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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2022 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 28, 2023 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis). Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 28, 2023 increased 5.5 percent to $401.8 million from net sales of $380.9 million for the prior year 13-week fiscal quarter ended January 29, 2022. Comparable store net sales for the 13-week period ended January 28, 2023 increased 4.6 percent from comparable store net sales for the prior year 13-week period ended January 29, 2022. Online sales increased 2.3 percent to $74.8 million for the 13-week period ended January 28, 2023, compared to net sales of $73.1 million for the 13-week period ended January 29, 2022.

Net sales for the 52-week fiscal year ended January 28, 2023 increased 3.9 percent to $1.345 billion from net sales of $1.295 billion for the 52-week fiscal year ended January 29, 2022. Comparable store net sales for the 52-week period ended January 28, 2023 increased 3.3 percent from comparable store net sales for the prior year 52-week period ended January 29, 2022. Online sales increased 4.3 percent to $230.4 million for the 52-week period ended January 28, 2023, compared to net sales of $220.8 million for the 52-week period ended January 29, 2022.

Net income for the fourth quarter of fiscal 2022 was $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis), compared with $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis) for the fourth quarter of fiscal 2021.

Net income for the fiscal year ended January 28, 2023 was $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis), compared with $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis) for the fiscal year ended January 29, 2022.

Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_MIZ0HR0LTMqjX3Svcsqi0g. A replay of the event can be accessed through Buckle’s investor relations website at https://corporate.buckle.com/investors/earnings-webcasts approximately two hours after the conclusion of the live event.

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 439 retail stores in 42 states. As of the end of the fiscal year, it operated 441 stores in 42 states compared with 440 stores in 42 states at the end of fiscal 2021.

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.

Financial Tables to Follow

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

52-Weeks Ended

 

January 28, 2023

 

January 29, 2022

 

January 28, 2023

 

January 29, 2022 (1)

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

401,806

 

$

380,930

 

$

1,345,187

 

$

1,294,607

 

 

 

 

 

 

 

 

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

 

188,733

 

 

178,559

 

 

669,184

 

 

641,598

 

 

 

 

 

 

 

 

Gross profit

 

213,073

 

 

202,371

 

 

676,003

 

 

653,009

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

84,515

 

 

75,597

 

 

293,891

 

 

266,424

General and administrative

 

18,621

 

 

17,174

 

 

53,980

 

 

51,086

 

 

103,136

 

 

92,771

 

 

347,871

 

 

317,510

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

109,937

 

 

109,600

 

 

328,132

 

 

335,499

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

4,213

 

 

1,791

 

 

6,924

 

 

2,256

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

114,150

 

 

111,391

 

 

335,056

 

 

337,755

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

26,308

 

 

27,476

 

 

80,430

 

 

82,935

 

 

 

 

 

 

 

 

NET INCOME

$

87,842

 

$

83,915

 

$

254,626

 

$

254,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

Basic

$

1.78

 

$

1.71

 

$

5.17

 

$

5.20

 

 

 

 

 

 

 

 

Diluted

$

1.76

 

$

1.69

 

$

5.13

 

$

5.16

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,435

 

 

49,138

 

 

49,269

 

 

48,994

Diluted weighted average shares

 

49,856

 

 

49,528

 

 

49,631

 

 

49,385

 

 

 

 

 

 

 

 

(1) Derived from audited financial statements

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

ASSETS

January 28,

2023

 

January 29,

2022 (1)

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

252,077

 

 

$

253,970

 

Short-term investments

 

20,997

 

 

 

12,926

 

Receivables

 

12,648

 

 

 

12,087

 

Inventory

 

125,134

 

 

 

102,095

 

Prepaid expenses and other assets

 

12,480

 

 

 

10,128

 

Total current assets

 

423,336

 

 

 

391,206

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

466,321

 

 

 

453,228

 

Less accumulated depreciation and amortization

 

(353,919

)

 

 

(352,724

)

 

 

112,402

 

 

 

100,504

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

271,421

 

 

 

258,914

 

LONG-TERM INVESTMENTS

 

20,624

 

 

 

19,352

 

OTHER ASSETS

 

9,796

 

 

 

10,908

 

 

 

 

 

Total assets

$

837,579

 

 

$

780,884

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

44,835

 

 

$

59,950

 

Accrued employee compensation

 

55,490

 

 

 

62,055

 

Accrued store operating expenses

 

19,754

 

 

 

20,264

 

Gift certificates redeemable

 

16,777

 

 

 

16,470

 

Current portion of operating lease liabilities

 

89,187

 

 

 

88,273

 

Income taxes payable

 

 

 

 

1,529

 

Total current liabilities

 

226,043

 

 

 

248,541

 

 

 

 

 

DEFERRED COMPENSATION

 

20,624

 

 

 

19,352

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

214,598

 

 

 

200,067

 

Total liabilities

 

461,265

 

 

 

467,960

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; 50,092,616 and 49,728,651 shares issued and outstanding at January 28, 2023 and January 29, 2022, respectively

 

501

 

 

 

497

 

Additional paid-in capital

 

178,964

 

 

 

167,328

 

Retained earnings

 

196,849

 

 

 

145,099

 

Total stockholders’ equity

 

376,314

 

 

 

312,924

 

 

 

 

 

Total liabilities and stockholders’ equity

$

837,579

 

 

$

780,884

 

(1) Derived from audited financial statements

 

 

 

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

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