The Buckle Reports 81.5 Pct Jump In Online Sales

Mid-priced casual retail chain The Buckle, Inc. posted an 18 percent increase in same-store sales Friday (March 12), led by an 81.5 percent increase in its online business that accounted for about one-fifth of the total, according to an announcement.

As for its overall fourth-quarter results, The Buckle Inc. reported $1.33 in net income per share on a diluted basis on $318.8 million in net sales.

The Buckle also reported that online sales jumped by 72 percent to $190.6 million for fiscal year 2020 compared to net sales of $110.8 million for the prior fiscal year.

It also reported that comparable store net sales for the period concluding Jan. 30, 2021 climbed 0.4 percent from the prior-year period concluding Feb. 1, 2020, while net sales for the fiscal year rose 0.1 percent to $901.3 million from the prior fiscal year.

The Buckle, which serves “fashion-conscious young men and women,” provides a collection of clothing, accessories and shoes. Every retail location has a broad array of fits, styles and finishes from denim brands such as the firm’s exclusive BKE brand.

The news comes as Express, Inc., which operates over 500 retail and factory outlet stores in the U.S. and Puerto Rico, reported as part of its financial results that comparable sales had declined 27 percent for the fourth quarter.

As for its overall results, Express reported an adjusted diluted loss of 66 cents on consolidated net sales of $430.3 million for the quarter. The results beat analyst expectations of a 82 cent loss per share on revenues of $424.72 million.

Express said it engaged in a number of measures to strengthen liquidity amid the pandemic like negotiating $85 million in “rent abatements, deferrals and future rent reductions,” with rent abatements composing $50 million of that amount.

For online shopping, Express said it is putting the finishing touches on a plan that will grow its digital channel and foresees unveiling the details in the second quarter of 2021.