Thu, Jun 13, 8:14 PM (86 days ago)
The Buckle, Inc. reported a net sales decrease of 7.2% in Q1 2024, down to $262.5 million from $282.8 million in Q1 2023. Comparable store sales declined by 9.0%, driven by an 8.0% reduction in transactions and a 5.5% decrease in units sold per transaction, partially offset by a 6.0% rise in average unit retail price. Online sales also fell by 13.4% to $44.4 million. Gross profit dropped to $120.7 million, with a margin decline to 46.0% from 47.1%, due to higher buying, distribution, and occupancy costs. Selling, general, and administrative expenses rose to 29.8% of net sales, impacting operating income, which fell to $42.4 million (16.2% of net sales) from $53.7 million (19.0%). Net income decreased by 18.8% to $34.8 million. Cash flow from operations was $29.9 million, supporting capital expenditures and working capital needs. The company remains financially stable with $267.4 million in cash and $23.1 million in short-term investments.