Executive Summary
The Buckle Inc delivered a standout QQ4 2024 performance anchored by a high gross margin and strong cash generation. Revenue reached $379.2 million, up approximately 44.5% year over year (YoY) and 29.2% quarter over quarter (QoQ), supported by favorable product mix and disciplined selling, general, and administrative spend. Net income climbed to $77.2 million with diluted earnings per share (EPS) of $1.53, reflecting a YoY increase of about 118.6% and QoQ growth of 71.9%. Operating margin expanded to 25.38% and EBITDA margin stood at 26.83%, underscoring margin resilience amid a competitive apparel retail landscape.
Cash flow remained a notable strength. Operating cash flow was $120.8 million, driving free cash flow to $111.0 million. Buckle deployed capital toward a sizable dividend payout of $144.7 million in the period, contributing to a net debt position of $59.3 million while cash and cash equivalents totaled $266.9 million and total debt stood at $326.3 million. The balance sheet remains robust with equity of $423.8 million and a current ratio of 2.05x, supporting ongoing liquidity and optionality for share repurchases or strategic initiatives if warranted. Management appears focused on sustaining omnichannel momentum, private-label growth, and disciplined expense management, which should sustain margin and cash generation unless consumer demand deteriorates or competitive discounting intensifies.
Looking ahead, there is no formal forward guidance in the provided data, but the QA reinforces a constructive near-term outlook given the earnings trajectory, cash conversion, and strong brand positioning in casual apparel. Investors should monitor comp-store performance, inventory levels, e-commerce contribution, and potential changes in consumer behavior, as these factors will largely drive the pace of revenue growth and margin trajectory going into 2025.
Key Performance Indicators
QoQ: 76.61% | YoY:126.97%
QoQ: 74.77% | YoY:121.56%
QoQ: 71.91% | YoY:118.57%
Key Insights
Revenue: $379.199M (YoY +44.47%, QoQ +29.15%)
Gross Profit: $199.485M; Gross Margin 52.61% (YoY +65.28%, QoQ +42.42%)
Operating Income: $96.225M; Operating Margin 25.38% (YoY +126.97%, QoQ +76.61%)
EBITDA: $101.735M; EBITDA Margin 26.83%
Net Income: $77.198M; Net Margin 20.36% (YoY +121.56%, QoQ +74.77%)
EPS (Diluted): $1.53 (YoY +118.57%, QoQ +71.91%)
Cash Flow: Operating cash flow $120.772M; Free cash flow $110.951M; Cash at end of period $266.929M
Shareholder Returns: Dividends paid $144.705M...
Financial Highlights
Revenue: $379.199M (YoY +44.47%, QoQ +29.15%)
Gross Profit: $199.485M; Gross Margin 52.61% (YoY +65.28%, QoQ +42.42%)
Operating Income: $96.225M; Operating Margin 25.38% (YoY +126.97%, QoQ +76.61%)
EBITDA: $101.735M; EBITDA Margin 26.83%
Net Income: $77.198M; Net Margin 20.36% (YoY +121.56%, QoQ +74.77%)
EPS (Diluted): $1.53 (YoY +118.57%, QoQ +71.91%)
Cash Flow: Operating cash flow $120.772M; Free cash flow $110.951M; Cash at end of period $266.929M
Shareholder Returns: Dividends paid $144.705M in QQ4 2024; Payout ratio reported at 1.87x (dividends relative to net income)
Balance Sheet Indicators: Cash & equivalents $266.929M; Total debt $326.263M; Net debt $59.334M; Total assets $913.173M; Total stockholders’ equity $423.804M
Liquidity/Working Capital: Current ratio 2.05x; Quick ratio 1.488x; Cash ratio 1.248x; Days sales outstanding 1.6; Days inventory outstanding 60.5; Cash conversion cycle ~39.1 days
Efficiency: Asset turnover 0.415x; Inventory turnover 1.488x; Operating cash flow per share $2.41; Free cash flow per share $2.21; Price-to-book ~5.63x; Dividend yield ~6.06% (as per implied data)
Notes: QoQ profitability improves despite heavy cash returns; management commentary on private label and omnichannel mix supports margin resilience; no R&D spend reported in the quarter.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
379.20M |
44.47% |
29.15% |
| Gross Profit |
199.49M |
65.28% |
42.42% |
| Operating Income |
96.23M |
126.97% |
76.61% |
| Net Income |
77.20M |
121.56% |
74.77% |
| EPS |
1.53 |
118.57% |
71.91% |
Key Financial Ratios
operatingProfitMargin
25.4%
operatingCashFlowPerShare
$2.41
freeCashFlowPerShare
$2.21
dividendPayoutRatio
187.4%
Management Commentary
Management commentary themes (where available from the data):
- Strategy: Focus on omnichannel execution and private-label product expansion to sustain pricing power and margin stability amid a competitive apparel landscape. The strength in gross margin implies favorable product mix and disciplined pricing.
- Operations: Solid cash generation from operations (~$120.8M) and strong free cash flow (~$111.0M) enable a sizable dividend payout while maintaining substantial liquidity (cash $266.9M). Working capital efficiency supported by favorable payables and inventory dynamics, though inventory days of ~60.5 suggest careful stock management.
- Market conditions: Resilient demand for casual apparel with continued strength in the Buckle brand and related private-label lines; macro headwinds such as consumer discretionary pressures could alter trajectory if economic conditions worsen.
- Capital allocation: Significant cash returns to shareholders via dividends; balance sheet remains conservative with a net debt position of $59.3M, allowing optionality for strategic investments or selective share actions if profitable opportunities arise.
Forward Guidance
No explicit forward-looking targets were provided in the data. Based on QQ4 2024 performance, Buckle shows a favorable earnings trajectory and robust cash generation, suggesting potential for steady, shareholder-friendly capital allocation going forward. Key factors investors should monitor include: (1) comp-store sales and the ongoing contribution of e-commerce to topline growth, (2) gross margin trajectory and any shifts in product mix or discounting intensity, (3) inventory levels and turnover to avoid markdown risk, (4) store productivity and potential changes in the store footprint, and (5) cash allocation strategy (dividends vs. reinvestment or potential buybacks) in the context of leverage and liquidity.