The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2021 Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported strong financial results for the fiscal quarter and year ending January 29, 2022. Net income for Q4 reached $83.9 million ($1.71 per share), up from $65.6 million in Q4 2020. For the fiscal year, net income was $254.8 million ($5.20 per share), a significant increase from $130.1 million in the previous year. Net sales for the Q4 increased 19.5% to $380.9 million, while annual sales grew 43.6% to $1.295 billion. Comparable store sales surged 20.0% and 43.8% for Q4 and the fiscal year, respectively.

Positive

• Net income for Q4 increased to $83.9 million from $65.6 million year-over-year.
• Fiscal year net income rose to $254.8 million, compared to $130.1 million in the previous year.
• Net sales for Q4 increased by 19.5% to $380.9 million.
• Annual net sales grew 43.6% to $1.295 billion.
• Comparable store sales up 20.0% for Q4 and 43.8% for the fiscal year.
• Online sales increased by 10.5% in Q4 and 15.9% for the year.

Negative

• None.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 29, 2022 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis). Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 29, 2022 increased 19.5 percent to $380.9 million from net sales of $318.8 million for the prior year 13-week fiscal quarter ended January 30, 2021. Comparable store net sales for the 13-week period ended January 29, 2022 increased 20.0 percent from comparable store net sales for the prior year 13-week period ended January 30, 2021. Online sales increased 10.5 percent to $73.1 million for the 13-week period ended January 29, 2022, compared to net sales of $66.2 million for the 13-week period ended January 30, 2021.

Net sales for the 52-week fiscal year ended January 29, 2022 increased 43.6 percent to $1.295 billion from net sales of $901.3 million for the 52-week fiscal year ended January 30, 2021. Comparable store net sales for the 52-week period ended January 29, 2022 increased 43.8 percent from comparable store net sales for the prior year 52-week period ended January 30, 2021. Online sales increased 15.9 percent to $220.8 million for the 52-week period ended January 29, 2022, compared to net sales of $190.6 million for the 52-week period ended January 30, 2021.

Net income for the fourth quarter of fiscal 2021 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis), compared with $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis) for the fourth quarter of fiscal 2020.

Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis), compared with $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis) for the fiscal year ended January 30, 2021.

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) 767-5651 for domestic calls or (409) 207-6959 for international calls and reference the conference code 4682221. A replay of the call will be available for a two-week period beginning March 11, 2022 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 3665047.

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 439 retail stores in 42 states. As of the end of the fiscal year, it operated 440 stores in 42 states compared with 443 stores in 42 states at the end 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.

Financial Tables to Follow

THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
	13-Weeks Ended								52-Weeks Ended
	January 29, 2022				January 30, 2021				January 29, 2022				January 30, 2021 (1)
SALES, Net of returns and allowances	$	380,930			$	318,835			$	1,294,607			$	901,278
COST OF SALES (Including buying, distribution, and occupancy costs)		178,559				155,324				641,598				500,610
Gross profit		202,371				163,511				653,009				400,668
OPERATING EXPENSES:
Selling		75,597				66,503				266,424				191,158
General and administrative		17,174				12,462				51,086				41,488
		92,771				78,965				317,510				232,646
INCOME FROM OPERATIONS		109,600				84,546				335,499				168,022
OTHER INCOME, Net		1,791				927				2,256				2,925
INCOME BEFORE INCOME TAXES		111,391				85,473				337,755				170,947
INCOME TAX EXPENSE		27,476				19,867				82,935				40,808
NET INCOME	$	83,915			$	65,606			$	254,820			$	130,139
EARNINGS PER SHARE
Basic	$	1.71			$	1.34			$	5.20			$	2.67
Diluted	$	1.69			$	1.33			$	5.16			$	2.66
Basic weighted average shares		49,138				48,869				48,994				48,755
Diluted weighted average shares		49,528				49,228				49,385				49,013
(1) Derived from audited financial statements

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS	January 29, 2022				January 30, 2021 (1)
CURRENT ASSETS:
Cash and cash equivalents	$	253,970			$	318,789
Short-term investments		12,926				3,359
Receivables		12,087				2,823
Inventory		102,095				101,063
Prepaid expenses and other assets		10,128				11,190
Total current assets		391,206				437,224
PROPERTY AND EQUIPMENT		453,228				451,357
Less accumulated depreciation and amortization		(352,724	)			(350,942	)
		100,504				100,415
OPERATING LEASE RIGHT-OF-USE ASSETS		258,914				279,358
LONG-TERM INVESTMENTS		19,352				18,320
OTHER ASSETS		10,908				10,497
Total assets	$	780,884			$	845,814
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	59,950			$	43,399
Accrued employee compensation		62,055				35,865
Accrued store operating expenses		20,264				20,303
Gift certificates redeemable		16,470				14,279
Current portion of operating lease liabilities		88,273				81,762
Income taxes payable		1,529				10,751
Total current liabilities		248,541				206,359
DEFERRED COMPENSATION		19,352				18,320
NON-CURRENT OPERATING LEASE LIABILITIES		200,067				224,506
Total liabilities		467,960				449,185
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,728,651 and 49,407,731 shares issued and outstanding at January 29, 2022 and January 30, 2021, respectively		497				494
Additional paid-in capital		167,328				158,058
Retained earnings		145,099				238,077
Total stockholders’ equity		312,924				396,629
Total liabilities and stockholders’ equity	$	780,884			$	845,814
(1) Derived from audited financial statements

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220311005062/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What were Buckle's Q4 2021 earnings results?

Buckle reported Q4 net income of $83.9 million, or $1.71 per share.

How did Buckle's annual sales perform for fiscal 2021?

Buckle's annual net sales increased by 43.6% to $1.295 billion for fiscal 2021.

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

Buckle's comparable store sales increased by 20.0% in Q4 and 43.8% for the fiscal year.

How much did online sales increase for Buckle in fiscal 2021?

Online sales for Buckle increased by 15.9% to $220.8 million for the fiscal year.