KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 1, 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended May 1, 2021 increased 159.2 percent to $299.1 million from net sales of $115.4 million for the prior year 13-week fiscal quarter ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent from net sales of $201.3 million for the 13-week fiscal quarter ended May 4, 2019. Online sales increased 67.3 percent to $53.7 million for the 13-week period ended May 1, 2021, compared to net sales of $32.1 million for the 13-week period ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 120.0 percent from net sales of $24.4 million for the 13-week period ended May 4, 2019.
Net income for the first quarter of fiscal 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis), compared with a net loss of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis) for the first quarter of fiscal 2020.
Results for fiscal 2020 were significantly impacted by the Company’s closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the store closures on prior year reported net sales, the Company will report total net sales compared to the past two years and does not plan to separately report comparable store sales for the periods most affected by the store closures.
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 (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 1433238. 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 6096737.
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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 442 stores in 42 states compared with 446 stores in 42 states at the end of the first 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
May 1, 2021
May 2, 2020
SALES, Net of returns and allowances
$
299,125
$
115,413
COST OF SALES (Including buying, distribution, and occupancy costs)
151,572
88,588
Gross profit
147,553
26,825
OPERATING EXPENSES:
Selling
60,000
33,504
General and administrative
11,751
9,503
71,751
43,007
INCOME (LOSS) FROM OPERATIONS
75,802
(16,182)
OTHER INCOME, Net
51
574
INCOME (LOSS) BEFORE INCOME TAXES
75,853
(15,608)
INCOME TAX EXPENSE (BENEFIT)
18,584
(3,824)
NET INCOME (LOSS)
$
57,269
$
(11,784)
EARNINGS (LOSS) PER SHARE:
Basic
$
1.17
$
(0.24)
Diluted
$
1.16
$
(0.24)
Basic weighted average shares
48,946
48,725
Diluted weighted average shares
49,309
48,922
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
May 1, 2021
January 30, 2021 (1)
May 2, 2020
CURRENT ASSETS:
Cash and cash equivalents
$
393,153
$
318,789
$
185,037
Short-term investments
697
3,359
17,661
Receivables
1,670
2,823
1,774
Inventory
89,017
101,063
121,671
Prepaid expenses and other assets
20,615
11,190
13,438
Total current assets
505,152
437,224
339,581
PROPERTY AND EQUIPMENT
452,662
451,357
451,142
Less accumulated depreciation and amortization
(352,627)
(350,942)
(341,073)
100,035
100,415
110,069
OPERATING LEASE RIGHT-OF-USE ASSETS
280,805
279,358
326,587
LONG-TERM INVESTMENTS
19,087
18,320
15,922
OTHER ASSETS
11,128
10,497
9,491
Total assets
$
916,207
$
845,814
$
801,650
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
53,632
$
43,399
$
19,212
Accrued employee compensation
26,474
35,865
5,310
Accrued store operating expenses
27,355
20,303
15,927
Gift certificates redeemable
12,215
14,279
13,513
Current portion of operating lease liabilities
84,628
81,762
84,410
Income taxes payable
29,737
10,751
72
Total current liabilities
234,041
206,359
138,444
DEFERRED COMPENSATION
19,087
18,320
15,204
NON-CURRENT OPERATING LEASE LIABILITIES
222,981
224,506
270,053
Total liabilities
476,109
449,185
423,701
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,788,891 shares at May 1, 2021, 49,407,731 shares at January 30, 2021, and 49,408,181 shares at May 2, 2020
