Daily Newsletter

21 November 2023

Daily Newsletter

21 November 2023

Buckle’s net income drops to $51.8m in Q3 FY23

In the first three quarters of the fiscal, the retailer posted net sales of $878.7m.

Jangoulun Singsit November 20 2023

US-based speciality retailer Buckle has reported that its net income for the third quarter (Q3) of fiscal year (FY) 2023 is $51.8m.

This is a decrease of $61.4m in the corresponding period of FY22. 

The retailer earnings per diluted for the quarter was $1.04 against $1.24 in Q3 FY22.

During the period which ended 28 October 2023, Buckle delivered net sales of $303.5, down by 8.7% from $332.3m in Q3 FY22.

Comparable store net sales declined by 9.2% in Q3 FY23 compared to the prior year's quarter and its online sales for the 13-week period were $46.1m. This is down by 16.2% from $55.0m a year ago.

For the 39-week fiscal period, Buckle registered a net income of $140.3m compared with a net income of $166.8m in the same period last year.

Its diluted EPS for the three quarters combined were $2.81, against $3.37 in the prior year period.

The retailer, which offers high-quality, on-trend apparel, accessories and footwear, posted net sales of $878.7m during this period, down by 6.9% compared with net sales of $943.4m for the same period ended 29 October 2022.

Buckle recorded comparable store net sales decline of 7.3% over the nine-month period against the same period a year ago.

The retailer generated $141.0m in digital sales, down by 9.4% compared to sales of $155.6m in the prior year.

Headquartered in Kearney, Nebraska, Buckle currently operates 445 retail stores in 42 US states.

This month, the retailer opened two new stores in Park City, Utah and Bristol, Tennessee.

Traditional AI is here to stay in the retail and apparel space

Initially, retailers used AI for basic tasks, including inventory management and demand forecasting. However, its usage has now become more prevalent in other aspects such as personalized marketing, customer service, pricing optimization, and supply chain management. With the rise of ecommerce and the increasing importance of data-driven decision-making, AI adoption in retail and apparel has accelerated. The industry now relies on AI to enhance the shopping experience, optimize business operations, and gain an overall competitive edge.

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