THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended July 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended July 31, 2021. Comparable store net sales for the 13-week period ended July 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended July 31, 2021. Online sales increased 6.5 percent to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of $43.4 million for the 13-week period ended July 31, 2021.
Net sales for the 26-week fiscal period ended July 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended July 31, 2021. Comparable store net sales for the 26-week period ended July 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended July 31, 2021. Online sales increased 3.5 percent to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of $97.2 million for the 26-week period ended July 31, 2021.
Net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.
Net income for the 26-week fiscal period ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended July 31, 2021.
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 2084271. 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 9468609.
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 441 stores in 42 states compared with 442 stores in 42 states at the end of the second 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
Twenty-Six Weeks Ended
July 30, 2022
July 31, 2021
July 30, 2022
July 31, 2021
SALES, Net of returns and allowances
$
301,976
$
295,120
$
611,040
$
594,245
COST OF SALES (Including buying, distribution, and occupancy costs)
156,607
153,101
313,511
304,673
Gross profit
145,369
142,019
297,529
289,572
OPERATING EXPENSES:
Selling
67,982
63,056
135,228
123,056
General and administrative
11,674
11,081
23,529
22,832
79,656
74,137
158,757
145,888
INCOME FROM OPERATIONS
65,713
67,882
138,772
143,684
OTHER INCOME, Net
703
222
828
273
INCOME BEFORE INCOME TAXES
66,416
68,104
139,600
143,957
INCOME TAX EXPENSE
16,272
16,685
34,202
35,269
NET INCOME
$
50,144
$
51,419
$
105,398
$
108,688
EARNINGS PER SHARE:
Basic
$
1.02
$
1.05
$
2.14
$
2.22
Diluted
$
1.01
$
1.04
$
2.13
$
2.20
Basic weighted average shares
49,214
48,946
49,214
48,946
Diluted weighted average shares
49,535
49,341
49,531
49,325
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
July 30, 2022
January 29, 2022 (1)
July 31, 2021
CURRENT ASSETS:
Cash and cash equivalents
$
266,731
$
253,970
$
406,714
Short-term investments
17,387
12,926
8,592
Receivables
13,015
12,087
6,667
Inventory
128,498
102,095
95,276
Prepaid expenses and other assets
9,445
10,128
20,294
Total current assets
435,076
391,206
537,543
PROPERTY AND EQUIPMENT
460,362
453,228
452,460
Less accumulated depreciation and amortization
(353,929)
(352,724)
(352,773)
106,433
100,504
99,687
OPERATING LEASE RIGHT-OF-USE ASSETS
234,634
258,914
264,177
LONG-TERM INVESTMENTS
20,640
19,352
19,558
OTHER ASSETS
12,281
10,908
11,720
Total assets
$
809,064
$
780,884
$
932,685
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
63,036
$
59,950
$
67,812
Accrued employee compensation
29,509
62,055
33,878
Accrued store operating expenses
30,497
20,264
30,724
Gift certificates redeemable
12,411
16,470
11,434
Current portion of operating lease liabilities
80,827
88,273
82,255
Income taxes payable
—
1,529
—
Total current liabilities
216,280
248,541
226,103
DEFERRED COMPENSATION
20,163
19,352
19,558
NON-CURRENT OPERATING LEASE LIABILITIES
183,643
200,067
209,472
Total liabilities
420,086
467,960
455,133
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at July 30, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at July 31, 2021
