American specialty retailer Buckle has reported that its net sales decreased by 5.9% to $575.3m in the first half (H1) of fiscal 2023 (FY23), compared to $611m in the same period in fiscal 2022 (FY22).
The retailer’s comparable store net sales for the 26-week period ended 29 July declined by 6.3%, and its online sales also dropped by 5.6% to $94.9m from $100.6m in the prior year period.
Net income for Buckle was $88.6m, down from of $105.4m in the same period last year.
Its earnings per diluted share were $1.79 in H1 FY23, against $2.14 a year ago.
The retailer registered gross profit of $271.66m during the first half of FY23 compared to $297.52m.
In the second quarter (Q2) of FY23, Buckle recorded $292.4m in sales, down 3.2% from net sales of $301.97m in the corresponding period in FY22.
During the 13-week period, comparable store net sales for the retailer decreased 3.3% from the prior year quarter and its online sales also decreased 5.6% to $43.6m from $46.2m in Q2 FY22.
The retailer, which offers on-trend apparel, accessories and footwear, recorded net income of $45.6m in Q2 FY23, compared with net income of $50.1m in the prior year quarter.
Its EPS also dropped to $0.92 over the quarter, from $1.02 in Q2 FY22. The company’s gross profit the quarter was $138.41m.
Headquartered in Kearney, Nebraska, Buckle operates a network of 442 stores in 42 US states.
