Business Wire | Nov 19, 2021 06:50AM EST

The Buckle, Inc. Reports Third Quarter Net Income

Nov. 19, 2021

KEARNEY, Neb.--(BUSINESS WIRE)--Nov. 19, 2021--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 30, 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 30, 2021 increased 27.3 percent to $319.4 million from net sales of $251.0 million for the prior year 13-week fiscal quarter ended October 31, 2020. Comparable store net sales for the 13-week period ended October 30, 2021 increased 27.3 percent from comparable store net sales for the prior year 13-week period ended October 31, 2020. Online sales increased 9.0 percent to $50.5 million for the 13-week period ended October 30, 2021, compared to net sales of $46.4 million for the 13-week period ended October 31, 2020.

Net sales for the 39-week fiscal period ended October 30, 2021 increased 56.9 percent to $913.7 million from net sales of $582.4 million for the prior year 39-week fiscal period ended October 31, 2020. Comparable store net sales for the 39-week period ended October 30, 2021 increased 56.7 percent from comparable store net sales for the prior year 39-week period ended October 31, 2020. Online sales increased 18.7 percent to $147.7 million for the 39-week period ended October 30, 2021, compared to net sales of $124.4 million for the 39-week period ended October 31, 2020.

Net income for the third quarter of fiscal 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis), compared with net income of $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis) for the third quarter of fiscal 2020.

Net income for the 39-week fiscal period ended October 30, 2021 was $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis), compared with net income of $64.5 million, or $1.32 per share ($1.32 per share on a diluted basis) for the 39-week period ended October 31, 2020.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference the conference code 3631906. A replay of the call will be available for a two-week period beginning today 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 6269408.

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 446 stores in 42 states at the end of the third quarter of fiscal 2020.

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 30, October 31, October 30, October 31, 2021 2020 2021 2020



SALES, Net of returns and $ 319,432 $ 251,005 $ 913,677 $ 582,443 allowances



COST OF SALES (Includingbuying, distribution, and 158,366 134,055 463,039 345,286 occupancy costs)



Gross profit 161,066 116,950 450,638 237,157



OPERATING EXPENSES:

Selling 67,771 52,894 190,827 124,655

General and 11,080 9,930 33,912 29,026 administrative

78,851 62,824 224,739 153,681



INCOME FROM OPERATIONS 82,215 54,126 225,899 83,476



OTHER INCOME, Net 192 1,020 465 1,998



INCOME BEFORE INCOME 82,407 55,146 226,364 85,474 TAXES



INCOME TAX EXPENSE 20,190 13,511 55,459 20,941



NET INCOME $ 62,217 $ 41,635 $ 170,905 $ 64,533





EARNINGS PER SHARE:

Basic $ 1.27 $ 0.85 $ 3.49 $ 1.32



Diluted $ 1.26 $ 0.85 $ 3.46 $ 1.32



Basic weighted average 48,946 48,714 48,946 48,718 shares

Diluted weighted average 49,362 48,987 49,338 48,941 shares

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

October 30,2021

January 30,2021 (1)

October 31,2020

CURRENT ASSETS:

Cash and cash equivalents

$

468,733

$

318,789

$

331,923

Short-term investments

11,302

3,359

7,410

Receivables

5,629

2,823

1,763

Inventory

100,593

101,063

118,707

Prepaid expenses and other assets

11,771

11,190

21,749

Total current assets

598,028

437,224

481,552

PROPERTY AND EQUIPMENT

454,118

451,357

451,708

Less accumulated depreciation and amortization

(354,834

)

(350,942

)

(349,411

)

99,284

100,415

102,297

OPERATING LEASE RIGHT-OF-USE ASSETS

264,183

279,358

287,197

LONG-TERM INVESTMENTS

20,024

18,320

16,729

OTHER ASSETS

12,311

10,497

10,104

Total assets

$

993,830

$

845,814

$

897,879

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

63,518

$

43,399

$

57,629

Accrued employee compensation

49,473

35,865

23,611

Accrued store operating expenses

30,789

20,303

23,096

Gift certificates redeemable

11,146

14,279

12,093

Current portion of operating lease liabilities

84,365

81,762

78,860

Income taxes payable

4

10,751

7,994

Total current liabilities

239,295

206,359

203,283

DEFERRED COMPENSATION

20,024

18,320

16,729

NON-CURRENT OPERATING LEASE LIABILITIES

208,707

224,506

235,463

Total liabilities

468,026

449,185

455,475

COMMITMENTS

STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,783,381 shares at October 30, 2021, 49,407,731 shares at January 30, 2021, and 49,407,731 shares at October 31, 2020

498

494

494

Additional paid-in capital

165,612

158,058

155,778

Retained earnings

359,694

238,077

286,132

Total stockholders' equity

525,804

396,629

442,404

Total liabilities and stockholders' equity

$

993,830

$

845,814

$

897,879

(1) Derived from audited financial statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211119005195/en/

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