The Buckle, Inc. Reports Third Quarter Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a net income of $61.4 million, or $1.25 per share, for the quarter ending October 29, 2022. This represents a 4.0 percent increase in net sales to $332.3 million compared to the same quarter last year. Comparable store net sales rose 3.0 percent, while online sales grew 8.8 percent to $55.0 million. For the 39-week period, net sales increased 3.3 percent to $943.4 million, although net income for this period decreased to $166.8 million, or $3.39 per share, down from $170.9 million.

Positive

• None.

Negative

• Net income decreased by $0.8 million year-over-year for the third quarter.
• Net income for the 39-week period fell by $4.1 million compared to the previous year.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2022 increased 4.0 percent to $332.3 million from net sales of $319.4 million for the prior year 13-week fiscal quarter ended October 30, 2021. Comparable store net sales for the 13-week period ended October 29, 2022 increased 3.0 percent from comparable store net sales for the prior year 13-week period ended October 30, 2021. Online sales increased 8.8 percent to $55.0 million for the 13-week period ended October 29, 2022, compared to net sales of $50.5 million for the 13-week period ended October 30, 2021.

Net sales for the 39-week fiscal period ended October 29, 2022 increased 3.3 percent to $943.4 million from net sales of $913.7 million for the prior year 39-week fiscal period ended October 30, 2021. Comparable store net sales for the 39-week period ended October 29, 2022 increased 2.8 percent from comparable store net sales for the prior year 39-week period ended October 30, 2021. Online sales increased 5.3 percent to $155.6 million for the 39-week period ended October 29, 2022, compared to net sales of $147.7 million for the 39-week period ended October 30, 2021.

Net income for the third quarter of fiscal 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis), compared with net income of $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis) for the third quarter of fiscal 2021.

Net income for the 39-week fiscal period ended October 29, 2022 was $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis), compared with net income of $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis) for the 39-week period ended October 30, 2021.

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_c9nka5YSTCiTHK7GfZYoTA. 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 441 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 441 stores in 42 states at the end of the third 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						Thirty-Nine Weeks Ended
		October 29, 2022			October 30, 2021			October 29, 2022			October 30, 2021
SALES, Net of returns and allowances		$	332,341		$	319,432		$	943,381		$	913,677
COST OF SALES (Including buying, distribution, and occupancy costs)			166,940			158,366			480,451			463,039
Gross profit			165,401			161,066			462,930			450,638
OPERATING EXPENSES:
Selling			74,148			67,771			209,376			190,827
General and administrative			11,830			11,080			35,359			33,912
			85,978			78,851			244,735			224,739
INCOME FROM OPERATIONS			79,423			82,215			218,195			225,899
OTHER INCOME, Net			1,883			192			2,711			465
INCOME BEFORE INCOME TAXES			81,306			82,407			220,906			226,364
INCOME TAX EXPENSE			19,920			20,190			54,122			55,459
NET INCOME		$	61,386		$	62,217		$	166,784		$	170,905
EARNINGS PER SHARE:
Basic		$	1.25		$	1.27		$	3.39		$	3.49
Diluted		$	1.24		$	1.26		$	3.37		$	3.46
Basic weighted average shares			49,214			48,946			49,214			48,946
Diluted weighted average shares			49,604			49,362			49,556			49,338

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS		October 29, 2022				January 29, 2022 (1)				October 30, 2021
CURRENT ASSETS:
Cash and cash equivalents		$	302,180			$	253,970			$	468,733
Short-term investments			22,902				12,926				11,302
Receivables			16,074				12,087				5,629
Inventory			152,335				102,095				100,593
Prepaid expenses and other assets			12,370				10,128				11,771
Total current assets			505,861				391,206				598,028
PROPERTY AND EQUIPMENT			465,694				453,228				454,118
Less accumulated depreciation and amortization			(356,081	)			(352,724	)			(354,834	)
			109,613				100,504				99,284
OPERATING LEASE RIGHT-OF-USE ASSETS			236,147				258,914				264,183
LONG-TERM INVESTMENTS			19,579				19,352				20,024
OTHER ASSETS			12,947				10,908				12,311
Total assets		$	884,147			$	780,884			$	993,830
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	74,028			$	59,950			$	63,518
Accrued employee compensation			44,183				62,055				49,473
Accrued store operating expenses			31,262				20,264				30,789
Gift certificates redeemable			11,782				16,470				11,146
Current portion of operating lease liabilities			78,850				88,273				84,365
Income taxes payable			—				1,529				4
Total current liabilities			240,105				248,541				239,295
DEFERRED COMPENSATION			19,579				19,352				20,024
NON-CURRENT OPERATING LEASE LIABILITIES			188,856				200,067				208,707
Total liabilities			448,540				467,960				468,026
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,091,866 shares at October 29, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at October 30, 2021			501				497				498
Additional paid-in capital			175,821				167,328				165,612
Retained earnings			259,285				145,099				359,694
Total stockholders’ equity			435,607				312,924				525,804
Total liabilities and stockholders’ equity		$	884,147			$	780,884			$	993,830
(1) Derived from audited financial statements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221118005077/en/

Thomas B. Heacock, Chief Financial Officer The Buckle, Inc. (308) 236-8491

Source: The Buckle, Inc.

FAQ

What was Buckle's net income for Q3 2022?

Buckle reported a net income of $61.4 million, or $1.25 per share, for Q3 2022.

How did Buckle's sales perform in the third quarter of 2022?

Net sales increased by 4.0 percent to $332.3 million for the third quarter of 2022.

What is the comparison of Buckle's online sales in Q3 2022 to the previous year?

Online sales grew by 8.8 percent to $55.0 million in Q3 2022.

How much did Buckle's net income decline for the 39-week fiscal period?

Net income for the 39-week period decreased by $4.1 million compared to the prior year.

What was the percentage increase in comparable store net sales for Buckle in Q3 2022?

Comparable store net sales increased by 3.0 percent in Q3 2022.