The Buckle, Inc. Reports Third Quarter Net Income

Rhea-AI Summary

The Buckle, Inc. (NYSE: BKE) reported a decrease in net sales and comparable store net sales for the fiscal quarter and 39-week period ended October 28, 2023, compared to the prior year. Online sales also declined for the same periods. The company's net income for the third quarter and 39-week fiscal period of 2023 also decreased compared to the same periods in 2022. The management will hold a live audio webcast to discuss the results for the quarter.

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 28, 2023 was $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 28, 2023 decreased 8.7 percent to $303.5 million from net sales of $332.3 million for the prior year 13-week fiscal quarter ended October 29, 2022. Comparable store net sales for the 13-week period ended October 28, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended October 29, 2022. Online sales decreased 16.2 percent to $46.1 million for the 13-week period ended October 28, 2023, compared to net sales of $55.0 million for the 13-week period ended October 29, 2022.

Net sales for the 39-week fiscal period ended October 28, 2023 decreased 6.9 percent to $878.7 million from net sales of $943.4 million for the prior year 39-week fiscal period ended October 29, 2022. Comparable store net sales for the 39-week period ended October 28, 2023 decreased 7.3 percent from comparable store net sales for the prior year 39-week period ended October 29, 2022. Online sales decreased 9.4 percent to $141.0 million for the 39-week period ended October 28, 2023, compared to net sales of $155.6 million for the 39-week period ended October 29, 2022.

Net income for the third quarter of fiscal 2023 was $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis), compared with net income of $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis) for the third quarter of fiscal 2022.

Net income for the 39-week fiscal period ended October 28, 2023 was $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis), compared with net income of $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis) for the 39-week period ended October 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_A5_s0zUvQ1yhslHLlO71Ww. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 445 retail stores in 42 states, which includes the opening of two new stores during fiscal November located in Park City, Utah and Bristol, Tennessee. As of the end of the fiscal quarter, it operated 443 stores in 42 states compared with 441 stores in 42 states at the end of the third quarter of fiscal 2022.

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.

THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited)
	Thirteen Weeks Ended						Thirty-Nine Weeks Ended
	October 28, 2023			October 29, 2022			October 28, 2023			October 29, 2022
SALES, Net of returns and allowances	$	303,457		$	332,341		$	878,719		$	943,381
COST OF SALES (Including buying, distribution, and occupancy costs)		156,242			166,940			459,835			480,451
Gross profit		147,215			165,401			418,884			462,930
OPERATING EXPENSES:
Selling		70,242			74,148			205,081			209,376
General and administrative		12,908			11,830			39,247			35,359
		83,150			85,978			244,328			244,735
INCOME FROM OPERATIONS		64,065			79,423			174,556			218,195
OTHER INCOME, Net		4,490			1,883			11,322			2,711
INCOME BEFORE INCOME TAXES		68,555			81,306			185,878			220,906
INCOME TAX EXPENSE		16,793			19,920			45,540			54,122
NET INCOME	$	51,762		$	61,386		$	140,338		$	166,784
EARNINGS PER SHARE:
Basic	$	1.05		$	1.25		$	2.83		$	3.39
Diluted	$	1.04		$	1.24		$	2.81		$	3.37
Basic weighted average shares		49,513			49,214			49,513			49,214
Diluted weighted average shares		49,937			49,604			49,891			49,556

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS	October 28, 2023				January 28, 2023 (1)				October 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$	311,657			$	252,077			$	302,180
Short-term investments		23,446				20,997				22,902
Receivables		10,341				12,648				16,074
Inventory		152,289				125,134				152,335
Prepaid expenses and other assets		11,206				12,480				12,370
Total current assets		508,939				423,336				505,861
PROPERTY AND EQUIPMENT		483,435				466,321				465,694
Less accumulated depreciation and amortization		(359,367	)			(353,919	)			(356,081	)
		124,068				112,402				109,613
OPERATING LEASE RIGHT-OF-USE ASSETS		253,418				271,421				236,147
LONG-TERM INVESTMENTS		22,508				20,624				19,579
OTHER ASSETS		12,274				9,796				12,947
Total assets	$	921,207			$	837,579			$	884,147
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	63,320			$	44,835			$	74,028
Accrued employee compensation		34,784				55,490				44,183
Accrued store operating expenses		26,335				19,754				31,262
Gift certificates redeemable		12,305				16,777				11,782
Current portion of operating lease liabilities		78,884				89,187				78,850
Income taxes payable		536				—				—
Total current liabilities		216,164				226,043				240,105
DEFERRED COMPENSATION		22,508				20,624				19,579
NON-CURRENT OPERATING LEASE LIABILITIES		208,517				214,598				188,856
Total liabilities		447,189				461,265				448,540
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,445,386 shares at October 28, 2023, 50,092,616 shares at January 28, 2023, and 50,091,866 shares at October 29, 2022		504				501				501
Additional paid-in capital		189,297				178,964				175,821
Retained earnings		284,217				196,849				259,285
Total stockholders’ equity		474,018				376,314				435,607
Total liabilities and stockholders’ equity	$	921,207			$	837,579			$	884,147
(1) Derived from audited financial statements.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231117982865/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Source: The Buckle, Inc.

FAQ

What is the net income and net sales for The Buckle, Inc. for the fiscal quarter ended October 28, 2023?

The net income for the fiscal quarter ended October 28, 2023, was $51.8 million, and the net sales decreased 8.7 percent to $303.5 million.

How did the comparable store net sales and online sales perform for The Buckle, Inc. for the 13-week period ended October 28, 2023?

The comparable store net sales decreased by 9.2 percent, and online sales decreased by 16.2 percent for the 13-week period ended October 28, 2023.

What is the net income for The Buckle, Inc. for the third quarter of fiscal 2023?

The net income for the third quarter of fiscal 2023 was $51.8 million.

Where can I access the replay of the live audio webcast to discuss The Buckle, Inc.'s results for the quarter?

The replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event.