The Buckle, Inc. Reports August 2024 Net Sales

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported its August 2024 net sales results. Comparable store net sales for the 4-week period ended August 31, 2024, increased by 1.7% compared to the same period last year. However, overall net sales for the month decreased by 6.6% to $105.1 million from $112.5 million in the prior year.

For the year-to-date period of 30 weeks ended August 31, 2024, comparable store net sales decreased by 6.3%, and total net sales fell by 5.5% to $650.0 million from $687.8 million in the previous year. The company noted that due to the 53rd week in fiscal 2023, comparisons are made to the periods ended September 2, 2023.

Positive

• Comparable store net sales increased by 1.7% for the 4-week period ended August 31, 2024

Negative

• Overall net sales for August 2024 decreased by 6.6% to $105.1 million
• Year-to-date comparable store net sales decreased by 6.3%
• Year-to-date total net sales decreased by 5.5% to $650.0 million

Insights

Financial Analyst

The Buckle's August 2024 sales report presents a mixed picture. While comparable store sales showed a modest 1.7% increase, overall net sales declined by 6.6% to $105.1 million. This divergence suggests potential store closures or reduced non-comparable store performance. The year-to-date figures are more concerning, with a 6.3% decrease in comparable store sales and a 5.5% drop in total net sales to $650.0 million. These numbers indicate persistent challenges in maintaining growth and market share. The company's ability to reverse this trend in the important holiday season will be pivotal for investor confidence.

Retail Market Analyst

The Buckle's performance reflects broader challenges in the retail apparel sector. The slight uptick in August's comparable store sales (1.7%) might indicate some success in merchandise assortment or marketing strategies. However, the significant year-to-date decline (6.3% in comparable sales) suggests ongoing struggles with consumer engagement. The discrepancy between comparable and total sales points to potential store network optimization efforts. Investors should watch for any announcements regarding store closures or strategic shifts in the company's retail footprint, which could impact future performance and operational efficiency.

Consumer Behavior Expert

The Buckle's sales data reveals shifting consumer preferences in the apparel market. The modest August comparable sales increase (1.7%) against a backdrop of overall sales decline (6.6%) suggests a core customer base remains loyal, but the brand may be struggling to attract new shoppers. The more substantial year-to-date declines indicate broader challenges in aligning with consumer trends. Factors such as the rise of e-commerce, fast fashion competition and changing style preferences could be impacting The Buckle's appeal. To reverse this trend, the company may need to reassess its product mix, marketing strategies and omnichannel capabilities to better resonate with today's fashion-conscious consumers.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that comparable store net sales, for stores open at least one year, for the 4-week period ended August 31, 2024 increased 1.7 percent from comparable store net sales for the 4-week period ended September 2, 2023. Net sales for the 4-week fiscal month ended August 31, 2024 decreased 6.6 percent to $105.1 million from net sales of $112.5 million for the prior year 4-week fiscal month ended August 26, 2023.

Comparable store net sales year-to-date for the 30-week period ended August 31, 2024 decreased 6.3 percent from comparable store net sales for the 30-week period ended September 2, 2023. Net sales for the 30-week fiscal period ended August 31, 2024 decreased 5.5 percent to $650.0 million compared to net sales of $687.8 million for the prior year 30-week fiscal period ended August 26, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the month and year-to-date periods are compared to the 4-week and 30-week periods ended September 2, 2023.

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 441 retail stores in 42 states, which includes the opening of one new store during fiscal August located in Visalia, California. The Company operated 442 stores in 42 states as of September 5, 2023. To listen to the Company’s recorded monthly sales commentary, please call (308) 238-2500.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company's control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240905431976/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What was Buckle's (BKE) comparable store net sales growth for August 2024?

Buckle's comparable store net sales increased by 1.7% for the 4-week period ended August 31, 2024, compared to the same period last year.

How did Buckle's (BKE) total net sales perform in August 2024?

Buckle's total net sales for August 2024 decreased by 6.6% to $105.1 million, compared to $112.5 million in the prior year.

What were Buckle's (BKE) year-to-date net sales figures for the 30-week period ended August 31, 2024?

Buckle's year-to-date net sales for the 30-week period ended August 31, 2024, decreased by 5.5% to $650.0 million, compared to $687.8 million in the previous year.

How did Buckle's (BKE) year-to-date comparable store net sales perform as of August 31, 2024?

Buckle's year-to-date comparable store net sales for the 30-week period ended August 31, 2024, decreased by 6.3% compared to the same period last year.