The Buckle, Inc. Reports First Quarter Net Income

24.05.24 12:50 Uhr

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The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 4, 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 7.2 percent to $262.5 million from net sales of $282.8 million for the prior year 13-week fiscal quarter ended April 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 9.0 percent from comparable store net sales for the prior year 13-week period ended May 6, 2023. Online sales decreased 13.4 percent to $44.4 million for the 13-week fiscal quarter ended May 4, 2024, compared to net sales of $51.3 million for the 13-week fiscal quarter ended April 29, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter are compared to the 13-week period ended May 6, 2023.

Net income for the first quarter of fiscal 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis), compared with net income of $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis) for the first quarter of fiscal 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_zp-00jfFTbC_Ilct3roVWQ. 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 first 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

 

May 4,
2024

 

April 29,
2023

 

 

 

 

SALES, Net of returns and allowances

$

262,480

 

$

282,834

 

 

 

 

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

 

141,783

 

 

149,577

 

 

 

 

Gross profit

 

120,697

 

 

133,257

 

 

 

 

OPERATING EXPENSES:

 

 

 

Selling

 

63,726

 

 

66,102

General and administrative

 

14,575

 

 

13,425

 

 

78,301

 

 

79,527

 

 

 

 

INCOME FROM OPERATIONS

 

42,396

 

 

53,730

 

 

 

 

OTHER INCOME, Net

 

3,754

 

 

3,139

 

 

 

 

INCOME BEFORE INCOME TAXES

 

46,150

 

 

56,869

 

 

 

 

INCOME TAX EXPENSE

 

11,307

 

 

13,933

 

 

 

 

NET INCOME

$

34,843

 

$

42,936

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

Basic

$

0.70

 

$

0.87

 

 

 

 

Diluted

$

0.69

 

$

0.86

 

 

 

 

Basic weighted average shares

 

49,854

 

 

49,513

Diluted weighted average shares

 

50,172

 

 

49,861

 

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

May 4,
2024

 

February 3,
2024 (1)

 

April 29,
2023

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

267,427

 

 

$

268,213

 

 

$

254,433

 

Short-term investments

 

23,052

 

 

 

22,210

 

 

 

23,066

 

Receivables

 

6,139

 

 

 

8,697

 

 

 

6,356

 

Inventory

 

130,661

 

 

 

126,290

 

 

 

137,735

 

Prepaid expenses and other assets

 

19,550

 

 

 

18,846

 

 

 

12,325

 

Total current assets

 

446,829

 

 

 

444,256

 

 

 

433,915

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

493,025

 

 

 

489,037

 

 

 

471,152

 

Less accumulated depreciation and amortization

 

(360,950

)

 

 

(360,200

)

 

 

(355,091

)

 

 

132,075

 

 

 

128,837

 

 

 

116,061

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

288,646

 

 

 

280,813

 

 

 

265,716

 

LONG-TERM INVESTMENTS

 

26,763

 

 

 

24,993

 

 

 

22,512

 

OTHER ASSETS

 

11,757

 

 

 

10,911

 

 

 

10,656

 

 

 

 

 

 

 

Total assets

$

906,070

 

 

$

889,810

 

 

$

848,860

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

54,811

 

 

$

45,958

 

 

$

57,774

 

Accrued employee compensation

 

13,767

 

 

 

49,827

 

 

 

17,942

 

Accrued store operating expenses

 

23,477

 

 

 

19,067

 

 

 

23,627

 

Gift certificates redeemable

 

14,370

 

 

 

16,667

 

 

 

14,325

 

Current portion of operating lease liabilities

 

83,645

 

 

 

85,265

 

 

 

84,619

 

Income taxes payable

 

15,210

 

 

 

4,672

 

 

 

8,517

 

Total current liabilities

 

205,280

 

 

 

221,456

 

 

 

206,804

 

 

 

 

 

 

 

DEFERRED COMPENSATION

 

26,763

 

 

 

24,993

 

 

 

22,512

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

240,212

 

 

 

230,141

 

 

 

214,370

 

Total liabilities

 

472,255

 

 

 

476,590

 

 

 

443,686

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,778,536 shares at May 4, 2024, 50,445,186 shares at February 3, 2024, and 50,456,196 shares at April 29, 2023

 

508

 

 

 

504

 

 

 

505

 

Additional paid-in capital

 

196,208

 

 

 

192,686

 

 

 

182,544

 

Retained earnings

 

237,099

 

 

 

220,030

 

 

 

222,125

 

Total stockholders’ equity

 

433,815

 

 

 

413,220

 

 

 

405,174

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

906,070

 

 

$

889,810

 

 

$

848,860

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

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Analysen zu The Buckle Inc.

DatumRatingAnalyst
08.03.2019The Buckle SellDeutsche Bank AG
02.11.2018The Buckle HoldDeutsche Bank AG
07.04.2017The Buckle HoldDeutsche Bank AG
09.05.2016The Buckle UnderperformWolfe Research
30.03.2016The Buckle HoldStandpoint Research
DatumRatingAnalyst
07.01.2016The Buckle BuyStandpoint Research
18.06.2009Buckle bis 28,50 EUR kaufenFocus Money
31.03.2005Update The Buckle Inc.: BuyStanford Research
18.02.2005Update The Buckle Inc.: BuySeidler
DatumRatingAnalyst
02.11.2018The Buckle HoldDeutsche Bank AG
07.04.2017The Buckle HoldDeutsche Bank AG
30.03.2016The Buckle HoldStandpoint Research
14.03.2016The Buckle Peer PerformWolfe Research
04.06.2015The Buckle HoldBB&T Capital Markets
DatumRatingAnalyst
08.03.2019The Buckle SellDeutsche Bank AG
09.05.2016The Buckle UnderperformWolfe Research
14.11.2014The Buckle UnderweightBB&T Capital Markets
04.08.2006Update The Buckle Inc.: SellStanford Research

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