Buckle(BKE) - 2025 Q1 - Quarterly Results

The Buckle, Inc. First Quarter 2024 Earnings Release This report details The Buckle, Inc.'s financial performance for the first quarter of fiscal 2024, highlighting declines in profitability and sales, alongside a stable operational footprint and key financial statement data Financial Highlights The Buckle, Inc. reported a decline in profitability for the first quarter of fiscal 2024, with net income decreasing to $34.8 million from $42.9 million in the prior year, leading to a fall in diluted earnings per share to $0.69 from $0.86 year-over-year Q1 2024 vs Q1 2023 Profitability | Metric | Q1 Fiscal 2024 (ended May 4, 2024) | Q1 Fiscal 2023 (ended April 29, 2023) | Change | | :--- | :--- | :--- | :--- | | Net Income | $34.8 million | $42.9 million | -18.9% | | Basic EPS | $0.70 | $0.87 | -19.5% | | Diluted EPS | $0.69 | $0.86 | -19.8% | Sales Performance The company experienced a broad-based sales decline in the first quarter of fiscal 2024, with total net sales decreasing by 7.2% to $262.5 million, and comparable store sales falling by 9.0% while online sales dropped by 13.4% Q1 2024 Sales Performance (YoY) | Sales Metric | Q1 Fiscal 2024 | YoY Change | | :--- | :--- | :--- | | Net Sales | $262.5 million | -7.2% | | Comparable Store Net Sales | N/A | -9.0% | | Online Sales | $44.4 million | -13.4% | - Due to a 53rd week in fiscal 2023, comparable store net sales for the quarter are compared against the 13-week period ended May 6, 2023[3] Company Profile and Store Operations The Buckle is a specialty retailer focused on on-trend apparel, accessories, and footwear, with a particular strength in denim, maintaining a stable retail footprint of 440 stores across 42 states at the end of the first quarter - The company operates as a specialty retailer known as a denim destination, offering leading brands and its exclusive BKE brand[5] - As of the end of the fiscal quarter, the company operated 440 retail stores in 42 states, the same number as the prior year's first quarter[5] Financial Statements The financial statements for the first quarter of fiscal 2024 reflect a decline in profitability and sales, while the balance sheet indicates a healthy asset position and increased stockholders' equity Consolidated Statements of Income The unaudited income statement for the first quarter shows a decline in gross profit to $120.7 million from $133.3 million year-over-year, with income from operations falling to $42.4 million from $53.7 million due to lower sales Q1 Income Statement Highlights (in thousands) | Account | Thirteen Weeks Ended May 4, 2024 | Thirteen Weeks Ended April 29, 2023 | | :--- | :--- | :--- | | Net Sales | $262,480 | $282,834 | | Gross Profit | $120,697 | $133,257 | | Income from Operations | $42,396 | $53,730 | | Net Income | $34,843 | $42,936 | Consolidated Balance Sheets As of May 4, 2024, The Buckle's balance sheet remained healthy with total assets of $906.1 million, cash and cash equivalents at $267.4 million, and total stockholders' equity increasing to $433.8 million from $405.2 million year-over-year Key Balance Sheet Items (in thousands) | Account | May 4, 2024 | February 3, 2024 | April 29, 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $267,427 | $268,213 | $254,433 | | Inventory | $130,661 | $126,290 | $137,735 | | Total current assets | $446,829 | $444,256 | $433,915 | | Total assets | $906,070 | $889,810 | $848,860 | | Total current liabilities | $205,280 | $221,456 | $206,804 | | Total liabilities | $472,255 | $476,590 | $443,686 | | Total stockholders' equity | $433,815 | $413,220 | $405,174 | Additional Information This section provides details on the investor webcast for quarterly results and includes a standard safe harbor statement regarding forward-looking information Investor Webcast The company announced it would hold a live audio webcast for investors at 10:00 a.m. EDT on the day of the earnings release to discuss the quarterly results, with a replay made available on its investor relations website - Management scheduled a live audio webcast to discuss the quarterly results, with a replay to be made available within twenty-four hours after its conclusion[4] Safe Harbor Statement The report includes a standard Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, cautioning that forward-looking statements involve material risks and uncertainties and that future performance may differ materially from what is expressed - The company's forward-looking statements are subject to material risks and uncertainties, and actual financial results may differ materially from those expressed[15]