American fashion retailer Buckle has reported total net sales of $282.8m in the first quarter (Q1) of fiscal 2023 (FY23), down 8.5% from $309.1m in the same period in fiscal 2022 (FY22).
During the quarter ending 29 April 2023, the retailer’s comparable store net sales declined 9.2% from the prior year quarter.
Its online sales for the 13-week period were $51.3m, representing a fall of 5.6% from $54.3m in Q1 FY22.
Buckle’s income from operation dropped to $53.73m in Q1 FY23 from $73.05m a year ago, and its operating expenses were $79.52m over the quarter.
The retailer saw its net income declined to $42.9m in Q1 FY23 from $55.3m a year ago.
Its earnings per basic share were $0.87 and diluted EPS were $0.86, which compares to both basic and diluted EPS of $1.12 in Q1 FY22.
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Gross profit for the retailer was also decreased to $133.25m in Q1FY23 from $152.16m.
Headquartered in Kearney, Nebraska, Buckle operated a network of 440 retail stores in 42 US states as of the end of the fiscal quarter. It operated 439 stores in Q1 FY22.
The retailer offers a mix of high-quality, on-trend apparel, accessories, and footwear, Buckle serving fashion-conscious young men and women.
Buckle stores offer a selection of fits, styles, and finishes from leading denim brands, including the company’s exclusive brand, BKE.
In fiscal 2022, the company reported net sales of $1.345bn in fiscal 2022, an increase of 3.9% from $1.295bn in FY21.