Buckle, Inc. Reports 3.4% Revenue Decline and 11.1% Drop in Net Income for Fiscal Year Ending February 1, 2025

Buckle, Inc. reported a decrease in net sales for the fiscal year ending February 1, 2025, with total revenues falling 3.4% to $1.218 billion compared to $1.261 billion in the previous fiscal year. The decline in sales was attributed to a 4.2% decrease in the number of transactions and a 2.0% drop in the average number of units sold per transaction, although this was partially offset by a 2.8% increase in the average unit retail price. The company's online sales also saw a decrease of 4.3%, totaling $197.7 million for the year. Net income for the period was reported at $195.5 million, down from $219.9 million in fiscal 2023, reflecting an 11.1% decline.

In terms of operational metrics, Buckle operated 441 stores across 42 states as of February 1, 2025, maintaining its presence in regional shopping malls and lifestyle centers. The company plans to open seven new stores in fiscal 2025 and has completed significant remodeling projects for 18 stores. The company’s merchandise strategy continues to focus on denim, which accounted for 42.5% of net sales, alongside tops at 29.0%. The company has also emphasized its private label offerings, which represented approximately 47% of total sales.

Buckle's selling expenses increased to 24.1% of net sales, up from 23.1% in the previous year, while general and administrative expenses rose to 4.8% of net sales. The increase in expenses was attributed to higher store labor-related costs and investments in digital commerce. Despite these challenges, the company maintained a merchandise shrinkage rate of 0.5% of net sales, consistent with the previous year. The company’s cash flow from operations was reported at $242 million, reflecting a slight decrease from $254.6 million in fiscal 2023.

Looking ahead, Buckle anticipates capital expenditures of approximately $50 million to $55 million for fiscal 2025, primarily for store projects and technology investments. The company remains focused on enhancing its e-commerce capabilities and expanding its omni-channel offerings to adapt to changing consumer shopping behaviors. Management expressed confidence in the company’s ability to navigate market conditions and achieve satisfactory results from its expansion plans, although they acknowledged the potential risks associated with economic fluctuations and competition in the retail apparel industry.