Buckle Inc’s performance signals the rise of the fashion industry from the pandemic effects.
The world seems to be slowly getting back to its feet. The haunting memories of Covid still linger sometimes, but the slowly stabilizing economies, little bit of stability in lives all these factors work as an ointment over them. The positive news from the industries also adds to the zeal of life.
One such impressive and positive news is from The Buckle Inc, a US-based fashion retailer. It has reported a 36.6 percent sales to rise to $295.1 million in the second quarter (Q2) of FY21, ended on July 31, 2021, compared to $216.0 million in the same quarter of last year, while 44.8 percent is higher than the pre-Covid period in 2019. However, online sales declined by 5.5 percent to $43.4 million (Q2 FY20: $46.0 million). The company’s gross profit during Q2 FY21 improved to $142.0 million ($93.4 million). Net income rose to $51.4 million ($34.7 million), whereas income from operations expanded to $67.9 million ($45.5 million).
About The Fashion Store
The Buckle, Inc. is a leading retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women. Currently, the company operates over 449 stores in 42 states, under the names Buckle and The Buckle.
Buckle markets a wide selection of brand names and private label casual apparels, including types of denim, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.
Primarily 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.
Overview Of The Past Few Months
This fashion giant has been reporting sturdy sales performance for the past few months. Impressively, this augmentation in the sales continued through the month of June too. Total net sales for the five-week fiscal month ended Jul 3, 2021, and rose by 17.8% to $111.7 million from the net sales of $94.8 million reported a year ago in the same period. A glance at the preceding five months indicates that net sales climbed 75.4%, 718%, 240.2%, 5%, and 33.6%, respectively.
Due to the COVID-19 pandemic and its resulting impacts that saw the closure of all its stores, comparisons are made with the comparable period of fiscal 2019. On July 3, 2021, total sales at the men’s unit jumped to 52.5% from the figure recorded during the five weeks ended Jul 6, 2019, whereas, the metric at the women’s unit jumped 44.5%. While the men’s category contributed 57% to the company’s overall monthly sales, the women’s unit accounted for nearly 43%.
On combining the men’s and women’s categories, accessory sales for the fiscal month were up to 54% while footwear sales increased to 76.5% in comparison with the same period of the fiscal year 2019. Both the accessory and footwear categories accounted for 11% and 9%, respectively, of the overall monthly sales.
In the wake of the coronavirus scare, sales in fiscal 2020 were marred by the shutdown of all the company’s stores on Mar 18, 2020. Accordingly, management plans to report total net sales per month compared with the past two years. Hence, it decided not to separately release comparable store sale data for months, mostly affected by store shutdowns. But they have begun doing the same since August 2021. You can visit their website for more details.
