Buckle(BKE) - 2025 Q2 - Quarterly Results

The Buckle, Inc. Second Quarter 2024 Earnings Release Financial Performance Summary The Buckle, Inc. reported a decline in financial performance for the second quarter of fiscal 2024, with net income and sales decreasing across both quarterly and year-to-date periods Q2 & YTD Net Income and EPS Comparison (Fiscal 2024 vs. 2023) | Metric | Q2 2024 (13-Week) | Q2 2023 (13-Week) | YTD 2024 (26-Week) | YTD 2023 (26-Week) | | :--- | :--- | :--- | :--- | :--- | | Net Income | $39.3 million | $45.6 million | $74.1 million | $88.6 million | | EPS (Basic) | $0.79 | $0.92 | $1.49 | $1.79 | | EPS (Diluted) | $0.78 | $0.92 | $1.48 | $1.78 | Q2 & YTD Sales Performance Comparison (Fiscal 2024 vs. 2023) | Sales Metric | Q2 2024 (13-Week) | Q2 2023 (13-Week) | % Change | YTD 2024 (26-Week) | YTD 2023 (26-Week) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Sales | $282.4 million | $292.4 million | -3.4% | $544.9 million | $575.3 million | -5.3% | | Comparable Store Sales | N/A | N/A | -6.6% | N/A | N/A | -7.7% | | Online Sales | $37.0 million | $43.6 million | -15.2% | $81.4 million | $94.9 million | -14.2% | Detailed Financial Statements This section presents unaudited consolidated statements of income and balance sheets, detailing declines in profitability and changes in asset and liability structures Consolidated Statements of Income Gross profit and income from operations decreased for both the second quarter and year-to-date periods, reflecting pressure on profitability from lower sales and higher operating expenses Consolidated Income Statement Highlights (Amounts in Thousands) | Account | Q2 2024 (13-Week) | Q2 2023 (13-Week) | YTD 2024 (26-Week) | YTD 2023 (26-Week) | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $282,392 | $292,428 | $544,872 | $575,262 | | Gross Profit | $132,534 | $138,412 | $253,231 | $271,669 | | Income from Operations | $48,260 | $56,761 | $90,656 | $110,491 | | Net Income | $39,255 | $45,640 | $74,098 | $88,576 | Weighted Average Shares (in Thousands) | Share Type | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | Basic | 49,854 | 49,513 | 49,854 | 49,513 | | Diluted | 50,221 | 49,875 | 50,197 | 49,868 | Consolidated Balance Sheets Total assets increased to $940.3 million, driven by higher cash and property/equipment, while total liabilities also rose, primarily due to operating lease obligations Key Balance Sheet Items (Amounts in Thousands) | Account | Aug 3, 2024 | Feb 3, 2024 | Jul 29, 2023 | | :--- | :--- | :--- | :--- | | Total Current Assets | $469,200 | $444,256 | $455,227 | | Total Assets | $940,271 | $889,810 | $861,547 | | Total Current Liabilities | $206,219 | $221,456 | $196,775 | | Total Liabilities | $481,627 | $476,590 | $425,011 | | Total Stockholders' Equity | $458,644 | $413,220 | $436,536 | - Key current assets as of August 3, 2024, include $287.3 million in cash and cash equivalents and $131.4 million in inventory[9] Company Profile and Outlook Buckle is a specialty retailer operating 440 stores in 42 states, with the release including a standard Safe Harbor statement regarding forward-looking statements - Buckle is a specialty retailer known as a denim destination, offering a mix of on-trend apparel, accessories, and footwear[5] - The company's retail footprint remained stable, operating 440 stores in 42 states as of the end of Q2 2024, the same number as in Q2 2023[5] - The release contains a Safe Harbor statement cautioning that future performance may differ materially from forward-looking statements due to various risks and uncertainties[6]