KEARNEY, Neb. - The Buckle, Inc. (NYSE:BKE) reported a dip in its first-quarter earnings and revenue, falling short of Wall Street expectations. The company's earnings per share (EPS) came in at $0.69, which was $0.06 below the analyst estimate of $0.75. Revenue also missed the mark, registering at $262.48 million against the consensus estimate of $264.16 million. Following the earnings release, Buckle's shares declined by 1%.
The specialty retailer, known for its denim and apparel offerings, experienced a 7.2% decrease in net sales compared to the same quarter last year, which had reported $282.8 million. This year's first-quarter sales were impacted by a 9.0% drop in comparable store net sales and a 13.4% fall in online sales, which amounted to $44.4 million. Last year's online sales for the same period were higher at $51.3 million.
The company's net income also saw a year-over-year (YoY) decline, coming in at $34.8 million, or $0.70 per share on a basic level and $0.69 on a diluted basis, compared to the previous year's net income of $42.9 million, or $0.87 per share (basic) and $0.86 (diluted).
In their statement, Buckle's management highlighted the challenge of comparing this quarter's performance due to the 53rd week included in the fiscal year 2023. Despite the decline in financial performance, Buckle's Chief Financial Officer, Thomas B. Heacock, emphasized the company's commitment to delivering exceptional service and style, stating, "We continue to focus on providing our customers with the high-quality, on-trend apparel they expect from Buckle."
Looking ahead, the company did not provide specific financial guidance for the upcoming quarter or fiscal year. However, investors and analysts will be closely monitoring Buckle's strategies to navigate the current retail landscape and improve performance in subsequent quarters.
Buckle operates 440 retail stores across 42 states, maintaining the same number of stores as in the first quarter of the previous fiscal year. The company will hold a live audio webcast to discuss the quarterly results and provide further insights into its operations and outlook.
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