Attached files
| file | filename |
|---|---|
| 8-K - THE BUCKLE INC. 8-K - BUCKLE INC | bke-20210312.htm |
Exhibit 99.1
 | The Buckle, Inc. | ||||
2407 W. 24th St. Kearney, NE 68845 | |||||
| P.O. Box 1480 Kearney, NE 68848-1480 | |||||
phone: 308-236-8491 | |||||
fax: 308-236-4493 | |||||
For Immediate Release: March 12, 2021 | web: www.buckle.com | ||||
| Contact: | Thomas B. Heacock, Chief Financial Officer | ||||
| The Buckle, Inc. | |||||
| (308) 236-8491 | |||||
THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2020 NET INCOME
KEARNEY, NE -- 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.
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 | ||||||||||||||||||||||
| 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