Dennis Nelson, President and CEO of Buckle Inc. (NYSE:BKE), recently sold 20,453 shares of the company's common stock, generating approximately $1.09 million in total proceeds. The shares were sold at an average price of $53.18 per share. The transaction comes as Buckle's stock trades near its 52-week high of $54.13, with InvestingPro data showing impressive momentum with a 43% gain over the past six months. This transaction was made under a 10b5-1 trading plan that Nelson adopted in April 2024.
Following the sale, Nelson holds 1,781,640 shares indirectly through a trust, with additional holdings of 32,400 shares directly. The sale was disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Buckle reported a decrease in net income and sales for the third quarter of 2024. The company's net income fell to $44.2 million from $51.8 million year-over-year, while net sales saw a 3.2% decline to $293.6 million. Despite a small increase in online sales and women's denim, the overall decline was influenced by a decrease in men's merchandise and footwear sales.
These are part of the recent developments within the company. Buckle's gross margin also decreased to 47.7% due to higher occupancy costs and distribution expenses. However, the company's private label penetration increased to 48.5% of sales, and accessory sales grew by 3%.
Looking ahead, Buckle plans to open one more new store and complete seven remodels by the end of the year. For 2025, the company anticipates opening 7-8 new stores with a net addition of 2-3 stores. Despite the recent challenges, Buckle remains focused on expansion and digital investments.
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