Here is a summary of The Buckle, Inc.'s Q1 2023 earnings call, which took place on May 26:
- Buckle's net income for the first quarter of fiscal 2023 was $42.9 million, down from $55.3 million in the prior year.
- Net sales for the first quarter decreased 8.5% to $282.8 million.
- Comp store sales for the quarter decreased 9.2% compared to the same period in the prior year.
- Women's merchandise sales for the quarter were down about 10.5% against the prior year.
- Men's merchandise sales for the quarter were down about 8% against the prior year.
- Accessory sales for the quarter were up approximately 9.5% against the prior year, while footwear sales were down about 39%.
- Private label represented 44% of sales versus 42.5% in the first quarter of 2022.
- Buckle opened two new stores, completed four full remodels, and closed three stores during the quarter.
- Buckle plans to open seven additional new stores and complete 13 more full remodel projects for the remainder of the year.
- Buckle's teams are adjusting to handle increased labor costs due to inflation and sales leverage down.
This is an AI generated summary. There may be inaccuracies.
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