Why Is Fashion Retailer Buckle Stock Falling Today?

Specialty retailer Buckle Inc (NYSE:BKE) reported a first-quarter FY24 sales decline of 7.2% year-on-year to $262.48 million, missing the analyst consensus estimate of $263.64 million.

Comparable store net sales decreased 9%. Online sales declined 13.4% to $44.4 million.

Gross profit for the quarter fell 9.4% to $120.7 million, with a gross margin of 45.9%.

Operating expenses for the quarter decreased 1.5% to $78.3 million.

Operating income decreased 21.1% to $42.4 million, with an operating margin of 16.2%.

EPS of $0.69 missed the analyst consensus estimate of $0.74.

Buckle held $290.5 million in cash and equivalents as of May 4.

Price Action: BKE shares traded lower by 5.24% at $34.56 premarket at last check Friday.

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