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OFFON

THE BUCKLE, INC.

(BKE)
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BUCKLE : REPORTS FIRST QUARTER NET INCOME (Form 8-K)

05/21/2021 | 04:45pm EDT
THE BUCKLE, INC. REPORTS FIRST QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 1, 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 1, 2021 increased 159.2 percent to $299.1 million from net sales of $115.4 million for the prior year 13-week fiscal quarter ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent from net sales of $201.3 million for the 13-week fiscal quarter ended May 4, 2019. Online sales increased 67.3 percent to $53.7 million for the 13-week period ended May 1, 2021, compared to net sales of $32.1 million for the 13-week period ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 120.0 percent from net sales of $24.4 million for the 13-week period ended May 4, 2019.

Net income for the first quarter of fiscal 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis), compared with a net loss of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis) for the first quarter of fiscal 2020.

Results for fiscal 2020 were significantly impacted by the Company's closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the store closures on prior year reported net sales, the Company will report total net sales compared to the past two years and does not plan to separately report comparable store sales for the periods most affected by the store closures.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 1433238. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 6096737.

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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 442 stores in 42 states compared with 446 stores in 42 states at the end of the first quarter of fiscal 2020.



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
May 1,
2021
May 2,
2020
SALES, Net of returns and allowances $ 299,125 $ 115,413
COST OF SALES (Including buying, distribution, and occupancy costs)
151,572 88,588
Gross profit 147,553 26,825
OPERATING EXPENSES:
Selling 60,000 33,504
General and administrative 11,751 9,503
71,751 43,007
INCOME (LOSS) FROM OPERATIONS 75,802 (16,182)
OTHER INCOME, Net 51 574
INCOME (LOSS) BEFORE INCOME TAXES 75,853 (15,608)
INCOME TAX EXPENSE (BENEFIT) 18,584 (3,824)
NET INCOME (LOSS) $ 57,269 $ (11,784)
EARNINGS (LOSS) PER SHARE:
Basic $ 1.17 $ (0.24)
Diluted $ 1.16 $ (0.24)
Basic weighted average shares 48,946 48,725
Diluted weighted average shares 49,309 48,922



THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS May 1,
2021
January 30,
2021 (1)
May 2,
2020
CURRENT ASSETS:
Cash and cash equivalents $ 393,153 $ 318,789 $ 185,037
Short-term investments 697 3,359 17,661
Receivables 1,670 2,823 1,774
Inventory 89,017 101,063 121,671
Prepaid expenses and other assets 20,615 11,190 13,438
Total current assets 505,152 437,224 339,581
PROPERTY AND EQUIPMENT 452,662 451,357 451,142
Less accumulated depreciation and amortization (352,627) (350,942) (341,073)
100,035 100,415 110,069
OPERATING LEASE RIGHT-OF-USE ASSETS 280,805 279,358 326,587
LONG-TERM INVESTMENTS 19,087 18,320 15,922
OTHER ASSETS 11,128 10,497 9,491
Total assets $ 916,207 $ 845,814 $ 801,650
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 53,632 $ 43,399 $ 19,212
Accrued employee compensation 26,474 35,865 5,310
Accrued store operating expenses 27,355 20,303 15,927
Gift certificates redeemable 12,215 14,279 13,513
Current portion of operating lease liabilities 84,628 81,762 84,410
Income taxes payable 29,737 10,751 72
Total current liabilities 234,041 206,359 138,444
DEFERRED COMPENSATION 19,087 18,320 15,204
NON-CURRENT OPERATING LEASE LIABILITIES 222,981 224,506 270,053
Total liabilities 476,109 449,185 423,701
COMMITMENTS
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,788,891 shares at May 1, 2021, 49,407,731 shares at January 30, 2021, and 49,408,181 shares at May 2, 2020 498 494 494
Additional paid-in capital 160,684 158,058 152,841
Retained earnings 278,916 238,077 224,614
Total stockholders' equity 440,098 396,629 377,949
Total liabilities and stockholders' equity $ 916,207 $ 845,814 $ 801,650
(1) Derived from audited financial statements.


Disclaimer

The Buckle Inc. published this content on 21 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2021 20:44:05 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2022 1 088 M - -
Net income 2022 175 M - -
Net Debt 2022 - - -
P/E ratio 2022 12,3x
Yield 2022 -
Capitalization 2 140 M 2 140 M -
Capi. / Sales 2022 1,97x
Capi. / Sales 2023 2,02x
Nbr of Employees 4 950
Free-Float 59,7%
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Technical analysis trends THE BUCKLE, INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 43,73 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Dennis H. Nelson President, Chief Executive Officer & Director
Thomas B. Heacock Chief Financial Officer, Treasurer, Director & SVP
Daniel J. Hirschfeld Chairman
Bill L. Fairfield Independent Director
Bruce L. Hoberman Independent Director
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