The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- 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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230526005034/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.