THE BUCKLE, INC. ANNOUNCES NET EARNINGS IN THE THIRD QUARTER

KEARNEY, NE-The Buckle, Inc. (NYSE: BKE) today announced that net income for the fiscal quarter ended October 30, 2021 was $ 62.2 million, Where $ 1.27 per share ($ 1.26 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 30, 2021 increased by 27.3 percent for $ 319.4 million net sales of $ 251.0 million for the 13-week fiscal quarter of the preceding fiscal year ended October 31, 2020. Comparable store net sales for the 13-week period ended October 30, 2021 increased 27.3 percent from comparable store net sales for the 13-week period of the previous year ended October 31, 2020. Online sales grew 9.0% to $ 50.5 million for the 13-week period ended October 30, 2021, compared to net sales of $ 46.4 million for the 13-week period ended October 31, 2020.

Net sales for the 39-week period ended October 30, 2021 increased by 56.9 percent for $ 913.7 million net sales of $ 582.4 million for the previous 39-week fiscal year ended October 31, 2020. Comparable store net sales for the 39-week period ended October 30, 2021 increased 56.7% compared to comparable store net sales for the 39-week period last year ended October 31, 2020. Online sales grew 18.7% to reach $ 147.7 million for the 39-week period ended October 30, 2021, compared to net sales of $ 124.4 million for the 39-week period ended October 31, 2020.

The net profit for the third quarter of fiscal 2021 was $ 62.2 million, Where $ 1.27 per share ($ 1.26 per share on a diluted basis), compared to the net income of $ 41.6 million, Where $ 0.85 per share ($ 0.85 per share on a diluted basis) for the third quarter of fiscal 2020.

Net income for the 39-week period ended October 30, 2021 was $ 170.9 million, Where $ 3.49 per share ($ 3.46 per share on a diluted basis), compared to the net income of $ 64.5 million, Where $ 1.32 per share ($ 1.32 per share on a diluted basis) for the 39-week period ended October 31, 2020.

Management will hold a conference call at 10:00 a.m. EST today to discuss the results for the quarter. To join the call, please dial (844) 291-6362 for national calls or (234) 720-6995 for international calls and reference conference code 3631906.

A replay of the call will be available for a period of two weeks starting today at 1:00 p.m. EST by calling (866) 207-1041 for national calls or (402) 970-0847 for international calls and entering the conference code 6269408.

About the loop

Offering a unique blend of high quality on-trend clothing, accessories and footwear, Buckle is aimed at fashion-conscious young men and women. Known as a denim destination, each store offers a wide selection of fits, styles and finishes from leading denim brands, including the company’s exclusive brand, BKE. Based at Kearney, Nebraska, Buckle currently operates 441 retail stores in 42 states. At the end of the fiscal quarter, it operated 441 stores in 42 states, compared to 446 stores in 42 states at the end of the third quarter of fiscal 2020.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve significant risks and uncertainties and are subject to change based on factors which may be beyond the control of the Company. . Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in such forward-looking statements. These factors include, without limitation, those described in documents filed by the Company with the Security and Trade Commission. The Company does not undertake to update or revise any forward-looking statements publicly, even if experience or future changes clearly indicate that the projected results expressed or implied therein will not be achieved.

Note: Press releases and other information on The Loop, Inc. can be viewed at www.buckle.com on the Internet.

Financial tables to follow

LA BOUCLE, INC.

CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except amounts per share)

(Unaudited)

Thirteen weeks completed Thirty-nine weeks completed October 30, 2021 October 31, 2020 October 30, 2021

October 31, 2020

SALES, net of returns and indemnities $ 319,432 $ 251,005 $ 913,677 $ 582,443

COST OF SALES (including purchase, distribution and

occupancy costs) 158 366 134 055 463 039 345 286

Gross profit 161,066,116,950 450 638 237,157

OPERATING COSTS :

Sales 67 771 52 894 190 827 124 655

General and administrative 11 080 9 930 33 912 29 026

78 851 62 824 224 739 153 681

OPERATING RESULT 82 215 54 126 225 899 83 476

OTHER INCOME, net 192 1,020 465 1,998

PROFIT BEFORE TAX 82 407 55 146 226 364 85 474

TAX CHARGE 20 190 13 511 55 459 20 941

NET REVENUE $ 62,217 $ 41,635 $ 170,905 $ 64,533

EARNINGS PER SHARE:

Basic $ 1.27 $ 0.85 $ 3.49 $ 1.32

Diluted $ 1.26 $ 0.85 $ 3.46 $ 1.32

Core Weighted Average Equities 48,946 48,714 48,946 48,718

Diluted weighted average equities 49,362 48,987 49,338 48,941

LA BOUCLE, INC.

CONSOLIDATED RESULTS

(Amounts in thousands except for amounts per share and per share)

(Unaudited)

ASSETS	October 30,2021	January 30,2021 (1)	October 31,	2020

CURRENT ASSETS:

Cash and cash equivalents $ 468,733 $ 318,789 $ 331,923

Short-term investments 11,302 3,359 7,410

Receivables 5,629 2,823 1,763

Inventory 100 593 101 063 118 707

Prepaid expenses and other assets 11,771 11 190 21,749

Total current assets 598,028,437 224,481,552

TANGIBLE FIXED ASSETS 454 118 451 357 451 708

Less accumulated depreciation (354,834) (350,942) (349,411)

99 284 100 415 102 297

RIGHT OF USE IN OPERATIONAL LEASE 264 183 279 358 287 197

LONG-TERM INVESTMENTS 20 024 18 320 16 729

OTHER ASSETS 12 311 10 497 10 104

Total assets $ 993,830 $ 845,814 $ 897,879

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Accounts payable $ 63,518 $ 43,399 $ 57,629

Compensation payable of employees 49,473 35,865 23,611

Store operating expenses 30,789 20,303 23,096

Exchangeable gift certificates 11 146 14 279 12 093

Current portion of operating lease debts 84 365 81 762 78 860

Taxes payable 4 10 751 7 994

Total current liabilities 239 295 206 359 203 283

DEFERRED COMPENSATION 20,024 18,320 16,729

NON-CURRENT OPERATING LEASE LIABILITIES 208 707 224 506 235 463

Total liabilities 468,026,449,185,455,475

COMMITMENTS

EQUITY:

Ordinary shares, authorized 100,000,000 shares of $ 0.01 face value; issued and

exceptional; 49,783,381 shares to October 30, 2021, 49,407,731 shares in January

30, 2021 and 49,407,731 shares to October 31, 2020 498 494 494

Share premium 165,612 158,058 155,778

Retained earnings 359 694 238 077 286 132

Total equity 525 804 396 629 442 404

Total liabilities and equity $ 993,830 $ 845,814 $ 897,879

(1)	Derived from audited financial statements.


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