Denim selection a key part of business
Industry customer The Buckle continued to outperform other retailers by recording another strong fourth quarter and year.
The company’s performance is doubly impressive because sales and profits have not only grown during a recession, but also against tough comparisons.
For example, in 2009, Buckle’s same store sales increased 7.8%. In 2008, same stores sales rose 20.6%. In 2007, same store sales increased 13.2%.
Profits have also improved each year. In 2009, net income rose 22%. In 2008, net income increased 38.8%. In 2007, net income rose 35%.
Denim continued to be a crucial part of the company’s success, accounting for 43% of sales in fiscal 2009, up from 41.5% the previous year. Even higher price point denim sold well, the company said.
At a time when junior’s sales have been struggling for many, The Buckle said female sales increased 22% for the year. Nearly every category of junior’s goods was positive, including denim, woven and knit tops, sweaters, activewear, outerwear, accessories and footwear.
Q4 financial results
Sales: up 9.2% to $274.4 million
Same store sales: up 3.8%
Online sales: up 35.6%
Net income: up 23% to $42.1 million
Fiscal 2009 results
Sales: 13.4% to $898.3 million
Same store sales: up 7.8%
Online sales: up 45.2%
Net income: up 22% to $127.3 million
Gross margin: improved to 44.6%
Cash and investments: $231 million
Average sales per square foot: rose to $428 vs. $401 the same period last year.
Average sales per store: $2.1 million vs. $2 million
Total stores at year-end: 401 in 41 states
2010
New stores: 20
Remodels: 25
