Deutsche Bank expects another double-digit comp decline for Buckle Inc BKE in June on continued weakness in mall traffic, a lack of on-trend fashion and ongoing headwinds from the loyalty program accounting shift.
The brokerage said the above factors should be partly offset by modest benefit from the Memorial Day calendar shift, more favorable weather and the website upgrade.
Analyst Tiffany Kanaga projects Buckle's June comp down -10.0 percent, below the Street at -8.5 percent and versus -11.0 percent in May and -13.2 percent in April.
"We anticipate traffic down -7.5 percent vs. -8.5 percent in May. On a 2-year stack basis, our June traffic estimate represents -10.5 percent vs. -12.6 percent in May and the 6-month average of approximately -13.5 percent," Kanaga wrote in a note.
The analyst reiterated Sell rating and $22 price target on the stock, which at time of writing was down 0.46 percent on the day at $25.87.
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