Net sales for the 13-week fiscal quarter ended
Net sales for the 39-week fiscal period ended
Net income for the third quarter of fiscal 2021 was
Net income for the 39-week fiscal period ended
Management will hold a conference call at
A replay of the call will be available for a two-week period beginning today at
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
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forwardlooking 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
Note: News releases and other information on
Financial Tables to Follow
CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
SALES, Net of returns and allowances
COST OF SALES (Including buying, distribution, and
occupancy costs) 158,366 134,055 463,039 345,286
Gross profit 161,066 116,950 450,638 237,157
OPERATING EXPENSES:
Selling 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
INCOME FROM OPERATIONS 82,215 54,126 225,899 83,476
OTHER INCOME, Net 192 1,020 465 1,998
INCOME BEFORE INCOME TAXES 82,407 55,146 226,364 85,474
INCOME TAX EXPENSE 20,190 13,511 55,459 20,941
NET INCOME
EARNINGS PER SHARE:
Basic
Diluted
Basic weighted average shares 48,946 48,714 48,946 48,718
Diluted weighted average shares 49,362 48,987 49,338 48,941
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSOctober 30,2021 January 30,2021 (1)October 31, 2020
CURRENT ASSETS:
Cash and cash equivalents
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 accumulated depreciation and amortization (354,834) (350,942) (349,411)
99,284 100,415 102,297
OPERATING LEASE RIGHT-OF-USE ASSETS 264,183 279,358 287,197
OTHER ASSETS 12,311 10,497 10,104
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable
Accrued employee compensation 49,473 35,865 23,611
Accrued store operating expenses 30,789 20,303 23,096
Gift certificates redeemable 11,146 14,279 12,093
Current portion of operating lease liabilities 84,365 81,762 78,860
Income 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
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of
outstanding; 49,783,381 shares at
30, 2021, and 49,407,731 shares at
Additional paid-in capital 165,612 158,058 155,778
Retained earnings 359,694 238,077 286,132
Total stockholders' equity 525,804 396,629 442,404
Total liabilities and stockholders' equity
(1) Derived from audited financial statements.
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