The Buckle, Inc. Reports April 2016 Net Sales
The Buckle, Inc. (NYSE: BKE) announced today that comparable store net sales, for stores open at least one year, for the four-week period ended April 30, 2016 decreased 13.2 percent in comparison to comparable store net sales for the four-week period ended May 2, 2015. Net sales for the four-week fiscal month ended April 30, 2016 decreased 12.3 percent to $65.2 million compared to net sales of $74.3 million for the prior year four-week fiscal month ended May 2, 2015.
Comparable store net sales year-to-date for the thirteen-week period ended April 30, 2016 decreased 11.1 percent from comparable store net sales for the thirteen-week period ended May 2, 2015. Net sales for the thirteen-week fiscal period ended April 30, 2016 decreased 10.2 percent to $243.5 million from net sales of $271.3 million for the prior year thirteen-week fiscal period ended May 2, 2015.
Please note that net sales for both the four and thirteen-week periods ended April 30, 2016 are net of a $3.0 million adjustment recorded as a reduction to revenue to accrue for estimated future rewards related to the Company's new Guest Loyalty program, which launched during the fiscal quarter ended April 30, 2016. Absent the impact of this adjustment for estimated future rewards, total net sales for the four-week period ended April 30, 2016 were down 8.2 percent and comparable store net sales were down 9.2 percent. For the year-to-date period, total net sales were down 9.1 percent and comparable store net sales were down 10.0 percent before the impact of this adjustment. Despite the impact on reported sales, the Company is excited about the many potential benefits Guest Loyalty will provide to both Buckle and its guests.
The Company will announce first quarter earnings the morning of Friday, May 20, 2016. Management will hold a conference call at 10:00 a.m. EDT on May 20, 2016 to discuss results for the quarter. To participate in the call, please call (800) 230-1092 for domestic calls or (612) 332-0107 for international calls and reference the conference code 393064. A replay of the call will be available for a two-week period beginning May 20, 2016 at 12:00 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 393064.
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company's exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 467 retail stores in 44 states, following the closing of one store earlier this week in Phoenix, Arizona. The Company operated 463 stores in 44 states as of May 5, 2015. To listen to the Company's recorded monthly sales commentary, please call (308) 238-2500.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
News releases and other information about The Buckle, Inc., can be
found on the Internet at www.buckle.com
The Buckle, Inc.
Karen B. Rhoads, 308-236-8491
Chief Financial Officer