Stock Quote

The Buckle, Inc. Reports Third Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 31, 2020 was $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 31, 2020 increased 12.0 percent to $251.0 million from net sales of $224.1 million for the prior year 13-week fiscal quarter ended November 2, 2019. Comparable store net sales for the 13-week period ended October 31, 2020 increased 12.4 percent from comparable store net sales for the prior year 13-week period ended November 2, 2019. Online sales increased 72.5 percent to $46.4 million for the 13-week period ended October 31, 2020, compared to net sales of $26.9 million for the 13-week period ended November 2, 2019.

Net sales for the 39-week fiscal period ended October 31, 2020 decreased 7.4 percent to $582.4 million from net sales of $629.3 million for the prior year 39-week fiscal period ended November 2, 2019. Comparable store net sales for the 39-week period ended October 31, 2020 decreased 7.1 percent from comparable store net sales for the prior year 39-week period ended November 2, 2019. Online sales increased 67.3 percent to $124.4 million for the 39-week period ended October 31, 2020, compared to net sales of $74.4 million for the 39-week period ended November 2, 2019.

Net income for the third quarter of fiscal 2020 was $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis), compared with $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis) for the third quarter of fiscal 2019.

Net income for the 39-week fiscal period ended October 31, 2020 was $64.5 million, or $1.32 per share ($1.32 per share on a diluted basis), compared with $57.5 million, or $1.18 per share ($1.18 per share on a diluted basis) for the 39-week period ended November 2, 2019.

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 (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference the conference code 9346005. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8449047.

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 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 third 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.

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

October 31,
2020

November 2,
2019

October 31,
2020

November 2,
2019

SALES, Net of returns and allowances

$

251,005

$

224,121

$

582,443

$

629,251

COST OF SALES (Including buying, distribution, and occupancy costs)

134,055

130,587

345,286

380,367

Gross profit

116,950

93,534

237,157

248,884

OPERATING EXPENSES:

Selling

52,894

51,282

124,655

146,426

General and administrative

9,930

8,942

29,026

30,812

62,824

60,224

153,681

177,238

INCOME FROM OPERATIONS

54,126

33,310

83,476

71,646

OTHER INCOME, Net

1,020

1,105

1,998

4,446

INCOME BEFORE INCOME TAXES

55,146

34,415

85,474

76,092

INCOME TAX EXPENSE

13,511

8,431

20,941

18,642

NET INCOME

$

41,635

$

25,984

$

64,533

$

57,450

EARNINGS PER SHARE:

Basic

$

0.85

$

0.54

$

1.32

$

1.18

Diluted

$

0.85

$

0.53

$

1.32

$

1.18

Basic weighted average shares

48,714

48,549

48,718

48,550

Diluted weighted average shares

48,987

48,809

48,941

48,768

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

October 31,
2020

February 1,
2020 (1)

November 2,
2019

CURRENT ASSETS:

Cash and cash equivalents

$

331,923

$

220,969

$

213,836

Short-term investments

7,410

12,532

31,946

Receivables

1,763

3,136

9,432

Inventory

118,707

121,258

138,879

Prepaid expenses and other assets

21,749

20,935

22,195

Total current assets

481,552

378,830

416,288

PROPERTY AND EQUIPMENT

451,708

452,205

453,859

Less accumulated depreciation and amortization

(349,411

)

(338,357

)

(336,098

)

102,297

113,848

117,761

OPERATING LEASE RIGHT-OF-USE ASSETS

287,197

350,088

340,417

LONG-TERM INVESTMENTS

16,729

15,863

15,710

OTHER ASSETS

10,104

9,261

7,939

Total assets

$

897,879

$

867,890

$

898,115

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

57,629

$

26,491

$

44,771

Accrued employee compensation

23,611

22,929

18,122

Accrued store operating expenses

23,096

17,837

21,539

Gift certificates redeemable

12,093

15,319

12,688

Current portion of operating lease liabilities

78,860

87,314

81,541

Income taxes payable

7,994

2,751

Total current liabilities

203,283

172,641

178,661

DEFERRED COMPENSATION

16,729

15,863

15,410

NON-CURRENT OPERATING LEASE LIABILITIES

235,463

290,238

286,706

Total liabilities

455,475

478,742

480,777

COMMITMENTS

STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,407,731 shares at October 31, 2020, 49,205,681 shares at February 1, 2020, and 49,223,811 shares at November 2, 2019

494

492

492

Additional paid-in capital

155,778

152,258

151,383

Retained earnings

286,132

236,398

265,463

Total stockholders’ equity

442,404

389,148

417,338

Total liabilities and stockholders’ equity

$

897,879

$

867,890

$

898,115

(1) Derived from audited financial statements.

Contacts:

Thomas B. Heacock, Chief Financial Officer
The Buckle, Inc.
(308) 236-8491

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