Kearney, NE (August 23, 2024) – Buckle, Inc. reports a significant drop in net income for Q2 2024. The company earned $39.3 million, down from $45.6 million in the same period last year. This decrease follows a 3.4% decline in net sales, totaling $282.4 million. Additionally, comparable store sales fell by 6.6%, while online sales dropped by a notable 15.2%. These factors combined contributed to the company’s overall income decline.
Moreover, Buckle, Inc. reports a 5.3% decrease in net sales over the 26-week period ending August 3, 2024. The sales dropped to $544.9 million, down from $575.3 million in the prior year. Online sales for this period saw a sharp decline, dropping by 14.2% to $81.4 million.
This decline in sales had a direct impact on Buckle’s gross profit, which decreased to $132.5 million, compared to $138.4 million in the previous year. The company’s operating expenses rose slightly, which further reduced income from operations to $48.3 million, down from $56.8 million in the same quarter last year. Despite these financial challenges, Buckle continues to focus on strategic initiatives to navigate the current retail landscape.
On the balance sheet, Buckle, Inc. reports an increase in total assets, which rose to $940.3 million as of August 3, 2024. This increase reflects higher cash and cash equivalents, along with a rise in property and equipment values. However, the company also saw an increase in total liabilities, which grew to $481.6 million due to higher accounts payable and accrued expenses.
Despite these challenges, Buckle, Inc. remains committed to delivering quality products and services across its 440 stores nationwide. The management team plans to implement new strategies in the coming quarters to address the evolving retail environment and improve financial performance.
For further details, including a comprehensive analysis of the financial results, please visit Buckle’s Investor Relations page (https://corporate.buckle.com/investor-relations/press-releases/press-release-details/2024/The-Buckle-Inc.-Reports-Second-Quarter-Net-Income/default.aspx)