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The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 29, 2023 was $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 29, 2023 decreased 3.2 percent to $292.4 million from net sales of $302.0 million for the prior year 13-week fiscal quarter ended July 30, 2022. Comparable store net sales for the 13-week period ended July 29, 2023 decreased 3.3 percent from comparable store net sales for the prior year 13-week period ended July 30, 2022. Online sales decreased 5.6 percent to $43.6 million for the 13-week period ended July 29, 2023, compared to net sales of $46.2 million for the 13-week period ended July 30, 2022.

Net sales for the 26-week fiscal period ended July 29, 2023 decreased 5.9 percent to $575.3 million from net sales of $611.0 million for the prior year 26-week fiscal period ended July 30, 2022. Comparable store net sales for the 26-week period ended July 29, 2023 decreased 6.3 percent from comparable store net sales for the prior year 26-week period ended July 30, 2022. Online sales decreased 5.6 percent to $94.9 million for the 26-week period ended July 29, 2023, compared to net sales of $100.6 million for the 26-week period ended July 30, 2022.

Net income for the second quarter of fiscal 2023 was $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis), compared with net income of $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis) for the second quarter of fiscal 2022.

Net income for the 26-week fiscal period ended July 29, 2023 was $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis), compared with net income of $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis) for the 26-week period ended July 30, 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_YFkU-QZnRgqRIIMBN2YIOg. 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 quarter, it operated 440 stores in 42 states compared with 441 stores in 42 states at the end of the second 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.

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 29,

2023

 

July 30,

2022

 

July 29,

2023

 

July 30,

2022

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

292,428

 

$

301,976

 

$

575,262

 

$

611,040

 

 

 

 

 

 

 

 

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

 

154,016

 

 

156,607

 

 

303,593

 

 

313,511

 

 

 

 

 

 

 

 

Gross profit

 

138,412

 

 

145,369

 

 

271,669

 

 

297,529

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

68,737

 

 

67,982

 

 

134,839

 

 

135,228

General and administrative

 

12,914

 

 

11,674

 

 

26,339

 

 

23,529

 

 

81,651

 

 

79,656

 

 

161,178

 

 

158,757

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

56,761

 

 

65,713

 

 

110,491

 

 

138,772

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

3,693

 

 

703

 

 

6,832

 

 

828

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

60,454

 

 

66,416

 

 

117,323

 

 

139,600

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

14,814

 

 

16,272

 

 

28,747

 

 

34,202

 

 

 

 

 

 

 

 

NET INCOME

$

45,640

 

$

50,144

 

$

88,576

 

$

105,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.92

 

$

1.02

 

$

1.79

 

$

2.14

 

 

 

 

 

 

 

 

Diluted

$

0.92

 

$

1.01

 

$

1.78

 

$

2.13

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,513

 

 

49,214

 

 

49,513

 

 

49,214

Diluted weighted average shares

 

49,875

 

 

49,535

 

 

49,868

 

 

49,531

 
 

THE BUCKLE, INC.

 
 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

ASSETS

July 29,

2023

 

January 28,

2023 (1)

 

July 30,

2022

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

275,583

 

 

$

252,077

 

 

$

266,731

 

Short-term investments

 

23,714

 

 

 

20,997

 

 

 

17,387

 

Receivables

 

9,675

 

 

 

12,648

 

 

 

13,015

 

Inventory

 

136,074

 

 

 

125,134

 

 

 

128,498

 

Prepaid expenses and other assets

 

10,181

 

 

 

12,480

 

 

 

9,445

 

Total current assets

 

455,227

 

 

 

423,336

 

 

 

435,076

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

475,997

 

 

 

466,321

 

 

 

460,362

 

Less accumulated depreciation and amortization

 

(356,737

)

 

 

(353,919

)

 

 

(353,929

)

 

 

119,260

 

 

 

112,402

 

 

 

106,433

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

251,978

 

 

 

271,421

 

 

 

234,634

 

LONG-TERM INVESTMENTS

 

23,616

 

 

 

20,624

 

 

 

20,640

 

OTHER ASSETS

 

11,466

 

 

 

9,796

 

 

 

12,281

 

 

 

 

 

 

 

Total assets

$

861,547

 

 

$

837,579

 

 

$

809,064

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

54,261

 

 

$

44,835

 

 

$

63,036

 

Accrued employee compensation

 

22,357

 

 

 

55,490

 

 

 

29,509

 

Accrued store operating expenses

 

26,533

 

 

 

19,754

 

 

 

30,497

 

Gift certificates redeemable

 

12,960

 

 

 

16,777

 

 

 

12,411

 

Current portion of operating lease liabilities

 

80,664

 

 

 

89,187

 

 

 

80,827

 

Total current liabilities

 

196,775

 

 

 

226,043

 

 

 

216,280

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

23,616

 

 

 

20,624

 

 

 

20,163

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

204,620

 

 

 

214,598

 

 

 

183,643

 

Total liabilities

 

425,011

 

 

 

461,265

 

 

 

420,086

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,445,926 shares at July 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,751 shares at July 30, 2022

 

504

 

 

 

501

 

 

 

501

 

Additional paid-in capital

 

185,921

 

 

 

178,964

 

 

 

173,046

 

Retained earnings

 

250,111

 

 

 

196,849

 

 

 

215,431

 

Total stockholders’ equity

 

436,536

 

 

 

376,314

 

 

 

388,978

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

861,547

 

 

$

837,579

 

 

$

809,064

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

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