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The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 1, 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 1, 2021 increased 159.2 percent to $299.1 million from net sales of $115.4 million for the prior year 13-week fiscal quarter ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent from net sales of $201.3 million for the 13-week fiscal quarter ended May 4, 2019. Online sales increased 67.3 percent to $53.7 million for the 13-week period ended May 1, 2021, compared to net sales of $32.1 million for the 13-week period ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 120.0 percent from net sales of $24.4 million for the 13-week period ended May 4, 2019.

Net income for the first quarter of fiscal 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis), compared with a net loss of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis) for the first quarter of fiscal 2020.

Results for fiscal 2020 were significantly impacted by the Company’s closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the store closures on prior year reported net sales, the Company will report total net sales compared to the past two years and does not plan to separately report comparable store sales for the periods most affected by the store closures.

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 (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 1433238. 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 6096737.

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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 442 stores in 42 states compared with 446 stores in 42 states at the end of the first quarter of fiscal 2020.

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

May 1,
2021

May 2,
2020

SALES, Net of returns and allowances

$

299,125

$

115,413

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

151,572

88,588

Gross profit

147,553

26,825

OPERATING EXPENSES:

Selling

60,000

33,504

General and administrative

11,751

9,503

71,751

43,007

INCOME (LOSS) FROM OPERATIONS

75,802

(16,182

)

OTHER INCOME, Net

51

574

INCOME (LOSS) BEFORE INCOME TAXES

75,853

(15,608

)

INCOME TAX EXPENSE (BENEFIT)

18,584

(3,824

)

NET INCOME (LOSS)

$

57,269

$

(11,784

)

EARNINGS (LOSS) PER SHARE:

Basic

$

1.17

$

(0.24

)

Diluted

$

1.16

$

(0.24

)

Basic weighted average shares

48,946

48,725

Diluted weighted average shares

49,309

48,922

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

May 1,
2021

January 30,
2021 (1)

May 2,
2020

CURRENT ASSETS:

Cash and cash equivalents

$

393,153

$

318,789

$

185,037

Short-term investments

697

3,359

17,661

Receivables

1,670

2,823

1,774

Inventory

89,017

101,063

121,671

Prepaid expenses and other assets

20,615

11,190

13,438

Total current assets

505,152

437,224

339,581

PROPERTY AND EQUIPMENT

452,662

451,357

451,142

Less accumulated depreciation and amortization

(352,627

)

(350,942

)

(341,073

)

100,035

100,415

110,069

OPERATING LEASE RIGHT-OF-USE ASSETS

280,805

279,358

326,587

LONG-TERM INVESTMENTS

19,087

18,320

15,922

OTHER ASSETS

11,128

10,497

9,491

Total assets

$

916,207

$

845,814

$

801,650

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

53,632

$

43,399

$

19,212

Accrued employee compensation

26,474

35,865

5,310

Accrued store operating expenses

27,355

20,303

15,927

Gift certificates redeemable

12,215

14,279

13,513

Current portion of operating lease liabilities

84,628

81,762

84,410

Income taxes payable

29,737

10,751

72

Total current liabilities

234,041

206,359

138,444

DEFERRED COMPENSATION

19,087

18,320

15,204

NON-CURRENT OPERATING LEASE LIABILITIES

222,981

224,506

270,053

Total liabilities

476,109

449,185

423,701

COMMITMENTS

STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,788,891 shares at May 1, 2021, 49,407,731 shares at January 30, 2021, and 49,408,181 shares at May 2, 2020

498

494

494

Additional paid-in capital

160,684

158,058

152,841

Retained earnings

278,916

238,077

224,614

Total stockholders’ equity

440,098

396,629

377,949

Total liabilities and stockholders’ equity

$

916,207

$

845,814

$

801,650

(1) Derived from audited financial statements.

Contacts:

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

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