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THE BUCKLE, INC.

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

11/19/2021 | 12:34pm EST
THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 30, 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 30, 2021 increased 27.3 percent to $319.4 million from net sales of $251.0 million for the prior year 13-week fiscal quarter ended October 31, 2020. Comparable store net sales for the 13-week period ended October 30, 2021 increased 27.3 percent from comparable store net sales for the prior year 13-week period ended October 31, 2020. Online sales increased 9.0 percent to $50.5 million for the 13-week period ended October 30, 2021, compared to net sales of $46.4 million for the 13-week period ended October 31, 2020.

Net sales for the 39-week fiscal period ended October 30, 2021 increased 56.9 percent to $913.7 million from net sales of $582.4 million for the prior year 39-week fiscal period ended October 31, 2020. Comparable store net sales for the 39-week period ended October 30, 2021 increased 56.7 percent from comparable store net sales for the prior year 39-week period ended October 31, 2020. Online sales increased 18.7 percent to $147.7 million for the 39-week period ended October 30, 2021, compared to net sales of $124.4 million for the 39-week period ended October 31, 2020.

Net income for the third quarter of fiscal 2021 was $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis), compared with net income of $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis) for the third quarter of fiscal 2020.

Net income for the 39-week fiscal period ended October 30, 2021 was $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis), compared with net income of $64.5 million, or $1.32 per share ($1.32 per share on a diluted basis) for the 39-week period ended October 31, 2020.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference the conference code 3631906. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 6269408.



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 446 stores in 42 states at the end of the third 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 Thirty-Nine Weeks Ended
October 30,
2021
October 31,
2020
October 30,
2021
October 31,
2020
SALES, Net of returns and allowances $ 319,432 $ 251,005 $ 913,677 $ 582,443
COST OF SALES (Including buying, distribution, and occupancy costs)
158,366 134,055 463,039 345,286
Gross profit 161,066 116,950 450,638 237,157
OPERATING EXPENSES:
Selling 67,771 52,894 190,827 124,655
General and administrative 11,080 9,930 33,912 29,026
78,851 62,824 224,739 153,681
INCOME FROM OPERATIONS 82,215 54,126 225,899 83,476
OTHER INCOME, Net 192 1,020 465 1,998
INCOME BEFORE INCOME TAXES 82,407 55,146 226,364 85,474
INCOME TAX EXPENSE 20,190 13,511 55,459 20,941
NET INCOME $ 62,217 $ 41,635 $ 170,905 $ 64,533
EARNINGS PER SHARE:
Basic $ 1.27 $ 0.85 $ 3.49 $ 1.32
Diluted $ 1.26 $ 0.85 $ 3.46 $ 1.32
Basic weighted average shares 48,946 48,714 48,946 48,718
Diluted weighted average shares 49,362 48,987 49,338 48,941



THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS October 30,
2021
January 30,
2021 (1)
October 31,
2020
CURRENT ASSETS:
Cash and cash equivalents $ 468,733 $ 318,789 $ 331,923
Short-term investments 11,302 3,359 7,410
Receivables 5,629 2,823 1,763
Inventory 100,593 101,063 118,707
Prepaid expenses and other assets 11,771 11,190 21,749
Total current assets 598,028 437,224 481,552
PROPERTY AND EQUIPMENT 454,118 451,357 451,708
Less accumulated depreciation and amortization (354,834) (350,942) (349,411)
99,284 100,415 102,297
OPERATING LEASE RIGHT-OF-USE ASSETS 264,183 279,358 287,197
LONG-TERM INVESTMENTS 20,024 18,320 16,729
OTHER ASSETS 12,311 10,497 10,104
Total assets $ 993,830 $ 845,814 $ 897,879
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 63,518 $ 43,399 $ 57,629
Accrued employee compensation 49,473 35,865 23,611
Accrued store operating expenses 30,789 20,303 23,096
Gift certificates redeemable 11,146 14,279 12,093
Current portion of operating lease liabilities 84,365 81,762 78,860
Income taxes payable 4 10,751 7,994
Total current liabilities 239,295 206,359 203,283
DEFERRED COMPENSATION 20,024 18,320 16,729
NON-CURRENT OPERATING LEASE LIABILITIES 208,707 224,506 235,463
Total liabilities 468,026 449,185 455,475
COMMITMENTS
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,783,381 shares at October 30, 2021, 49,407,731 shares at January 30, 2021, and 49,407,731 shares at October 31, 2020 498 494 494
Additional paid-in capital 165,612 158,058 155,778
Retained earnings 359,694 238,077 286,132
Total stockholders' equity 525,804 396,629 442,404
Total liabilities and stockholders' equity $ 993,830 $ 845,814 $ 897,879
(1) Derived from audited financial statements.


Disclaimer

The Buckle Inc. published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 17:33:03 UTC.


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Sales 2022 1 259 M - -
Net income 2022 238 M - -
Net Debt 2022 - - -
P/E ratio 2022 6,90x
Yield 2022 -
Capitalization 1 632 M 1 632 M -
Capi. / Sales 2022 1,30x
Capi. / Sales 2023 1,25x
Nbr of Employees 4 950
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 33,35 $
Average target price 60,00 $
Spread / Average Target 79,9%
EPS Revisions
Managers and Directors
Dennis H. Nelson President, Chief Operating 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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