The Buckle, Inc. Reports First Quarter Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a net income of $57.3 million, or $1.17 per share, for Q1 2021, a significant turnaround from a net loss of $11.8 million in Q1 2020. Net sales surged 159.2% to $299.1 million, compared to $115.4 million in the same period last year. Online sales increased 67.3% to $53.7 million. The company will not report comparable store sales for the periods significantly impacted by COVID-19 store closures, affecting prior year sales data.

Positive

• Net income of $57.3 million compared to a loss of $11.8 million in Q1 2020.
• Net sales increased 159.2% to $299.1 million compared to $115.4 million in Q1 2020.
• Online sales rose 67.3% to $53.7 million versus $32.1 million in Q1 2020.

Negative

• No comparable store sales reported for the periods impacted by COVID-19.
• Four fewer retail locations compared to the previous year.

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 1, 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 1, 2021 increased 159.2 percent to $299.1 million from net sales of $115.4 million for the prior year 13-week fiscal quarter ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent from net sales of $201.3 million for the 13-week fiscal quarter ended May 4, 2019. Online sales increased 67.3 percent to $53.7 million for the 13-week period ended May 1, 2021, compared to net sales of $32.1 million for the 13-week period ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 120.0 percent from net sales of $24.4 million for the 13-week period ended May 4, 2019.

Net income for the first quarter of fiscal 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis), compared with a net loss of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis) for the first quarter of fiscal 2020.

Results for fiscal 2020 were significantly impacted by the Company’s closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the store closures on prior year reported net sales, the Company will report total net sales compared to the past two years and does not plan to separately report comparable store sales for the periods most affected by the store closures.

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 (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 1433238. 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 6096737.

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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 442 stores in 42 states compared with 446 stores in 42 states at the end of the first quarter of fiscal 2020.

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.

THE BUCKLE, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited)
	Thirteen Weeks Ended
	May 1, 2021				May 2, 2020
SALES, Net of returns and allowances	$	299,125			$	115,413
COST OF SALES (Including buying, distribution, and occupancy costs)	151,572				88,588
Gross profit	147,553				26,825
OPERATING EXPENSES:
Selling	60,000				33,504
General and administrative	11,751				9,503
	71,751				43,007
INCOME (LOSS) FROM OPERATIONS	75,802				(16,182		)
OTHER INCOME, Net	51				574
INCOME (LOSS) BEFORE INCOME TAXES	75,853				(15,608		)
INCOME TAX EXPENSE (BENEFIT)	18,584				(3,824		)
NET INCOME (LOSS)	$	57,269			$	(11,784	)
EARNINGS (LOSS) PER SHARE:
Basic	$	1.17			$	(0.24	)

FAQ

What were Buckle's net income and earnings per share for Q1 2021?

Buckle reported a net income of $57.3 million, or $1.17 per share, for Q1 2021.

How did Buckle's net sales perform in Q1 2021 compared to Q1 2020?

Net sales increased by 159.2% to $299.1 million in Q1 2021 compared to $115.4 million in Q1 2020.

What is the increase in Buckle's online sales for Q1 2021?

Buckle's online sales rose 67.3% to $53.7 million in Q1 2021.

Why doesn't Buckle report comparable store sales for the latest quarter?

Buckle does not report comparable store sales due to the significant impact of COVID-19 store closures on prior year sales data.

How many retail locations does Buckle operate as of Q1 2021?

As of Q1 2021, Buckle operates 442 retail stores, down from 446 in the previous year.