KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended April 30, 2022 increased 3.3 percent to $309.1 million from net sales of $299.1 million for the prior year 13-week fiscal quarter ended May 1, 2021. Comparable store net sales for the 13-week period ended April 30, 2022 increased 3.7 percent from comparable store net sales for the prior year 13-week period ended May 1, 2021. Online sales increased 1.1 percent to $54.3 million for the 13-week period ended April 30, 2022, compared to net sales of $53.7 million for the 13-week period ended May 1, 2021.
Net income for the first quarter of fiscal 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis), compared with net income of $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis) for the first quarter of fiscal 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 (877) 226-8189 for domestic calls or (409) 207-6980 for international calls and reference the conference code 6007325. 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 7485794.
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 440 retail stores in 42 states, which includes the opening of one new store this week in Spanish Fork, Utah. As of the end of the fiscal quarter, it operated 439 stores in 42 states compared with 442 stores in 42 states at the end of the first 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
April 30, 2022
May 1, 2021
SALES, Net of returns and allowances
$
309,064
$
299,125
COST OF SALES (Including buying, distribution, and occupancy costs)
156,904
151,572
Gross profit
152,160
147,553
OPERATING EXPENSES:
Selling
67,246
60,000
General and administrative
11,855
11,751
79,101
71,751
INCOME FROM OPERATIONS
73,059
75,802
OTHER INCOME, Net
125
51
INCOME BEFORE INCOME TAXES
73,184
75,853
INCOME TAX EXPENSE
17,930
18,584
NET INCOME
$
55,254
$
57,269
EARNINGS PER SHARE:
Basic
$
1.12
$
1.17
Diluted
$
1.12
$
1.16
Basic weighted average shares
49,214
48,946
Diluted weighted average shares
49,528
49,309
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
April 30, 2022
January 29, 2022 (1)
May 1, 2021
CURRENT ASSETS:
Cash and cash equivalents
$
250,073
$
253,970
$
393,153
Short-term investments
12,895
12,926
697
Receivables
4,414
12,087
1,670
Inventory
121,166
102,095
89,017
Prepaid expenses and other assets
19,663
10,128
20,615
Total current assets
408,211
391,206
505,152
PROPERTY AND EQUIPMENT
457,179
453,228
452,662
Less accumulated depreciation and amortization
(353,891)
(352,724)
(352,627)
103,288
100,504
100,035
OPERATING LEASE RIGHT-OF-USE ASSETS
245,784
258,914
280,805
LONG-TERM INVESTMENTS
20,136
19,352
19,087
OTHER ASSETS
11,615
10,908
11,128
Total assets
$
789,034
$
780,884
$
916,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
61,246
$
59,950
$
53,632
Accrued employee compensation
23,095
62,055
26,474
Accrued store operating expenses
27,549
20,264
27,355
Gift certificates redeemable
13,611
16,470
12,215
Current portion of operating lease liabilities
84,565
88,273
84,628
Income taxes payable
13,647
1,529
29,737
Total current liabilities
223,713
248,541
234,041
DEFERRED COMPENSATION
20,136
19,352
19,087
NON-CURRENT OPERATING LEASE LIABILITIES
191,592
200,067
222,981
Total liabilities
435,441
467,960
476,109
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,851 shares at April 30, 2022, 49,728,651 shares at January 29, 2022, and 49,788,891 shares at May 1, 2021
