Shares of Buckle (NYSE:BKE) plummeted 5.35% in early trading on Friday following the release of its third-quarter earnings report. Despite meeting earnings per share (EPS) expectations and showing year-over-year growth, the company's sales figures fell short of analyst estimates, disappointing investors.
Buckle reported quarterly earnings of $0.96 per share, in line with analyst consensus estimates and representing a 9.09% increase from $0.88 per share in the same period last year. However, the company's quarterly sales of $320.837 million narrowly missed the analyst consensus estimate of $320.840 million. While this represents a 9.27% increase over sales of $293.618 million from the same period last year, the slight miss appears to have triggered a negative market reaction.
Other key financial metrics for the quarter included a gross profit of $153.906 million, operating income of $60.914 million, and net income of $48.7 million. The company also reported that comparable store sales for the 13-week fiscal quarter ended November 1 increased by 8.3%. Despite these generally positive figures, the market's focus on the sales miss highlights the high expectations investors had for the retailer's performance in the current economic climate.
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