Specialty retailer Buckle Inc (NYSE:BKE) reported a first-quarter FY24 sales decline of 7.2% year-on-year to $262.48 million, missing the analyst consensus estimate of $263.64 million.
Comparable store net sales decreased 9%. Online sales declined 13.4% to $44.4 million.
Gross profit for the quarter fell 9.4% to $120.7 million, with a gross margin of 45.9%.
Operating expenses for the quarter decreased 1.5% to $78.3 million.
Operating income decreased 21.1% to $42.4 million, with an operating margin of 16.2%.
EPS of $0.69 missed the analyst consensus estimate of $0.74.
Buckle held $290.5 million in cash and equivalents as of May 4.
Price Action: BKE shares traded lower by 5.24% at $34.56 premarket at last check Friday.
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