The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended July 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended July 31, 2021. Comparable store net sales for the 13-week period ended July 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended July 31, 2021. Online sales increased 6.5 percent to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of $43.4 million for the 13-week period ended July 31, 2021.
Net sales for the 26-week fiscal period ended July 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended July 31, 2021. Comparable store net sales for the 26-week period ended July 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended July 31, 2021. Online sales increased 3.5 percent to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of $97.2 million for the 26-week period ended July 31, 2021.
Net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.
Net income for the 26-week fiscal period ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26- week period ended July 31, 2021.
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 2084271. 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 9468609.
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 441 stores in 42 states compared with 442 stores in 42 states at the end of the second quarter of fiscal 2021.
Financial Tables to Follow
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited)
Thirteen Weeks Ended
July 30, July 31, 2022 2021
Twenty-Six Weeks Ended
July 30, July 31, 2022 2021
| SALES, Net of returns and allowances $ 301,976 $ 295,120 $ 611,040 $ 594,245 |
| COST OF SALES (Including buying, distribution, and occupancy costs) 156,607 153,101 313,511 304,673 |
| Gross profit 145,369 142,019 297,529 289,572 |
| OPERATING EXPENSES: |
| Selling 67,982 63,056 135,228 123,056 |
| General and administrative 11,674 11,081 23,529 22,832 |
| 79,656 74,137 158,757 145,888 |
| INCOME FROM OPERATIONS 65,713 67,882 138,772 143,684 |
| OTHER INCOME, Net 703 222 828 273 |
| INCOME BEFORE INCOME TAXES 66,416 68,104 139,600 143,957 |
| INCOME TAX EXPENSE 16,272 16,685 34,202 35,269 |
| NET INCOME $ 50,144 $ 51,419 $ 105,398 $ 108,688 |
| EARNINGS PER SHARE: |
| Basic $ 1.02 $ 1.05 $ 2.14 $ 2.22 |
| Diluted $ 1.01 $ 1.04 $ 2.13 $ 2.20 |
| Basic weighted average shares 49,214 48,946 49,214 48,946 |
| Diluted weighted average shares 49,535 49,341 49,531 49,325 |
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)
ASSETS
CURRENT ASSETS:
July 30, 2022
January 29, 2022 (1)
July 31, 2021
| Cash and cash equivalents $ 266,731 $ 253,970 $ 406,714 |
| Short-term investments 17,387 12,926 8,592 |
| Receivables 13,015 12,087 6,667 |
| Inventory 128,498 102,095 95,276 |
| Prepaid expenses and other assets 9,445 10,128 20,294 |
| Total current assets 435,076 391,206 537,543 |
| PROPERTY AND EQUIPMENT 460,362 453,228 452,460 |
| Less accumulated depreciation and amortization (353,929) (352,724) (352,773) |
| 106,433 100,504 99,687 |
| OPERATING LEASE RIGHT-OF-USE ASSETS 234,634 258,914 264,177 |
| LONG-TERM INVESTMENTS 20,640 19,352 19,558 |
| OTHER ASSETS 12,281 10,908 11,720 |
| Total assets $ 809,064 $ 780,884 $ 932,685 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
| CURRENT LIABILITIES: |
| Accounts payable $ 63,036 $ 59,950 $ 67,812 |
| Accrued employee compensation 29,509 62,055 33,878 |
| Accrued store operating expenses 30,497 20,264 30,724 |
| Gift certificates redeemable 12,411 16,470 11,434 |
| Current portion of operating lease liabilities 80,827 88,273 82,255 |
| Income taxes payable — 1,529 — |
| Total current liabilities 216,280 248,541 226,103 |
| DEFERRED COMPENSATION 20,163 19,352 19,558 |
| NON-CURRENT OPERATING LEASE LIABILITIES 183,643 200,067 209,472 |
| Total liabilities 420,086 467,960 455,133 |
| COMMITMENTS |
| STOCKHOLDERS’ EQUITY: |
| Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at July 30, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at July 31, 2021 501 497 498 |
| Additional paid-in capital 173,046 167,328 163,148 |
| Retained earnings 215,431 145,099 313,906 |
| Total stockholders’ equity 388,978 312,924 477,552 |
| Total liabilities and stockholders’ equity $ 809,064 $ 780,884 $ 932,685 |
(1) Derived from audited financial statements.
