The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2020 Net Income
The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2021 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis). Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 30, 2021 increased 17.7 percent to $318.8 million from net sales of $271.0 million for the prior year 13-week fiscal quarter ended February 1, 2020. Comparable store net sales for the 13-week period ended January 30, 2021 increased 18.0 percent from comparable store net sales for the prior year 13-week period ended February 1, 2020. Online sales increased 81.5 percent to $66.2 million for the 13-week period ended January 30, 2021, compared to net sales of $36.4 million for the 13-week period ended February 1, 2020.
Net sales for the 52-week fiscal year ended January 30, 2021 increased 0.1 percent to $901.3 million from net sales of $900.3 million for the 52-week fiscal year ended February 1, 2020. Comparable store net sales for the 52-week period ended January 30, 2021 increased 0.4 percent from comparable store net sales for the prior year 52-week period ended February 1, 2020. Online sales increased 72.0 percent to $190.6 million for the 52-week period ended January 30, 2021, compared to net sales of $110.8 million for the 52-week period ended February 1, 2020.
Net income for the fourth quarter of fiscal 2020 was $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis), compared with $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis) for the fourth quarter of fiscal 2019.
Net income for the fiscal year ended January 30, 2021 was $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis), compared with $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis) for the fiscal year ended February 1, 2020.
Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 741907. A replay of the call will be available for a two-week period beginning March 12, 2021 at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8830453.
About Buckle
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. 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 443 stores in 42 states compared with 448 stores in 42 states at the end of fiscal 2019.
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 on the Internet.
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
13-Weeks Ended
52-Weeks Ended
January 30, 2021
February 1, 2020
January 30, 2021
February 1, 2020 (1)
SALES, Net of returns and allowances
$
318,835
$
271,003
$
901,278
$
900,254
COST OF SALES (Including buying, distribution, and occupancy costs)
155,324
142,413
500,610
522,780
Gross profit
163,511
128,590
400,668
377,474
OPERATING EXPENSES:
Selling
66,503
58,054
191,158
204,480
General and administrative
12,462
10,685
41,488
41,497
78,965
68,739
232,646
245,977
INCOME FROM OPERATIONS
84,546
59,851
168,022
131,497
OTHER INCOME, Net
927
1,764
2,925
6,210
INCOME BEFORE INCOME TAXES
85,473
61,615
170,947
137,707
INCOME TAX EXPENSE
19,867
14,636
40,808
33,278
NET INCOME
$
65,606
$
46,979
$
130,139
$
104,429
EARNINGS PER SHARE
Basic
$
1.34
$
0.96
$
2.67
$
2.15
Diluted
$
1.33
$
0.96
$
2.66
$
2.14
Basic weighted average shares
48,869
48,698
48,755
48,587
Diluted weighted average shares
49,228
48,948
49,013
48,813
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
January 30,
2021
February 1,
2020 (1)
CURRENT ASSETS:
Cash and cash equivalents
$
318,789
$
220,969
Short-term investments
3,359
12,532
Receivables
2,823
3,136
Inventory
101,063
121,258
Prepaid expenses and other assets
11,190
20,935
Total current assets
437,224
378,830
PROPERTY AND EQUIPMENT
451,357
452,205
Less accumulated depreciation and amortization
(350,942
)
(338,357
)
100,415
113,848
OPERATING LEASE RIGHT-OF-USE ASSETS
279,358
350,088
LONG-TERM INVESTMENTS
18,320
15,863
OTHER ASSETS
10,497
9,261
Total assets
$
845,814
$
867,890
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
43,399
$
26,491
Accrued employee compensation
35,865
22,929
Accrued store operating expenses
20,303
17,837
Gift certificates redeemable
14,279
15,319
Current portion of operating lease liabilities
81,762
87,314
Income taxes payable
10,751
2,751
Total current liabilities
206,359
172,641
DEFERRED COMPENSATION
18,320
15,863
NON-CURRENT OPERATING LEASE LIABILITIES
224,506
290,238
Total liabilities
449,185
478,742
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,407,731 and 49,205,681 shares issued and outstanding at January 30, 2021 and February 1, 2020, respectively
494
492
Additional paid-in capital
158,058
152,258
Retained earnings
238,077
236,398
Total stockholders’ equity
396,629
389,148
Total liabilities and stockholders’ equity
$
845,814
$
867,890
(1) Derived from audited financial statements
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