The Buckle Inc.

22/11/2024 | Press release | Distributed by Public on 22/11/2024 11:57

The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 3.2 percent to $293.6 million from net sales of $303.5 million for the prior year 13-week fiscal quarter ended October 28, 2023. Comparable store net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 0.7 percent from comparable store net sales for the prior year 13-week period ended November 4, 2023. Online sales increased 1.1 percent to $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to net sales of $46.1 million for the 13-week fiscal quarter ended October 28, 2023.

Net sales for the 39-week fiscal period ended November 2, 2024 decreased 4.6 percent to $838.5 million from net sales of $878.7 million for the prior year 39-week fiscal period ended October 28, 2023. Comparable store net sales for the 39-week period ended November 2, 2024 decreased 5.4 percent from comparable store net sales for the prior year 39-week period ended November 4, 2023. Online sales decreased 9.2 percent to $128.0 million for the 39-week period ended November 2, 2024, compared to net sales of $141.0 million for the 39-week period ended October 28, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 39-week periods ended November 4, 2023.

Net income for the third quarter of fiscal 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with net income of $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis) for the third quarter of fiscal 2023.

Net income for the 39-week fiscal period ended November 2, 2024 was $118.3 million, or $2.37 per share ($2.35 per share on a diluted basis), compared with net income of $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis) for the 39-week period ended October 28, 2023.

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_ZagNJtIfQImjiUbr7g6zdw. A replay of the event can be accessed through Buckle's investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 445 retail stores in 42 states. As of the end of the fiscal quarter, it operated 445 stores in 42 states compared with 443 stores in 42 states at the end of the third quarter of fiscal 2023 .

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.

Financial Tables to Follow

THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

Thirteen Weeks Ended

Thirty-Nine Weeks Ended

November 2,
2024

October 28,
2023

November 2,
2024

October 28,
2023

SALES, Net of returns and allowances

$

293,618

$

303,457

$

838,490

$

878,719

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

153,547

156,242

445,188

459,835

Gross profit

140,071

147,215

393,302

418,884

OPERATING EXPENSES:

Selling

71,986

70,242

206,454

205,081

General and administrative

13,602

12,908

41,709

39,247

85,588

83,150

248,163

244,328

INCOME FROM OPERATIONS

54,483

64,065

145,139

174,556

OTHER INCOME, Net

4,023

4,490

11,510

11,322

INCOME BEFORE INCOME TAXES

58,506

68,555

156,649

185,878

INCOME TAX EXPENSE

14,334

16,793

38,379

45,540

NET INCOME

$

44,172

$

51,762

$

118,270

$

140,338

EARNINGS PER SHARE:

Basic

$

0.89

$

1.05

$

2.37

$

2.83

Diluted

$

0.88

$

1.04

$

2.35

$

2.81

Basic weighted average shares

49,854

49,513

49,854

49,513

Diluted weighted average shares

50,297

49,937

50,230

49,891

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

November 2,
2024

February 3,
2024 (1)

October 28,
2023

CURRENT ASSETS:

Cash and cash equivalents

$ 301,958

$ 268,213

$ 311,657

Short-term investments

23,482

22,210

23,446

Receivables

7,901

8,697

10,341

Inventory

149,351

126,290

152,289

Prepaid expenses and other assets

22,236

18,846

11,206

Total current assets

504,928

444,256

508,939

PROPERTY AND EQUIPMENT

508,273

489,037

483,435

Less accumulated depreciation and amortization

(365,241)

(360,200)

(359,367)

143,032

128,837

124,068

OPERATING LEASE RIGHT-OF-USE ASSETS

287,687

280,813

253,418

LONG-TERM INVESTMENTS

27,261

24,993

22,508

OTHER ASSETS

13,362

10,911

12,274

Total assets

$ 976,270

$ 889,810

$ 921,207

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$ 67,701

$ 45,958

$ 63,320

Accrued employee compensation

27,095

49,827

34,784

Accrued store operating expenses

25,921

19,067

26,335

Gift certificates redeemable

12,571

16,667

12,305

Current portion of operating lease liabilities

76,963

85,265

78,884

Income taxes payable

2,519

4,672

536

Total current liabilities

212,770

221,456

216,164

DEFERRED COMPENSATION

27,261

24,993

22,508

NON-CURRENT OPERATING LEASE LIABILITIES

247,850

230,141

208,517

Total liabilities

487,881

476,590

447,189

COMMITMENTS

STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at November 2, 2024, 50,445,186 shares at February 3, 2024, and 50,445,386 shares at October 28, 2023

508

504

504

Additional paid-in capital

202,895

192,686

189,297

Retained earnings

284,986

220,030

284,217

Total stockholders' equity

488,389

413,220

474,018

Total liabilities and stockholders' equity

$ 976,270

$ 889,810

$ 921,207

(1) Derived from audited financial statements.

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

Source: The Buckle, Inc.