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Published: 2023-11-17 15:30:30 ET
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EX-99.1 2 bke20231117-8kexhibit.htm EX-99.1 Document

Exhibit 99.1
buckle_logox2.jpg
The Buckle, Inc.
2407 W. 24th St. Kearney, NE 68845
P.O. Box 1480 Kearney, NE 68848-1480
phone: 308-236-8491
fax: 308-236-4493
For Immediate Release: November 17, 2023
web: www.buckle.com


Contact:Thomas B. Heacock, Chief Financial Officer
 The Buckle, Inc.
 (308) 236-8491

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 28, 2023 was $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 28, 2023 decreased 8.7 percent to $303.5 million from net sales of $332.3 million for the prior year 13-week fiscal quarter ended October 29, 2022. Comparable store net sales for the 13-week period ended October 28, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended October 29, 2022. Online sales decreased 16.2 percent to $46.1 million for the 13-week period ended October 28, 2023, compared to net sales of $55.0 million for the 13-week period ended October 29, 2022.

Net sales for the 39-week fiscal period ended October 28, 2023 decreased 6.9 percent to $878.7 million from net sales of $943.4 million for the prior year 39-week fiscal period ended October 29, 2022. Comparable store net sales for the 39-week period ended October 28, 2023 decreased 7.3 percent from comparable store net sales for the prior year 39-week period ended October 29, 2022. Online sales decreased 9.4 percent to $141.0 million for the 39-week period ended October 28, 2023, compared to net sales of $155.6 million for the 39-week period ended October 29, 2022.

Net income for the third quarter of fiscal 2023 was $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis), compared with net income of $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis) for the third quarter of fiscal 2022.

Net income for the 39-week fiscal period ended October 28, 2023 was $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis), compared with net income of $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis) for the 39-week period ended October 29, 2022.

Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_A5_s0zUvQ1yhslHLlO71Ww. 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 445 retail stores in 42 states, which includes the opening of two new stores during fiscal November located in Park City, Utah and Bristol, Tennessee. As of the end of the fiscal quarter, it operated 443 stores in 42 states compared with 441 stores in 42 states at the end of the third 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 EndedThirty-Nine Weeks Ended
 October 28,
2023		October 29,
2022		October 28,
2023		October 29,
2022
SALES, Net of returns and allowances$303,457 $332,341 $878,719 $943,381 
COST OF SALES (Including buying, distribution, and occupancy costs)
156,242 166,940 459,835 480,451 
Gross profit147,215 165,401 418,884 462,930 
OPERATING EXPENSES: 
Selling70,242 74,148 205,081 209,376 
General and administrative12,908 11,830 39,247 35,359 
 83,150 85,978 244,328 244,735 
INCOME FROM OPERATIONS64,065 79,423 174,556 218,195 
OTHER INCOME, Net4,490 1,883 11,322 2,711 
INCOME BEFORE INCOME TAXES68,555 81,306 185,878 220,906 
INCOME TAX EXPENSE16,793 19,920 45,540 54,122 
NET INCOME$51,762 $61,386 $140,338 $166,784 
EARNINGS PER SHARE:  
Basic$1.05 $1.25 $2.83 $3.39 
Diluted$1.04 $1.24 $2.81 $3.37 
Basic weighted average shares49,513 49,214 49,513 49,214 
Diluted weighted average shares49,937 49,604 49,891 49,556 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSOctober 28,
2023		January 28,
2023 (1)		October 29,
2022
CURRENT ASSETS:   
Cash and cash equivalents$311,657 $252,077 $302,180 
Short-term investments23,446 20,997 22,902 
Receivables10,341 12,648 16,074 
Inventory152,289 125,134 152,335 
Prepaid expenses and other assets11,206 12,480 12,370 
Total current assets508,939 423,336 505,861 
PROPERTY AND EQUIPMENT483,435 466,321 465,694 
Less accumulated depreciation and amortization(359,367)(353,919)(356,081)
124,068 112,402 109,613 
OPERATING LEASE RIGHT-OF-USE ASSETS253,418 271,421 236,147 
LONG-TERM INVESTMENTS22,508 20,624 19,579 
OTHER ASSETS12,274 9,796 12,947 
Total assets$921,207 $837,579 $884,147 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$63,320 $44,835 $74,028 
Accrued employee compensation34,784 55,490 44,183 
Accrued store operating expenses26,335 19,754 31,262 
Gift certificates redeemable12,305 16,777 11,782 
Current portion of operating lease liabilities78,884 89,187 78,850 
Income taxes payable536 — — 
Total current liabilities216,164 226,043 240,105 
DEFERRED COMPENSATION22,508 20,624 19,579 
NON-CURRENT OPERATING LEASE LIABILITIES208,517 214,598 188,856 
Total liabilities447,189 461,265 448,540 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,445,386 shares at October 28, 2023, 50,092,616 shares at January 28, 2023, and 50,091,866 shares at October 29, 2022504 501 501 
Additional paid-in capital189,297 178,964 175,821 
Retained earnings284,217 196,849 259,285 
Total stockholders’ equity474,018 376,314 435,607 
Total liabilities and stockholders’ equity$921,207 $837,579 $884,147 
(1) Derived from audited financial statements.