Buckle Q1: Earnings Miss, 8.5% Topline Decline, Comps Down 9.2% & More

  • Buckle Inc BKE reported a first-quarter FY23 sales decrease of 8.5% year-on-year to $282.83 million, missing the analyst consensus estimate of $297.30 million.
  • Comparable store net sales decreased 9.2%. Online sales decreased 5.6% to $51.3 million.
  • EPS of $0.86 beat the analyst consensus of $0.91.
  • Gross profit fell 12.4% Y/Y to $133.3 million, with a margin of 47.1%.
  • Operating margin was 19%, and operating income for the quarter decreased 26.5% to $53.7 million.
  • The company held $277.5 million in cash and equivalents as of Apr. 29, 2023.
  • Price Action: BKE shares traded higher by 3.09% at $32.22 on the last check Friday.
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