Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call

The Buckle, Inc. Reports First Quarter Net Income


The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2022 increased 3.3 percent to $309.1 million from net sales of $299.1 million for the prior year 13-week fiscal quarter ended May 1, 2021. Comparable store net sales for the 13-week period ended April 30, 2022 increased 3.7 percent from comparable store net sales for the prior year 13-week period ended May 1, 2021. Online sales increased 1.1 percent to $54.3 million for the 13-week period ended April 30, 2022, compared to net sales of $53.7 million for the 13-week period ended May 1, 2021.

Net income for the first quarter of fiscal 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis), compared with net income of $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis) for the first quarter of fiscal 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 (877) 226-8189 for domestic calls or (409) 207-6980 for international calls and reference the conference code 6007325. 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 7485794.

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 440 retail stores in 42 states, which includes the opening of one new store this week in Spanish Fork, Utah. As of the end of the fiscal quarter, it operated 439 stores in 42 states compared with 442 stores in 42 states at the end of the first 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

 

April 30,
2022

 

May 1,
2021

 

 

 

 

SALES, Net of returns and allowances

$

309,064

 

 

$

299,125

 

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

 

156,904

 

 

 

151,572

 

 

 

 

 

Gross profit

 

152,160

 

 

 

147,553

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

Selling

 

67,246

 

 

 

60,000

 

General and administrative

 

11,855

 

 

 

11,751

 

 

 

79,101

 

 

 

71,751

 

 

 

 

 

INCOME FROM OPERATIONS

 

73,059

 

 

 

75,802

 

 

 

 

 

OTHER INCOME, Net

 

125

 

 

 

51

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

73,184

 

 

 

75,853

 

 

 

 

 

INCOME TAX EXPENSE

 

17,930

 

 

 

18,584

 

 

 

 

 

NET INCOME

$

55,254

 

 

$

57,269

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

Basic

$

1.12

 

 

$

1.17

 

 

 

 

 

Diluted

$

1.12

 

 

$

1.16

 

 

 

 

 

Basic weighted average shares

 

49,214

 

 

 

48,946

 

Diluted weighted average shares

 

49,528

 

 

49,309

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

April 30,
2022

 

January 29,
2022 (1)

 

May 1,
2021

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

250,073

 

 

$

253,970

 

 

$

393,153

 

Short-term investments

 

12,895

 

 

 

12,926

 

 

 

697

 

Receivables

 

4,414

 

 

 

12,087

 

 

 

1,670

 

Inventory

 

121,166

 

 

 

102,095

 

 

 

89,017

 

Prepaid expenses and other assets

 

19,663

 

 

 

10,128

 

 

 

20,615

 

Total current assets

 

408,211

 

 

 

391,206

 

 

 

505,152

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

457,179

 

 

 

453,228

 

 

 

452,662

 

Less accumulated depreciation and amortization

 

(353,891

)

 

 

(352,724

)

 

 

(352,627

)

 

 

103,288

 

 

 

100,504

 

 

 

100,035

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

245,784

 

 

 

258,914

 

 

 

280,805

 

LONG-TERM INVESTMENTS

 

20,136

 

 

 

19,352

 

 

 

19,087

 

OTHER ASSETS

 

11,615

 

 

 

10,908

 

 

 

11,128

 

 

 

 

 

 

 

Total assets

$

789,034

 

 

$

780,884

 

 

$

916,207

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

61,246

 

 

$

59,950

 

 

$

53,632

 

Accrued employee compensation

 

23,095

 

 

 

62,055

 

 

 

26,474

 

Accrued store operating expenses

 

27,549

 

 

 

20,264

 

 

 

27,355

 

Gift certificates redeemable

 

13,611

 

 

 

16,470

 

 

 

12,215

 

Current portion of operating lease liabilities

 

84,565

 

 

 

88,273

 

 

 

84,628

 

Income taxes payable

 

13,647

 

 

 

1,529

 

 

 

29,737

 

Total current liabilities

 

223,713

 

 

 

248,541

 

 

 

234,041

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

20,136

 

 

 

19,352

 

 

 

19,087

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

191,592

 

 

 

200,067

 

 

 

222,981

 

Total liabilities

 

435,441

 

 

 

467,960

 

 

 

476,109

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,851 shares at April 30, 2022, 49,728,651 shares at January 29, 2022, and 49,788,891 shares at May 1, 2021

 

501

 

 

 

497

 

 

 

498

 

Additional paid-in capital

 

170,272

 

 

 

167,328

 

 

 

160,684

 

Retained earnings

 

182,820

 

 

 

145,099

 

 

 

278,916

 

Total stockholders' equity

 

353,593

 

 

 

312,924

 

 

 

440,098

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

$

789,034

 

 

$

780,884

 

 

$

916,207

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 


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