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The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 29, 2023 decreased 8.5 percent to $282.8 million from net sales of $309.1 million for the prior year 13-week fiscal quarter ended April 30, 2022. Comparable store net sales for the 13-week period ended April 29, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended April 30, 2022. Online sales decreased 5.6 percent to $51.3 million for the 13-week period ended April 29, 2023, compared to net sales of $54.3 million for the 13-week period ended April 30, 2022.

Net income for the first quarter of fiscal 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis), compared with net income of $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis) for the first quarter of fiscal 2022.

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_F7hbXv9HRVeCsrGOANMJlw. 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

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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 439 stores in 42 states at the end of the first 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.

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

Thirteen Weeks Ended

 

April 29,

2023

 

April 30,

2022

 

 

 

 

SALES, Net of returns and allowances

$

282,834

 

$

309,064

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

 

149,577

 

 

156,904

 

 

 

 

Gross profit

 

133,257

 

 

152,160

 

 

 

 

OPERATING EXPENSES:

 

 

 

Selling

 

66,102

 

 

67,246

General and administrative

 

13,425

 

 

11,855

 

 

79,527

 

 

79,101

 

 

 

 

INCOME FROM OPERATIONS

 

53,730

 

 

73,059

 

 

 

 

OTHER INCOME, Net

 

3,139

 

 

125

 

 

 

 

INCOME BEFORE INCOME TAXES

 

56,869

 

 

73,184

 

 

 

 

INCOME TAX EXPENSE

 

13,933

 

 

17,930

 

 

 

 

NET INCOME

$

42,936

 

$

55,254

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

Basic

$

0.87

 

$

1.12

 

 

 

 

Diluted

$

0.86

 

$

1.12

 

 

 

 

Basic weighted average shares

 

49,513

 

 

49,214

Diluted weighted average shares

 

49,861

 

 

49,528

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

April 29,

2023

 

January 28,

2023 (1)

 

April 30,

2022

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

254,433

 

 

$

252,077

 

 

$

250,073

 

Short-term investments

 

23,066

 

 

 

20,997

 

 

 

12,895

 

Receivables

 

6,356

 

 

 

12,648

 

 

 

4,414

 

Inventory

 

137,735

 

 

 

125,134

 

 

 

121,166

 

Prepaid expenses and other assets

 

12,325

 

 

 

12,480

 

 

 

19,663

 

Total current assets

 

433,915

 

 

 

423,336

 

 

 

408,211

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

471,152

 

 

 

466,321

 

 

 

457,179

 

Less accumulated depreciation and amortization

 

(355,091

)

 

 

(353,919

)

 

 

(353,891

)

 

 

116,061

 

 

 

112,402

 

 

 

103,288

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

265,716

 

 

 

271,421

 

 

 

245,784

 

LONG-TERM INVESTMENTS

 

22,512

 

 

 

20,624

 

 

 

20,136

 

OTHER ASSETS

 

10,656

 

 

 

9,796

 

 

 

11,615

 

 

 

 

 

 

 

Total assets

$

848,860

 

 

$

837,579

 

 

$

789,034

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

57,774

 

 

$

44,835

 

 

$

61,246

 

Accrued employee compensation

 

17,942

 

 

 

55,490

 

 

 

23,095

 

Accrued store operating expenses

 

23,627

 

 

 

19,754

 

 

 

27,549

 

Gift certificates redeemable

 

14,325

 

 

 

16,777

 

 

 

13,611

 

Current portion of operating lease liabilities

 

84,619

 

 

 

89,187

 

 

 

84,565

 

Income taxes payable

 

8,517

 

 

 

 

 

 

13,647

 

Total current liabilities

 

206,804

 

 

 

226,043

 

 

 

223,713

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

22,512

 

 

 

20,624

 

 

 

20,136

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

214,370

 

 

 

214,598

 

 

 

191,592

 

Total liabilities

 

443,686

 

 

 

461,265

 

 

 

435,441

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,456,196 shares at April 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,851 shares at April 30, 2022

 

505

 

 

 

501

 

 

 

501

 

Additional paid-in capital

 

182,544

 

 

 

178,964

 

 

 

170,272

 

Retained earnings

 

222,125

 

 

 

196,849

 

 

 

182,820

 

Total stockholders’ equity

 

405,174

 

 

 

376,314

 

 

 

353,593

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

848,860

 

 

$

837,579

 

 

$

789,034

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

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