The Buckle’s income rises in first quarter despite falling sales
Kearney, Nebraska-based apparel retailer The Buckle, Inc. has reported continued sales declines in Q1 2018, partially offset by positive growth in its e-commerce business, but still managed to post a 12.3% increase in earnings.
Net sales for the period fell 3.5% to $204.9 million in the first quarter ended May 5, 2018, compared to $212.3 million in Q1 2017, while comparable store sales for the period decreased 3.1%.
The decline is consistent with the company’s recent performance, its comparable store sales having fallen 3.2% in the fourth quarter of last year and declined 7.2% during the course of fiscal 2017.
Nonetheless, among these slipping sales, the company’s online revenues were a bright spot in Q1, increasing 6.1% to $23.1 million, compared to the $21.8 million reported in the prior year period.
Operating income fell to $23.3 million from $25 million. However, Buckle’s net income for Q1 2018 rose to $18.3 million from $16.3 million in the first quarter of 2017, thanks largely to a 34% decrease in the company’s provision for income taxes.
At the end of the first quarter, Buckle operated 456 stores in 43 states, compared to 462 locations in 44 states at the end of Q1 2017.
The retailer is best known for its denim selection and carries a wide range of fits and finishes from leading denim brands, as well as its own BKE label.
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