Stock under pressure: Buckle Inc (NYSE: BKE)

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Buckle Inc (NYSE: BKE) stock lost over 2.3% on May 25th, 2018 (As of 1:30 PM GMT-4 ; Source: Google finance). For the first quarter of 2018, the Net sales fell 3.5% to $204.9 million against net sales of $212.3 million for pcp. Comparable store sales lost 3.1% against comparable store sales in pcp. Operating margin fell 11.4% to 11.8% for the first quarter of fiscal 2017. Net income fell to $18.3 million, or $0.38 per share on a diluted basis, from net income of $16.3 million, or $0.34 per share in pcp. The group’s first quarter performance was selling slower in true summer categories than expected, but cleared more fall/winter products. They witnessed pickup in shorts, tanks and flips.

On the other hand, online sales rose 6.1% to $23.1 million for the 13-week fiscal period, against sales of $21.8 million in pcp. UPTs fell over 1%, while the average unit retail fell over 0.5%, and the average transaction value was down about 1.5%.

Gross margin rose  40 basis points to 38.9%, against 38.5% in the prior year first quarter boosted by an 80 basis point improvement in merchandise margins, which was partially offset by slightly deleveraged occupancy, buying and distribution expenses.

 

For the fiscal 2018, the group intends to finish four full remodeling projects, which includes two for spring, one for back-to-school, and one for holiday. They forecast their capital expenditures for the year to be in the range of $10 million to $15 million, which includes both planned store projects and IT investments.

Women’s business was over 50.5% of net sales from 53% in pcp while average women’s price points fell over 1.5% from $45.60 to $44.85. Average denim price points fell from $90.65 in the first quarter of fiscal 2017 to $88.05 in the first quarter of fiscal 2018. Men’s business wver as approximately 49.5% of net sales from 47% last year, and average men’s price points fell over 2% from $53.10 to $51.95.

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