The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2020 Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a robust fiscal performance for the quarter and year ending January 30, 2021. Net income for Q4 surged to $65.6 million, translating to $1.34 per share, compared to $47.0 million in Q4 FY2019. Total net sales for the quarter rose by 17.7% to $318.8 million, while comparable store net sales climbed 18.0%.

For the full fiscal year, net income reached $130.1 million, or $2.67 per share, slightly up from $104.4 million last year. Online sales exhibited significant growth, with a 72.0% increase, signaling a strong digital performance.

Positive

• Q4 net income increased by 39.8% to $65.6 million.
• Q4 net sales rose 17.7% to $318.8 million.
• Online sales surged 81.5% to $66.2 million in Q4.
• Full fiscal year net income increased to $130.1 million.

Negative

• Total net sales for the fiscal year increased only 0.1% to $901.3 million.

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2021 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis). Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2021 increased 17.7 percent to $318.8 million from net sales of $271.0 million for the prior year 13-week fiscal quarter ended February 1, 2020. Comparable store net sales for the 13-week period ended January 30, 2021 increased 18.0 percent from comparable store net sales for the prior year 13-week period ended February 1, 2020. Online sales increased 81.5 percent to $66.2 million for the 13-week period ended January 30, 2021, compared to net sales of $36.4 million for the 13-week period ended February 1, 2020.

Net sales for the 52-week fiscal year ended January 30, 2021 increased 0.1 percent to $901.3 million from net sales of $900.3 million for the 52-week fiscal year ended February 1, 2020. Comparable store net sales for the 52-week period ended January 30, 2021 increased 0.4 percent from comparable store net sales for the prior year 52-week period ended February 1, 2020. Online sales increased 72.0 percent to $190.6 million for the 52-week period ended January 30, 2021, compared to net sales of $110.8 million for the 52-week period ended February 1, 2020.

Net income for the fourth quarter of fiscal 2020 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis), compared with $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis) for the fourth quarter of fiscal 2019.

Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis), compared with $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis) for the fiscal year ended February 1, 2020.

Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. 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 741907. A replay of the call will be available for a two-week period beginning March 12, 2021 at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8830453.

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 year, it operated 443 stores in 42 states compared with 448 stores in 42 states at the end of fiscal 2019.

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)
		13-Weeks Ended								52-Weeks Ended
		January 30, 2021				February 1, 2020				January 30, 2021				February 1, 2020 (1)
SALES, Net of returns and allowances		$	318,835			$	271,003			$	901,278			$	900,254
COST OF SALES (Including buying, distribution, and occupancy costs)		155,324				142,413				500,610				522,780
Gross profit		163,511				128,590				400,668				377,474
OPERATING EXPENSES:
Selling		66,503				58,054				191,158				204,480
General and administrative		12,462				10,685				41,488				41,497
		78,965				68,739				232,646				245,977
INCOME FROM OPERATIONS		84,546				59,851				168,022				131,497
OTHER INCOME, Net		927				1,764				2,925				6,210
INCOME BEFORE INCOME TAXES		85,473				61,615				170,947				137,707
INCOME TAX EXPENSE		19,867				14,636				40,808				33,278
NET INCOME		$	65,606			$	46,979			$	130,139			$	104,429
EARNINGS PER SHARE
Basic		$	1.34			$	0.96			$	2.67			$	2.15
Diluted		$	1.33			$	0.96			$	2.66			$	2.14
Basic weighted average shares		48,869				48,698				48,755				48,587
Diluted weighted average shares		49,228				48,948				49,013				48,813
(1) Derived from audited financial statements

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS		January 30, 2021				February 1, 2020 (1)
CURRENT ASSETS:
Cash and cash equivalents		$	318,789			$	220,969
Short-term investments		3,359				12,532
Receivables		2,823				3,136
Inventory		101,063				121,258
Prepaid expenses and other assets		11,190				20,935
Total current assets		437,224				378,830
PROPERTY AND EQUIPMENT		451,357				452,205
Less accumulated depreciation and amortization		(350,942		)		(338,357		)
		100,415				113,848
OPERATING LEASE RIGHT-OF-USE ASSETS		279,358				350,088
LONG-TERM INVESTMENTS		18,320				15,863
OTHER ASSETS		10,497				9,261
Total assets		$	845,814			$	867,890
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	43,399			$	26,491
Accrued employee compensation		35,865				22,929
Accrued store operating expenses		20,303				17,837
Gift certificates redeemable		14,279				15,319
Current portion of operating lease liabilities		81,762				87,314
Income taxes payable		10,751				2,751
Total current liabilities		206,359				172,641
DEFERRED COMPENSATION		18,320				15,863
NON-CURRENT OPERATING LEASE LIABILITIES		224,506				290,238
Total liabilities		449,185				478,742
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,407,731 and 49,205,681 shares issued and outstanding at January 30, 2021 and February 1, 2020, respectively		494				492
Additional paid-in capital		158,058				152,258
Retained earnings		238,077				236,398
Total stockholders’ equity		396,629				389,148
Total liabilities and stockholders’ equity		$	845,814			$	867,890
(1) Derived from audited financial statements

 

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FAQ

What were Buckle's earnings for Q4 2021?

Buckle's net income for Q4 2021 was $65.6 million, or $1.34 per share.

How did online sales perform for Buckle in fiscal 2021?

Buckle's online sales increased by 72.0% to $190.6 million for the fiscal year.

What was the comparable store sales growth for Buckle in Q4 2021?

Comparable store net sales for Q4 2021 increased by 18.0%.

How does Buckle's full year net income for 2021 compare to 2020?

Buckle's net income for the fiscal year 2021 was $130.1 million, up from $104.4 million in 2020.