Buckle Turns To Profit In Q1, Beats View - Quick Facts

(RTTNews) - Buckle, Inc. (BKE), an apparel, accessories, and footwear retailer, reported Friday that its first-quarter net income was $57.27 million or $1.16 per share, compared to prior year's net loss of $11.78 million or $0.24 per share.

On average, analysts polled by Thomson Reuters expected earnings of $0.43 per share. Analysts' estimates typically exclude special items.

Net sales for the 13-week fiscal quarter increased 159.2 percent to $299.13 million from net sales of $115.41 million in the prior year.

Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent.

The company reported total net sales compared to the past two years as the prior year results were hurt by the closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. The company also said it does not plan to separately report comparable store sales for the periods most affected by the store closures.

Online sales in the first quarter were $53.7 million, up 67.3 percent from $32.1 million in 2020 and up 120 percent from net sales of $24.4 million in 2019.

In pre-market activity on the NYSE, Buckle shares were gaining around 10 percent to trade at $43.80.