KEARNEY, Neb. - The Buckle, Inc. (NYSE: NYSE:BKE), a specialty retailer known for its denim selection, reported a decline in fourth-quarter earnings and revenue, with a notable drop in its stock price in premarket trading.
For the fiscal quarter ended February 3, 2024, the company announced net income of $79.6 million, or $1.60 per share on a basic level and $1.59 on a diluted basis. This performance surpassed analyst expectations by $0.15, as the consensus estimate for EPS was $1.44.
Despite beating EPS estimates, the company's revenue experienced a 4.8% decrease to $382.4 million, narrowly missing the consensus estimate of $382.43 million. This decline was also reflected in a 9.6% decrease in comparable store net sales and a 12.4% decrease in online sales for the 14-week period ended February 3, 2024, compared to the same period last year. The company's net sales for the fiscal year also fell by 6.3% to $1.261 billion.
The Buckle's stock reacted negatively to the news, dropping by 9.69% premarket. This significant decline suggests investor concerns, potentially due to the reported decreases in sales and the challenging retail environment.
The company's net income for the fourth quarter of fiscal 2023 was $79.6 million, or $1.60 per share, compared with $87.8 million, or $1.78 per share for the same quarter last year. For the full fiscal year, net income was $219.9 million, or $4.44 per share, a decrease from the previous year's $254.6 million, or $5.17 per share.
Buckle's management is set to discuss the quarterly results in a live audio webcast, providing an opportunity for investors to gain further insights into the company's performance and strategies.
Thomas B. Heacock, Chief Financial Officer of The Buckle, Inc., commented on the results, stating, "Our team navigated a challenging retail landscape to deliver results that, while down year-over-year, still exceeded analyst expectations for adjusted EPS this quarter. We remain committed to our strategy and are focused on strengthening our position in the market."
The company continues to focus on delivering exceptional service and style through its retail stores, which number 442 across 42 states, a slight increase from 441 stores in the previous fiscal year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.