The Buckle, Inc. Reports Second Quarter Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported net income of $50.1 million for the fiscal quarter ending July 30, 2022, equating to $1.02 per share. This marks a 2.3% increase in net sales to $302 million compared to $295.1 million the previous year. Comparable store net sales rose by 1.6%, while online sales grew by 6.5%, reaching $46.2 million. For the 26-week period, net sales increased by 2.8% to $611 million. However, net income for the second quarter declined from $51.4 million last year, reflecting broader market challenges.

Positive

• Net sales for Q2 2022 increased 2.3% to $302 million.
• Comparable store net sales rose 1.6% for the same quarter.
• Online sales increased by 6.5% to $46.2 million.

Negative

• Net income decreased from $51.4 million in Q2 2021 to $50.1 million in Q2 2022.
• Net income for the 26-week period declined to $105.4 million from $108.7 million the previous year.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended July 31, 2021. Comparable store net sales for the 13-week period ended July 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended July 31, 2021. Online sales increased 6.5 percent to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of $43.4 million for the 13-week period ended July 31, 2021.

Net sales for the 26-week fiscal period ended July 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended July 31, 2021. Comparable store net sales for the 26-week period ended July 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended July 31, 2021. Online sales increased 3.5 percent to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of $97.2 million for the 26-week period ended July 31, 2021.

Net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.

Net income for the 26-week fiscal period ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended July 31, 2021.

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 2084271. 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 9468609.

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 441 stores in 42 states compared with 442 stores in 42 states at the end of the second quarter 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)
	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	July 30, 2022			July 31, 2021			July 30, 2022			July 31, 2021
SALES, Net of returns and allowances	$	301,976		$	295,120		$	611,040		$	594,245
COST OF SALES (Including buying, distribution, and occupancy costs)		156,607			153,101			313,511			304,673
Gross profit		145,369			142,019			297,529			289,572
OPERATING EXPENSES:
Selling		67,982			63,056			135,228			123,056
General and administrative		11,674			11,081			23,529			22,832
		79,656			74,137			158,757			145,888
INCOME FROM OPERATIONS		65,713			67,882			138,772			143,684
OTHER INCOME, Net		703			222			828			273
INCOME BEFORE INCOME TAXES		66,416			68,104			139,600			143,957
INCOME TAX EXPENSE		16,272			16,685			34,202			35,269
NET INCOME	$	50,144		$	51,419		$	105,398		$	108,688
EARNINGS PER SHARE:
Basic	$	1.02		$	1.05		$	2.14		$	2.22
Diluted	$	1.01		$	1.04		$	2.13		$	2.20
Basic weighted average shares		49,214			48,946			49,214			48,946
Diluted weighted average shares		49,535			49,341			49,531			49,325

THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS	July 30, 2022				January 29, 2022 (1)				July 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$	266,731			$	253,970			$	406,714
Short-term investments		17,387				12,926				8,592
Receivables		13,015				12,087				6,667
Inventory		128,498				102,095				95,276
Prepaid expenses and other assets		9,445				10,128				20,294
Total current assets		435,076				391,206				537,543
PROPERTY AND EQUIPMENT		460,362				453,228				452,460
Less accumulated depreciation and amortization		(353,929	)			(352,724	)			(352,773	)
		106,433				100,504				99,687
OPERATING LEASE RIGHT-OF-USE ASSETS		234,634				258,914				264,177
LONG-TERM INVESTMENTS		20,640				19,352				19,558
OTHER ASSETS		12,281				10,908				11,720
Total assets	$	809,064			$	780,884			$	932,685
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	63,036			$	59,950			$	67,812
Accrued employee compensation		29,509				62,055				33,878
Accrued store operating expenses		30,497				20,264				30,724
Gift certificates redeemable		12,411				16,470				11,434
Current portion of operating lease liabilities		80,827				88,273				82,255
Income taxes payable		—				1,529				—
Total current liabilities		216,280				248,541				226,103
DEFERRED COMPENSATION		20,163				19,352				19,558
NON-CURRENT OPERATING LEASE LIABILITIES		183,643				200,067				209,472
Total liabilities		420,086				467,960				455,133
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at July 30, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at July 31, 2021		501				497				498
Additional paid-in capital		173,046				167,328				163,148
Retained earnings		215,431				145,099				313,906
Total stockholders’ equity		388,978				312,924				477,552
Total liabilities and stockholders’ equity	$	809,064			$	780,884			$	932,685
(1) Derived from audited financial statements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220819005039/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What were the recent earnings for The Buckle (BKE)?

The Buckle reported net income of $50.1 million, or $1.02 per share, for the fiscal quarter ending July 30, 2022.

How did The Buckle's net sales perform in Q2 2022?

Net sales increased by 2.3% to $302 million for the fiscal quarter ended July 30, 2022.

What are the comparable store net sales figures for The Buckle (BKE) in Q2 2022?

Comparable store net sales rose by 1.6% for the quarter ending July 30, 2022.

How much did online sales grow for The Buckle (BKE)?

Online sales increased by 6.5% to $46.2 million for the quarter ended July 30, 2022.

What was the financial performance of The Buckle (BKE) for the 26-week period ending July 30, 2022?

For the 26-week period, net sales increased by 2.8% to $611 million, but net income declined to $105.4 million from $108.7 million.