The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2024 Net Income

Rhea-AI Summary

The Buckle (NYSE: BKE) reported its Q4 and fiscal year 2024 financial results. For Q4, the company posted net income of $77.2 million, or $1.54 per share, with quarterly net sales decreasing 0.8% to $379.2 million. However, comparable store sales increased 3.9%, and online sales grew 6.4% to $69.7 million.

For the full fiscal year 2024, Buckle reported net income of $195.5 million, or $3.92 per share. Annual net sales declined 3.4% to $1.218 billion, with comparable store sales decreasing 2.7%. Online sales for the year fell 4.3% to $197.7 million compared to the previous year's $206.5 million.

Positive

• Q4 comparable store sales increased 3.9%
• Q4 online sales grew 6.4% to $69.7 million
• Q4 net income remained strong at $77.2 million

Negative

• Annual net sales declined 3.4% to $1.218 billion
• Full-year net income decreased to $195.5 million from $219.9 million
• Annual online sales dropped 4.3% to $197.7 million
• Full-year comparable store sales decreased 2.7%

Insights

Financial Analyst

Buckle's Q4 FY2024 results reveal a mixed performance with important nuances in the data. While headline quarterly net sales decreased marginally by 0.8% to $379.2 million, the comparable store sales showed a healthy 3.9% increase. This discrepancy is largely explained by the calendar shift - Q4 FY2024 was a 13-week period versus 14 weeks in the prior year.

The e-commerce channel demonstrated particular strength with online sales growing 6.4% to $69.7 million despite the shorter reporting period. This channel now represents approximately 18.4% of quarterly revenue, indicating successful digital transformation efforts.

For the full fiscal year, Buckle reported net income of $195.5 million ($3.92 per share), compared to $219.9 million ($4.44 per share) in FY2023 - an 11.7% decline. Similarly, annual net sales decreased 3.4% to $1.218 billion, with comparable store sales declining 2.7%.

The Q4 comparable store sales growth represents a potential inflection point after the annual sales decline. This metric is particularly valuable as it normalizes for the calendar differences, suggesting genuine improvement in consumer engagement. The contrasting annual versus quarterly trends indicate potential business momentum improvement heading into the new fiscal year, though the lack of forward guidance or category-specific performance metrics limits our ability to project sustained recovery.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2025 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis). Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2025 decreased 0.8 percent to $379.2 million from net sales of $382.4 million for the prior year 14-week fiscal quarter ended February 3, 2024. Comparable store net sales for the 13-week period ended February 1, 2025 increased 3.9 percent from comparable store net sales for the prior year 13-week period ended February 3, 2024. Online sales increased 6.4 percent to $69.7 million for the 13-week period ended February 1, 2025, compared to net sales of $65.5 million for the 14-week period ended February 3, 2024.

Net sales for the 52-week fiscal year ended February 1, 2025 decreased 3.4 percent to $1.218 billion from net sales of $1.261 billion for the 53-week fiscal year ended February 3, 2024. Comparable store net sales for the 52-week period ended February 1, 2025 decreased 2.7 percent from comparable store net sales for the prior year 52-week period ended February 3, 2024. Online sales decreased 4.3 percent to $197.7 million for the 52-week period ended February 1, 2025, compared to net sales of $206.5 million for the 53-week period ended February 3, 2024.

Net income for the fourth quarter of fiscal 2024 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis), compared with $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis) for the fourth quarter of fiscal 2023.

Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis), compared with $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis) for the fiscal year ended February 3, 2024.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_ork30A85Q8iQJ2fQiMhMEQ. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

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 440 retail stores in 42 states. As of the end of the fiscal year, it operated 441 stores in 42 states compared with 444 stores in 42 states at the end of fiscal 2023.

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.

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

Financial Tables to Follow

THE BUCKLE, INC.   CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited)
	13-Weeks Ended			14-Weeks Ended			52-Weeks Ended			53-Weeks Ended
	February 1, 2025			February 3, 2024			February 1, 2025			February 3, 2024 (1)
SALES, Net of returns and allowances	$	379,199		$	382,383		$	1,217,689		$	1,261,102
COST OF SALES (Including buying, distribution, and occupancy costs)		179,714			182,202			624,902			642,037
Gross profit		199,485			200,181			592,787			619,065
OPERATING EXPENSES:
Selling		86,722			85,937			293,176			291,018
General and administrative		16,538			17,741			58,247			56,988
		103,260			103,678			351,423			348,006
INCOME FROM OPERATIONS		96,225			96,503			241,364			271,059
OTHER INCOME, Net		4,903			6,834			16,413			18,156
INCOME BEFORE INCOME TAXES		101,128			103,337			257,777			289,215
INCOME TAX EXPENSE		23,930			23,756			62,309			69,296
NET INCOME	$	77,198		$	79,581		$	195,468		$	219,919
EARNINGS PER SHARE
Basic	$	1.54		$	1.60		$	3.92		$	4.44
Diluted	$	1.53		$	1.59		$	3.89		$	4.40
Basic weighted average shares		50,126			49,791			49,922			49,582
Diluted weighted average shares		50,551			50,148			50,310			49,955
(1) Derived from audited financial statements

THE BUCKLE, INC.   CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS	February 1, 2025				February 3, 2024 (1)
CURRENT ASSETS:
Cash and cash equivalents	$	266,929			$	268,213
Short-term investments		23,801				22,210
Receivables		6,758				8,697
Inventory		120,789				126,290
Prepaid expenses and other assets		20,932				18,846
Total current assets		439,209				444,256
PROPERTY AND EQUIPMENT		510,088				489,037
Less accumulated depreciation and amortization		(364,336	)			(360,200	)
		145,752				128,837
OPERATING LEASE RIGHT-OF-USE ASSETS		289,793				280,813
LONG-TERM INVESTMENTS		28,116				24,993
OTHER ASSETS		10,303				10,911
Total assets	$	913,173			$	889,810
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	45,982			$	45,958
Accrued employee compensation		46,717				49,827
Accrued store operating expenses		19,266				19,067
Gift certificates redeemable		17,007				16,667
Current portion of operating lease liabilities		78,942				85,265
Income taxes payable		6,018				4,672
Total current liabilities		213,932				221,456
DEFERRED COMPENSATION		28,116				24,993
NON-CURRENT OPERATING LEASE LIABILITIES		247,321				230,141
Total liabilities		489,369				476,590
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 50,773,556 and 50,445,186 shares issued and outstanding at February 1, 2025 and February 3, 2024, respectively		508				504
Additional paid-in capital		205,817				192,686
Retained earnings		217,479				220,030
Total stockholders’ equity		423,804				413,220
Total liabilities and stockholders’ equity	$	913,173			$	889,810
(1) Derived from audited financial statements

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250314342545/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What was Buckle's (BKE) Q4 2024 earnings per share?

Buckle reported Q4 2024 earnings of $1.54 per share ($1.53 diluted), compared to $1.60 per share in Q4 2023.

How did Buckle's (BKE) online sales perform in Q4 2024?

Buckle's online sales increased 6.4% to $69.7 million in Q4 2024 compared to $65.5 million in Q4 2023.

What was Buckle's (BKE) total revenue for fiscal year 2024?

Buckle's total revenue for fiscal year 2024 was $1.218 billion, down 3.4% from $1.261 billion in fiscal year 2023.

How did Buckle's (BKE) comparable store sales perform in Q4 2024?

Buckle's comparable store sales increased 3.9% in Q4 2024 compared to the same period last year.