KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended October 29, 2022 increased 4.0 percent to $332.3 million from net sales of $319.4 million for the prior year 13-week fiscal quarter ended October 30, 2021. Comparable store net sales for the 13-week period ended October 29, 2022 increased 3.0 percent from comparable store net sales for the prior year 13-week period ended October 30, 2021. Online sales increased 8.8 percent to $55.0 million for the 13-week period ended October 29, 2022, compared to net sales of $50.5 million for the 13-week period ended October 30, 2021.
Net sales for the 39-week fiscal period ended October 29, 2022 increased 3.3 percent to $943.4 million from net sales of $913.7 million for the prior year 39-week fiscal period ended October 30, 2021. Comparable store net sales for the 39-week period ended October 29, 2022 increased 2.8 percent from comparable store net sales for the prior year 39-week period ended October 30, 2021. Online sales increased 5.3 percent to $155.6 million for the 39-week period ended October 29, 2022, compared to net sales of $147.7 million for the 39-week period ended October 30, 2021.
Net income for the third quarter of fiscal 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis), compared with net income of $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis) for the third quarter of fiscal 2021.
Net income for the 39-week fiscal period ended October 29, 2022 was $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis), compared with net income of $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis) for the 39-week period ended October 30, 2021.
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_c9nka5YSTCiTHK7GfZYoTA. A replay of the event can be accessed through Buckle’s investor relations website at https://corporate.buckle.com/investors/earnings-webcasts approximately two hours after the conclusion of the live event.
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 441 stores in 42 states at the end of the third quarter of fiscal 2021.
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 29, 2022
October 30, 2021
October 29, 2022
October 30, 2021
SALES, Net of returns and allowances
$
332,341
$
319,432
$
943,381
$
913,677
COST OF SALES (Including buying, distribution, and occupancy costs)
166,940
158,366
480,451
463,039
Gross profit
165,401
161,066
462,930
450,638
OPERATING EXPENSES:
Selling
74,148
67,771
209,376
190,827
General and administrative
11,830
11,080
35,359
33,912
85,978
78,851
244,735
224,739
INCOME FROM OPERATIONS
79,423
82,215
218,195
225,899
OTHER INCOME, Net
1,883
192
2,711
465
INCOME BEFORE INCOME TAXES
81,306
82,407
220,906
226,364
INCOME TAX EXPENSE
19,920
20,190
54,122
55,459
NET INCOME
$
61,386
$
62,217
$
166,784
$
170,905
EARNINGS PER SHARE:
Basic
$
1.25
$
1.27
$
3.39
$
3.49
Diluted
$
1.24
$
1.26
$
3.37
$
3.46
Basic weighted average shares
49,214
48,946
49,214
48,946
Diluted weighted average shares
49,604
49,362
49,556
49,338
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
October 29, 2022
January 29, 2022 (1)
October 30, 2021
CURRENT ASSETS:
Cash and cash equivalents
$
302,180
$
253,970
$
468,733
Short-term investments
22,902
12,926
11,302
Receivables
16,074
12,087
5,629
Inventory
152,335
102,095
100,593
Prepaid expenses and other assets
12,370
10,128
11,771
Total current assets
505,861
391,206
598,028
PROPERTY AND EQUIPMENT
465,694
453,228
454,118
Less accumulated depreciation and amortization
(356,081)
(352,724)
(354,834)
109,613
100,504
99,284
OPERATING LEASE RIGHT-OF-USE ASSETS
236,147
258,914
264,183
LONG-TERM INVESTMENTS
19,579
19,352
20,024
OTHER ASSETS
12,947
10,908
12,311
Total assets
$
884,147
$
780,884
$
993,830
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
74,028
$
59,950
$
63,518
Accrued employee compensation
44,183
62,055
49,473
Accrued store operating expenses
31,262
20,264
30,789
Gift certificates redeemable
11,782
16,470
11,146
Current portion of operating lease liabilities
78,850
88,273
84,365
Income taxes payable
—
1,529
4
Total current liabilities
240,105
248,541
239,295
DEFERRED COMPENSATION
19,579
19,352
20,024
NON-CURRENT OPERATING LEASE LIABILITIES
188,856
200,067
208,707
Total liabilities
448,540
467,960
468,026
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,091,866 shares at October 29, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at October 30, 2021
