Kearney, NE—The Buckle Inc. reported Friday that its holiday quarter profit edged up as comparable store sales improved.
For the quarter ended Jan. 31, net income rose to $60.13 million, or $1.25 a share, compared to $59.3 million, or $1.23 a share, in the prior year. Analysts’ average estimate expected $1.24 a share.
Net sales increased 4.3% to $353.54 million compared to $339.00 million last year. Analysts expected revenue of $353.5 million. Comparable store net sales increased 1.1% Online sales (which are not included in comparable store sales) increased 12.6% to $33 million.
For its fiscal 2014 year, Buckle posted a 2.2% increase to $1.153 billion from net sales of $1.128 billion a year ago. Comparable store net sales were flat in comparison to the prior year. Online sales for the year (also not included in comparable store sales) increased 6% to $94.3 million.
The company told analysts that its denim business, which accounts for about half of total sales, has been hurt by the growing popularity of athleisure styles such as yoga pants.
Gross margin edged down to 47.4% from 47.6% a year earlier as input costs, including buying and distribution expenses, grew 5%.