Thu, Dec 12, 7:58 PM (64 days ago)
For the third quarter ended November 2, 2024, The Buckle, Inc. (BKE) reported a net sales decline of 3.2% to $293.6 million, primarily driven by a 3.8% decrease in transactions. Gross profit decreased to $140.1 million, with a margin of 47.7%, down from 48.5% due to higher buying, distribution, and occupancy costs. Operating income fell 15% to $54.5 million, and net income decreased 14.7% to $44.2 million. Year-to-date, net sales were $838.5 million, down 4.6%, with comparable store sales declining 5.4%. Cash flow from operations was $121.2 million, compared to $145.3 million in the prior year. The company maintains strong liquidity with $302 million in cash, and anticipates capital expenditures of $36-40 million for store projects and technology upgrades. Key uncertainties include economic conditions and consumer demand, which may impact future performance. Overall, the company faces challenges in sales growth and profitability, necessitating careful management of expenses and inventory.