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OFFON

THE BUCKLE, INC.

(BKE)
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The Buckle, Inc. : Reports First Quarter Net Income

05/21/2021 | 06:51am EDT

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.

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.

 

 

 

 

 

 


ę Business Wire 2021
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Financials (USD)
Sales 2022 1 088 M - -
Net income 2022 175 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,4x
Yield 2022 -
Capitalization 1 987 M 1 987 M -
Capi. / Sales 2022 1,83x
Capi. / Sales 2023 1,87x
Nbr of Employees 4 950
Free-Float 59,7%
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Technical analysis trends THE BUCKLE, INC.
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 40,60 
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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