THE BUCKLE, INC. REPORTS APRIL 2016 NET SALES
KEARNEY, NE — 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.
About Buckle
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.
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