THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2022 NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 28, 2023 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis). Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 28, 2023 increased 5.5 percent to $401.8 million from net sales of $380.9 million for the prior year 13-week fiscal quarter ended January 29, 2022. Comparable store net sales for the 13-week period ended January 28, 2023 increased 4.6 percent from comparable store net sales for the prior year 13-week period ended January 29, 2022. Online sales increased 2.3 percent to $74.8 million for the 13-week period ended January 28, 2023, compared to net sales of $73.1 million for the 13-week period ended January 29, 2022.
Net sales for the 52-week fiscal year ended January 28, 2023 increased 3.9 percent to $1.345 billion from net sales of $1.295 billion for the 52-week fiscal year ended January 29, 2022. Comparable store net sales for the 52-week period ended January 28, 2023 increased 3.3 percent from comparable store net sales for the prior year 52-week period ended January 29, 2022. Online sales increased 4.3 percent to $230.4 million for the 52-week period ended January 28, 2023, compared to net sales of $220.8 million for the 52-week period ended January 29, 2022.
Net income for the fourth quarter of fiscal 2022 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis), compared with $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis) for the fourth quarter of fiscal 2021.
Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis), compared with $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis) for the fiscal year ended January 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_MIZ0HR0LTMqjX3Svcsqi0g. 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 439 retail stores in 42 states. As of the end of the fiscal year, it operated 441 stores in 42 states compared with 440 stores in 42 states at the end 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)
13-Weeks Ended
52-Weeks Ended
January 28, 2023
January 29, 2022
January 28, 2023
January 29, 2022 (1)
SALES, Net of returns and allowances
$
401,806
$
380,930
$
1,345,187
$
1,294,607
COST OF SALES (Including buying, distribution, and occupancy costs)
188,733
178,559
669,184
641,598
Gross profit
213,073
202,371
676,003
653,009
OPERATING EXPENSES:
Selling
84,515
75,597
293,891
266,424
General and administrative
18,621
17,174
53,980
51,086
103,136
92,771
347,871
317,510
INCOME FROM OPERATIONS
109,937
109,600
328,132
335,499
OTHER INCOME, Net
4,213
1,791
6,924
2,256
INCOME BEFORE INCOME TAXES
114,150
111,391
335,056
337,755
INCOME TAX EXPENSE
26,308
27,476
80,430
82,935
NET INCOME
$
87,842
$
83,915
$
254,626
$
254,820
EARNINGS PER SHARE
Basic
$
1.78
$
1.71
$
5.17
$
5.20
Diluted
$
1.76
$
1.69
$
5.13
$
5.16
Basic weighted average shares
49,435
49,138
49,269
48,994
Diluted weighted average shares
49,856
49,528
49,631
49,385
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
January 28, 2023
January 29, 2022 (1)
CURRENT ASSETS:
Cash and cash equivalents
$
252,077
$
253,970
Short-term investments
20,997
12,926
Receivables
12,648
12,087
Inventory
125,134
102,095
Prepaid expenses and other assets
12,480
10,128
Total current assets
423,336
391,206
PROPERTY AND EQUIPMENT
466,321
453,228
Less accumulated depreciation and amortization
(353,919)
(352,724)
112,402
100,504
OPERATING LEASE RIGHT-OF-USE ASSETS
271,421
258,914
LONG-TERM INVESTMENTS
20,624
19,352
OTHER ASSETS
9,796
10,908
Total assets
$
837,579
$
780,884
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
44,835
$
59,950
Accrued employee compensation
55,490
62,055
Accrued store operating expenses
19,754
20,264
Gift certificates redeemable
16,777
16,470
Current portion of operating lease liabilities
89,187
88,273
Income taxes payable
—
1,529
Total current liabilities
226,043
248,541
DEFERRED COMPENSATION
20,624
19,352
NON-CURRENT OPERATING LEASE LIABILITIES
214,598
200,067
Total liabilities
461,265
467,960
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 50,092,616 and 49,728,651 shares issued and outstanding at January 28, 2023 and January 29, 2022, respectively
