KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 30, 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended October 30, 2021 increased 27.3 percent to $319.4 million from net sales of $251.0 million for the prior year 13-week fiscal quarter ended October 31, 2020. Comparable store net sales for the 13-week period ended October 30, 2021 increased 27.3 percent from comparable store net sales for the prior year 13-week period ended October 31, 2020. Online sales increased 9.0 percent to $50.5 million for the 13-week period ended October 30, 2021, compared to net sales of $46.4 million for the 13-week period ended October 31, 2020.
Net sales for the 39-week fiscal period ended October 30, 2021 increased 56.9 percent to $913.7 million from net sales of $582.4 million for the prior year 39-week fiscal period ended October 31, 2020. Comparable store net sales for the 39-week period ended October 30, 2021 increased 56.7 percent from comparable store net sales for the prior year 39-week period ended October 31, 2020. Online sales increased 18.7 percent to $147.7 million for the 39-week period ended October 30, 2021, compared to net sales of $124.4 million for the 39-week period ended October 31, 2020.
Net income for the third quarter of fiscal 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis), compared with net income of $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis) for the third quarter of fiscal 2020.
Net income for the 39-week fiscal period ended October 30, 2021 was $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis), compared with net income of $64.5 million, or $1.32 per share ($1.32 per share on a diluted basis) for the 39-week period ended October 31, 2020.
Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference the conference code 3631906. A replay of the call will be available for a two-week period beginning today 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 6269408.
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 441 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 446 stores in 42 states at the end of the third quarter 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)
Thirteen Weeks Ended
Thirty-Nine Weeks Ended
October 30, 2021
October 31, 2020
October 30, 2021
October 31, 2020
SALES, Net of returns and allowances
$
319,432
$
251,005
$
913,677
$
582,443
COST OF SALES (Including buying, distribution, and occupancy costs)
158,366
134,055
463,039
345,286
Gross profit
161,066
116,950
450,638
237,157
OPERATING EXPENSES:
Selling
67,771
52,894
190,827
124,655
General and administrative
11,080
9,930
33,912
29,026
78,851
62,824
224,739
153,681
INCOME FROM OPERATIONS
82,215
54,126
225,899
83,476
OTHER INCOME, Net
192
1,020
465
1,998
INCOME BEFORE INCOME TAXES
82,407
55,146
226,364
85,474
INCOME TAX EXPENSE
20,190
13,511
55,459
20,941
NET INCOME
$
62,217
$
41,635
$
170,905
$
64,533
EARNINGS PER SHARE:
Basic
$
1.27
$
0.85
$
3.49
$
1.32
Diluted
$
1.26
$
0.85
$
3.46
$
1.32
Basic weighted average shares
48,946
48,714
48,946
48,718
Diluted weighted average shares
49,362
48,987
49,338
48,941
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
October 30, 2021
January 30, 2021 (1)
October 31, 2020
CURRENT ASSETS:
Cash and cash equivalents
$
468,733
$
318,789
$
331,923
Short-term investments
11,302
3,359
7,410
Receivables
5,629
2,823
1,763
Inventory
100,593
101,063
118,707
Prepaid expenses and other assets
11,771
11,190
21,749
Total current assets
598,028
437,224
481,552
PROPERTY AND EQUIPMENT
454,118
451,357
451,708
Less accumulated depreciation and amortization
(354,834)
(350,942)
(349,411)
99,284
100,415
102,297
OPERATING LEASE RIGHT-OF-USE ASSETS
264,183
279,358
287,197
LONG-TERM INVESTMENTS
20,024
18,320
16,729
OTHER ASSETS
12,311
10,497
10,104
Total assets
$
993,830
$
845,814
$
897,879
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
63,518
$
43,399
$
57,629
Accrued employee compensation
49,473
35,865
23,611
Accrued store operating expenses
30,789
20,303
23,096
Gift certificates redeemable
11,146
14,279
12,093
Current portion of operating lease liabilities
84,365
81,762
78,860
Income taxes payable
4
10,751
7,994
Total current liabilities
239,295
206,359
203,283
DEFERRED COMPENSATION
20,024
18,320
16,729
NON-CURRENT OPERATING LEASE LIABILITIES
208,707
224,506
235,463
Total liabilities
468,026
449,185
455,475
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,783,381 shares at October 30, 2021, 49,407,731 shares at January 30, 2021, and 49,407,731 shares at October 31, 2020
