The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2022 Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported strong financial results for the fiscal quarter and year ended January 28, 2023. Net income rose to $87.8 million ($1.78 per share) for the quarter, up from $83.9 million in the same period last year. For the fiscal year, net income was $254.6 million ($5.17 per share), slightly down from $254.8 million year-over-year. Net sales increased by 5.5% to $401.8 million for the quarter and by 3.9% to $1.345 billion for the year. Comparable store sales also saw growth, rising by 4.6% for the quarter and 3.3% for the year. Online sales also improved, showcasing an increase of 2.3% for the quarter and 4.3% for the year.

Positive

• Fourth quarter net income increased to $87.8 million, up from $83.9 million year-over-year.
• Net sales for the quarter were $401.8 million, a 5.5% increase from the prior year.
• Comparable store net sales grew by 4.6% for the quarter.
• Fiscal year net income was $254.6 million, demonstrating strong profitability.
• Online sales increased by 4.3% for the fiscal year, reaching $230.4 million.

Negative

• Net income for the fiscal year slightly declined from $254.8 million to $254.6 million.
• Earnings per share for the fiscal year decreased from $5.20 to $5.17.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 28, 2023 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis). Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 28, 2023 increased 5.5 percent to $401.8 million from net sales of $380.9 million for the prior year 13-week fiscal quarter ended January 29, 2022. Comparable store net sales for the 13-week period ended January 28, 2023 increased 4.6 percent from comparable store net sales for the prior year 13-week period ended January 29, 2022. Online sales increased 2.3 percent to $74.8 million for the 13-week period ended January 28, 2023, compared to net sales of $73.1 million for the 13-week period ended January 29, 2022.

Net sales for the 52-week fiscal year ended January 28, 2023 increased 3.9 percent to $1.345 billion from net sales of $1.295 billion for the 52-week fiscal year ended January 29, 2022. Comparable store net sales for the 52-week period ended January 28, 2023 increased 3.3 percent from comparable store net sales for the prior year 52-week period ended January 29, 2022. Online sales increased 4.3 percent to $230.4 million for the 52-week period ended January 28, 2023, compared to net sales of $220.8 million for the 52-week period ended January 29, 2022.

Net income for the fourth quarter of fiscal 2022 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis), compared with $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis) for the fourth quarter of fiscal 2021.

Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis), compared with $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis) for the fiscal year ended January 29, 2022.

Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_MIZ0HR0LTMqjX3Svcsqi0g. A replay of the event can be accessed through Buckle’s investor relations website at https://corporate.buckle.com/investors/earnings-webcasts approximately two hours after the conclusion of the live event.

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 441 stores in 42 states compared with 440 stores in 42 states at the end 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)
	13-Weeks Ended						52-Weeks Ended
	January 28, 2023			January 29, 2022			January 28, 2023			January 29, 2022 (1)
SALES, Net of returns and allowances	$	401,806		$	380,930		$	1,345,187		$	1,294,607
COST OF SALES (Including buying, distribution, and occupancy costs)		188,733			178,559			669,184			641,598
Gross profit		213,073			202,371			676,003			653,009
OPERATING EXPENSES:
Selling		84,515			75,597			293,891			266,424
General and administrative		18,621			17,174			53,980			51,086
		103,136			92,771			347,871			317,510
INCOME FROM OPERATIONS		109,937			109,600			328,132			335,499
OTHER INCOME, Net		4,213			1,791			6,924			2,256
INCOME BEFORE INCOME TAXES		114,150			111,391			335,056			337,755
INCOME TAX EXPENSE		26,308			27,476			80,430			82,935
NET INCOME	$	87,842		$	83,915		$	254,626		$	254,820
EARNINGS PER SHARE
Basic	$	1.78		$	1.71		$	5.17		$	5.20
Diluted	$	1.76		$	1.69		$	5.13		$	5.16
Basic weighted average shares		49,435			49,138			49,269			48,994
Diluted weighted average shares		49,856			49,528			49,631			49,385
(1) Derived from audited financial statements

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS	January 28, 2023				January 29, 2022 (1)
CURRENT ASSETS:
Cash and cash equivalents	$	252,077			$	253,970
Short-term investments		20,997				12,926
Receivables		12,648				12,087
Inventory		125,134				102,095
Prepaid expenses and other assets		12,480				10,128
Total current assets		423,336				391,206
PROPERTY AND EQUIPMENT		466,321				453,228
Less accumulated depreciation and amortization		(353,919	)			(352,724	)
		112,402				100,504
OPERATING LEASE RIGHT-OF-USE ASSETS		271,421				258,914
LONG-TERM INVESTMENTS		20,624				19,352
OTHER ASSETS		9,796				10,908
Total assets	$	837,579			$	780,884
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	44,835			$	59,950
Accrued employee compensation		55,490				62,055
Accrued store operating expenses		19,754				20,264
Gift certificates redeemable		16,777				16,470
Current portion of operating lease liabilities		89,187				88,273
Income taxes payable		—				1,529
Total current liabilities		226,043				248,541
DEFERRED COMPENSATION		20,624				19,352
NON-CURRENT OPERATING LEASE LIABILITIES		214,598				200,067
Total liabilities		461,265				467,960
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 50,092,616 and 49,728,651 shares issued and outstanding at January 28, 2023 and January 29, 2022, respectively		501				497
Additional paid-in capital		178,964				167,328
Retained earnings		196,849				145,099
Total stockholders’ equity		376,314				312,924
Total liabilities and stockholders’ equity	$	837,579			$	780,884
(1) Derived from audited financial statements

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005057/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What were The Buckle's earnings for Q4 2022?

The Buckle reported net income of $87.8 million for Q4 2022, or $1.78 per share.

How did The Buckle perform in terms of sales for the fiscal year 2022?

For the fiscal year 2022, The Buckle's net sales increased by 3.9% to $1.345 billion.

What was the increase in comparable store net sales for Q4 2022?

Comparable store net sales for Q4 2022 increased by 4.6%.

What is the stock symbol for The Buckle?

The stock symbol for The Buckle is BKE.

How much did online sales increase for The Buckle in fiscal year 2022?

Online sales for The Buckle increased by 4.3% in fiscal year 2022.