The Buckle says sales figure dropped in January
The Buckle says sales figure declined in January, surprising Wall Street
NEW YORK (AP) -- The Buckle Inc. said Thursday that its revenue at stores open at least a year fell 2 percent in January, surprising Wall Street analysts who on average had expected the figure to climb.
Analysts polled by Thomson Reuters expected a 1.3 percent increase. The figure is a key indicator of health because it strips out the impact of newly opened and closed locations.
The teen retailer, based in Kearney, Neb., sells clothing and accessories but focuses on its wide denim selection. It has 440 stores in 43 states as of Feb. 2, up from 431 stores a year ago.
For the five-week period ended Feb. 2, the company said net sales rose 31 percent to $78.8 million. For the fourth-quarter, sales at stores open at least a year were flat from a year ago. Net sales rose 7 percent to $360.6 million.
Shares of the Buckle were flat at $46.32 in premarket trading.
