Specialty retailer Buckle Inc BKE reported a third-quarter FY23 sales decline of 8.7% year-on-year to $303.46 million, missing the analyst consensus estimate of $316.70 million.
Comparable store net sales for the quarter decreased 9.2%. Online sales decreased 16.2% to $46.1 million.
Operating expenses fell 3.3% to $83.2 million.
Gross profit declined 11% to $147.2 million, and the gross margin contracted 120 basis points to 48.5%.
The operating income dropped 19.3% to $64.1 million, with an operating margin of 21.1%.
The company held cash and equivalents of $335.1 million as of October 28, 2023.
EPS of $1.04 beat the consensus estimate of $0.98.
The company recently reported that comparable store net sales for the four weeks ending October 28, 2023, decreased 11.9%.
Price Action: BKE shares are trading higher by 8.65% at $37.93 on the last check Friday.
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