The Buckle, Inc. Reports Second Quarter Net Income
August 21, 2020 at 06:50 AM EDT
The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 1, 2020 was $34.7 million, or $0.71 per share ($0.71 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended August 1, 2020 increased 6.0 percent to $216.0 million from net sales of $203.8 million for the prior year 13-week fiscal quarter ended August 3, 2019. Online sales increased 99.0 percent to $46.0 million for the 13-week period ended August 1, 2020, compared to net sales of $23.1 million for the 13-week period ended August 3, 2019.
Net sales for the 26-week fiscal period ended August 1, 2020 decreased 18.2 percent to $331.4 million from net sales of $405.1 million for the prior year 26-week fiscal period ended August 3, 2019. Online sales increased 64.3 percent to $78.1 million for the 26-week period ended August 1, 2020, compared to net sales of $47.5 million for the 26-week period ended August 3, 2019.
Net income for the second quarter of fiscal 2020 was $34.7 million, or $0.71 per share ($0.71 per share on a diluted basis), compared with $16.4 million, or $0.34 per share ($0.34 per share on a diluted basis) for the second quarter of fiscal 2019.
Net income for the 26-week fiscal period ended August 1, 2020 was $22.9 million, or $0.47 per share ($0.47 per share on a diluted basis), compared with $31.5 million, or $0.65 per share ($0.65 per share on a diluted basis) for the 26-week period ended August 3, 2019.
As previously announced, Buckle temporarily closed all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. The Company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of August 1, 2020, 431 of Buckle’s 446 stores were open. Of the 15 stores which were closed, 2 have not yet reopened due to damage sustained during the closure period. The remaining 13 stores are located in California and had previously reopened but were subsequently closed again during July in accordance with state guidelines. The Company’s online store has remained open without interruption.
Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (877) 226-8216 for domestic calls or (409) 207-6983 for international calls and reference the conference code 9361957. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 2314297.
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 446 retail stores in 42 states. As of the end of the fiscal quarter, it operated 446 stores in 42 states compared with 449 stores in 42 states at the end of the second quarter 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.
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