The Buckle, Inc. Reports Second Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 3.4 percent to $282.4 million from net sales of $292.4 million for the prior year 13-week fiscal quarter ended July 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 6.6 percent from comparable store net sales for the prior year 13-week period ended August 5, 2023. Online sales decreased 15.2 percent to $37.0 million for the 13-week fiscal quarter ended August 3, 2024, compared to net sales of $43.6 million for the 13-week fiscal quarter ended July 29, 2023.

Net sales for the 26-week fiscal period ended August 3, 2024 decreased 5.3 percent to $544.9 million from net sales of $575.3 million for the prior year 26-week fiscal period ended July 29, 2023. Comparable store net sales for the 26-week period ended August 3, 2024 decreased 7.7 percent from comparable store net sales for the prior year 26-week period ended August 5, 2023. Online sales decreased 14.2 percent to $81.4 million for the 26-week period ended August 3, 2024, compared to net sales of $94.9 million for the 26-week period ended July 29, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 5, 2023.

Net income for the second quarter of fiscal 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with net income of $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) for the second quarter of fiscal 2023.

Net income for the 26-week fiscal period ended August 3, 2024 was $74.1 million, or $1.49 per share ($1.48 per share on a diluted basis), compared with net income of $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis) for the 26-week period ended July 29, 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_wgdrgn2oR764cUMOxJG06g. 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 second 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				Twenty-Six Weeks Ended
	August 3, 2024		July 29, 2023		August 3, 2024		July 29, 2023
SALES, Net of returns and allowances	$	282,392	$	292,428	$	544,872	$	575,262
COST OF SALES (Including buying, distribution, and occupancy costs)		149,858		154,016		291,641		303,593
Gross profit		132,534		138,412		253,231		271,669
OPERATING EXPENSES:
Selling		70,742		68,737		134,468		134,839
General and administrative		13,532		12,914		28,107		26,339
		84,274		81,651		162,575		161,178
INCOME FROM OPERATIONS		48,260		56,761		90,656		110,491
OTHER INCOME, Net		3,733		3,693		7,487		6,832
INCOME BEFORE INCOME TAXES		51,993		60,454		98,143		117,323
INCOME TAX EXPENSE		12,738		14,814		24,045		28,747
NET INCOME	$	39,255	$	45,640	$	74,098	$	88,576
EARNINGS PER SHARE:
Basic	$	0.79	$	0.92	$	1.49	$	1.79
Diluted	$	0.78	$	0.92	$	1.48	$	1.78
Basic weighted average shares		49,854		49,513		49,854		49,513
Diluted weighted average shares		50,221		49,875		50,197		49,868

THE BUCKLE, INC.   CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS	August 3, 2024			February 3, 2024 (1)			July 29, 2023
CURRENT ASSETS:
Cash and cash equivalents	$	287,266		$	268,213		$	275,583
Short-term investments		21,856			22,210			23,714
Receivables		7,698			8,697			9,675
Inventory		131,418			126,290			136,074
Prepaid expenses and other assets		20,962			18,846			10,181
Total current assets		469,200			444,256			455,227
PROPERTY AND EQUIPMENT		500,236			489,037			475,997
Less accumulated depreciation and amortization		(360,903	)		(360,200	)		(356,737	)
		139,333			128,837			119,260
OPERATING LEASE RIGHT-OF-USE ASSETS		292,194			280,813			251,978
LONG-TERM INVESTMENTS		26,984			24,993			23,616
OTHER ASSETS		12,560			10,911			11,466
Total assets	$	940,271		$	889,810		$	861,547
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	62,820		$	45,958		$	54,261
Accrued employee compensation		24,478			49,827			22,357
Accrued store operating expenses		26,124			19,067			26,533
Gift certificates redeemable		13,214			16,667			12,960
Current portion of operating lease liabilities		79,583			85,265			80,664
Income taxes payable		—			4,672			—
Total current liabilities		206,219			221,456			196,775
DEFERRED COMPENSATION		26,984			24,993			23,616
NON-CURRENT OPERATING LEASE LIABILITIES		248,424			230,141			204,620
Total liabilities		481,627			476,590			425,011
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at August 3, 2024, 50,445,186 shares at February 3, 2024, and 50,445,926 shares at July 29, 2023		508			504			504
Additional paid-in capital		199,551			192,686			185,921
Retained earnings		258,585			220,030			250,111
Total stockholders’ equity		458,644			413,220			436,536
Total liabilities and stockholders’ equity	$	940,271		$	889,810		$	861,547
(1) Derived from audited financial statements.