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OFFON

THE BUCKLE, INC.

(BKE)
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The Buckle, Inc. : Reports Fourth Quarter and Fiscal Year 2020 Net Income

03/12/2021 | 06:51am EDT

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2021 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis). Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2021 increased 17.7 percent to $318.8 million from net sales of $271.0 million for the prior year 13-week fiscal quarter ended February 1, 2020. Comparable store net sales for the 13-week period ended January 30, 2021 increased 18.0 percent from comparable store net sales for the prior year 13-week period ended February 1, 2020. Online sales increased 81.5 percent to $66.2 million for the 13-week period ended January 30, 2021, compared to net sales of $36.4 million for the 13-week period ended February 1, 2020.

Net sales for the 52-week fiscal year ended January 30, 2021 increased 0.1 percent to $901.3 million from net sales of $900.3 million for the 52-week fiscal year ended February 1, 2020. Comparable store net sales for the 52-week period ended January 30, 2021 increased 0.4 percent from comparable store net sales for the prior year 52-week period ended February 1, 2020. Online sales increased 72.0 percent to $190.6 million for the 52-week period ended January 30, 2021, compared to net sales of $110.8 million for the 52-week period ended February 1, 2020.

Net income for the fourth quarter of fiscal 2020 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis), compared with $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis) for the fourth quarter of fiscal 2019.

Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis), compared with $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis) for the fiscal year ended February 1, 2020.

Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. 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 741907. A replay of the call will be available for a two-week period beginning March 12, 2021 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 8830453.

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 year, it operated 443 stores in 42 states compared with 448 stores in 42 states at the end of fiscal 2019.

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)

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

52-Weeks Ended

 

January 30, 2021

 

February 1, 2020

 

January 30, 2021

 

February 1, 2020 (1)

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

318,835

 

 

$

271,003

 

 

$

901,278

 

 

$

900,254

 

 

 

 

 

 

 

 

 

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

155,324

 

 

142,413

 

 

500,610

 

 

522,780

 

 

 

 

 

 

 

 

 

Gross profit

163,511

 

 

128,590

 

 

400,668

 

 

377,474

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

66,503

 

 

58,054

 

 

191,158

 

 

204,480

 

General and administrative

12,462

 

 

10,685

 

 

41,488

 

 

41,497

 

 

78,965

 

 

68,739

 

 

232,646

 

 

245,977

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

84,546

 

 

59,851

 

 

168,022

 

 

131,497

 

 

 

 

 

 

 

 

 

OTHER INCOME, Net

927

 

 

1,764

 

 

2,925

 

 

6,210

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

85,473

 

 

61,615

 

 

170,947

 

 

137,707

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

19,867

 

 

14,636

 

 

40,808

 

 

33,278

 

 

 

 

 

 

 

 

 

NET INCOME

$

65,606

 

 

$

46,979

 

 

$

130,139

 

 

$

104,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

Basic

$

1.34

 

 

$

0.96

 

 

$

2.67

 

 

$

2.15

 

 

 

 

 

 

 

 

 

Diluted

$

1.33

 

 

$

0.96

 

 

$

2.66

 

 

$

2.14

 

 

 

 

 

 

 

 

 

Basic weighted average shares

48,869

 

 

48,698

 

 

48,755

 

 

48,587

 

Diluted weighted average shares

49,228

 

 

48,948

 

 

49,013

 

 

48,813

 

 

 

 

 

 

 

 

 

(1) Derived from audited financial statements

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

ASSETS

January 30,
2021

 

February 1,
2020 (1)

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

318,789

 

 

$

220,969

 

Short-term investments

3,359

 

 

12,532

 

Receivables

2,823

 

 

3,136

 

Inventory

101,063

 

 

121,258

 

Prepaid expenses and other assets

11,190

 

 

20,935

 

Total current assets

437,224

 

 

378,830

 

 

 

 

 

PROPERTY AND EQUIPMENT

451,357

 

 

452,205

 

Less accumulated depreciation and amortization

(350,942

)

 

(338,357

)

 

100,415

 

 

113,848

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

279,358

 

 

350,088

 

LONG-TERM INVESTMENTS

18,320

 

 

15,863

 

OTHER ASSETS

10,497

 

 

9,261

 

 

 

 

 

Total assets

$

845,814

 

 

$

867,890

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

43,399

 

 

$

26,491

 

Accrued employee compensation

35,865

 

 

22,929

 

Accrued store operating expenses

20,303

 

 

17,837

 

Gift certificates redeemable

14,279

 

 

15,319

 

Current portion of operating lease liabilities

81,762

 

 

87,314

 

Income taxes payable

10,751

 

 

2,751

 

Total current liabilities

206,359

 

 

172,641

 

 

 

 

 

DEFERRED COMPENSATION

18,320

 

 

15,863

 

NON-CURRENT OPERATING LEASE LIABILITIES

224,506

 

 

290,238

 

Total liabilities

449,185

 

 

478,742

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; 49,407,731 and 49,205,681 shares issued and outstanding at January 30, 2021 and February 1, 2020, respectively

494

 

 

492

 

Additional paid-in capital

158,058

 

 

152,258

 

Retained earnings

238,077

 

 

236,398

 

Total stockholders’ equity

396,629

 

 

389,148

 

 

 

 

 

Total liabilities and stockholders’ equity

$

845,814

 

 

$

867,890

 

 

 

 

(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 11,9x
Yield 2022 -
Capitalization 2 075 M 2 075 M -
Capi. / Sales 2022 1,91x
Capi. / Sales 2023 1,96x
Nbr of Employees 4 950
Free-Float 59,7%
Chart THE BUCKLE, INC.
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The Buckle, Inc. Technical Analysis Chart | BKE | US1184401065 | MarketScreener
Technical analysis trends THE BUCKLE, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Last Close Price 42,40 
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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