Executive Summary
The Buckle Inc delivered a solid first look at QQ2 2024 results despite a meaningful top-line contraction. Revenue for the quarter stood at $282.4 million, down 26.2% year over year, with gross profit of $132.5 million. The gross margin remained robust at about 46.9%, underpinning a healthy operating margin of roughly 17.1% and an operating income of $48.3 million. Net income came in at $39.3 million, translating to earnings per share (diluted) of $0.78β$0.79. The year-over-year declines reflect softer discretionary demand in the consumer cyclicals space, amplified by promotional activity and mix effects, rather than a deterioration in core profitability.
Cash generation remained a key strength: operating cash flow was $47.6 million, and free cash flow was $36.1 million for the quarter. The company ended the period with $287.3 million of cash and equivalents and $309.1 million in cash and short-term investments, yielding a total liquidity cushion well above current liabilities. Net debt stood at $40.7 million, with total debt of $328.0 million, reflecting a prudent balance-sheet posture for a retailer with a sizeable store base. Dividend payments totaled $17.8 million during the period, underscoring an established capital-allocation policy.
Looking ahead, the company faces near-term revenue headwinds but benefits from a disciplined cost structure, solid cash generation, and a durable balance sheet. Management commentary (where available) typically emphasizes inventory discipline, selective promotional activity, and continued focus on their loyalty program and private-label assortments as levers to stabilize margins and support cash flow. While explicit quarterly or full-year guidance is not provided in the data, the balance-sheet strength and operating-levered profitability suggest Buckle is positioned to weather interim macro softness and potentially re-anchor growth as consumer sentiment improves.
Key Performance Indicators
Key Insights
Revenue: $282.392 million; YoY change: -26.15%; QoQ change: 0.00%
β’ Gross Profit: $132.534 million; YoY change: -33.79%; QoQ change: 0.00%; Gross margin: ~46.93% (132.534 / 282.392)
β’ Operating Income: $48.260 million; YoY change: -49.99%; QoQ change: 0.00%; Operating margin: ~17.09%
β’ Net Income: $39.255 million; YoY change: -50.67%; QoQ change: 0.00%; Net margin: ~13.90%
β’ Earnings per Share (EPS): $0.79 (diluted $0.78); YoY change: -50.63%; QoQ change: 0.00%
β’ EBITDA: $48.26 mi...
Financial Highlights
Revenue: $282.392 million; YoY change: -26.15%; QoQ change: 0.00%
β’ Gross Profit: $132.534 million; YoY change: -33.79%; QoQ change: 0.00%; Gross margin: ~46.93% (132.534 / 282.392)
β’ Operating Income: $48.260 million; YoY change: -49.99%; QoQ change: 0.00%; Operating margin: ~17.09%
β’ Net Income: $39.255 million; YoY change: -50.67%; QoQ change: 0.00%; Net margin: ~13.90%
β’ Earnings per Share (EPS): $0.79 (diluted $0.78); YoY change: -50.63%; QoQ change: 0.00%
β’ EBITDA: $48.26 million; EBITDA margin: ~17.09%
β’ Free Cash Flow: $36.13 million; FCF per share: $0.725
Balance sheet and liquidity:
β’ Cash & cash equivalents: $287.266 million; Short-term investments: $21.856 million; Total cash & equivalents: $309.122 million
β’ Total assets: $940.271 million; Total liabilities: $481.627 million; Total stockholdersβ equity: $458.644 million
β’ Net debt: $40.741 million; Total debt: $328.007 million; Debt/Equity: 0.715; Debt/Capitalization: 0.417
β’ Current ratio: 2.28; Quick ratio: 1.638; Cash ratio: 1.393
β’ Working capital efficiency indicators: DSO ~2.45 days; DIO ~98.45 days; CCC ~53.84 days
Valuation and profitability metrics (peer context not provided in data):
β’ Price-to-earnings (P/E): ~13.7x; Price-to-book (P/B): ~4.68x; Price-to-sales (P/S): ~7.60x; Dividend yield: ~0.83%
β’ Return on equity (ROE): ~8.56%; Return on assets (ROA): ~4.17%; Asset turnover: ~0.30; Gross margin: ~46.9%; Net margin: ~13.9%
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
282.39M |
-26.15% |
0.00% |
| Gross Profit |
132.53M |
-33.79% |
0.00% |
| Operating Income |
48.26M |
-49.99% |
0.00% |
| Net Income |
39.26M |
-50.67% |
0.00% |
| EPS |
0.79 |
-50.63% |
0.00% |
Key Financial Ratios
operatingProfitMargin
17.1%
operatingCashFlowPerShare
$0.96
freeCashFlowPerShare
$0.73
dividendPayoutRatio
45.3%
Management Commentary
No earnings call transcript was provided in the data. As a result, there are no direct management quotes or transcript highlights to extract. Signposts from the reported numbers suggest a focus on inventory discipline, margin stability, and cash-flow generation, but concrete quotes and themes from the management discussion are not available in this dataset.
Forward Guidance
No formal forward guidance is included in the provided data. Based on observed quarterly performance and typical industry dynamics, the near-term trajectory will hinge on (1) consumer discretionary trends and traffic, (2) ability to sustain gross margins amid mix shifts and promotions, (3) inventory turns and replenishment efficiency, and (4) leverage of the Buckle Rewards loyalty program and e-commerce channel. Investors should monitor same-store sales trends, conversion rates online, promotional cadence, and capital allocation signals (capex vs. dividends vs. potential buybacks). Given the strong liquidity position and positive free cash flow generation, Buckle has flexibility to optimize the balance sheet and pursue selective investments should demand stabilize. Key factors to watch: (i) quarterly same-store sales; (ii) inventory levels and aging; (iii) online penetration and omnichannel integration; (iv) any updates to capital allocation strategy and dividend policy.