KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 4, 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 7.2 percent to $262.5 million from net sales of $282.8 million for the prior year 13-week fiscal quarter ended April 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 9.0 percent from comparable store net sales for the prior year 13-week period ended May 6, 2023. Online sales decreased 13.4 percent to $44.4 million for the 13-week fiscal quarter ended May 4, 2024, compared to net sales of $51.3 million for the 13-week fiscal quarter ended April 29, 2023.
Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter are compared to the 13-week period ended May 6, 2023.
Net income for the first quarter of fiscal 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis), compared with net income of $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis) for the first quarter of fiscal 2023.
Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_zp-00jfFTbC_Ilct3roVWQ. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).
About Buckle
Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the first quarter of fiscal 2023.
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.
Financial Tables to Follow
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended
May 4, 2024
April 29, 2023
SALES, Net of returns and allowances
$
262,480
$
282,834
COST OF SALES (Including buying, distribution, and occupancy costs)
141,783
149,577
Gross profit
120,697
133,257
OPERATING EXPENSES:
Selling
63,726
66,102
General and administrative
14,575
13,425
78,301
79,527
INCOME FROM OPERATIONS
42,396
53,730
OTHER INCOME, Net
3,754
3,139
INCOME BEFORE INCOME TAXES
46,150
56,869
INCOME TAX EXPENSE
11,307
13,933
NET INCOME
$
34,843
$
42,936
EARNINGS PER SHARE:
Basic
$
0.70
$
0.87
Diluted
$
0.69
$
0.86
Basic weighted average shares
49,854
49,513
Diluted weighted average shares
50,172
49,861
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
May 4, 2024
February 3, 2024 (1)
April 29, 2023
CURRENT ASSETS:
Cash and cash equivalents
$
267,427
$
268,213
$
254,433
Short-term investments
23,052
22,210
23,066
Receivables
6,139
8,697
6,356
Inventory
130,661
126,290
137,735
Prepaid expenses and other assets
19,550
18,846
12,325
Total current assets
446,829
444,256
433,915
PROPERTY AND EQUIPMENT
493,025
489,037
471,152
Less accumulated depreciation and amortization
(360,950)
(360,200)
(355,091)
132,075
128,837
116,061
OPERATING LEASE RIGHT-OF-USE ASSETS
288,646
280,813
265,716
LONG-TERM INVESTMENTS
26,763
24,993
22,512
OTHER ASSETS
11,757
10,911
10,656
Total assets
$
906,070
$
889,810
$
848,860
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
54,811
$
45,958
$
57,774
Accrued employee compensation
13,767
49,827
17,942
Accrued store operating expenses
23,477
19,067
23,627
Gift certificates redeemable
14,370
16,667
14,325
Current portion of operating lease liabilities
83,645
85,265
84,619
Income taxes payable
15,210
4,672
8,517
Total current liabilities
205,280
221,456
206,804
DEFERRED COMPENSATION
26,763
24,993
22,512
NON-CURRENT OPERATING LEASE LIABILITIES
240,212
230,141
214,370
Total liabilities
472,255
476,590
443,686
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,778,536 shares at May 4, 2024, 50,445,186 shares at February 3, 2024, and 50,456,196 shares at April 29, 2023
