The Buckle posts Q1 sales and net income decline, CFO Rhoads to retire

By

Obi Anyanwu

Published
May 18, 2017

Sales woes continue for The Buckle. The Nebraska-based retailer on Thursday reported a 12.8% decrease in first quarter net sales to $212.3 million and a decrease in net income to $16.3 million, or $0.34 per share.

 
First quarter comparable sales fell 12.7% and online sales decreased 7.2% to $21.8 million from $23.5 million in the prior year’s first quarter.
 
The first quarter decline follows a series of declines that spans several months and quarters. The retailer has seen better days, but this dates back to fiscal 2014.

In addition to the first quarter results, The Buckle announced the planned retirement of Karen B. Rhoads as SVP of Finance and CFO. Rhoads, who joined the company  in 1980 as a part-time worker, will continue to serve as a member of the Board of Directors and will remain in her role to assist with the transition.
 
Rhoads worked in public accounting before joining the company again in 1987 to lead the finance team. She served as VP of Finance and CFO before being named SVP of Finance and CFO in March 2014.
 
The Board of Directors has engaged an executive search firm to assist in locating a successor for Rhoads.