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The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 31, 2021 was $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 31, 2021 increased 36.6 percent to $295.1 million from net sales of $216.0 million for the prior year 13-week fiscal quarter ended August 1, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 44.8 percent from net sales of $203.8 million for the 13-week fiscal quarter ended August 3, 2019. Online sales decreased 5.5 percent to $43.4 million for the 13-week period ended July 31, 2021, compared to net sales of $46.0 million for the 13-week period ended August 1, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 88.1 percent from net sales of $23.1 million for the 13-week period ended August 3, 2019.

Net sales for the 26-week fiscal period ended July 31, 2021 increased 79.3 percent to $594.2 million from net sales of $331.4 million for the prior year 26-week fiscal period ended August 1, 2020. Compared to the same 26-week period in fiscal 2019, net sales increased 46.7 percent from net sales of $405.1 million for the 26-week fiscal period ended August 3, 2019. Online sales increased 24.5 percent to $97.2 million for the 26-week period ended July 31, 2021, compared to net sales of $78.1 million for the 26-week period ended August 1, 2020. Compared to the same 26-week period in fiscal 2019, online sales increased 104.5 percent from net sales of $47.5 million for the 26-week period ended August 3, 2019.

Net income for the second quarter of fiscal 2021 was $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis), compared with net income of $34.7 million, or $0.71 per share ($0.71 per share on a diluted basis) for the second quarter of fiscal 2020.

Net income for the 26-week fiscal period ended July 31, 2021 was $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis), compared with net income of $22.9 million, or $0.47 per share ($0.47 per share on a diluted basis) for the 26-week period ended August 1, 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 (877) 336-4440 for domestic calls or (409) 207-6984 for international calls and reference the conference code 8384984. 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 1554929.

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 second 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

Twenty-Six Weeks Ended

July 31,
2021

August 1,
2020

July 31,
2021

August 1,
2020

SALES, Net of returns and allowances

$

295,120

$

216,025

$

594,245

$

331,438

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

153,101

122,643

304,673

211,231

Gross profit

142,019

93,382

289,572

120,207

OPERATING EXPENSES:

Selling

63,056

38,257

123,056

71,761

General and administrative

11,081

9,593

22,832

19,096

74,137

47,850

145,888

90,857

INCOME FROM OPERATIONS

67,882

45,532

143,684

29,350

OTHER INCOME, Net

222

404

273

978

INCOME BEFORE INCOME TAXES

68,104

45,936

143,957

30,328

INCOME TAX EXPENSE

16,685

11,254

35,269

7,430

NET INCOME

$

51,419

$

34,682

$

108,688

$

22,898

EARNINGS PER SHARE:

Basic

$

1.05

$

0.71

$

2.22

$

0.47

Diluted

$

1.04

$

0.71

$

2.20

$

0.47

Basic weighted average shares

48,946

48,714

48,946

48,719

Diluted weighted average shares

49,341

48,913

49,325

48,918

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

July 31,
2021

January 30,
2021 (1)

August 1,
2020

CURRENT ASSETS:

Cash and cash equivalents

$

406,714

$

318,789

$

265,714

Short-term investments

8,592

3,359

12,637

Receivables

6,667

2,823

2,394

Inventory

95,276

101,063

116,479

Prepaid expenses and other assets

20,294

11,190

20,388

Total current assets

537,543

437,224

417,612

PROPERTY AND EQUIPMENT

452,460

451,357

451,899

Less accumulated depreciation and amortization

(352,773

)

(350,942

)

(345,820

)

99,687

100,415

106,079

OPERATING LEASE RIGHT-OF-USE ASSETS

264,177

279,358

305,814

LONG-TERM INVESTMENTS

19,558

18,320

16,536

OTHER ASSETS

11,720

10,497

9,782

Total assets

$

932,685

$

845,814

$

855,823

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

67,812

$

43,399

$

48,142

Accrued employee compensation

33,878

35,865

9,391

Accrued store operating expenses

30,724

20,303

21,579

Gift certificates redeemable

11,434

14,279

12,611

Current portion of operating lease liabilities

82,255

81,762

81,427

Income taxes payable

10,751

Total current liabilities

226,103

206,359

173,150

DEFERRED COMPENSATION

19,558

18,320

16,536

NON-CURRENT OPERATING LEASE LIABILITIES

209,472

224,506

251,830

Total liabilities

455,133

449,185

441,516

COMMITMENTS

STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued
and outstanding; 49,783,381 shares at July 31, 2021, 49,407,731 shares
at January 30, 2021, and 49,407,731 shares at August 1, 2020

498

494

494

Additional paid-in capital

163,148

158,058

154,517

Retained earnings

313,906

238,077

259,296

Total stockholders’ equity

477,552

396,629

414,307

Total liabilities and stockholders’ equity

$

932,685

$

845,814

$

855,823

(1)

Derived from audited financial statements

Contacts:

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

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