The Buckle, Inc. Reports Third Quarter Net Income | Business

KEARNEY, Neb – (BUSINESS WIRE) – November 19, 2021–

The Buckle, Inc. (NYSE: BKE) today announced that net income for the fiscal quarter ended October 30, 2021 was $ 62.2 million, or $ 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 27.3% to $ 319.4 million from net sales of $ 251.0 million for the 13-week fiscal quarter of the prior year ended October 31, 2020. Comparable store net sales for the 13 weeks the period ended October 30, 2021 increased by 27.3% compared to net same store sales for the 13 weeks ended October 31 October 2020. Online sales increased 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 period. 13 weeks ended October 31, 2020.

Net sales for the 39-week fiscal year ended October 30, 2021 increased 56.9% to $ 913.7 million from net sales of $ 582.4 million for the prior 39-week fiscal year ended on October 31, 2020. Comparable store net sales for the 39 weeks period ended October 30, 2021 increased 56.7% compared to comparable store net sales for the 39 week period ended October 31, 2020. Sales in line increased 18.7% to $ 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 .

Net income for the third quarter of fiscal 2021 was $ 62.2 million, or $ 1.27 per share ($ 1.26 per share on a diluted basis), compared to net income of 41.6 million dollars, or $ 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 fiscal year ended October 30, 2021 was $ 170.9 million, or $ 3.49 per share ($ 3.46 per share on a diluted basis), compared to a net income of $ 64.5 million, or $ 1.32 per share ($ 1.32 per share on a diluted basis) for the 39-week period ended October 31, 2020.

Management will host a conference call at 10 am EST today to discuss the results for the quarter. To participate in the call, please call (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference conference code 3631906. A replay of the call will be available during a period of time. two week period from today. at 1 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering 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 major denim brands, including the company’s exclusive brand, BKE. Based in 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 Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, even if experience or future changes clearly indicate that the projected results expressed or implied will not be achieved.

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

Financial tables to follow

LA BOUCLE, INC.

CONSOLIDATED INCOME STATEMENTS

(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 :

Sale

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

REVENUE FROM OPERATIONS

82 215

54,126

225,899

83,476

OTHER REVENUES, net

192

1,020

465

1,998

INCOME BEFORE TAXES

82,407

55 146

226,364

85,474

INCOME 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 stocks

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

PROPERTY AND EQUIPMENT

454 118

451 357

451,708

Less cumulative depreciation

(354,834

)

(350 942

)

(349 411)

)

99 284

100 415

102,297

GOODS OF RIGHT OF USE OF THE 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

Employee compensation payable

49,473

35,865

23,611

Store operating expenses

30 789

20,303

23,096

Redeemable gift certificates

11.146

14,279

12,093

Current portion of operating lease debts

84,365

81,762

78 860

Taxes payable on income

4

10,751

7,994

Total current liabilities

239,295

206,359

203,283

DEFERRED REMUNERATION

20,024

18,320

16,729

NON-CURRENT OPERATING LEASE LIABILITIES

208,707

224,506

235,463

Total responsibilities

468,026

449,185

455,475

COMMITMENTS

EQUITY:

Common shares, authorized 100,000,000 shares with a par value of $ 0.01; issued and in circulation; 49,783,381 shares as of October 30, 2021, 49,407,731 shares as of January 30, 2021 and 49,407,731 shares as of October 31, 2020

498

494

494

Premium

165,612

158,058

155,778

Retained earnings

359,694

238,077

286,132

Total equity for shareholders

525,804

396 629

442,404

Total liabilities and equity

$

993,830

$

845 814

$

897 879

(1) Derived from audited financial statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211119005195/en/

CONTACT: Thomas B. Heacock, Chief Financial Officer

The Loop, Inc.

(308) 236-8491

KEYWORD: NEBRASKA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FASHION DETAILS

SOURCE: The Buckle, Inc.

Copyright Business Wire 2021.

PUB: 11/19/2021 6:50 a.m. / DISC: 11/19/2021 6:51 a.m.

http://www.businesswire.com/news/home/20211119005195/en

Copyright Business Wire 2021.


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