The Buckle Inc. announced a net loss for the fiscal quarter ended May 2, of $11.8 million, or 24 cents per share.
Net sales for the 13-week fiscal quarter ended May 2, 2020 decreased 42.7 percent to $115.4 million from net sales of $201.3 million for the prior year 13-week fiscal quarter ended May 4, 2019. Online sales for the quarter increased 31.5 percent to $32.1 million for the 13-week period ended May 2, 2020, compared to net sales of $24.4 million for the 13-week period ended May 4, 2019.
As previously announced, Buckle closed all brick and mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020. The company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of May 2, 2020, 37 stores had reopened. The company has continued to reopen stores each week in May, with 331 total stores currently reopened. The company’s online store has remained open without interruption. As a result of the store closures, the company plans to only report total net sales and does not plan to separately report comparable-store sales during this time.
As a result of the store closures, Buckle reported a net loss for the first quarter of fiscal 2020 of $11.8 million, or 24 cents per share, compared with net income of $15.1 million, or 31 cents, for the first quarter of fiscal 2019.
Photo courtesy The Buckle