The Buckle, Inc. has reported its financial results for the third quarter of fiscal year 2024, and the figures show some notable changes compared to the same period in the previous year.
Net income for the quarter ended November 2, 2024, was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis). This is a decrease from the net income of $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis) for the third quarter of fiscal 2023.
Net sales for the 13-week fiscal quarter ended November 2, 2024, decreased 3.2 percent to $293.6 million from the prior year's 13-week fiscal quarter ended October 28, 2023, which had net sales of $303.5 million. Comparable store net sales for the same period also decreased by 0.7 percent compared to the prior year.
Online sales, however, saw a slight increase of 1.1 percent, reaching $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to $46.1 million for the same period in the previous year.
Looking at the 39-week fiscal period ended November 2, 2024, net sales decreased by 4.6 percent to $838.5 million from the prior year's 39-week fiscal period ended October 28, 2023, which had net sales of $878.7 million. Comparable store net sales for this 39-week period also decreased by 5.4 percent compared to the prior year.
In contrast, online sales for the 39-week period decreased by 9.2 percent to $128.0 million, compared to $141.0 million for the 39-week period ended October 28, 2023.
These figures indicate a challenging quarter and year for The Buckle, Inc., as it faced declines in net income and sales compared to the previous year. As a result of these announcements, the company's shares have moved 2.4% on the market, and are now trading at a price of $48.81. For more information, read the company's full 8-K submission here.
