fiscal quarter ended April 30, 2016.
Excluding that, its total net sales for April were down 8.2 percent and comparable store net sales were down 9.2 percent. For the first quarter too, total net sales would have been down 9.1 percent and comparable store net sales by 10.0 percent.
The Buckle said that despite the impact on reported sales, it was excited about several potential benefits Guest Loyalty would provide to both Buckle and its guests.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
