The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--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 [phone] for domestic calls or [phone] 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 [phone] for domestic calls or [phone] 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.