Buckle Tops On Q4 Earnings, Sales In Line
Teen clothing retailer Buckle Inc (NYSE: BKE) reported better-than-expected earnings for the fourth quarter, while the top line met estimates.
For the fiscal quarter ended January 30, 2016, Buckle earned $54.3 million, or $1.13 per share, which topped Street view of $1.08 a share. However, the profit declined from the year-ago period when the company reported earnings of $60.1 million, or $1.25 per share.
Net sales decreased 6.1 percent to $332.03 million, in line with consensus view of $332.41 million. Comparable store net sales fell 7.2 percent. However, online sales increased 7.1 percent to $35.3 million.
Net income for the full year was $147.3 million, or $3.06 per share, compared with $162.6 million, or $3.39 per share last year. Net sales fell 2.9 percent to $1.120 billion. Analysts, on average, expected earnings of $3 a share on revenue of $1.12 billion.
Comparable store net sales dropped 4.4 percent. However, online sales grew 11.8 percent to $105.5 million.
Headquartered in Kearney, Nebraska, Buckle currently operates 468 retail stores in 44 states. As of the end of the fiscal year, it operated 468 stores in 44 states compared with 460 stores in 44 states at the end of fiscal 2014.
Buckle shares are up more than 2.5 percent this year. The stock has dropped 34 percent in the last 12 months and closed Thursday's trading at $31.59.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.