BKE Buckle Inc

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 3.4 percent to $282.4 million from net sales of $292.4 million for the prior year 13-week fiscal quarter ended July 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended August 3, 2024 decreased 6.6 percent from comparable store net sales for the prior year 13-week period ended August 5, 2023. Online sales decreased 15.2 percent to $37.0 million for the 13-week fiscal quarter ended August 3, 2024, compared to net sales of $43.6 million for the 13-week fiscal quarter ended July 29, 2023.

Net sales for the 26-week fiscal period ended August 3, 2024 decreased 5.3 percent to $544.9 million from net sales of $575.3 million for the prior year 26-week fiscal period ended July 29, 2023. Comparable store net sales for the 26-week period ended August 3, 2024 decreased 7.7 percent from comparable store net sales for the prior year 26-week period ended August 5, 2023. Online sales decreased 14.2 percent to $81.4 million for the 26-week period ended August 3, 2024, compared to net sales of $94.9 million for the 26-week period ended July 29, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 5, 2023.

Net income for the second quarter of fiscal 2024 was $39.3 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with net income of $45.6 million, or $0.92 per share ($0.92 per share on a diluted basis) for the second quarter of fiscal 2023.

Net income for the 26-week fiscal period ended August 3, 2024 was $74.1 million, or $1.49 per share ($1.48 per share on a diluted basis), compared with net income of $88.6 million, or $1.79 per share ($1.78 per share on a diluted basis) for the 26-week period ended July 29, 2023.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_wgdrgn2oR764cUMOxJG06g. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the second quarter of fiscal 2023.

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. Financial Tables to Follow

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Twenty-Six Weeks Ended

 

August 3, 2024

 

July 29, 2023

 

August 3, 2024

 

July 29, 2023

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

282,392

 

$

292,428

 

$

544,872

 

$

575,262

 

 

 

 

 

 

 

 

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

 

149,858

 

 

154,016

 

 

291,641

 

 

303,593

 

 

 

 

 

 

 

 

Gross profit

 

132,534

 

 

138,412

 

 

253,231

 

 

271,669

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

70,742

 

 

68,737

 

 

134,468

 

 

134,839

General and administrative

 

13,532

 

 

12,914

 

 

28,107

 

 

26,339

 

 

84,274

 

 

81,651

 

 

162,575

 

 

161,178

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

48,260

 

 

56,761

 

 

90,656

 

 

110,491

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

3,733

 

 

3,693

 

 

7,487

 

 

6,832

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

51,993

 

 

60,454

 

 

98,143

 

 

117,323

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

12,738

 

 

14,814

 

 

24,045

 

 

28,747

 

 

 

 

 

 

 

 

NET INCOME

$

39,255

 

$

45,640

 

$

74,098

 

$

88,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.79

 

$

0.92

 

$

1.49

 

$

1.79

 

 

 

 

 

 

 

 

Diluted

$

0.78

 

$

0.92

 

$

1.48

 

$

1.78

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,854

 

 

49,513

 

 

49,854

 

 

49,513

Diluted weighted average shares

 

50,221

 

 

49,875

 

 

50,197

 

 

49,868

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

August 3, 2024

 

February 3, 2024 (1)

 

July 29, 2023

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

287,266

 

 

$

268,213

 

 

$

275,583

 

Short-term investments

 

21,856

 

 

 

22,210

 

 

 

23,714

 

Receivables

 

7,698

 

 

 

8,697

 

 

 

9,675

 

Inventory

 

131,418

 

 

 

126,290

 

 

 

136,074

 

Prepaid expenses and other assets

 

20,962

 

 

 

18,846

 

 

 

10,181

 

Total current assets

 

469,200

 

 

 

444,256

 

 

 

455,227

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

500,236

 

 

 

489,037

 

 

 

475,997

 

Less accumulated depreciation and amortization

 

(360,903

)

 

 

(360,200

)

 

 

(356,737

)

 

 

139,333

 

 

 

128,837

 

 

 

119,260

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

292,194

 

 

 

280,813

 

 

 

251,978

 

LONG-TERM INVESTMENTS

 

26,984

 

 

 

24,993

 

 

 

23,616

 

OTHER ASSETS

 

12,560

 

 

 

10,911

 

 

 

11,466

 

 

 

 

 

 

 

Total assets

$

940,271

 

 

$

889,810

 

 

$

861,547

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

62,820

 

 

$

45,958

 

 

$

54,261

 

Accrued employee compensation

 

24,478

 

 

 

49,827

 

 

 

22,357

 

Accrued store operating expenses

 

26,124

 

 

 

19,067

 

 

 

26,533

 

Gift certificates redeemable

 

13,214

 

 

 

16,667

 

 

 

12,960

 

Current portion of operating lease liabilities

 

79,583

 

 

 

85,265

 

 

 

80,664

 

Income taxes payable

 

—

 

 

 

4,672

 

 

 

—

 

Total current liabilities

 

206,219

 

 

 

221,456

 

 

 

196,775

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

26,984

 

 

 

24,993

 

 

 

23,616

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

248,424

 

 

 

230,141

 

 

 

204,620

 

Total liabilities

 

481,627

 

 

 

476,590

 

 

 

425,011

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at August 3, 2024, 50,445,186 shares at February 3, 2024, and 50,445,926 shares at July 29, 2023

 

508

 

 

 

504

 

 

 

504

 

Additional paid-in capital

 

199,551

 

 

 

192,686

 

 

 

185,921

 

Retained earnings

 

258,585

 

 

 

220,030

 

 

 

250,111

 

Total stockholders’ equity

 

458,644

 

 

 

413,220

 

 

 

436,536

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

940,271

 

 

$

889,810

 

 

$

861,547

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240823329296/en/

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