Buckle (BKE) is a retailer of trend fashions focused primarily on a college age customer base with a target age range of 15-30. A common challenge with retailers, especially fashion retailers of this type, is assessing the long-term growth potential and the resulting investment potential in light of regularly shifting fashion trends than can quickly consign once popular retailers to relative irrelevance. The problem of assessing long-term market and fashion potential often makes these retailers relatively unattractive investments except when exceptionally mispriced by the market. However, Buckle represents a relatively unique opportunity with a model that mitigates many of the common risks in the industry while providing strong long-term growth prospects.
The following analysis focuses on assessing the...
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