The Buckle, Inc. (NYSE: BKE) is a specialty retailer offering a mix of apparel, accessories, and footwear, with a strong focus on denim products. Operating from Kearney, Nebraska, Buckle has 439 retail locations across 42 U.S. states.

In its first quarter ended May 3, 2025, Buckle reported net income of $35.2 million, equating to $0.70 per share on a diluted basis, a slight increase compared to net income of $34.8 million, or $0.69 per share for the same period last year. Net sales rose by 3.7% to $272.1 million from $262.5 million in the first quarter of fiscal 2024. Comparable store sales increased by 3%, while online sales grew by 4.5% to reach $46.4 million.

Buckle’s gross margin improved to 46.7%, an increase of 70 basis points from the prior year’s 46%. This rise was driven by a 60 basis point improvement in merchandise margins and 10 basis points of leverage in buying, distribution, and occupancy expenses.

Selling, general, and administrative expenses (SG&A) for the quarter were 30.7% of net sales, up from 29.8% in the first quarter of fiscal 2024. The increase was attributed to several factors: a 45 basis point increase in incentive compensation accruals, a 25 basis point rise in health insurance-related costs, a 20 basis point increase in equity compensation expense, and a 40 basis point rise in other SG&A expenses. This was partially offset by a 25 basis point decrease in e-commerce shipping expenses and a 15 basis point reduction in certain marketing expenses.

Operating margin for the quarter was 16%, slightly down from 16.2% in the first quarter of last fiscal year. Income tax expense remained consistent at 24.5% of pretax net income for both fiscal periods, supporting the reported net income figures.

As of May 3, 2025, Buckle reported inventory valued at $132.4 million, up 1.3% from the previous year. The company had total cash and investments of $320 million. Capital expenditures for the quarter amounted to $11.4 million, of which $10 million was allocated for new store construction, remodels, and technology upgrades.

The company plans to open seven new stores, complete 16 further full remodels, and close one youth store during the remainder of the fiscal year. Buckle’s total store count was 439 as of the end of the quarter, a decrease from 440 stores year-over-year.