The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 29, 2023 decreased 8.5 percent to $282.8 million from net sales of $309.1 million for the prior year 13-week fiscal quarter ended April 30, 2022. Comparable store net sales for the 13-week period ended April 29, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended April 30, 2022. Online sales decreased 5.6 percent to $51.3 million for the 13-week period ended April 29, 2023, compared to net sales of $54.3 million for the 13-week period ended April 30, 2022.

Net income for the first quarter of fiscal 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis), compared with net income of $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis) for the first quarter of fiscal 2022.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_F7hbXv9HRVeCsrGOANMJlw. 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

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. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 439 stores in 42 states at the end of the first 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
	April 29, 2023		April 30, 2022
SALES, Net of returns and allowances	$	282,834	$	309,064
COST OF SALES (Including buying, distribution, and occupancy costs)		149,577		156,904
Gross profit		133,257		152,160
OPERATING EXPENSES:
Selling		66,102		67,246
General and administrative		13,425		11,855
		79,527		79,101
INCOME FROM OPERATIONS		53,730		73,059
OTHER INCOME, Net		3,139		125
INCOME BEFORE INCOME TAXES		56,869		73,184
INCOME TAX EXPENSE		13,933		17,930
NET INCOME	$	42,936	$	55,254
EARNINGS PER SHARE:
Basic	$	0.87	$	1.12
Diluted	$	0.86	$	1.12
Basic weighted average shares		49,513		49,214
Diluted weighted average shares		49,861		49,528

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS	April 29, 2023			January 28, 2023 (1)			April 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$	254,433		$	252,077		$	250,073
Short-term investments		23,066			20,997			12,895
Receivables		6,356			12,648			4,414
Inventory		137,735			125,134			121,166
Prepaid expenses and other assets		12,325			12,480			19,663
Total current assets		433,915			423,336			408,211
PROPERTY AND EQUIPMENT		471,152			466,321			457,179
Less accumulated depreciation and amortization		(355,091	)		(353,919	)		(353,891	)
		116,061			112,402			103,288
OPERATING LEASE RIGHT-OF-USE ASSETS		265,716			271,421			245,784
LONG-TERM INVESTMENTS		22,512			20,624			20,136
OTHER ASSETS		10,656			9,796			11,615
Total assets	$	848,860		$	837,579		$	789,034
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	57,774		$	44,835		$	61,246
Accrued employee compensation		17,942			55,490			23,095
Accrued store operating expenses		23,627			19,754			27,549
Gift certificates redeemable		14,325			16,777			13,611
Current portion of operating lease liabilities		84,619			89,187			84,565
Income taxes payable		8,517			—			13,647
Total current liabilities		206,804			226,043			223,713
DEFERRED COMPENSATION		22,512			20,624			20,136
NON-CURRENT OPERATING LEASE LIABILITIES		214,370			214,598			191,592
Total liabilities		443,686			461,265			435,441
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,456,196 shares at April 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,851 shares at April 30, 2022		505			501			501
Additional paid-in capital		182,544			178,964			170,272
Retained earnings		222,125			196,849			182,820
Total stockholders’ equity		405,174			376,314			353,593
Total liabilities and stockholders’ equity	$	848,860		$	837,579		$	789,034
(1) Derived from audited financial statements.