Business Wire | Mar 12, 2021 06:50AM EST

The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2020 Net Income

Mar. 12, 2021

KEARNEY, Neb.--(BUSINESS WIRE)--Mar. 12, 2021--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2021 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis). Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2021 increased 17.7 percent to $318.8 million from net sales of $271.0 million for the prior year 13-week fiscal quarter ended February 1, 2020. Comparable store net sales for the 13-week period ended January 30, 2021 increased 18.0 percent from comparable store net sales for the prior year 13-week period ended February 1, 2020. Online sales increased 81.5 percent to $66.2 million for the 13-week period ended January 30, 2021, compared to net sales of $36.4 million for the 13-week period ended February 1, 2020.

Net sales for the 52-week fiscal year ended January 30, 2021 increased 0.1 percent to $901.3 million from net sales of $900.3 million for the 52-week fiscal year ended February 1, 2020. Comparable store net sales for the 52-week period ended January 30, 2021 increased 0.4 percent from comparable store net sales for the prior year 52-week period ended February 1, 2020. Online sales increased 72.0 percent to $190.6 million for the 52-week period ended January 30, 2021, compared to net sales of $110.8 million for the 52-week period ended February 1, 2020.

Net income for the fourth quarter of fiscal 2020 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis), compared with $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis) for the fourth quarter of fiscal 2019.

Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis), compared with $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis) for the fiscal year ended February 1, 2020.

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) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 741907. A replay of the call will be available for a two-week period beginning March 12, 2021 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 8830453.

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 year, it operated 443 stores in 42 states compared with 448 stores in 42 states at the end of fiscal 2019.

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.

THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)



13-Weeks Ended 52-Weeks Ended

January 30, February 1, January 30, February 1, 2021 2020 2021 2020 (1)



SALES, Net of returns $ 318,835 $ 271,003 $ 901,278 $ 900,254 and allowances



COST OF SALES (Includingbuying, distribution, 155,324 142,413 500,610 522,780 and occupancy costs)



Gross profit 163,511 128,590 400,668 377,474



OPERATING EXPENSES:

Selling 66,503 58,054 191,158 204,480

General and 12,462 10,685 41,488 41,497 administrative

78,965 68,739 232,646 245,977



INCOME FROM OPERATIONS 84,546 59,851 168,022 131,497



OTHER INCOME, Net 927 1,764 2,925 6,210



INCOME BEFORE INCOME 85,473 61,615 170,947 137,707 TAXES



INCOME TAX EXPENSE 19,867 14,636 40,808 33,278



NET INCOME $ 65,606 $ 46,979 $ 130,139 $ 104,429





EARNINGS PER SHARE

Basic $ 1.34 $ 0.96 $ 2.67 $ 2.15



Diluted $ 1.33 $ 0.96 $ 2.66 $ 2.14



Basic weighted average 48,869 48,698 48,755 48,587 shares

Diluted weighted average 49,228 48,948 49,013 48,813 shares



(1) Derived from auditedfinancial statements

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

January 30,2021

February 1,2020 (1)

CURRENT ASSETS:

Cash and cash equivalents

$

318,789

$

220,969

Short-term investments

3,359

12,532

Receivables

2,823

3,136

Inventory

101,063

121,258

Prepaid expenses and other assets

11,190

20,935

Total current assets

437,224

378,830

PROPERTY AND EQUIPMENT

451,357

452,205

Less accumulated depreciation and amortization

(350,942

)

(338,357

)

100,415

113,848

OPERATING LEASE RIGHT-OF-USE ASSETS

279,358

350,088

LONG-TERM INVESTMENTS

18,320

15,863

OTHER ASSETS

10,497

9,261

Total assets

$

845,814

$

867,890

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

43,399

$

26,491

Accrued employee compensation

35,865

22,929

Accrued store operating expenses

20,303

17,837

Gift certificates redeemable

14,279

15,319

Current portion of operating lease liabilities

81,762

87,314

Income taxes payable

10,751

2,751

Total current liabilities

206,359

172,641

DEFERRED COMPENSATION

18,320

15,863

NON-CURRENT OPERATING LEASE LIABILITIES

224,506

290,238

Total liabilities

449,185

478,742

COMMITMENTS

STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; 49,407,731 and 49,205,681 shares issued and outstanding at January 30, 2021 and February 1, 2020, respectively

494

492

Additional paid-in capital

158,058

152,258

Retained earnings

238,077

236,398

Total stockholders' equity

396,629

389,148

Total liabilities and stockholders' equity

$

845,814

$

867,890

(1) Derived from audited financial statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20210312005050/en/

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