The Buckle, Inc. Reports Third Quarter Net Income | Financial Buzz

The Buckle, Inc. Reports Third Quarter Net Income

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,

2021

 

October 31,

2020

 

October 30,

2021

 

October 31,

2020

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

319,432

 

 

$

251,005

 

 

$

913,677

 

 

$

582,443

 

 

 

 

 

 

 

 

 

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

158,366

 

 

134,055

 

 

463,039

 

 

345,286

 

 

 

 

 

 

 

 

 

Gross profit

161,066

 

 

116,950

 

 

450,638

 

 

237,157

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

67,771

 

 

52,894

 

 

190,827

 

 

124,655

 

General and administrative

11,080

 

 

9,930

 

 

33,912

 

 

29,026

 

 

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 TAXES

82,407

 

 

55,146

 

 

226,364

 

 

85,474

 

 

 

 

 

 

 

 

 

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 shares

48,946

 

 

48,714

 

 

48,946

 

 

48,718

 

Diluted weighted average shares

49,362

 

 

48,987

 

 

49,338

 

 

48,941

 

 

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.

 

 

 

 

 

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!