Dennis H. Nelson, President and CEO of Buckle Inc. (NYSE:BKE), recently reported selling a significant number of shares in the company. According to the SEC filing, Nelson sold a total of 20,583 shares, generating approximately $989,579. The company, currently valued at $2.4 billion, maintains strong financial health according to InvestingPro analysis, with impressive gross margins of ~59% and an attractive dividend yield of 8.1%. The sales occurred over two days, with the majority of shares sold at an average price of $48.0748 per share, amounting to $983,273. An additional 130 shares were sold at a price of $48.5088 per share, totaling $6,306.
The transactions were executed as part of a 10b5-1 trading plan adopted on April 24, 2024. Following these sales, Nelson retains direct and indirect ownership of a substantial number of Buckle Inc. shares, including those held by family trusts and a 401(k) plan.
In other recent news, Buckle reported a decrease in its third-quarter net income for 2024, falling to $44.2 million from last year's $51.8 million. The company also witnessed a 3.2% decline in net sales, landing at $293.6 million. Despite this, online sales saw a 1.1% increase, and women's denim sales rose by 9%. However, a decline in men's merchandise and footwear sales, which fell by 5.5% and 17% respectively, negatively impacted the overall figures.
Buckle also revealed its future plans, intending to open one more store and complete seven remodels by the end of the year. For 2025, the company anticipates opening between seven and eight new stores, with a net addition of two to three stores. Despite the challenges, Adam Ackerson expressed satisfaction with the quarter's performance, highlighting the strategic positioning of stores for future success.
Meanwhile, the company's gross margin decreased to 47.7%, affected by higher occupancy costs and distribution expenses. Selling, general, and administrative expenses also rose to 29.1% of net sales. Despite these bearish highlights, Buckle saw an increase in private label penetration to 48.5% of sales and a 3% growth in accessories sales. These recent developments offer a comprehensive view of Buckle's performance and future plans.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.