The Buckle, Inc. reported that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or 87 cents per share (86 cents per share on a diluted basis) compared with net income of $55.3 million, or $1.12 per share, for the first quarter of fiscal 2022.
Net sales for the quarter decreased 8.5 percent to $282.8 million from net sales of $309.1 million for the prior year first quarter.
Comparable store net sales for the first quarter decreased 9.2 percent from comparable store net sales for the prior-year period.
Online sales decreased 5.6 percent to $51.3 million for the first quarter, compared to net sales of $54.3 million for the 13-week period ended April 30, 2022.
Gross margin fell 201 basis points to 47.1 percent of sales in the first quarter, compared to 49.2 percent of sales int he year-ago quarter.
Inventory at quarter-end was up 13.7 percent to $137.7 million.