Profit, sales fall at Buckle during Q2

Net sales and net income both declined on a year-over-year basis at The Buckle Inc. in the second quarter of fiscal 2023.

The specialty apparel retailer reported net income for the quarter of $45.6 million, down 9% from $50.1 million in the second quarter of fiscal 2022. Earnings per share were $0.92 per share ($0.92 per share on a diluted basis), compared with $1.02 per share ($1.01 per share on a diluted basis) for the prior fiscal year second quarter.

Net sales for the 13-week fiscal quarter ended July 29, 2023 decreased 3.2% to $292.4 million from net sales of $302. million for the prior year 13-week fiscal quarter ended July 30, 2022. Same-store net sales decreased 3.3% year-over-year.

Online sales decreased 5.6% to $43.6 million for the quarter, compared to net sales of $46.2 million for the same period the prior year.

Net sales for the 26-week fiscal period ended July 29, 2023 decreased 5.9% to $575.3 million from net sales of $611. million for the prior year 26-week fiscal period ended July 30, 2022.

Same-store net sales for the quarter decreased 6.3% year-over-year, and online sales decreased 5.6% to $94.9 million for the 26-week period ended July 29, 2023, compared to net sales of $100.6 million for the 26-week period ended July 30, 2022.

Net income for the 26-week fiscal period ended July 29, 2023 was $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis), compared with net income of $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis) for the prior year 26-week period.

Headquartered in Kearney, Neb., The Buckle Inc. currently operates 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states ,compared with 441 stores in 42 states at the end of the second quarter of fiscal 2022.