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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2023 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 3, 2024 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis). Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 3, 2024 decreased 4.8 percent to $382.4 million from net sales of $401.8 million for the prior year 13-week fiscal quarter ended January 28, 2023. Comparable store net sales for the 14-week period ended February 3, 2024 decreased 9.6 percent from comparable store net sales for the prior year 14-week period ended February 4, 2023. Online sales decreased 12.4 percent to $65.5 million for the 14-week period ended February 3, 2024, compared to net sales of $74.8 million for the 13-week period ended January 28, 2023.

Net sales for the 53-week fiscal year ended February 3, 2024 decreased 6.3 percent to $1.261 billion from net sales of $1.345 billion for the 52-week fiscal year ended January 28, 2023. Comparable store net sales for the 53-week period ended February 3, 2024 decreased 8.0 percent from comparable store net sales for the prior year 53-week period ended February 4, 2023. Online sales decreased 10.3 percent to $206.5 million for the 53-week period ended February 3, 2024, compared to net sales of $230.4 million for the 52-week period ended January 28, 2023.

Net income for the fourth quarter of fiscal 2023 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis), compared with $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis) for the fourth quarter of fiscal 2022.

Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis), compared with $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis) for the fiscal year ended January 28, 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_CBup_6qlSkqkYS6A6HUQIw. 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 442 retail stores in 42 states. As of the end of the fiscal year, it operated 444 stores in 42 states compared with 441 stores in 42 states at the end of fiscal 2022.

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)

 

 

 

 

 

 

 

 

 

14-Weeks Ended

 

13-Weeks Ended

 

53-Weeks Ended

 

52-Weeks Ended

 

February 3, 2024

 

January 28, 2023

 

February 3, 2024

 

January 28, 2023 (1)

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

382,383

 

$

401,806

 

$

1,261,102

 

$

1,345,187

 

 

 

 

 

 

 

 

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

 

182,202

 

 

188,733

 

 

642,037

 

 

669,184

 

 

 

 

 

 

 

 

Gross profit

 

200,181

 

 

213,073

 

 

619,065

 

 

676,003

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

85,937

 

 

84,515

 

 

291,018

 

 

293,891

General and administrative

 

17,741

 

 

18,621

 

 

56,988

 

 

53,980

 

 

103,678

 

 

103,136

 

 

348,006

 

 

347,871

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

96,503

 

 

109,937

 

 

271,059

 

 

328,132

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

6,834

 

 

4,213

 

 

18,156

 

 

6,924

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

103,337

 

 

114,150

 

 

289,215

 

 

335,056

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

23,756

 

 

26,308

 

 

69,296

 

 

80,430

 

 

 

 

 

 

 

 

NET INCOME

$

79,581

 

$

87,842

 

$

219,919

 

$

254,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

Basic

$

1.60

 

$

1.78

 

$

4.44

 

$

5.17

 

 

 

 

 

 

 

 

Diluted

$

1.59

 

$

1.76

 

$

4.40

 

$

5.13

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,791

 

 

49,435

 

 

49,582

 

 

49,269

Diluted weighted average shares

 

50,148

 

 

49,856

 

 

49,955

 

 

49,631

 

 

 

 

 

 

 

 

(1) Derived from audited financial statements

THE BUCKLE, INC.

 
 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

ASSETS

February 3,

2024

 

January 28,

2023 (1)

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

268,213

 

 

$

252,077

 

Short-term investments

 

22,210

 

 

 

20,997

 

Receivables

 

8,697

 

 

 

12,648

 

Inventory

 

126,290

 

 

 

125,134

 

Prepaid expenses and other assets

 

18,846

 

 

 

12,480

 

Total current assets

 

444,256

 

 

 

423,336

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

489,037

 

 

 

466,321

 

Less accumulated depreciation and amortization

 

(360,200

)

 

 

(353,919

)

 

 

128,837

 

 

 

112,402

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

280,813

 

 

 

271,421

 

LONG-TERM INVESTMENTS

 

24,993

 

 

 

20,624

 

OTHER ASSETS

 

10,911

 

 

 

9,796

 

 

 

 

 

Total assets

$

889,810

 

 

$

837,579

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

45,958

 

 

$

44,835

 

Accrued employee compensation

 

49,827

 

 

 

55,490

 

Accrued store operating expenses

 

19,067

 

 

 

19,754

 

Gift certificates redeemable

 

16,667

 

 

 

16,777

 

Current portion of operating lease liabilities

 

85,265

 

 

 

89,187

 

Income taxes payable

 

4,672

 

 

 

 

Total current liabilities

 

221,456

 

 

 

226,043

 

 

 

 

 

DEFERRED COMPENSATION

 

24,993

 

 

 

20,624

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

230,141

 

 

 

214,598

 

Total liabilities

 

476,590

 

 

 

461,265

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; 50,445,186 and 50,092,616 shares issued and outstanding at February 3, 2024 and January 28, 2023, respectively

 

504

 

 

 

501

 

Additional paid-in capital

 

192,686

 

 

 

178,964

 

Retained earnings

 

220,030

 

 

 

196,849

 

Total stockholders’ equity

 

413,220

 

 

 

376,314

 

 

 

 

 

Total liabilities and stockholders’ equity

$

889,810

 

 

$

837,579

 

 

 

 

 

(1) Derived from audited financial statements

 

Contacts

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

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