Buckle (BKE) has reported 34.81 percent plunge in profit for the quarter ended Oct. 29, 2016. The company has earned $23.40 million, or $0.48 a share in the quarter, compared with $35.89 million, or $0.74 a share for the same period last year.
Revenue during the quarter dropped 14.62 percent to $239.21 million from $280.19 million in the previous year period. Gross margin for the quarter contracted 136 basis points over the previous year period to 40.50 percent. Total expenses were 84.61 percent of quarterly revenues, up from 79.91 percent for the same period last year. That has resulted in a contraction of 470 basis points in operating margin to 15.39 percent.
Operating income for the quarter was $36.82 million, compared with $56.30 million in the previous year period.
Working capital increasesBuckle has recorded an increase in the working capital over the last year. It stood at $294.69 million as at Oct. 29, 2016, up 13.89 percent or $35.94 million from $258.75 million on Oct. 31, 2015. Current ratio was at 4.38 as on Oct. 29, 2016, up from 3.39 on Oct. 31, 2015. Cash conversion cycle (CCC) has decreased to 22 days for the quarter from 65 days for the last year period. Days sales outstanding were almost stable at 6 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 47 days for the quarter compared with 91 days for the previous year period. At the same time, days payable outstanding was almost stable at 31 days for the quarter, when compared with the previous year period.
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