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The Buckle, Inc. Reports Third Quarter Net Income

11/17/2023

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.

 

 

 

 

 

 

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

Source: The Buckle, Inc.

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