EX-99.1 2 bke8-k20240315exhibit.htm EX-99.1 Document

Exhibit 99.1
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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 15, 2024
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 2023 NET INCOME

KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 3, 2024 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis). Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 3, 2024 decreased 4.8 percent to $382.4 million from net sales of $401.8 million for the prior year 13-week fiscal quarter ended January 28, 2023. Comparable store net sales for the 14-week period ended February 3, 2024 decreased 9.6 percent from comparable store net sales for the prior year 14-week period ended February 4, 2023. Online sales decreased 12.4 percent to $65.5 million for the 14-week period ended February 3, 2024, compared to net sales of $74.8 million for the 13-week period ended January 28, 2023.

Net sales for the 53-week fiscal year ended February 3, 2024 decreased 6.3 percent to $1.261 billion from net sales of $1.345 billion for the 52-week fiscal year ended January 28, 2023. Comparable store net sales for the 53-week period ended February 3, 2024 decreased 8.0 percent from comparable store net sales for the prior year 53-week period ended February 4, 2023. Online sales decreased 10.3 percent to $206.5 million for the 53-week period ended February 3, 2024, compared to net sales of $230.4 million for the 52-week period ended January 28, 2023.

Net income for the fourth quarter of fiscal 2023 was $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis), compared with $87.8 million, or $1.78 per share ($1.76 per share on a diluted basis) for the fourth quarter of fiscal 2022.

Net income for the fiscal year ended February 3, 2024 was $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis), compared with $254.6 million, or $5.17 per share ($5.13 per share on a diluted basis) for the fiscal year ended January 28, 2023.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_CBup_6qlSkqkYS6A6HUQIw. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 444 stores in 42 states compared with 441 stores in 42 states at the end of fiscal 2022.

  




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.
Financial Tables to Follow 


THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 14-Weeks Ended13-Weeks Ended53-Weeks Ended52-Weeks Ended
 February 3, 2024January 28, 2023February 3, 2024January 28, 2023 (1)
SALES, Net of returns and allowances$382,383 $401,806 $1,261,102 $1,345,187 
COST OF SALES (Including buying, distribution, and occupancy costs)
182,202 188,733 642,037 669,184 
Gross profit200,181 213,073 619,065 676,003 
OPERATING EXPENSES:
Selling85,937 84,515 291,018 293,891 
General and administrative17,741 18,621 56,988 53,980 
 103,678 103,136 348,006 347,871 
INCOME FROM OPERATIONS96,503 109,937 271,059 328,132 
OTHER INCOME, Net6,834 4,213 18,156 6,924 
INCOME BEFORE INCOME TAXES103,337 114,150 289,215 335,056 
INCOME TAX EXPENSE23,756 26,308 69,296 80,430 
NET INCOME$79,581 $87,842 $219,919 $254,626 
EARNINGS PER SHARE
Basic$1.60 $1.78 $4.44 $5.17 
Diluted$1.59 $1.76 $4.40 $5.13 
Basic weighted average shares49,791 49,435 49,582 49,269 
Diluted weighted average shares50,148 49,856 49,955 49,631 
(1) Derived from audited financial statements



THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSFebruary 3,
2024		January 28,
2023 (1)
CURRENT ASSETS:  
Cash and cash equivalents$268,213 $252,077 
Short-term investments22,210 20,997 
Receivables8,697 12,648 
Inventory126,290 125,134 
Prepaid expenses and other assets18,846 12,480 
Total current assets444,256 423,336 
PROPERTY AND EQUIPMENT489,037 466,321 
Less accumulated depreciation and amortization(360,200)(353,919)
128,837 112,402 
 
OPERATING LEASE RIGHT-OF-USE ASSETS280,813 271,421 
LONG-TERM INVESTMENTS24,993 20,624 
OTHER ASSETS10,911 9,796 
Total assets$889,810 $837,579 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:  
Accounts payable$45,958 $44,835 
Accrued employee compensation49,827 55,490 
Accrued store operating expenses19,067 19,754 
Gift certificates redeemable16,667 16,777 
Current portion of operating lease liabilities85,265 89,187 
Income taxes payable4,672 — 
Total current liabilities221,456 226,043 
DEFERRED COMPENSATION24,993 20,624 
NON-CURRENT OPERATING LEASE LIABILITIES230,141 214,598 
Total liabilities476,590 461,265 
COMMITMENTS
STOCKHOLDERS’ EQUITY: 
Common stock, authorized 100,000,000 shares of $.01 par value; 50,445,186 and 50,092,616 shares issued and outstanding at February 3, 2024 and January 28, 2023, respectively504 501 
Additional paid-in capital192,686 178,964 
Retained earnings220,030 196,849 
Total stockholders’ equity413,220 376,314 
Total liabilities and stockholders’ equity$889,810 $837,579 
(1) Derived from audited financial statements