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Buckle Inc. (BKE+2.16%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $293.6 million from $303.5 million in the same quarter the previous year. This decrease is attributed to a reduction in the number of transactions and average units sold per transaction, partially offset by an increase in average unit retail.
Gross profit for the quarter was $140.1 million, compared to $147.2 million in the previous year. As a percentage of net sales, gross profit decreased to 47.7% from 48.5%, primarily due to increased buying, distribution, and occupancy expenses.
Selling, general, and administrative expenses increased to 29.1% of net sales from 27.4% in the previous year. This increase was driven by higher store labor-related expenses, digital commerce investments, and general administrative salary expenses.
Net income for the quarter was $44.2 million, down from $51.8 million in the previous year. Income from operations was $54.5 million, representing 18.6% of net sales, compared to 21.1% in the previous year.
For the thirty-nine week period ended November 2, 2024, net sales decreased to $838.5 million from $878.7 million in the previous year. Comparable store net sales decreased by 5.4% over the same period.
The company reported a year-to-date net income of $118.3 million, compared to $140.3 million in the previous year. Income from operations for the period was $145.1 million, down from $174.6 million.
Buckle's working capital as of November 2, 2024, was $292.2 million, including $302.0 million in cash and cash equivalents. The company anticipates capital expenditures of approximately $36.0 to $40.0 million for the fiscal year.
The filing also details the company's lease obligations, investments, and stock-based compensation plans. Buckle continues to manage its financial resources to support store expansions and technology investments.
The company has an unsecured line of credit of $25.0 million with Wells Fargo Bank, N.A., which remains unused as of the filing date.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Buckle Inc. quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.