The Buckle, Inc. has reported its financial results for the fourth quarter and fiscal year 2023. In the fiscal quarter ended February 3, 2024, the company's net income was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis). For the fiscal year ended February 3, 2024, the net income was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis).
Net sales for the 14-week fiscal quarter ended February 3, 2024, decreased 4.8 percent to $382.4 million from the prior year 13-week fiscal quarter ended January 28, 2023. Comparable store net sales for the same period decreased by 9.6 percent. Online sales also saw a decline, dropping 12.4 percent to $65.5 million.
For the 53-week fiscal year ended February 3, 2024, net sales decreased by 6.3 percent to $1.261 billion from the prior 52-week fiscal year ended January 28, 2023. Comparable store net sales for the year decreased by 8.0 percent, and online sales decreased by 10.3 percent to $206.5 million.
Comparing the fourth quarter of fiscal 2023 with the fourth quarter of fiscal 2022, net income decreased from $87.8 million to $79.6 million. Similarly, for the fiscal year, net income decreased from $254.6 million in 2022 to $219.9 million in 2023.
The company also disclosed that it operated 442 retail stores in 42 states at the end of the fiscal year, compared to 441 stores in 42 states at the end of fiscal 2022.
These figures indicate a challenging period for The Buckle, Inc., with decreases in net sales, comparable store net sales, and online sales compared to the previous periods. For the full picture, make sure to review Buckle's 8-K report.
