The Buckle Inc. reported earnings in the fourth quarter slumped 33.7 percent.
Dennis Nelson, president and chief executive officer, commented, “Thank you to each of Buckle’s 8,000+ teammates for their dedication and efforts to managing our business in what has proven to be a challenging and evolving retail environment. While overall results for both the quarter and year were below expectations, we were able to maintain merchandise margins and finish the year with an operating margin of 15.7 percent. Our focus on running a profitable business also enabled us to maintain a strong balance sheet, ending the year with $264.6 million in cash and investments and no debt.”
Net sales for the 13-week fiscal quarter ended January 28, 2017 decreased 15.7 percent to $280.0 million from net sales of $332.0 million for the prior year 13-week fiscal quarter ended January 30, 2016. Comparable store net sales for the 13-week period ended January 28, 2017 decreased 16.1 percent from comparable store net sales for the prior year 13-week period ended January 30, 2016. Online sales decreased 8.8 percent to $32.2 million for the 13-week period ended January 28, 2017, compared to net sales of $35.3 million for the 13-week period ended January 30, 2016.
Net sales for the 52-week fiscal year ended January 28, 2017 decreased 12.9 percent to $974.9 million from net sales of $1.120 billion for the 52-week fiscal year ended January 30, 2016. Comparable store net sales for the 52-week period ended January 28, 2017 decreased 13.5 percent from comparable store net sales for the prior year 52-week period ended January 30, 2016. Online sales decreased 5.4 percent to $99.8 million for the 52-week period ended January 28, 2017, compared to net sales of $105.5 million for the 52-week period ended January 30, 2016.
Net income for the fourth quarter of fiscal 2016 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis), compared with $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis) for the fourth quarter of fiscal 2015.
Net income for the fiscal year ended January 28, 2017 was $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis), compared with $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis) for the fiscal year ended January 30, 2016.
