US-based speciality retailer Buckle has reported that its net income for the third quarter (Q3) of fiscal year (FY) 2023 is $51.8m.

This is a decrease of $61.4m in the corresponding period of FY22. 

The retailer earnings per diluted for the quarter was $1.04 against $1.24 in Q3 FY22.

During the period which ended 28 October 2023, Buckle delivered net sales of $303.5, down by 8.7% from $332.3m in Q3 FY22.

Comparable store net sales declined by 9.2% in Q3 FY23 compared to the prior year’s quarter and its online sales for the 13-week period were $46.1m. This is down by 16.2% from $55.0m a year ago.

For the 39-week fiscal period, Buckle registered a net income of $140.3m compared with a net income of $166.8m in the same period last year.

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By GlobalData

Its diluted EPS for the three quarters combined were $2.81, against $3.37 in the prior year period.

The retailer, which offers high-quality, on-trend apparel, accessories and footwear, posted net sales of $878.7m during this period, down by 6.9% compared with net sales of $943.4m for the same period ended 29 October 2022.

Buckle recorded comparable store net sales decline of 7.3% over the nine-month period against the same period a year ago.

The retailer generated $141.0m in digital sales, down by 9.4% compared to sales of $155.6m in the prior year.

Headquartered in Kearney, Nebraska, Buckle currently operates 445 retail stores in 42 US states.

This month, the retailer opened two new stores in Park City, Utah and Bristol, Tennessee.