BKE
$14.87
Buckle
$1.51
11.30%
Earnings Details
Quarter January 2020
Friday, March 13, 2020 6:50:00 AM
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Summary

Buckle (BKE) Recent Earnings

Buckle (BKE) reported Quarter January 2020 earnings of $0.96 per share on revenue of $271.0 million. The consensus earnings estimate was $0.88 per share on revenue of $271.0 million. Revenue grew 2.5% 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
$0.96
Earnings Whisper
-
Consensus Estimate
$0.88
Reported Revenue
$271.0 Mil
Revenue Estimate
$271.0 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2019 Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2020 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis). Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2020 increased 2.5 percent to $271.0 million from net sales of $264.4 million for the prior year 13-week fiscal quarter ended February 2, 2019. Comparable store net sales for the 13-week period ended February 1, 2020 increased 3.3 percent from comparable store net sales for the prior year 13-week period ended February 2, 2019. Online sales increased 7.5 percent to $36.4 million for the 13-week period ended February 1, 2020, compared to net sales of $33.9 million for the 13-week period ended February 2, 2019.

Net sales for the 52-week fiscal year ended February 1, 2020 increased 1.7 percent to $900.3 million from net sales of $885.5 million for the 52-week fiscal year ended February 2, 2019. Comparable store net sales for the 52-week period ended February 1, 2020 increased 2.2 percent from comparable store net sales for the prior year 52-week period ended February 2, 2019. Online sales increased 6.9 percent to $110.8 million for the 52-week period ended February 1, 2020, compared to net sales of $103.7 million for the 52-week period ended February 2, 2019.

Net income for the fourth quarter of fiscal 2019 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis), compared with $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis) for the fourth quarter of fiscal 2018.

Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis), compared with $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis) for the fiscal year ended February 2, 2019.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 1508602. A replay of the call will be available for a two-week period beginning March 13, 2020 at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 4253986.

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 446 retail stores in 42 states. As of the end of the fiscal year, it operated 448 stores in 42 states compared with 450 stores in 42 states at the end of fiscal 2018.

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

 

February 1, 2020

 

February 2, 2019

 

February 1, 2020

 

February 2, 2019 (1)

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

271,003

 

 

$

264,412

 

 

$

900,254

 

 

$

885,496

 

 

 

 

 

 

 

 

 

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

142,413

 

 

143,118

 

 

522,780

 

 

519,423

 

 

 

 

 

 

 

 

 

Gross profit

128,590

 

 

121,294

 

 

377,474

 

 

366,073

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

58,054

 

 

57,671

 

 

204,480

 

 

202,032

 

General and administrative

10,685

 

 

12,417

 

 

41,497

 

 

43,113

 

 

68,739

 

 

70,088

 

 

245,977

 

 

245,145

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

59,851

 

 

51,206

 

 

131,497

 

 

120,928

 

 

 

 

 

 

 

 

 

OTHER INCOME, Net

1,764

 

 

1,925

 

 

6,210

 

 

5,716

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

61,615

 

 

53,131

 

 

137,707

 

 

126,644

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

14,636

 

 

11,996

 

 

33,278

 

 

31,036

 

 

 

 

 

 

 

 

 

NET INCOME

$

46,979

 

 

$

41,135

 

 

$

104,429

 

 

$

95,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

Basic

$

0.96

 

 

$

0.85

 

 

$

2.15

 

 

$

1.97

 

 

 

 

 

 

 

 

 

Diluted

$

0.96

 

 

$

0.84

 

 

$

2.14

 

 

$

1.97

 

 

 

 

 

 

 

 

 

Basic weighted average shares

48,698

 

 

48,514

 

 

48,587

 

 

48,413

 

Diluted weighted average shares

48,948

 

 

48,703

 

 

48,813

 

 

48,614

 

 

 

 

 

 

 

 

 

(1) Derived from audited financial statements

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

ASSETS

February 1,

 

February 2,

2020

 

2019 (1)

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

220,969

 

 

$

168,471

 

Short-term investments

12,532

 

 

51,546

 

Receivables

3,136

 

 

7,089

 

Inventory

121,258

 

 

125,190

 

Prepaid expenses and other assets

20,935

 

 

18,136

 

Total current assets

378,830

 

 

370,432

 

 

 

 

 

PROPERTY AND EQUIPMENT

452,205

 

 

452,187

 

Less accumulated depreciation and amortization

(338,357

)

 

(321,505

)

 

113,848

 

 

130,682

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

350,088

 

 

 

LONG-TERM INVESTMENTS

15,863

 

 

18,745

 

OTHER ASSETS

9,261

 

 

7,443

 

 

 

 

 

Total assets

$

867,890

 

 

$

527,302

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

26,491

 

 

$

29,008

 

Accrued employee compensation

22,929

 

 

21,452

 

Accrued store operating expenses

17,837

 

 

17,982

 

Gift certificates redeemable

15,319

 

 

16,634

 

Current portion of operating lease liabilities

87,314

 

 

 

Income taxes payable

2,751

 

 

5,142

 

Total current liabilities

172,641

 

 

90,218

 

 

 

 

 

DEFERRED COMPENSATION

15,863

 

 

13,978

 

NON-CURRENT OPERATING LEASE LIABILITIES

290,238

 

 

 

DEFERRED RENT LIABILITY

 

 

29,229

 

Total liabilities

478,742

 

 

133,425

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; 49,205,681 and 49,017,395 shares issued and outstanding at February 1, 2020 and February 2, 2019, respectively

492

 

 

490

 

Additional paid-in capital

152,258

 

 

148,564

 

Retained earnings

236,398

 

 

244,823

 

Total stockholders’ equity

389,148

 

 

393,877

 

 

 

 

 

Total liabilities and stockholders’ equity

$

867,890

 

 

$

527,302

 

 

 

 

 

(1) Derived from audited financial statements

 

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

Source: The Buckle, Inc.