The Buckle, Inc. has reported its financial results for the second quarter of fiscal 2024, showing a net income of $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis). This marks a decrease from the net income of $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) in the second quarter of fiscal 2023.
Net sales for the 13-week fiscal quarter ended August 3, 2024, decreased by 3.4 percent to $282.4 million from the prior year's 13-week fiscal quarter. Comparable store net sales for the same period also saw a decrease of 6.6 percent compared to the prior year.
Online sales followed a similar trend, decreasing by 15.2 percent to $37.0 million for the 13-week fiscal quarter ended August 3, 2024, compared to the same period in the prior year.
Looking at the 26-week fiscal period ended August 3, 2024, net sales decreased by 5.3 percent to $544.9 million from the prior year's 26-week fiscal period. Comparable store net sales for the 26-week period ended August 3, 2024, decreased by 7.7 percent compared to the prior year.
Online sales for the 26-week period ended August 3, 2024, also saw a decrease of 14.2 percent compared to the same period in the prior year, amounting to $81.4 million.
It's important to note that due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 5, 2023.
The company operates 440 retail stores in 42 states, the same as at the end of the second quarter of fiscal 2023.
The management of The Buckle, Inc. will hold a live audio webcast to discuss the results for the quarter. Today the company's shares have moved 5.1% to a price of $43.8. Check out the company's full 8-K submission here.
