KEARNEY, Neb. - The Buckle, Inc. (NYSE: NYSE:BKE), a specialty retailer known for its selection of denim, reported a decrease in comparable store net sales of 9.4% for the 5 weeks ending April 6, 2024, compared to the same period last year. The company's net sales for the month also fell by 8.0% to $104.3 million from the previous year's $113.4 million.
Year-to-date figures similarly show a downward trend, with comparable store net sales dropping 10.3% for the 9 weeks ended April 6, 2024. The net sales for this period decreased to $182.6 million, a 6.8% decline from $195.9 million during the corresponding period in 2023.
This year's sales comparisons are adjusted due to an extra week in the fiscal calendar of 2023, aligning the current 5-week and 9-week periods with those ending April 8, 2023.
Amid these sales reports, The Buckle also announced a key leadership change. Stacey M. Manary has been promoted to Vice President of Women's Merchandising, effective from April 1, 2024.
Manary, a long-term employee since September 1995, previously held the position of Director of Women's Denim Merchandising & Operations. Dennis H. Nelson, President and CEO of The Buckle, expressed confidence in Manary's ability to further the growth of the company's women's merchandise offerings.
The Buckle is currently operating 440 retail stores across 42 states, which includes recent store closures—one in fiscal March and another earlier this week. As of today, the company operates 439 stores, maintaining its presence in 42 states.
The information for this article is based on a press release statement from The Buckle, Inc.
InvestingPro Insights
Despite the reported decrease in sales, The Buckle, Inc. (NYSE: BKE) continues to show financial resilience in certain areas. According to InvestingPro's real-time data, the company boasts a strong gross profit margin of 58.88% for the last twelve months as of Q4 2024. This impressive margin underscores The Buckle's ability to maintain profitability even in challenging retail environments.
Investors may also find solace in The Buckle's commitment to shareholder returns, as evidenced by its significant dividend yield of 9.89% and a history of maintaining dividend payments for 22 consecutive years. This level of consistency and return could be particularly attractive for income-focused investors.
Moreover, The Buckle's market capitalization stands at $1.9 billion, with a Price/Earnings (P/E) ratio of 8.52, suggesting that the company's stock might be undervalued relative to its earnings. This could potentially signal a buying opportunity for value investors, especially considering the company's moderate level of debt and the fact that its liquid assets exceed short-term obligations, indicating a strong balance sheet.
For those interested in a deeper dive into The Buckle's financial health and future prospects, there are additional InvestingPro Tips available, which include insights on the company's trading multiples and profitability predictions for the year. Subscribers can access these tips by visiting the dedicated InvestingPro page for The Buckle at: https://www.investing.com/pro/BKE. To enhance your investment strategy further, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 9 more InvestingPro Tips listed that could help inform your investment decisions regarding The Buckle, Inc.
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