BKE - 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) |
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| 13-Weeks Ended |
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| 52-Weeks Ended |
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| January 28, 2023 |
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| January 29, 2022 |
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| January 28, 2023 |
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| January 29, 2022 (1) |
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| SALES, Net of returns and allowances |
| $ |
| 401,806 |
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| $ |
| 380,930 |
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| $ |
| 1,345,187 |
|
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| $ |
| 1,294,607 |
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| COST OF SALES (Including buying, distribution, and occupancy costs) |
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| 188,733 |
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| 178,559 |
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| 669,184 |
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| 641,598 |
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| Gross profit |
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| 213,073 |
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| 202,371 |
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| 676,003 |
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| 653,009 |
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| OPERATING EXPENSES: |
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| Selling |
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| 84,515 |
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| 75,597 |
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| 293,891 |
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|
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| 266,424 |
| General and administrative |
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| 18,621 |
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|
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| 17,174 |
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|
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| 53,980 |
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|
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| 51,086 |
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|
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| 103,136 |
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|
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| 92,771 |
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|
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| 347,871 |
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| 317,510 |
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| INCOME FROM OPERATIONS |
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| 109,937 |
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| 109,600 |
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|
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| 328,132 |
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| 335,499 |
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| OTHER INCOME, Net |
|
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| 4,213 |
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|
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| 1,791 |
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|
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| 6,924 |
|
|
|
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| 2,256 |
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| INCOME BEFORE INCOME TAXES |
|
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| 114,150 |
|
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|
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| 111,391 |
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|
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| 335,056 |
|
|
|
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| 337,755 |
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| INCOME TAX EXPENSE |
|
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| 26,308 |
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|
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| 27,476 |
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|
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| 80,430 |
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|
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| 82,935 |
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| NET INCOME |
| $ |
| 87,842 |
|
|
| $ |
| 83,915 |
|
|
| $ |
| 254,626 |
|
|
| $ |
| 254,820 |
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| EARNINGS PER SHARE |
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| Basic |
| $ |
| 1.78 |
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| $ |
| 1.71 |
|
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| $ |
| 5.17 |
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| $ |
| 5.20 |
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| Diluted |
| $ |
| 1.76 |
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| $ |
| 1.69 |
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| $ |
| 5.13 |
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| $ |
| 5.16 |
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| Basic weighted average shares |
|
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| 49,435 |
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|
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| 49,138 |
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|
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| 49,269 |
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|
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| 48,994 |
| Diluted weighted average shares |
|
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| 49,856 |
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|
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| 49,528 |
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|
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| 49,631 |
|
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|
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| 49,385 |
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| (1) Derived from audited financial statements |
| THE BUCKLE, INC. |
| CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited) |
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| ASSETS |
| January 28, |
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| January 29, |
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| CURRENT ASSETS: |
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| Cash and cash equivalents |
| $ |
| 252,077 |
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| $ |
| 253,970 |
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| Short-term investments |
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| 20,997 |
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|
|
|
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| 12,926 |
|
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| Receivables |
|
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| 12,648 |
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|
|
|
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| 12,087 |
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| Inventory |
|
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| 125,134 |
|
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|
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| 102,095 |
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| Prepaid expenses and other assets |
|
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| 12,480 |
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|
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| 10,128 |
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| Total current assets |
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| 423,336 |
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|
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| 391,206 |
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| PROPERTY AND EQUIPMENT |
|
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| 466,321 |
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|
|
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|
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| 453,228 |
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| Less accumulated depreciation and amortization |
|
|
| (353,919 |
| ) |
|
|
|
|
| (352,724 |
| ) |
|
|
|
|
| 112,402 |
|
|
|
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|
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| 100,504 |
|
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|
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| OPERATING LEASE RIGHT-OF-USE ASSETS |
|
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| 271,421 |
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|
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| 258,914 |
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| LONG-TERM INVESTMENTS |
|
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| 20,624 |
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|
|
|
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| 19,352 |
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| OTHER ASSETS |
|
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| 9,796 |
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|
|
|
|
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| 10,908 |
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| Total assets |
| $ |
| 837,579 |
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|
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| $ |
| 780,884 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| CURRENT LIABILITIES: |
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| Accounts payable |
| $ |
| 44,835 |
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|
|
| $ |
| 59,950 |
|
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| Accrued employee compensation |
|
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| 55,490 |
|
|
|
|
|
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| 62,055 |
|
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| Accrued store operating expenses |
|
|
| 19,754 |
|
|
|
|
|
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| 20,264 |
|
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| Gift certificates redeemable |
|
|
| 16,777 |
|
|
|
|
|
|
| 16,470 |
|
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| Current portion of operating lease liabilities |
|
|
| 89,187 |
|
|
|
|
|
|
| 88,273 |
|
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| Income taxes payable |
|
|
| — |
|
|
|
|
|
|
| 1,529 |
|
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| Total current liabilities |
|
|
| 226,043 |
|
|
|
|
|
|
| 248,541 |
|
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|
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|
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|
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| DEFERRED COMPENSATION |
|
|
| 20,624 |
|
|
|
|
|
|
| 19,352 |
|
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| NON-CURRENT OPERATING LEASE LIABILITIES |
|
|
| 214,598 |
|
|
|
|
|
|
| 200,067 |
|
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| Total liabilities |
|
|
| 461,265 |
|
|
|
|
|
|
| 467,960 |
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| COMMITMENTS |
|
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| STOCKHOLDERS’ EQUITY: |
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| 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 |
|
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| Retained earnings |
|
|
| 196,849 |
|
|
|
|
|
|
| 145,099 |
|
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| Total stockholders’ equity |
|
|
| 376,314 |
|
|
|
|
|
|
| 312,924 |
|
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|
|
|
|
|
| Total liabilities and stockholders’ equity |
| $ |
| 837,579 |
|
|
|
|
| $ |
| 780,884 |
|
|
| (1) Derived from audited financial statements |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230310005057/en/
Thomas B. Heacock, Chief Financial Officer
The Buckle, Inc.
(308) 236-8491