Buckle shares edge higher on strong Q2 results

KEARNEY, Neb. - The Buckle, Inc. (NYSE:BKE ) reported better-than-expected second quarter results on Friday, with both earnings and revenue surpassing analyst estimates. The specialty retailer's shares rose 1.27% following the announcement.

For the fiscal quarter ended August 3, 2024, Buckle posted adjusted earnings per share of $0.78, beating the analyst consensus of $0.76 by $0.02. Revenue came in at $282.4 million, exceeding expectations of $272.41 million. However, sales decreased 3.4% compared to $292.4 million in the same quarter last year.

Comparable store sales fell 6.6% YoY, while online sales dropped 15.2% to $37.0 million. The company operated 440 stores across 42 states at the end of the quarter, unchanged from the prior year period.

"While we faced some headwinds in the quarter, our team's focus on delivering exceptional service and style helped us outperform expectations," said Dennis Nelson, CEO of Buckle.

Despite the revenue decline, Buckle maintained strong profitability with net income of $39.3 million for the quarter. The company's gross margin remained robust at 46.9% of net sales.

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Source: Investing.com