The Buckle Reports 81.5% Online Sales Jump
Mid-price casual retail chain The Buckle, Inc. saw an 18% increase in same-store sales on Friday, March 12, driven by an 81.5% increase in its online business which accounted for approximately one-fifth of the total, according to an ad.
Regarding its overall fourth quarter results, The Buckle Inc. reported $ 1.33 in net earnings per share on a diluted basis on $ 318.8 million in net sales.
The Buckle also reported that online sales jumped 72% to $ 190.6 million in fiscal 2020, from net sales of $ 110.8 million in the previous fiscal year.
It also reported that comparable store net sales for the period ending Jan. 30, 2021 increased 0.4% compared to the prior year period ending Feb. 1, 2020, while net sales for year increased 0.1% to $ 901.3 million from the prior year. year.
The Buckle, which caters to “fashion-conscious young men and women”, offers a collection of clothing, accessories and footwear. Each outlet offers a wide range of fits, styles and finishes from denim brands such as the company’s exclusive BKE brand.
The news comes as Express, Inc., which operates more than 500 retail and outlet stores in the United States and Puerto Rico, reported in its financial results that same-store sales fell 27% for the fourth. trimester.
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 exceeded analysts’ expectations of a loss of 82 cents per share on revenue of $ 424.72 million.
Express said it had committed to a number of measures to bolster liquidity amid the pandemic, such as negotiating $ 85 million in “rent cuts, deferrals and future rent cuts,” rent reductions representing $ 50 million of this amount.
For online shopping, Express said it is putting the finishing touches on a plan that will expand its digital channel and plans to unveil details in the second quarter of 2021.