Earnings Review and Free Research Report: Buckle's Earnings Topped Estimates

Research Desk Line-up: Shoe Carnival Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 8, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Buckle, Inc. (NYSE: BKE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BKE, following the Company's reporting of its second quarter fiscal 2017 financial results on August 17, 2017. The teen clothing retailer's gross margin improved on a y-o-y basis, while it met market's revenue forecast. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Apparel Stores industry. Pro-TD has currently selected Shoe Carnival, Inc. (NASDAQ: SCVL) for due-diligence and potential coverage as the Company reported on August 30, 2017, its financial results for Q2 FY17 which ended on July 29, 2017. Register for a free membership today, and be among the early birds that get access to our report on Shoe Carnival when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BKE; also brushing on SCVL. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

Buckle's net sales for the 13-week fiscal quarter ended July 29, 2017, totaled $195.7 million, down 7.8% compared to net sales of $212.2 million for the prior year 13-week fiscal quarter ended July 30, 2016. The Company's revenue numbers were in-line with analysts' estimates.

Buckle's comparable store net sales fell 7.7% in the reported quarter from comparable store net sales for the year ago same period. Buckle's online sales dropped 4.5% to $19.5 million for Q2 2017 compared to net sales of $20.4 million for Q2 2016.

During Q2 2017, Buckle's gross margin was 37.9%, up approximately 20 basis points from 37.7% in Q2 2016. The increase was driven primarily by 100 basis point improvement in merchandise margin and by 100 basis point benefit as a result of the fiscal 2016 subset of the Company's old Primo Card loyalty program, under which rewards were recorded as a cost of goods sold at the time of redemption.

Buckle's selling expense was 23.9% of net sales for Q2 2017 compared to 21.7% of net sales for Q2 2016. The Company's general and administrative (G&A) expenses for the reported quarter were 5.1% of net sales compared with 4.6% of net sales for the year ago corresponding period.

During Q2 2017, Buckle's operating margin was 8.9% compared to 11.4% in Q2 2016. The Company's other income for the reported quarter was $0.9 million compared to $0.6 million for the year ago same period.

Buckle's net income was $11.5 million, or $0.24 per share on a diluted basis, for Q2 2017 compared to net income of $15.5 million, or $0.32 per share on a diluted basis, for Q2 2016. The Company's earnings topped Wall Street's expectations of $0.22 per share.

Balance Sheet

As of July 29, 2017, Buckle's inventory was $121.7 million, which was down approximately 15.5% from inventory of $144.3 million at the end of Q2 2016 and total cash and investment of $262.1 million, which compared to $264.6 million at the end of FY16 and $234.9 million at the end of Q2 2016. As of the end of the reported quarter, the Company's inventory on a comparable store basis was down approximately 14.5% and total markdown inventory was up compared to the same time a year ago.

Buckle ended Q2 2017 with $159.8 million in fixed assets, net of accumulated depreciation. The Company's capital expenditures for the reported quarter were $3.3 million and depreciation expense was $7.9 million.

Store Update

During Q2 2017, Buckle opened 1 new store and completed 5 full remodels. On a year-to-date basis, the Company opened 1 new store and completed 7 full remodels, which concludes its full remodel projects for the year. For the remainder of the year, Buckle has planned one additional new store opening for holiday and also has plans to close one store in mid-September, which will bring its year-to-date count to six store closures. As a result, Buckle is now forecasting fiscal 2017 capital expenditures to be in the range of $15 million to $20 million, which includes primarily new store and store remodeling projects and certain IT investments.

Buckle ended Q2 2017 with 463 retail stores in 44 states compared to 470 stores in 44 states at the end of Q2 2016. As of the end of the reported quarter, 392 of the Company's 463 stores were in its newest format. Additionally, Buckle's total square footage was 2.373 million square feet as of the end of the reported quarter compared with 2.397 million square feet at the year earlier same period.

Stock Performance

At the close of trading session on Thursday, September 07, 2017, Buckle's stock price ended the day flat at $14.80. A total volume of 388.42 thousand shares were exchanged during the session. The Company's shares are trading at a PE ratio of 8.20 and have a dividend yield of 6.76%. At Thursday's closing price, the stock's net capitalization stands at $756.13 million.

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