The Buckle Inc.

08/23/2024 | Press release | Distributed by Public on 08/23/2024 04:54

The Buckle, Inc. Reports Second Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 3.4 percent to $282.4 million from net sales of $292.4 million for the prior year 13-week fiscal quarter ended July 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 6.6 percent from comparable store net sales for the prior year 13-week period ended August 5, 2023. Online sales decreased 15.2 percent to $37.0 million for the 13-week fiscal quarter ended August 3, 2024, compared to net sales of $43.6 million for the 13-week fiscal quarter ended July 29, 2023.

Net sales for the 26-week fiscal period ended August 3, 2024 decreased 5.3 percent to $544.9 million from net sales of $575.3 million for the prior year 26-week fiscal period ended July 29, 2023. Comparable store net sales for the 26-week period ended August 3, 2024 decreased 7.7 percent from comparable store net sales for the prior year 26-week period ended August 5, 2023. Online sales decreased 14.2 percent to $81.4 million for the 26-week period ended August 3, 2024, compared to net sales of $94.9 million for the 26-week period ended July 29, 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 26-week periods ended August 5, 2023.

Net income for the second quarter of fiscal 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with net income of $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) for the second quarter of fiscal 2023.

Net income for the 26-week fiscal period ended August 3, 2024 was $74.1 million, or $1.49 per share ($1.48 per share on a diluted basis), compared with net income of $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis) for the 26-week period ended July 29, 2023.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_wgdrgn2oR764cUMOxJG06g . 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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the second 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

Twenty-Six Weeks Ended

August 3,
2024

July 29,
2023

August 3,
2024

July 29,
2023

SALES, Net of returns and allowances

$

282,392

$

292,428

$

544,872

$

575,262

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

149,858

154,016

291,641

303,593

Gross profit

132,534

138,412

253,231

271,669

OPERATING EXPENSES:

Selling

70,742

68,737

134,468

134,839

General and administrative

13,532

12,914

28,107

26,339

84,274

81,651

162,575

161,178

INCOME FROM OPERATIONS

48,260

56,761

90,656

110,491

OTHER INCOME, Net

3,733

3,693

7,487

6,832

INCOME BEFORE INCOME TAXES

51,993

60,454

98,143

117,323

INCOME TAX EXPENSE

12,738

14,814

24,045

28,747

NET INCOME

$

39,255

$

45,640

$

74,098

$

88,576

EARNINGS PER SHARE:

Basic

$

0.79

$

0.92

$

1.49

$

1.79

Diluted

$

0.78

$

0.92

$

1.48

$

1.78

Basic weighted average shares

49,854

49,513

49,854

49,513

Diluted weighted average shares

50,221

49,875

50,197

49,868

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS

August 3,
2024

February 3,
2024 (1)

July 29,
2023

CURRENT ASSETS:

Cash and cash equivalents

$

287,266

$

268,213

$

275,583

Short-term investments

21,856

22,210

23,714

Receivables

7,698

8,697

9,675

Inventory

131,418

126,290

136,074

Prepaid expenses and other assets

20,962

18,846

10,181

Total current assets

469,200

444,256

455,227

PROPERTY AND EQUIPMENT

500,236

489,037

475,997

Less accumulated depreciation and amortization

(360,903

)

(360,200

)

(356,737

)

139,333

128,837

119,260

OPERATING LEASE RIGHT-OF-USE ASSETS

292,194

280,813

251,978

LONG-TERM INVESTMENTS

26,984

24,993

23,616

OTHER ASSETS

12,560

10,911

11,466

Total assets

$

940,271

$

889,810

$

861,547

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

62,820

$

45,958

$

54,261

Accrued employee compensation

24,478

49,827

22,357

Accrued store operating expenses

26,124

19,067

26,533

Gift certificates redeemable

13,214

16,667

12,960

Current portion of operating lease liabilities

79,583

85,265

80,664

Income taxes payable

-

4,672

-

Total current liabilities

206,219

221,456

196,775

DEFERRED COMPENSATION

26,984

24,993

23,616

NON-CURRENT OPERATING LEASE LIABILITIES

248,424

230,141

204,620

Total liabilities

481,627

476,590

425,011

COMMITMENTS

STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at August 3, 2024, 50,445,186 shares at February 3, 2024, and 50,445,926 shares at July 29, 2023

508

504

504

Additional paid-in capital

199,551

192,686

185,921

Retained earnings

258,585

220,030

250,111

Total stockholders' equity

458,644

413,220

436,536

Total liabilities and stockholders' equity

$

940,271

$

889,810

$

861,547

(1) Derived from audited financial statements.

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

Source: The Buckle, Inc.