The Buckle, Inc, a US-based fashion retailer, has reported a 5.3 per cent decline in net sales for the first half of fiscal 2024 (H1 FY24), which fell to $544.9 million, down from $575.3 million during the same period in the previous year, which ended on July 29, 2023.

Comparable store net sales also saw a significant decrease of 7.7 per cent for the 26-week period, compared to the previous year’s equivalent period ending August 5, 2023. Online sales took an even steeper hit, dropping 14.2 per cent to $81.4 million, down from $94.9 million in the corresponding period last year.

Net income for H1 FY24 stood at $74.1 million, or $1.49 per share ($1.48 per share on a diluted basis), compared with $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis) for the first half of fiscal 2023, the company said in a press release.

In the second quarter of fiscal 2024 (Q2 FY24), which encompasses the 13-week period ended August 3, 2024, the company reported a 3.4 per cent decline in net sales, amounting to $282.4 million, compared to $292.4 million for the same quarter in the previous fiscal, which ended on July 29, 2023. Comparable store net sales for Q2 FY24 fell by 6.6 per cent, while online sales dropped by 15.2 per cent to $37.0 million, compared to $43.6 million in the prior year’s 13-week period.

Net income for Q2 FY24 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis), down from $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) for the second quarter of fiscal 2023.

Fibre2Fashion News Desk (DP)