The Buckle Inc. announced Monday that net income for the fiscal quarter ended November 3, 2018, was $20.5 million, or 42 cents per share, missing Wall Street’s target by 4 cents.
Net sales for the 13-week fiscal quarter decreased 4.1 percent to $215.1 million from net sales of $224.3 million for the prior year 13-week fiscal quarter ended October 28, 2017. Net sales missed targets by $4 million. Comparable store net sales for the 13-week period ended November 3, 2018, decreased 1.4 percent from comparable store net sales for the prior year 13-week period ended November 4, 2017. Online sales increased 8.8 percent to $25.5 million for the 13-week period ended November 3, 2018, compared to net sales of $23.4 million for the 13-week period ended October 28, 2017.
Net sales for the 39-week fiscal period ended November 3, 2018 decreased 1.8 percent to $621.1 million from net sales of $632.2 million for the prior year 39-week fiscal period ended October 28, 2017. Comparable store net sales for the 39-week period ended November 3, 2018 decreased 1.1 percent from comparable store net sales for the prior year 39-week period ended November 4, 2017. Online sales increased 7.8 percent to $69.8 million for the 39-week period ended November 3, 2018, compared to net sales of $64.7 million for the 39-week period ended October 28, 2017.
Due to the 53rd week in fiscal 2017, comparable store net sales for the quarter and year-to-date periods are compared to the 13- week and 39-week periods ended November 4, 2017.
Net income for the third quarter of fiscal 2018 was $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis), compared with $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis) for the third quarter of fiscal 2017.
Net income for the 39-week fiscal period ended November 3, 2018 was $54.5 million, or $1.13 per share ($1.12 per share on a diluted basis), compared with $47.7 million, or $0.99 per share ($0.99 per share on a diluted basis) for the 39-week period ended October 28, 2017.
Headquartered in Kearney, NE, Buckle currently operates 453 retail stores in 43 states. As of the end of the fiscal quarter, it operated 453 stores in 43 states compared with 461 stores in 44 states at the end of the third quarter of fiscal 2017.
