The Buckle (BKE) Outperformed in Q4

Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.68% net of fees compared to a 3.98% return for the ICE BofA US High Yield Index. Also, the fund outperformed the S&P 500 Index which returned -7.56% in the quarter. The strategy was -23.61% down in 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Miller Value Partners highlighted stocks like The Buckle, Inc. (NYSE:BKE) in the Q4 2022 investor letter. Headquartered in Kearney, Nebraska, The Buckle, Inc. (NYSE:BKE) is an apparel, footwear, and accessories retailer. On January 19, 2023, The Buckle, Inc. (NYSE:BKE) stock closed at $43.71 per share. One-month return of The Buckle, Inc. (NYSE:BKE) was -3.36%, and its shares gained 31.06% of their value over the last 52 weeks. The Buckle, Inc. (NYSE:BKE) has a market capitalization of $2.19 billion.

Miller Value Partners made the following comment about The Buckle, Inc. (NYSE:BKE) in its Q4 2022 investor letter:

“The Buckle, Inc. (NYSE:BKE) was the top contributor for the quarter. The company reported 3Q23 net sales of $332.3MM, +4.0% year-over-year (Y/Y), ahead of consensus of $326.7MM, and earnings per share (EPS) of $1.24, -1.6% Y/Y, ahead of analyst expectations for EPS of $1.19. Comparable store sales and online sales increased 3.0% and 8.8% Y/Y, respectively, during the quarter. Inventory rose +49.2% Y/Y and +18.6% sequentially to $152.3MM, as of quarter-end, while gross margin expanded +163bps sequentially to 49.8%. The company also reported that December net sales grew 7.9% Y/Y, bringing fiscal year-to-date (YTD) net sales as of 12/31/22 to $1.28B, or +3.7% Y/Y.”

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The Buckle, Inc. (NYSE:BKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held The Buckle, Inc. (NYSE:BKE) at the end of the third quarter which was 23 in the previous quarter.

We discussed The Buckle, Inc. (NYSE:BKE) in another article and shared extreme value stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.