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 $0.78–$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.