Buckle Q1: Earnings Miss, 8.5% Topline Decline, Comps Down 9.2% & More

Buckle Inc BKE reported a first-quarter FY23 sales decrease of 8.5% year-on-year to $282.83 million, missing the analyst consensus estimate of $297.30 million.
Comparable store net sales decreased 9.2%. Online sales decreased 5.6% to $51.3 million.
EPS of $0.86 beat the analyst consensus of $0.91.
Gross profit fell 12.4% Y/Y to $133.3 million, with a margin of 47.1%.
Operating margin was 19%, and operating income for the quarter decreased 26.5% to $53.7 million.
The company held $277.5 million in cash and equivalents as of Apr. 29, 2023.
Price Action: BKE shares traded higher by 3.09% at $32.22 on the last check Friday.