THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 NET INCOME
KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 3, 2024 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis). Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis).
Net sales for the 14-week fiscal quarter ended February 3, 2024 decreased 4.8 percent to $382.4 million from net sales of $401.8 million for the prior year 13-week fiscal quarter ended January 28, 2023. Comparable store net sales for the 14-week period ended February 3, 2024 decreased 9.6 percent from comparable store net sales for the prior year 14-week period ended February 4, 2023. Online sales decreased 12.4 percent to $65.5 million for the 14-week period ended February 3, 2024, compared to net sales of $74.8 million for the 13-week period ended January 28, 2023.
Net sales for the 53-week fiscal year ended February 3, 2024 decreased 6.3 percent to $1.261 billion from net sales of $1.345 billion for the 52-week fiscal year ended January 28, 2023. Comparable store net sales for the 53-week period ended February 3, 2024 decreased 8.0 percent from comparable store net sales for the prior year 53-week period ended February 4, 2023. Online sales decreased 10.3 percent to $206.5 million for the 53-week period ended February 3, 2024, compared to net sales of $230.4 million for the 52-week period ended January 28, 2023.
Net income for the fourth quarter of fiscal 2023 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis), compared with $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis) for the fourth quarter of fiscal 2022.
Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis), compared with $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis) for the fiscal year ended January 28, 2023.
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_CBup_6qlSkqkYS6A6HUQIw. 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 year, it operated 444 stores in 42 states compared with 441 stores in 42 states at the end 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)
14-Weeks Ended
13-Weeks Ended
53-Weeks Ended
52-Weeks Ended
February 3, 2024
January 28, 2023
February 3, 2024
January 28, 2023 (1)
SALES, Net of returns and allowances
$
382,383
$
401,806
$
1,261,102
$
1,345,187
COST OF SALES (Including buying, distribution, and occupancy costs)
182,202
188,733
642,037
669,184
Gross profit
200,181
213,073
619,065
676,003
OPERATING EXPENSES:
Selling
85,937
84,515
291,018
293,891
General and administrative
17,741
18,621
56,988
53,980
103,678
103,136
348,006
347,871
INCOME FROM OPERATIONS
96,503
109,937
271,059
328,132
OTHER INCOME, Net
6,834
4,213
18,156
6,924
INCOME BEFORE INCOME TAXES
103,337
114,150
289,215
335,056
INCOME TAX EXPENSE
23,756
26,308
69,296
80,430
NET INCOME
$
79,581
$
87,842
$
219,919
$
254,626
EARNINGS PER SHARE
Basic
$
1.60
$
1.78
$
4.44
$
5.17
Diluted
$
1.59
$
1.76
$
4.40
$
5.13
Basic weighted average shares
49,791
49,435
49,582
49,269
Diluted weighted average shares
50,148
49,856
49,955
49,631
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
February 3, 2024
January 28, 2023 (1)
CURRENT ASSETS:
Cash and cash equivalents
$
268,213
$
252,077
Short-term investments
22,210
20,997
Receivables
8,697
12,648
Inventory
126,290
125,134
Prepaid expenses and other assets
18,846
12,480
Total current assets
444,256
423,336
PROPERTY AND EQUIPMENT
489,037
466,321
Less accumulated depreciation and amortization
(360,200)
(353,919)
128,837
112,402
OPERATING LEASE RIGHT-OF-USE ASSETS
280,813
271,421
LONG-TERM INVESTMENTS
24,993
20,624
OTHER ASSETS
10,911
9,796
Total assets
$
889,810
$
837,579
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
45,958
$
44,835
Accrued employee compensation
49,827
55,490
Accrued store operating expenses
19,067
19,754
Gift certificates redeemable
16,667
16,777
Current portion of operating lease liabilities
85,265
89,187
Income taxes payable
4,672
—
Total current liabilities
221,456
226,043
DEFERRED COMPENSATION
24,993
20,624
NON-CURRENT OPERATING LEASE LIABILITIES
230,141
214,598
Total liabilities
476,590
461,265
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 50,445,186 and 50,092,616 shares issued and outstanding at February 3, 2024 and January 28, 2023, respectively
