The Buckle, Inc. Reports First Quarter Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a net income of $55.3 million for the fiscal quarter ending April 30, 2022, translating to $1.12 per share. This marks a slight decrease from $57.3 million or $1.17 per share in the same quarter last year. Net sales for the quarter rose by 3.3% to $309.1 million, compared to $299.1 million in the previous year. Comparable store sales increased by 3.7%, while online sales grew 1.1% to $54.3 million.

Positive

• Net sales increased by 3.3% to $309.1 million.
• Comparable store net sales rose by 3.7%.
• Online sales saw a 1.1% increase to $54.3 million.

Negative

• Net income decreased from $57.3 million to $55.3 million.
• Earnings per share fell from $1.17 to $1.12.

KEARNEY, Neb.--(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/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What were Buckle's net sales for the first quarter of fiscal 2022?

Buckle reported net sales of $309.1 million for the first quarter of fiscal 2022.

How much did Buckle earn per share in the last quarter?

Buckle earned $1.12 per share for the fiscal quarter ending April 30, 2022.

What was the increase in Buckle's comparable store sales?

Buckle's comparable store net sales increased by 3.7% for the last quarter.

How did Buckle's online sales perform last quarter?

Online sales for Buckle increased by 1.1% to $54.3 million for the quarter.

What was Buckle's net income for the fiscal quarter ended April 30, 2022?

Buckle's net income was $55.3 million for the fiscal quarter ending April 30, 2022.