The Buckle’s Q2 Profits Dip

August 22, 2014
SGB Executive SGB Update
by

The Buckle, Inc. reported second-quarter earnings slid 2.3 percent to $24.5 million, or 51 cents a share, missing Wall Street’s consensus estimate of 53 cents a share.

Revenues increased 1.4 percent to $235.7 million. Comps dipped 0.5 percent. Online sales (which are not included in comparable store sales) increased 1.7 percent to $17.1 million.

Men's merchandise sales – approximately 44 percent of net sales – for the quarter were up approximately 6 percent, with strong categories including denim and casual bottoms, knit shirts, shorts, and accessories, officials said on a conference call. Women's merchandise sales – 56 percent of sales  – were down approximately 2 percent, with strong categories including sweaters, active apparel, and footwear.

Combined accessories sales – 9.5 percent of sales – were up approximately 1 percent and combined footwear sales – accounting for 6 percent of revenues – were up approximately 2 percent.

Gross margin for the quarter was 40.3 percent, down approximately 30 basis points due to deleveraged occupancy, buying, and distribution expenses resulting from the comparable store sales decline.

Buckle operated 456 stores at the quarter’s close.

The Buckle’s Q2 Profits Dip

August 21, 2014
SGB Update

The Buckle, Inc. reported earnings reached $24.5 million, or 51 cents a share, in the second quarter, slightly down from $25.1 million, or 53 cents, a year ago.

Net sales for the 13-week fiscal quarter ended August 2, 2014 increased 1.4 percent to $235.7 million from net sales of $232.5 million for the prior year 13-week fiscal quarter ended August 3, 2013. Comparable store net sales for the 13-week period ended August 2, 2014 decreased 0.5 percent from comparable store net sales for the prior year 13-week period ended August 3, 2013. Online sales (which are not included in comparable store sales) increased 1.7 percent to $17.1 million for the 13-week period ended August 2, 2014, compared to net sales of $16.8 million for the 13-week period ended August 3, 2013.

Net sales for the 26-week fiscal period ended August 2, 2014 increased 1.0 percent to $507.4 million from net sales of $502.2 million for the prior year 26-week fiscal period ended August 3, 2013. Comparable store net sales for the 26-week period ended August 2, 2014 decreased 0.7 percent from comparable store net sales for the prior year 26-week period ended August 3, 2013. Online sales (which are not included in comparable store sales) increased 2.1 percent to $38.6 million for the 26-week period ended August 2, 2014, compared to net sales of $37.7 million for the 26-week period ended August 3, 2013.

Net income for the 26-week fiscal period ended August 2, 2014 was $61.8 million, or $1.29 per share ($1.29 per share on a diluted basis), compared with $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis) for the 26-week period ended August 3, 2013.

Headquartered in Kearney, Nebraska, Buckle currently operates 456 retail stores in 44 states. As of the end of the fiscal quarter, it operated 456 stores in 44 states compared with 452 stores in 43 states at the end of the second quarter of fiscal 2013.


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