American specialty retailer The Buckle has reported $34.8m in net income for the first quarter of fiscal 2024, compared to $42.9m in the same period of fiscal 2023.
The company’s diluted earnings per share also declined to $0.69, down from $0.86 in Q1 FY23.
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During the 13-week fiscal quarter ending on 4 May 2024, Buckle registered net sales of $262.5m representing a 7.2% decrease from the $282.8m in net sales reported in the corresponding period of the previous year.
The retailer’s comparable store net sales for the quarter also saw a 9.0% decline from the comparable store net sales of the 13-week period ending on 6 May 2023.
Buckle’s online sales for the first quarter of fiscal 2024 amounted to $44.4m, which is a 13.4% decrease compared to the net sales of $51.3m for the 13-week fiscal quarter ending on 29 April 2023.
The comparison of comparable store net sales for the quarter is against the 13-week period ending on 6 May 2023, due to the inclusion of a 53rd week in fiscal 2023, noted the company.
Earlier in the month, Buckle reported that its April 2024 net sales decreased by 8.1% to $79.9m, compared to the net sales of $86.9m for the prior year’s four-week fiscal month ending on 29 April 2023.
The retailer’s comparable store net sales for the four-week period ended 4 May 2024 also decreased by 6.0% from the same period a year ago.
Headquartered in Kearney, Nebraska, Buckle operated a network of 440 retail stores across 42 US states as of the end of the quarter.
