Transworld Business Retail Round Up: Complete 2008 Same-Store Sales Results

josh hunter

• January 09 2009
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• 5 comments

In an effort to provide our readers with the most comprehensive coverage of the current retail climate as possible, Transworld Business has developed a new monthly column we’re calling Retail Round Up. In this installment we examine monthly same-store sales results for more than a dozen retailers that cater to the teen/ young adult market—both specialty and department stores.

What’s particularly interesting is retailers like The Buckle (BKE) managed to post double-digit positive comps for 12 straight months this year, when its closest competitors struggled to break out of negative comps.

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In early December, BKE shares soared $4.09 (or 20.9%) to $23.65 due to a 15-percent comp in November. In fact, in November—when, according to the Goldman Sachs-International Council of Shopping Centers index of 37 stores, retail sales dropped 2.7 percent for the month, making it the worst monthly performance since at least 1969 when the index began—net sales for BKE rose 21.6 percent to $72.2 million, from $59.4 million in the prior year.

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Sterne Agee analyst Margaret Whitfield noted that Buckle’s men’s sales gained 15 percent in November to total 43 percent of sales. Women’s sales grew 28 percent to total 57 percent of sales.

Despite the impressive performance of the retailer, Whitfield maintained a “Hold” rating on the stock, saying she is cautious about the company’s comparisons against the strong levels in fiscal 2009.

BKE stock closed at $22.40 on January 8.

On the department store front, there were even less bright spots. Aside from a spike in Spring comp-store sales from Saks Incorporated (SKS) and Nordstrom Inc. (JWN), there were very few positive comps throughout the year.

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