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 May 4, 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 7.2 percent to $262.5 million from net sales of $282.8 million for the prior year 13-week fiscal quarter ended April 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 9.0 percent from comparable store net sales for the prior year 13-week period ended May 6, 2023. Online sales decreased 13.4 percent to $44.4 million for the 13-week fiscal quarter ended May 4, 2024, compared to net sales of $51.3 million for the 13-week fiscal quarter ended April 29, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter are compared to the 13-week period ended May 6, 2023.

Net income for the first quarter of fiscal 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis), compared with net income of $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis) for the first quarter of fiscal 2023.

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_zp-00jfFTbC_Ilct3roVWQ. 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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the first quarter of fiscal 2023.

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.
Financial Tables to Follow

THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
	Thirteen Weeks Ended
	May 4, 2024		April 29, 2023
SALES, Net of returns and allowances	$	262,480	$	282,834
COST OF SALES (Including buying, distribution, and occupancy costs)		141,783		149,577
Gross profit		120,697		133,257
OPERATING EXPENSES:
Selling		63,726		66,102
General and administrative		14,575		13,425
		78,301		79,527
INCOME FROM OPERATIONS		42,396		53,730
OTHER INCOME, Net		3,754		3,139
INCOME BEFORE INCOME TAXES		46,150		56,869
INCOME TAX EXPENSE		11,307		13,933
NET INCOME	$	34,843	$	42,936
EARNINGS PER SHARE:
Basic	$	0.70	$	0.87
Diluted	$	0.69	$	0.86
Basic weighted average shares		49,854		49,513
Diluted weighted average shares		50,172		49,861

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS	May 4, 2024			February 3, 2024 (1)			April 29, 2023
CURRENT ASSETS:
Cash and cash equivalents	$	267,427		$	268,213		$	254,433
Short-term investments		23,052			22,210			23,066
Receivables		6,139			8,697			6,356
Inventory		130,661			126,290			137,735
Prepaid expenses and other assets		19,550			18,846			12,325
Total current assets		446,829			444,256			433,915
PROPERTY AND EQUIPMENT		493,025			489,037			471,152
Less accumulated depreciation and amortization		(360,950	)		(360,200	)		(355,091	)
		132,075			128,837			116,061
OPERATING LEASE RIGHT-OF-USE ASSETS		288,646			280,813			265,716
LONG-TERM INVESTMENTS		26,763			24,993			22,512
OTHER ASSETS		11,757			10,911			10,656
Total assets	$	906,070		$	889,810		$	848,860
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	54,811		$	45,958		$	57,774
Accrued employee compensation		13,767			49,827			17,942
Accrued store operating expenses		23,477			19,067			23,627
Gift certificates redeemable		14,370			16,667			14,325
Current portion of operating lease liabilities		83,645			85,265			84,619
Income taxes payable		15,210			4,672			8,517
Total current liabilities		205,280			221,456			206,804
DEFERRED COMPENSATION		26,763			24,993			22,512
NON-CURRENT OPERATING LEASE LIABILITIES		240,212			230,141			214,370
Total liabilities		472,255			476,590			443,686
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,778,536 shares at May 4, 2024, 50,445,186 shares at February 3, 2024, and 50,456,196 shares at April 29, 2023		508			504			505
Additional paid-in capital		196,208			192,686			182,544
Retained earnings		237,099			220,030			222,125
Total stockholders’ equity		433,815			413,220			405,174
Total liabilities and stockholders’ equity	$	906,070		$	889,810		$	848,860
(1) Derived from audited financial statements.