Tough Q4 for teen apparel retailer

The Buckle reported earnings for its fourth quarter that missed expectations amid a rough market for teen retailers.



Net income for the quarter ended Jan. 28 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis), compared to $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis).



Buckle’s net sales fell 15.7% to $280.0 million, from $332.0 million for the prior year.



Same-store sales for the quarter decreased 16.1%.



Online sales decreased 8.8% to $32.2 million for the quarter, compared to net sales of $35.3 million last year.



“While overall results for both the quarter and year were below expectations, we were able to maintain merchandise margins and finish the year with an operating margin of 15.7%,” said Dennis Nelson, president and CEO. “Our focus on running a profitable business also enabled us to maintain a strong balance sheet, ending the year with $264.6 million in cash and investments and no debt.”



For the full year, net sales decreased 12.9% to $974.9 million. Same-store sales fell 13.5%.



Net income for the fiscal year was $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis), compared with $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis) for the previous year.



As of the end of the fiscal year, The Buckle operated 467 stores in 44 states, compared with 468 stores in 44 states at the end of fiscal 2015.