The Buckle, Inc. : Reports Fourth Quarter and Fiscal Year 2019 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2020 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis). Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2020 increased 2.5 percent to $271.0 million from net sales of $264.4 million for the prior year 13-week fiscal quarter ended February 2, 2019. Comparable store net sales for the 13-week period ended February 1, 2020 increased 3.3 percent from comparable store net sales for the prior year 13-week period ended February 2, 2019. Online sales increased 7.5 percent to $36.4 million for the 13-week period ended February 1, 2020, compared to net sales of $33.9 million for the 13-week period ended February 2, 2019.

Net sales for the 52-week fiscal year ended February 1, 2020 increased 1.7 percent to $900.3 million from net sales of $885.5 million for the 52-week fiscal year ended February 2, 2019. Comparable store net sales for the 52-week period ended February 1, 2020 increased 2.2 percent from comparable store net sales for the prior year 52-week period ended February 2, 2019. Online sales increased 6.9 percent to $110.8 million for the 52-week period ended February 1, 2020, compared to net sales of $103.7 million for the 52-week period ended February 2, 2019.

Net income for the fourth quarter of fiscal 2019 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis), compared with $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis) for the fourth quarter of fiscal 2018.

Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis), compared with $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis) for the fiscal year ended February 2, 2019.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call [phone] for domestic calls or [phone] for international calls and reference the conference code 1508602. A replay of the call will be available for a two-week period beginning March 13, 2020 at 2:00 p.m. EDT by calling [phone] for domestic calls or [phone] for international calls and entering the conference code 4253986.

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 446 retail stores in 42 states. As of the end of the fiscal year, it operated 448 stores in 42 states compared with 450 stores in 42 states at the end of fiscal 2018.

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.

Financial Tables to Follow

THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
		13-Weeks Ended								52-Weeks Ended
		February 1, 2020				February 2, 2019				February 1, 2020				February 2, 2019 (1)
SALES, Net of returns and allowances		$	271,003			$	264,412			$	900,254			$	885,496
COST OF SALES (Including buying, distribution, and occupancy costs)		142,413				143,118				522,780				519,423
Gross profit		128,590				121,294				377,474				366,073
OPERATING EXPENSES:
Selling		58,054				57,671				204,480				202,032
General and administrative		10,685				12,417				41,497				43,113
		68,739				70,088				245,977				245,145
INCOME FROM OPERATIONS		59,851				51,206				131,497				120,928
OTHER INCOME, Net		1,764				1,925				6,210				5,716
INCOME BEFORE INCOME TAXES		61,615				53,131				137,707				126,644
PROVISION FOR INCOME TAXES		14,636				11,996				33,278				31,036
NET INCOME		$	46,979			$	41,135			$	104,429			$	95,608
EARNINGS PER SHARE
Basic		$	0.96			$	0.85			$	2.15			$	1.97
Diluted		$	0.96			$	0.84			$	2.14			$	1.97
Basic weighted average shares		48,698				48,514				48,587				48,413
Diluted weighted average shares		48,948				48,703				48,813				48,614
(1) Derived from audited financial statements

THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS		February 1,				February 2,
		2020				2019 (1)
CURRENT ASSETS:
Cash and cash equivalents		$	220,969			$	168,471
Short-term investments		12,532				51,546
Receivables		3,136				7,089
Inventory		121,258				125,190
Prepaid expenses and other assets		20,935				18,136
Total current assets		378,830				370,432
PROPERTY AND EQUIPMENT		452,205				452,187
Less accumulated depreciation and amortization		(338,357		)		(321,505		)
		113,848				130,682
OPERATING LEASE RIGHT-OF-USE ASSETS		350,088				—
LONG-TERM INVESTMENTS		15,863				18,745
OTHER ASSETS		9,261				7,443
Total assets		$	867,890			$	527,302
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	26,491			$	29,008
Accrued employee compensation		22,929				21,452
Accrued store operating expenses		17,837				17,982
Gift certificates redeemable		15,319				16,634
Current portion of operating lease liabilities		87,314				—
Income taxes payable		2,751				5,142
Total current liabilities		172,641				90,218
DEFERRED COMPENSATION		15,863				13,978
NON-CURRENT OPERATING LEASE LIABILITIES		290,238				—
DEFERRED RENT LIABILITY		—				29,229
Total liabilities		478,742				133,425
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,205,681 and 49,017,395 shares issued and outstanding at February 1, 2020 and February 2, 2019, respectively		492				490
Additional paid-in capital		152,258				148,564
Retained earnings		236,398				244,823
Total stockholders’ equity		389,148				393,877
Total liabilities and stockholders’ equity		$	867,890			$	527,302
(1) Derived from audited financial statements

 

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