Sales and earnings fell short of forecasts in the first quarter for teen apparel and accessories retailer The Buckle (BKE). Profit was $23.1 million, or $0.48 per share, as net sales slipped 10.2% from $271.3 million in the prior year’s period to $243.5 million. Sales at stores open more than a year dropped 11.1% (analysts had projected a 6.8% decline), while e-commerce revenue fell 2.8% to $23.5 million.
Gap Inc. (GPS), the San Francisco-based operator of Gap, Old Navy and Banana Republic, reported its fifth straight quarter of falling revenue and profit in the three months ended Apr. 30. Total net sales dropped from $3.66 billion to $3.44 billion and same-store sales declined 5 percent. Diluted earnings per share were $0.32. The company announced it would close about 75 Old Navy and Banana Republic stores in fiscal 2016, primarily overseas.
After a disappointing decline at the end of the last fiscal, Walmart (WMT) returned to form in the first quarter, posting a 0.9% increase in revenue, from $114.8 billion to $115.9 billion, and a 1.5% pickup in traffic. While profit declined 7.8% from $3.3 million to $3.1 million, or $0.98 per diluted share, analysts had forecast $0.88 per share. The retailer said it now expects earnings in the second quarter to be between $0.95 and $1.08 per share.
Urban Outfitters, Inc. (URBN) achieved a 3 percent increase in sales in the first quarter to reach $762.5 million, compared with $739 million in the prior year’s period, as sales increased across the board. Analysts had predicted $758.8 million. Comps increased 2 percent at Urban Outfitters, but were flat at Anthropologie and down 2 percent at Free People. Meanwhile, the wholesale segment jumped 16 percent. The company credited its performance to better assortments, improved inventory management and stronger marketing.
L Brands (LB) lowered its earnings outlook for the full year to between $3.60 and $3.80 per share and said it expects to report a May comparable sales result that’s down low to mid-single digits versus last year after first-quarter profits fell short of expectations. Adjusted earnings per share for the three months ended Apr. 30 were $0.59, compared with $0.61 a year ago, while adjusted net income fell from $181.5 million to $173.7 million.