The Buckle reported 2008 full year and fourth quarter earnings yesterday, and sometimes when I read their results I feel like I’m in opposite world.
Nearly every retailer in the world is getting hammered, but Buckle executives said results in February were “excellent” and the company ended up with less inventory than planned.
The Buckle’s core regions of the Midwest and Texas are doing fine, and even stores in Southern California, Florida and Phoenix are still doing well, though sales have leveled off.
Strong brands
The company said its key men’s brands during 2008 were Hurley, Billabong, Affliction, Obey, 7 Diamonds and Roar. Its key women’s brands were Roxy, Billabong, Hurley, Sinful and Rebel Spirit. Ed Hardy was strong in men and women, though the company indicated it is carrying less of the brand now.
Denim
Denim continues to be a huge driver for The Buckle, accounting for 41.5 percent of sales in 2008. Top brands include The Buckle’s house BKE brand, which accounted for 37 percent of total denim sales, and Big Star, MEK, Lucky Brand and Silver.
2008 average sales per square foot
$401, up from $335.
2008 average sales per store
$2 million, up from $1.7 million.
New stores
The company plans to open 21 stores in 2009. Currently, The Buckle operates 391 stores in 40 states.
Fourth quarter revenue
Up 21.5 percent to $251.4 million
Fourth quarter net income
Up 18 percent to $34.3 million
2008 revenue
 Up 27.8 percent to $792 million
2008 net income
Up 39 percent to $104.4 million
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