THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME
KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 29, 2023 was $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended July 29, 2023 decreased 3.2 percent to $292.4 million from net sales of $302.0 million for the prior year 13-week fiscal quarter ended July 30, 2022. Comparable store net sales for the 13-week period ended July 29, 2023 decreased 3.3 percent from comparable store net sales for the prior year 13-week period ended July 30, 2022. Online sales decreased 5.6 percent to $43.6 million for the 13-week period ended July 29, 2023, compared to net sales of $46.2 million for the 13-week period ended July 30, 2022.
Net sales for the 26-week fiscal period ended July 29, 2023 decreased 5.9 percent to $575.3 million from net sales of $611.0 million for the prior year 26-week fiscal period ended July 30, 2022. Comparable store net sales for the 26-week period ended July 29, 2023 decreased 6.3 percent from comparable store net sales for the prior year 26-week period ended July 30, 2022. Online sales decreased 5.6 percent to $94.9 million for the 26-week period ended July 29, 2023, compared to net sales of $100.6 million for the 26-week period ended July 30, 2022.
Net income for the second quarter of fiscal 2023 was $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis), compared with net income of $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis) for the second quarter of fiscal 2022.
Net income for the 26-week fiscal period ended July 29, 2023 was $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis), compared with net income of $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis) for the 26-week period ended July 30, 2022.
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_YFkU-QZnRgqRIIMBN2YIOg. 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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 441 stores in 42 states at the end of the second quarter of fiscal 2022.
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)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
July 29, 2023
July 30, 2022
July 29, 2023
July 30, 2022
SALES, Net of returns and allowances
$
292,428
$
301,976
$
575,262
$
611,040
COST OF SALES (Including buying, distribution, and occupancy costs)
154,016
156,607
303,593
313,511
Gross profit
138,412
145,369
271,669
297,529
OPERATING EXPENSES:
Selling
68,737
67,982
134,839
135,228
General and administrative
12,914
11,674
26,339
23,529
81,651
79,656
161,178
158,757
INCOME FROM OPERATIONS
56,761
65,713
110,491
138,772
OTHER INCOME, Net
3,693
703
6,832
828
INCOME BEFORE INCOME TAXES
60,454
66,416
117,323
139,600
INCOME TAX EXPENSE
14,814
16,272
28,747
34,202
NET INCOME
$
45,640
$
50,144
$
88,576
$
105,398
EARNINGS PER SHARE:
Basic
$
0.92
$
1.02
$
1.79
$
2.14
Diluted
$
0.92
$
1.01
$
1.78
$
2.13
Basic weighted average shares
49,513
49,214
49,513
49,214
Diluted weighted average shares
49,875
49,535
49,868
49,531
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
July 29, 2023
January 28, 2023 (1)
July 30, 2022
CURRENT ASSETS:
Cash and cash equivalents
$
275,583
$
252,077
$
266,731
Short-term investments
23,714
20,997
17,387
Receivables
9,675
12,648
13,015
Inventory
136,074
125,134
128,498
Prepaid expenses and other assets
10,181
12,480
9,445
Total current assets
455,227
423,336
435,076
PROPERTY AND EQUIPMENT
475,997
466,321
460,362
Less accumulated depreciation and amortization
(356,737)
(353,919)
(353,929)
119,260
112,402
106,433
OPERATING LEASE RIGHT-OF-USE ASSETS
251,978
271,421
234,634
LONG-TERM INVESTMENTS
23,616
20,624
20,640
OTHER ASSETS
11,466
9,796
12,281
Total assets
$
861,547
$
837,579
$
809,064
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
54,261
$
44,835
$
63,036
Accrued employee compensation
22,357
55,490
29,509
Accrued store operating expenses
26,533
19,754
30,497
Gift certificates redeemable
12,960
16,777
12,411
Current portion of operating lease liabilities
80,664
89,187
80,827
Total current liabilities
196,775
226,043
216,280
DEFERRED COMPENSATION
23,616
20,624
20,163
NON-CURRENT OPERATING LEASE LIABILITIES
204,620
214,598
183,643
Total liabilities
425,011
461,265
420,086
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,445,926 shares at July 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,751 shares at July 30, 2022
