The Buckle, Inc. Reports September 2024 Net Sales

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a decrease in net sales for September 2024. Comparable store net sales for the 5-week period ended October 5, 2024, decreased 4.3% compared to the same period last year. Net sales for the 5-week fiscal month decreased 2.5% to $100.6 million from $103.1 million in the prior year.

Year-to-date, for the 35-week period ended October 5, 2024, comparable store net sales decreased 6.1%. Net sales for this period decreased 5.1% to $750.5 million compared to $790.9 million for the same period last year. The company noted that due to the 53rd week in fiscal 2023, comparisons are made to the 5-week and 35-week periods ended October 7, 2023.

Positive

• Net sales for September 2024 reached $100.6 million
• Year-to-date net sales totaled $750.5 million

Negative

• Comparable store net sales decreased 4.3% for the 5-week period
• Net sales decreased 2.5% for the 5-week fiscal month
• Year-to-date comparable store net sales decreased 6.1%
• Year-to-date net sales decreased 5.1%

Insights

Financial Analyst

The Buckle's September 2024 sales report reveals concerning trends for investors. Comparable store net sales declined 4.3% for the month, while overall net sales decreased by 2.5% to $100.6 million. More worryingly, year-to-date comparable store sales are down 6.1%, with total net sales for the 35-week period falling 5.1% to $750.5 million. These figures indicate a persistent downward trend in both same-store performance and overall revenue. The discrepancy between comparable and total sales suggests that new store openings are slightly mitigating the decline, but not enough to offset the weakness in established locations. This consistent negative performance may signal challenges in The Buckle's product offerings, pricing strategy, or broader market positioning. Investors should closely monitor upcoming quarters for signs of a turnaround or further deterioration in sales metrics.

Retail Market Analyst

The Buckle's September performance reflects broader challenges in the apparel retail sector. The 4.3% drop in comparable store sales is particularly noteworthy, as it outpaces the year-to-date decline of 6.1%, suggesting an acceleration of negative trends. This could be attributed to factors such as changing consumer preferences, increased competition from e-commerce, or macroeconomic pressures affecting discretionary spending. The company's ability to slightly narrow the gap between comparable and total sales (-4.3% vs -2.5% for the month) indicates some success in new store performance or possible e-commerce growth, but it's not enough to offset the overall decline. The Buckle may need to reassess its merchandise mix, pricing strategy and omnichannel approach to reverse this trend and regain market share in a highly competitive retail landscape.

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 October 5, 2024 decreased 4.3 percent from comparable store net sales for the 5-week period ended October 7, 2023. Net sales for the 5-week fiscal month ended October 5, 2024 decreased 2.5 percent to $100.6 million from net sales of $103.1 million for the prior year 5-week fiscal month ended September 30, 2023.

Comparable store net sales year-to-date for the 35-week period ended October 5, 2024 decreased 6.1 percent from comparable store net sales for the 35-week period ended October 7, 2023. Net sales for the 35-week fiscal period ended October 5, 2024 decreased 5.1 percent to $750.5 million compared to net sales of $790.9 million for the prior year 35-week fiscal period ended September 30, 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 35-week periods ended October 7, 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 443 retail stores in 42 states, which includes the opening of two new stores during fiscal September located in Myrtle Beach, South Carolina and Fort Worth, Texas. The Company operated 443 stores in 42 states as of October 10, 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/20241010770121/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What was Buckle's (BKE) net sales performance for September 2024?

Buckle's net sales for the 5-week period ended October 5, 2024, decreased 2.5% to $100.6 million compared to $103.1 million in the prior year.

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

Buckle's comparable store net sales for the 5-week period ended October 5, 2024, decreased 4.3% compared to the same period last year.

What are Buckle's (BKE) year-to-date net sales figures for 2024?

Buckle's year-to-date net sales for the 35-week period ended October 5, 2024, decreased 5.1% to $750.5 million compared to $790.9 million in the prior year.

How has Buckle's (BKE) year-to-date comparable store performance been in 2024?

Buckle's year-to-date comparable store net sales for the 35-week period ended October 5, 2024, decreased 6.1% compared to the same period last year.