BKE
$43.35
Buckle
$.06
.14%
Earnings Details
3rd Quarter October 2022
Friday, November 18, 2022 6:50:00 AM
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Summary

Buckle Misses

Buckle (BKE) reported 3rd Quarter October 2022 earnings of $1.24 per share on revenue of $332.3 million. The consensus earnings estimate was $1.25 per share on revenue of $332.5 million. The Earnings Whisper number was $1.36 per share. Revenue grew 4.0% on a year-over-year basis.

Buckle, Inc. is a retailer of casual apparel, footwear, and accessories for fashion conscious young men and women. It operates 450 stores located in 43 states throughout the continental United States.

Results
Reported Earnings
$1.24
Earnings Whisper
$1.36
Consensus Estimate
$1.25
Reported Revenue
$332.3 Mil
Revenue Estimate
$332.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

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 October 29, 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2022 increased 4.0 percent to $332.3 million from net sales of $319.4 million for the prior year 13-week fiscal quarter ended October 30, 2021. Comparable store net sales for the 13-week period ended October 29, 2022 increased 3.0 percent from comparable store net sales for the prior year 13-week period ended October 30, 2021. Online sales increased 8.8 percent to $55.0 million for the 13-week period ended October 29, 2022, compared to net sales of $50.5 million for the 13-week period ended October 30, 2021.

Net sales for the 39-week fiscal period ended October 29, 2022 increased 3.3 percent to $943.4 million from net sales of $913.7 million for the prior year 39-week fiscal period ended October 30, 2021. Comparable store net sales for the 39-week period ended October 29, 2022 increased 2.8 percent from comparable store net sales for the prior year 39-week period ended October 30, 2021. Online sales increased 5.3 percent to $155.6 million for the 39-week period ended October 29, 2022, compared to net sales of $147.7 million for the 39-week period ended October 30, 2021.

Net income for the third quarter of fiscal 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis), compared with net income of $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis) for the third quarter of fiscal 2021.

Net income for the 39-week fiscal period ended October 29, 2022 was $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis), compared with net income of $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis) for the 39-week period ended October 30, 2021.

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_c9nka5YSTCiTHK7GfZYoTA. 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 441 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 441 stores in 42 states at the end of the third quarter 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)

 

 

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

 

 

October 29,
2022

 

October 30,
2021

 

October 29,
2022

 

October 30,
2021

 

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

 

$

332,341

 

$

319,432

 

$

943,381

 

$

913,677

 

 

 

 

 

 

 

 

 

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

 

 

166,940

 

 

158,366

 

 

480,451

 

 

463,039

 

 

 

 

 

 

 

 

 

Gross profit

 

 

165,401

 

 

161,066

 

 

462,930

 

 

450,638

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

Selling

 

 

74,148

 

 

67,771

 

 

209,376

 

 

190,827

General and administrative

 

 

11,830

 

 

11,080

 

 

35,359

 

 

33,912

 

 

 

85,978

 

 

78,851

 

 

244,735

 

 

224,739

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 

79,423

 

 

82,215

 

 

218,195

 

 

225,899

 

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

 

1,883

 

 

192

 

 

2,711

 

 

465

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

81,306

 

 

82,407

 

 

220,906

 

 

226,364

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

 

19,920

 

 

20,190

 

 

54,122

 

 

55,459

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

61,386

 

$

62,217

 

$

166,784

 

$

170,905

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

Basic

 

$

1.25

 

$

1.27

 

$

3.39

 

$

3.49

 

 

 

 

 

 

 

 

 

Diluted

 

$

1.24

 

$

1.26

 

$

3.37

 

$

3.46

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 

 

49,214

 

 

48,946

 

 

49,214

 

 

48,946

Diluted weighted average shares

 

 

49,604

 

 

49,362

 

 

49,556

 

 

49,338

THE BUCKLE, INC.

 
 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

ASSETS

 

October 29,
2022

 

January 29,
2022 (1)

 

October 30,
2021

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

302,180

 

 

$

253,970

 

 

$

468,733

 

Short-term investments

 

 

22,902

 

 

 

12,926

 

 

 

11,302

 

Receivables

 

 

16,074

 

 

 

12,087

 

 

 

5,629

 

Inventory

 

 

152,335

 

 

 

102,095

 

 

 

100,593

 

Prepaid expenses and other assets

 

 

12,370

 

 

 

10,128

 

 

 

11,771

 

Total current assets

 

 

505,861

 

 

 

391,206

 

 

 

598,028

 

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

 

465,694

 

 

 

453,228

 

 

 

454,118

 

Less accumulated depreciation and amortization

 

 

(356,081

)

 

 

(352,724

)

 

 

(354,834

)

 

 

 

109,613

 

 

 

100,504

 

 

 

99,284

 

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

 

236,147

 

 

 

258,914

 

 

 

264,183

 

LONG-TERM INVESTMENTS

 

 

19,579

 

 

 

19,352

 

 

 

20,024

 

OTHER ASSETS

 

 

12,947

 

 

 

10,908

 

 

 

12,311

 

 

 

 

 

 

 

 

Total assets

 

$

884,147

 

 

$

780,884

 

 

$

993,830

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

Accounts payable

 

$

74,028

 

 

$

59,950

 

 

$

63,518

 

Accrued employee compensation

 

 

44,183

 

 

 

62,055

 

 

 

49,473

 

Accrued store operating expenses

 

 

31,262

 

 

 

20,264

 

 

 

30,789

 

Gift certificates redeemable

 

 

11,782

 

 

 

16,470

 

 

 

11,146

 

Current portion of operating lease liabilities

 

 

78,850

 

 

 

88,273

 

 

 

84,365

 

Income taxes payable

 

 

 

 

 

1,529

 

 

 

4

 

Total current liabilities

 

 

240,105

 

 

 

248,541

 

 

 

239,295

 

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

 

19,579

 

 

 

19,352

 

 

 

20,024

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

 

188,856

 

 

 

200,067

 

 

 

208,707

 

Total liabilities

 

 

448,540

 

 

 

467,960

 

 

 

468,026

 

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,091,866 shares at October 29, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at October 30, 2021

 

 

501

 

 

 

497

 

 

 

498

 

Additional paid-in capital

 

 

175,821

 

 

 

167,328

 

 

 

165,612

 

Retained earnings

 

 

259,285

 

 

 

145,099

 

 

 

359,694

 

Total stockholders’ equity

 

 

435,607

 

 

 

312,924

 

 

 

525,804

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

884,147

 

 

$

780,884

 

 

$

993,830

 

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

 

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

Source: The Buckle, Inc.