The Buckle (BKE) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2024 was $44.2 million ($0.88 per diluted share), down from $51.8 million ($1.04 per share) in Q3 2023; year-to-date net income was $118.3 million ($2.35 per share), down from $140.3 million ($2.81 per share) year-over-year.

• Net sales for Q3 2024 decreased 3.2% to $293.6 million; year-to-date net sales fell 4.6% to $838.5 million.

• Comparable store sales for Q3 decreased 0.7% year-over-year; online sales rose 1.1% to $46.6 million.

• Gross margin for Q3 was 47.7%, down 80 basis points from last year; year-to-date gross margin was 46.9%.

• Operating margin for Q3 was 18.6% (down from 21.1%); year-to-date operating margin was 17.3% (down from 19.9%).

Financial highlights

• Q3 2024 net income: $44.2 million (down 14.7% year-over-year); YTD net income: $118.3 million (down 15.7%).

• Q3 2024 gross profit: $140.1 million (47.7% of sales); YTD gross profit: $393.3 million (46.9% of sales).

• Cash and cash equivalents at quarter end: $302.0 million; total cash and investments: $352.7 million.

• Operating cash flow for YTD: $121.2 million, down from $145.3 million year-over-year.

• Inventory at quarter-end was $149.4 million, down 1.9% year-over-year.

Outlook and guidance

• Plans to open one more new store and complete seven additional remodels by year-end, with six being relocations.

• For 2025, expects net two or three new stores after accounting for closures, with 12-15 additional store updates or remodels.

• Total capital expenditures projected at $36–$40 million for the year.

• Existing cash, investments, and operating cash flow are expected to fund capital expenditures and working capital for several years.