The Buckle, Inc. Reports June 2024 Net Sales

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) has reported a decrease in its comparable store net sales for the 5-week period ending July 6, 2024. Sales for stores open at least one year dropped by 5.7% compared to the same period last year.

Overall net sales for the 5-week fiscal month decreased by 5.8% to $101.7 million, down from $108.0 million the previous year. Year-to-date comparable store net sales for the 22-week period decreased by 8.0%, and net sales for the same period declined by 7.1% to $446.2 million, compared to $480.2 million last year.

These declines are noted despite the 53rd week in fiscal 2023, which affects the year-to-year comparison periods.

Positive

• None.

Negative

• Comparable store net sales decreased by 5.7% for the 5-week period ending July 6, 2024.
• Total net sales for the same period dropped by 5.8%, totaling $101.7 million.
• Year-to-date comparable store net sales decreased by 8.0%.
• Overall net sales for the 22-week period declined 7.1%, reaching $446.2 million.

Insights

Financial Analyst

The Buckle, Inc.'s recent sales report paints a challenging picture for the company. The 5.7% decrease in comparable store net sales for the 5-week period and the 5.8% decrease in overall net sales to $101.7 million indicate a decline in consumer demand. Furthermore, the year-to-date comparable store net sales decrease of 8.0% and overall net sales decrease of 7.1% to $446.2 million suggest persistent weak performance over a more extended period.

This downward trend raises concerns about inventory management and pricing strategies. Investors should note the impact of the 53rd week in fiscal 2023, which can make year-to-year comparisons somewhat misleading. Nonetheless, such declines generally signal a need for strategic shifts to revitalize revenue growth.

In the short term, this report may put pressure on the stock price due to lowered market expectations. Long-term implications hinge on the company's ability to adapt its business model to changing market conditions and consumer preferences. Observing how The Buckle responds in terms of new marketing initiatives and cost-cutting measures will be important for future evaluations.

Market Research Analyst

From a market research perspective, The Buckle, Inc.'s declining sales figures indicate potential shifts in consumer behavior and market trends. The consistent decrease suggests either a misalignment with current consumer preferences or increased competition from other retailers. A deeper analysis into the specific product categories that underperformed could provide more insights.

It is also worth examining broader economic factors such as consumer confidence and spending trends during the analyzed periods. The company's ability to innovate, whether through introducing new products or enhancing the shopping experience both online and offline, will be key to reversing these trends. Retail investors should keep an eye on upcoming product launches and promotional strategies as potential catalysts for sales recovery.

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 5-week period ended July 6, 2024 decreased 5.7 percent from comparable store net sales for the 5-week period ended July 8, 2023. Net sales for the 5-week fiscal month ended July 6, 2024 decreased 5.8 percent to $101.7 million from net sales of $108.0 million for the prior year 5-week fiscal month ended July 1, 2023.

Comparable store net sales year-to-date for the 22-week period ended July 6, 2024 decreased 8.0 percent from comparable store net sales for the 22-week period ended July 8, 2023. Net sales for the 22-week fiscal period ended July 6, 2024 decreased 7.1 percent to $446.2 million compared to net sales of $480.2 million for the prior year 22-week fiscal period ended July 1, 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 5-week and 22-week periods ended July 8, 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 439 retail stores in 42 states, which includes the opening of one new store during fiscal June located in San Marcos, Texas, as well as the closing of two stores earlier this week (after the fiscal month ended). The Company operated 440 stores in 42 states as of July 11, 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/20240711118686/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

How did Buckle's comparable store net sales perform in June 2024?

Buckle's comparable store net sales for the 5-week period ending July 6, 2024, decreased by 5.7% compared to the same period last year.

What were Buckle's total net sales for the 5-week fiscal month ending July 6, 2024?

Buckle's total net sales for the 5-week fiscal month ending July 6, 2024, were $101.7 million, a decrease of 5.8% from $108.0 million in the previous year.

How have Buckle's year-to-date comparable store net sales performed?

Year-to-date comparable store net sales for Buckle decreased by 8.0% for the 22-week period ending July 6, 2024.

What was the year-to-date net sales figure for Buckle in 2024?

Buckle's year-to-date net sales for the 22-week period ending July 6, 2024, were $446.2 million, a decrease of 7.1% from $480.2 million the previous year.