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

KEARNEY, Neb.--(BUSINESS WIRE)--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 [phone] for domestic calls or [phone] 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 [phone] for domestic calls or [phone] 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, 2021		February 1, 2020		January 30, 2021		February 1, 2020 (1)
SALES, Net of returns and allowances	$	318,835	$	271,003	$	901,278	$	900,254
COST OF SALES (Including buying, distribution, and occupancy costs)	155,324		142,413		500,610		522,780
Gross profit	163,511		128,590		400,668		377,474
OPERATING EXPENSES:
Selling	66,503		58,054		191,158		204,480
General and administrative	12,462		10,685		41,488		41,497
	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 TAXES	85,473		61,615		170,947		137,707
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 shares	48,869		48,698		48,755		48,587
Diluted weighted average shares	49,228		48,948		49,013		48,813
(1) Derived from audited financial 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