The Buckle, Inc. Reports Third Quarter Net Income | National company

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 period ended October 30, 2021 increased by 27.3% compared to comparable store net sales for the 13 week period ended October 31 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, but are not limited to, 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.