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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: steve wong who wrote (54809)	8/5/1999 10:54:00 PM
From: kendall harmon	Respond to of 120523

BKE-important reuters story CHICAGO, Aug 5 (Reuters) - Shares of teen apparel retailer Buckle Inc. (NYSE:BKE) dropped nearly 30 percent on Thursday after the merchant said second-quarter earnings, hit by soft July sales, would not meet Wall Street expectations. After a delayed opening, Buckle shares slumped $8.44 to $19.75 on the New York Stock Exchange on Thursday morning. "Based upon July sales results, the company estimates that its second-quarter earnings for the period ended July 31 will come in at $0.27-$0.28 per diluted share compared with $0.26 per diluted share for the second-quarter of the prior year," Buckle said. The analysts' consensus estimate was 31 cents a share. Kearney, Neb.-based Buckle said sales for the four-week period ended July 31 rose 6.8 percent to $28.4 million from $26.6 million in the same period in 1998. But same-store sales, for stores open at least one year, fell 4.5 percent in July from a year ago. Analyst Ryan Sailer at Kirkpatrick Pettis, said sales were"definitely" a disappointment, with analysts having come t o expect monthly gains in the 15-percent range. But, he said, the big sell-off was not warranted. "We feel that maybe some (earnings) predictions were overly ambitious," he said. "We don't put much focus on one quarter or one month of sales." Analysts noted the company doesn't have a large number of shares outstanding, which serves to sharpen share price moves. Buckle operates 238 stores in 32 states.