The Buckle, Inc. Reports First Quarter Net Income

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KEARNEY, Neb., May 26, 2022--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2022 increased 3.3 percent to $309.1 million from net sales of $299.1 million for the prior year 13-week fiscal quarter ended May 1, 2021. Comparable store net sales for the 13-week period ended April 30, 2022 increased 3.7 percent from comparable store net sales for the prior year 13-week period ended May 1, 2021. Online sales increased 1.1 percent to $54.3 million for the 13-week period ended April 30, 2022, compared to net sales of $53.7 million for the 13-week period ended May 1, 2021.

Net income for the first quarter of fiscal 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis), compared with net income of $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis) for the first quarter of fiscal 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 (877) 226-8189 for domestic calls or (409) 207-6980 for international calls and reference the conference code 6007325. 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 7485794.

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, which includes the opening of one new store this week in Spanish Fork, Utah. As of the end of the fiscal quarter, it operated 439 stores in 42 states compared with 442 stores in 42 states at the end of the first 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

April 30,
2022

May 1,
2021

SALES, Net of returns and allowances

$

309,064

$

299,125

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

156,904

151,572

Gross profit

152,160

147,553

OPERATING EXPENSES:

Selling

67,246

60,000

General and administrative

11,855

11,751

79,101

71,751

INCOME FROM OPERATIONS

73,059

75,802

OTHER INCOME, Net

125

51

INCOME BEFORE INCOME TAXES

73,184

75,853

INCOME TAX EXPENSE

17,930

18,584

NET INCOME

$

55,254

$

57,269

EARNINGS PER SHARE:

Basic

$

1.12

$

1.17

Diluted

$

1.12

$

1.16

Basic weighted average shares

49,214

48,946

Diluted weighted average shares

49,528

49,309

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

April 30,
2022

January 29,
2022 (1)

May 1,
2021

CURRENT ASSETS:

Cash and cash equivalents

$

250,073

$

253,970

$

393,153

Short-term investments

12,895

12,926

697

Receivables

4,414

12,087

1,670

Inventory

121,166

102,095

89,017

Prepaid expenses and other assets

19,663

10,128

20,615

Total current assets

408,211

391,206

505,152

PROPERTY AND EQUIPMENT

457,179

453,228

452,662

Less accumulated depreciation and amortization

(353,891

)

(352,724

)

(352,627

)

103,288

100,504

100,035

OPERATING LEASE RIGHT-OF-USE ASSETS

245,784

258,914

280,805

LONG-TERM INVESTMENTS

20,136

19,352

19,087

OTHER ASSETS

11,615

10,908

11,128

Total assets

$

789,034

$

780,884

$

916,207

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

61,246

$

59,950

$

53,632

Accrued employee compensation

23,095

62,055

26,474

Accrued store operating expenses

27,549

20,264

27,355

Gift certificates redeemable

13,611

16,470

12,215

Current portion of operating lease liabilities

84,565

88,273

84,628

Income taxes payable

13,647

1,529

29,737

Total current liabilities

223,713

248,541

234,041

DEFERRED COMPENSATION

20,136

19,352

19,087

NON-CURRENT OPERATING LEASE LIABILITIES

191,592

200,067

222,981

Total liabilities

435,441

467,960

476,109

COMMITMENTS

STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,851 shares at April 30, 2022, 49,728,651 shares at January 29, 2022, and 49,788,891 shares at May 1, 2021

501

497

498

Additional paid-in capital

170,272

167,328

160,684

Retained earnings

182,820

145,099

278,916

Total stockholders’ equity

353,593

312,924

440,098

Total liabilities and stockholders’ equity

$

789,034

$

780,884

$

916,207

(1) Derived from audited financial statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005093/en/

Contacts

Thomas B. Heacock, Chief Financial Officer
The Buckle, Inc.
(308) 236-8491

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