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Company Announcements

Buckle Inc

The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--Nov. 22, 2024-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 3.2 percent to $293.6 million from net sales of $303.5 million for the prior year 13-week fiscal quarter ended October 28, 2023. Comparable store net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 0.7 percent from comparable store net sales for the prior year 13-week period ended November 4, 2023. Online sales increased 1.1 percent to $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to net sales of $46.1 million for the 13-week fiscal quarter ended October 28, 2023.

Net sales for the 39-week fiscal period ended November 2, 2024 decreased 4.6 percent to $838.5 million from net sales of $878.7 million for the prior year 39-week fiscal period ended October 28, 2023. Comparable store net sales for the 39-week period ended November 2, 2024 decreased 5.4 percent from comparable store net sales for the prior year 39-week period ended November 4, 2023. Online sales decreased 9.2 percent to $128.0 million for the 39-week period ended November 2, 2024, compared to net sales of $141.0 million for the 39-week period ended October 28, 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 39-week periods ended November 4, 2023.

Net income for the third quarter of fiscal 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with net income of $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis) for the third quarter of fiscal 2023.

Net income for the 39-week fiscal period ended November 2, 2024 was $118.3 million, or $2.37 per share ($2.35 per share on a diluted basis), compared with net income of $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis) for the 39-week period ended October 28, 2023.

Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_ZagNJtIfQImjiUbr7g6zdw. 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 445 retail stores in 42 states. As of the end of the fiscal quarter, it operated 445 stores in 42 states compared with 443 stores in 42 states at the end of the third 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

 

Thirty-Nine Weeks Ended

 

November 2,
2024

 

October 28,
2023

 

November 2,
2024

 

October 28,
2023

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

293,618

 

$

303,457

 

$

838,490

 

$

878,719

 

 

 

 

 

 

 

 

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

 

153,547

 

 

156,242

 

 

445,188

 

 

459,835

 

 

 

 

 

 

 

 

Gross profit

 

140,071

 

 

147,215

 

 

393,302

 

 

418,884

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

71,986

 

 

70,242

 

 

206,454

 

 

205,081

General and administrative

 

13,602

 

 

12,908

 

 

41,709

 

 

39,247

 

 

85,588

 

 

83,150

 

 

248,163

 

 

244,328

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

54,483

 

 

64,065

 

 

145,139

 

 

174,556

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

4,023

 

 

4,490

 

 

11,510

 

 

11,322

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

58,506

 

 

68,555

 

 

156,649

 

 

185,878

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

14,334

 

 

16,793

 

 

38,379

 

 

45,540

 

 

 

 

 

 

 

 

NET INCOME

$

44,172

 

$

51,762

 

$

118,270

 

$

140,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.89

 

$

1.05

 

$

2.37

 

$

2.83

 

 

 

 

 

 

 

 

Diluted

$

0.88

 

$

1.04

 

$

2.35

 

$

2.81

 

 

 

 

 

 

 

 

Basic weighted average shares

 

49,854

 

 

49,513

 

 

49,854

 

 

49,513

Diluted weighted average shares

 

50,297

 

 

49,937

 

 

50,230

 

 

49,891

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

ASSETS

November 2,
2024

 

February 3,
2024 (1)

 

October 28,
2023

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$ 301,958

 

$ 268,213

 

$ 311,657

Short-term investments

23,482

 

22,210

 

23,446

Receivables

7,901

 

8,697

 

10,341

Inventory

149,351

 

126,290

 

152,289

Prepaid expenses and other assets

22,236

 

18,846

 

11,206

Total current assets

504,928

 

444,256

 

508,939

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

508,273

 

489,037

 

483,435

Less accumulated depreciation and amortization

(365,241)

 

(360,200)

 

(359,367)

 

143,032

 

128,837

 

124,068

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

287,687

 

280,813

 

253,418

LONG-TERM INVESTMENTS

27,261

 

24,993

 

22,508

OTHER ASSETS

13,362

 

10,911

 

12,274

 

 

 

 

 

 

Total assets

$ 976,270

 

$ 889,810

 

$ 921,207

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$ 67,701

 

$ 45,958

 

$ 63,320

Accrued employee compensation

27,095

 

49,827

 

34,784

Accrued store operating expenses

25,921

 

19,067

 

26,335

Gift certificates redeemable

12,571

 

16,667

 

12,305

Current portion of operating lease liabilities

76,963

 

85,265

 

78,884

Income taxes payable

2,519

 

4,672

 

536

Total current liabilities

212,770

 

221,456

 

216,164

 

 

 

 

 

 

DEFERRED COMPENSATION

27,261

 

24,993

 

22,508

NON-CURRENT OPERATING LEASE LIABILITIES

247,850

 

230,141

 

208,517

Total liabilities

487,881

 

476,590

 

447,189

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at November 2, 2024, 50,445,186 shares at February 3, 2024, and 50,445,386 shares at October 28, 2023

508

 

504

 

504

Additional paid-in capital

202,895

 

192,686

 

189,297

Retained earnings

284,986

 

220,030

 

284,217

Total stockholders’ equity

488,389

 

413,220

 

474,018

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$ 976,270

 

$ 889,810

 

$ 921,207

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

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

Source: The Buckle, Inc.