THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2021 NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 29, 2022 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis). Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 29, 2022 increased 19.5 percent to $380.9 million from net sales of $318.8 million for the prior year 13-week fiscal quarter ended January 30, 2021. Comparable store net sales for the 13-week period ended January 29, 2022 increased 20.0 percent from comparable store net sales for the prior year 13-week period ended January 30, 2021. Online sales increased 10.5 percent to $73.1 million for the 13-week period ended January 29, 2022, compared to net sales of $66.2 million for the 13-week period ended January 30, 2021.
Net sales for the 52-week fiscal year ended January 29, 2022 increased 43.6 percent to $1.295 billion from net sales of $901.3 million for the 52-week fiscal year ended January 30, 2021. Comparable store net sales for the 52-week period ended January 29, 2022 increased 43.8 percent from comparable store net sales for the prior year 52-week period ended January 30, 2021. Online sales increased 15.9 percent to $220.8 million for the 52-week period ended January 29, 2022, compared to net sales of $190.6 million for the 52-week period ended January 30, 2021.
Net income for the fourth quarter of fiscal 2021 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis), compared with $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis) for the fourth quarter of fiscal 2020.
Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis), compared with $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis) for the fiscal year ended January 30, 2021.
Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (844) 767-5651 for domestic calls or (409) 207-6959 for international calls and reference the conference code 4682221. A replay of the call will be available for a two-week period beginning March 11, 2022 at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 3665047.
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 439 retail stores in 42 states. As of the end of the fiscal year, it operated 440 stores in 42 states compared with 443 stores in 42 states at the end of fiscal 2020.
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)
13-Weeks Ended
52-Weeks Ended
January 29, 2022
January 30, 2021
January 29, 2022
January 30, 2021 (1)
SALES, Net of returns and allowances
$
380,930
$
318,835
$
1,294,607
$
901,278
COST OF SALES (Including buying, distribution, and occupancy costs)
178,559
155,324
641,598
500,610
Gross profit
202,371
163,511
653,009
400,668
OPERATING EXPENSES:
Selling
75,597
66,503
266,424
191,158
General and administrative
17,174
12,462
51,086
41,488
92,771
78,965
317,510
232,646
INCOME FROM OPERATIONS
109,600
84,546
335,499
168,022
OTHER INCOME, Net
1,791
927
2,256
2,925
INCOME BEFORE INCOME TAXES
111,391
85,473
337,755
170,947
INCOME TAX EXPENSE
27,476
19,867
82,935
40,808
NET INCOME
$
83,915
$
65,606
$
254,820
$
130,139
EARNINGS PER SHARE
Basic
$
1.71
$
1.34
$
5.20
$
2.67
Diluted
$
1.69
$
1.33
$
5.16
$
2.66
Basic weighted average shares
49,138
48,869
48,994
48,755
Diluted weighted average shares
49,528
49,228
49,385
49,013
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
January 29, 2022
January 30, 2021 (1)
CURRENT ASSETS:
Cash and cash equivalents
$
253,970
$
318,789
Short-term investments
12,926
3,359
Receivables
12,087
2,823
Inventory
102,095
101,063
Prepaid expenses and other assets
10,128
11,190
Total current assets
391,206
437,224
PROPERTY AND EQUIPMENT
453,228
451,357
Less accumulated depreciation and amortization
(352,724)
(350,942)
100,504
100,415
OPERATING LEASE RIGHT-OF-USE ASSETS
258,914
279,358
LONG-TERM INVESTMENTS
19,352
18,320
OTHER ASSETS
10,908
10,497
Total assets
$
780,884
$
845,814
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
59,950
$
43,399
Accrued employee compensation
62,055
35,865
Accrued store operating expenses
20,264
20,303
Gift certificates redeemable
16,470
14,279
Current portion of operating lease liabilities
88,273
81,762
Income taxes payable
1,529
10,751
Total current liabilities
248,541
206,359
DEFERRED COMPENSATION
19,352
18,320
NON-CURRENT OPERATING LEASE LIABILITIES
200,067
224,506
Total liabilities
467,960
449,185
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,728,651 and 49,407,731 shares issued and outstanding at January 29, 2022 and January 30, 2021, respectively
