The Buckle, a specialty retailer, has reported its net sales declined 5.3% to $544.9m for the first half of fiscal 2024 (H1 FY24), from the $575.3m reported in H1 FY23.
The company’s comparable store net sales also saw a 7.7% drop for the 26-week period ended 3 August 2024, compared to the prior year period.
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Online sales for The Buckle followed a similar downward trend, decreasing by 14.2% to $81.4m in H1 FY24 from the $94.9m recorded in the corresponding period of the previous year.
The retailer’s net income for the first half of fiscal 2024 was $74.1m, a decrease from $88.6m in the first half of fiscal 2023.
Its earnings per diluted share for the first half stood at $1.48, which is lower than the $1.78 reported in the same period last year.
In the second quarter of the fiscal year, The Buckle’s net sales decreased by 3.4% to $282.4m, down from $292.4m in the prior year’s 13-week fiscal quarter.
The retailer’s comparable store net sales for the 13-week fiscal quarter ended 3 August 2024 decreased by 6.6% from the comparable store net sales for the prior year’s 13-week period.
Online sales also saw a 15.2% decrease to $37.0m for the 13-week fiscal quarter ended 3 August 2024, compared to $43.6m for the same quarter in the previous year.
The Buckle announced that its net income for the fiscal quarter ended 3 August 2024 was $39.3m, declining from the net income of $45.6m in Q2 FY23. In Q1 FY24, the company reported $34.8m in net income.
Its diluted EPS were $0.78 in Q2 FY24 against $0.92 against in the same period last year.
