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The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended July 31, 2021. Comparable store net sales for the 13-week period ended July 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended July 31, 2021. Online sales increased 6.5 percent to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of $43.4 million for the 13-week period ended July 31, 2021.

Net sales for the 26-week fiscal period ended July 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended July 31, 2021. Comparable store net sales for the 26-week period ended July 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended July 31, 2021. Online sales increased 3.5 percent to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of $97.2 million for the 26-week period ended July 31, 2021.

Net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.

Net income for the 26-week fiscal period ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended July 31, 2021.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 2084271. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 9468609.

About Buckle

Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 442 stores in 42 states at the end of the second quarter of fiscal 2021.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

Note: News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com on the Internet.

Financial Tables to Follow

THE BUCKLE, INC.



CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

July 30,

2022

 

July 31,

2021

 

July 30,

2022

 

July 31,

2021

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

301,976

 

$

295,120

 

$

611,040

 

$

594,245

 

 

 

 

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

 

156,607

 

 

153,101

 

 

313,511

 

 

304,673

 

 

 

 

 

 

 

 

Gross profit

 

145,369

 

 

142,019

 

 

297,529

 

 

289,572

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

67,982

 

 

63,056

 

 

135,228

 

 

123,056

General and administrative

 

11,674

 

 

11,081

 

 

23,529

 

 

22,832

 

 

79,656

 

 

74,137

 

 

158,757

 

 

145,888

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

65,713

 

 

67,882

 

 

138,772

 

 

143,684

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

703

 

 

222

 

 

828

 

 

273

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

66,416

 

 

68,104

 

 

139,600

 

 

143,957

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

16,272

 

 

16,685

 

 

34,202

 

 

35,269

 

 

 

 

 

 

 

 

NET INCOME

$

50,144

 

$

51,419

 

$

105,398

 

$

108,688

 

 

 

 

 

 

��

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

1.02

 

$

1.05

 

$

2.14

 

$

2.22

 

 

 

 

 

 

 

 

Diluted

$

1.01

 

$

1.04

 

$

2.13

 

$

2.20

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,214

 

 

48,946

 

 

49,214

 

 

48,946

Diluted weighted average shares

 

49,535

 

 

49,341

 

 

49,531

 

 

49,325

THE BUCKLE, INC.



CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

July 30,

2022

 

January 29,

2022 (1)

 

July 31,

2021

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

266,731

 

 

$

253,970

 

 

$

406,714

 

Short-term investments

 

17,387

 

 

 

12,926

 

 

 

8,592

 

Receivables

 

13,015

 

 

 

12,087

 

 

 

6,667

 

Inventory

 

128,498

 

 

 

102,095

 

 

 

95,276

 

Prepaid expenses and other assets

 

9,445

 

 

 

10,128

 

 

 

20,294

 

Total current assets

 

435,076

 

 

 

391,206

 

 

 

537,543

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

460,362

 

 

 

453,228

 

 

 

452,460

 

Less accumulated depreciation and amortization

 

(353,929

)

 

 

(352,724

)

 

 

(352,773

)

 

 

106,433

 

 

 

100,504

 

 

 

99,687

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

234,634

 

 

 

258,914

 

 

 

264,177

 

LONG-TERM INVESTMENTS

 

20,640

 

 

 

19,352

 

 

 

19,558

 

OTHER ASSETS

 

12,281

 

 

 

10,908

 

 

 

11,720

 

 

 

 

 

 

 

Total assets

$

809,064

 

 

$

780,884

 

 

$

932,685

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

63,036

 

 

$

59,950

 

 

$

67,812

 

Accrued employee compensation

 

29,509

 

 

 

62,055

 

 

 

33,878

 

Accrued store operating expenses

 

30,497

 

 

 

20,264

 

 

 

30,724

 

Gift certificates redeemable

 

12,411

 

 

 

16,470

 

 

 

11,434

 

Current portion of operating lease liabilities

 

80,827

 

 

 

88,273

 

 

 

82,255

 

Income taxes payable

 

 

 

 

1,529

 

 

 

 

Total current liabilities

 

216,280

 

 

 

248,541

 

 

 

226,103

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

20,163

 

 

 

19,352

 

 

 

19,558

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

183,643

 

 

 

200,067

 

 

 

209,472

 

Total liabilities

 

420,086

 

 

 

467,960

 

 

 

455,133

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at July 30, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at July 31, 2021

 

501

 

 

 

497

 

 

 

498

 

Additional paid-in capital

 

173,046

 

 

 

167,328

 

 

 

163,148

 

Retained earnings

 

215,431

 

 

 

145,099

 

 

 

313,906

 

Total stockholders’ equity

 

388,978

 

 

 

312,924

 

 

 

477,552

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

809,064

 

 

$

780,884

 

 

$

932,685

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

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