KEARNEY, Neb. - The Buckle, Inc. (NYSE: NYSE:BKE), a specialty retailer, disclosed a decrease in comparable store net sales of 17.4% for the five-week period ending February 3, 2024, compared to the same period in the previous year. Despite the decline in store sales, the company's overall net sales saw a 4.5% increase to $72.6 million for the fiscal month.
The company, known for its wide selection of denim and other apparel, reported a 9.6% drop in comparable store sales for the 14-week fourth quarter, which also ended on February 3. This quarter's net sales decreased by 4.8% to $382.4 million compared to the 13-week fourth quarter of the previous fiscal year.
For the 53-week period that concluded on February 3, 2024, The Buckle noted an 8.0% decrease in year-to-date comparable store sales. The company's net sales for this period fell 6.3% to $1.261 billion from the prior 52-week fiscal period's $1.345 billion.
The Buckle operates 444 retail stores across 42 states and is headquartered in Kearney, Nebraska.
The information in this article is based on a press release statement from The Buckle, Inc.The company's financial results and other news can be accessed through their website.
InvestingPro Insights
In light of The Buckle, Inc.'s recent financial disclosures, a deeper dive into the company's performance metrics via InvestingPro provides additional context to their fiscal health. With a market capitalization of $1.92 billion and a notable Price/Earnings (P/E) ratio of 8.42, The Buckle stands as a potentially attractive investment based on valuation. The adjusted P/E ratio for the last twelve months as of Q3 2024 remains nearly unchanged at 8.41, indicating a stable earnings valuation over time.
One of the key strengths of The Buckle is its impressive gross profit margin, which InvestingPro data highlights as 59.16% for the last twelve months as of Q3 2024. This high margin is indicative of the company's ability to maintain profitability despite the reported decrease in comparable store net sales. Moreover, The Buckle's commitment to shareholder returns is evident, with a substantial dividend yield of 10.06%, despite a recent cut in dividend growth. This commitment is further underscored by the company's track record of maintaining dividend payments for 22 consecutive years, an InvestingPro Tip that signals reliability in returning value to shareholders.
Additionally, The Buckle's financial stability is reflected in its liquidity position, where cash reserves surpass debt, and liquid assets exceed short-term obligations. This is a critical factor for investors considering the company's ability to navigate short-term market fluctuations. For those interested in exploring more about The Buckle's investment potential, there are over 9 additional InvestingPro Tips available, which can be accessed through InvestingPro's comprehensive analysis at https://www.investing.com/pro/BKE. To take advantage of these insights, use coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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