THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 NET INCOME
KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2025 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis). Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended February 1, 2025 decreased 0.8 percent to $379.2 million from net sales of $382.4 million for the prior year 14-week fiscal quarter ended February 3, 2024. Comparable store net sales for the 13-week period ended February 1, 2025 increased 3.9 percent from comparable store net sales for the prior year 13-week period ended February 3, 2024. Online sales increased 6.4 percent to $69.7 million for the 13-week period ended February 1, 2025, compared to net sales of $65.5 million for the 14-week period ended February 3, 2024.
Net sales for the 52-week fiscal year ended February 1, 2025 decreased 3.4 percent to $1.218 billion from net sales of $1.261 billion for the 53-week fiscal year ended February 3, 2024. Comparable store net sales for the 52-week period ended February 1, 2025 decreased 2.7 percent from comparable store net sales for the prior year 52-week period ended February 3, 2024. Online sales decreased 4.3 percent to $197.7 million for the 52-week period ended February 1, 2025, compared to net sales of $206.5 million for the 53-week period ended February 3, 2024.
Net income for the fourth quarter of fiscal 2024 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis), compared with $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis) for the fourth quarter of fiscal 2023.
Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis), compared with $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis) for the fiscal year ended February 3, 2024.
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_ork30A85Q8iQJ2fQiMhMEQ. 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 year, it operated 441 stores in 42 states compared with 444 stores in 42 states at the end 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)
13-Weeks Ended
14-Weeks Ended
52-Weeks Ended
53-Weeks Ended
February 1, 2025
February 3, 2024
February 1, 2025
February 3, 2024 (1)
SALES, Net of returns and allowances
$
379,199
$
382,383
$
1,217,689
$
1,261,102
COST OF SALES (Including buying, distribution, and occupancy costs)
179,714
182,202
624,902
642,037
Gross profit
199,485
200,181
592,787
619,065
OPERATING EXPENSES:
Selling
86,722
85,937
293,176
291,018
General and administrative
16,538
17,741
58,247
56,988
103,260
103,678
351,423
348,006
INCOME FROM OPERATIONS
96,225
96,503
241,364
271,059
OTHER INCOME, Net
4,903
6,834
16,413
18,156
INCOME BEFORE INCOME TAXES
101,128
103,337
257,777
289,215
INCOME TAX EXPENSE
23,930
23,756
62,309
69,296
NET INCOME
$
77,198
$
79,581
$
195,468
$
219,919
EARNINGS PER SHARE
Basic
$
1.54
$
1.60
$
3.92
$
4.44
Diluted
$
1.53
$
1.59
$
3.89
$
4.40
Basic weighted average shares
50,126
49,791
49,922
49,582
Diluted weighted average shares
50,551
50,148
50,310
49,955
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
February 1, 2025
February 3, 2024 (1)
CURRENT ASSETS:
Cash and cash equivalents
$
266,929
$
268,213
Short-term investments
23,801
22,210
Receivables
6,758
8,697
Inventory
120,789
126,290
Prepaid expenses and other assets
20,932
18,846
Total current assets
439,209
444,256
PROPERTY AND EQUIPMENT
510,088
489,037
Less accumulated depreciation and amortization
(364,336)
(360,200)
145,752
128,837
OPERATING LEASE RIGHT-OF-USE ASSETS
289,793
280,813
LONG-TERM INVESTMENTS
28,116
24,993
OTHER ASSETS
10,303
10,911
Total assets
$
913,173
$
889,810
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
45,982
$
45,958
Accrued employee compensation
46,717
49,827
Accrued store operating expenses
19,266
19,067
Gift certificates redeemable
17,007
16,667
Current portion of operating lease liabilities
78,942
85,265
Income taxes payable
6,018
4,672
Total current liabilities
213,932
221,456
DEFERRED COMPENSATION
28,116
24,993
NON-CURRENT OPERATING LEASE LIABILITIES
247,321
230,141
Total liabilities
489,369
476,590
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 50,773,556 and 50,445,186 shares issued and outstanding at February 1, 2025 and February 3, 2024, respectively
