EX-99.1 2 bke20240524-8kexhibit.htm EX-99.1 Document

Exhibit 99.1
buckle_logox2.jpg
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: May 24, 2024
web: www.buckle.com


Contact:Thomas B. Heacock, Chief Financial Officer
 The Buckle, Inc.
 (308) 236-8491

THE BUCKLE, INC. REPORTS FIRST QUARTER NET INCOME

KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 4, 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 7.2 percent to $262.5 million from net sales of $282.8 million for the prior year 13-week fiscal quarter ended April 29, 2023. Comparable store net sales for the 13-week fiscal quarter ended May 4, 2024 decreased 9.0 percent from comparable store net sales for the prior year 13-week period ended May 6, 2023. Online sales decreased 13.4 percent to $44.4 million for the 13-week fiscal quarter ended May 4, 2024, compared to net sales of $51.3 million for the 13-week fiscal quarter ended April 29, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter are compared to the 13-week period ended May 6, 2023.

Net income for the first quarter of fiscal 2024 was $34.8 million, or $0.70 per share ($0.69 per share on a diluted basis), compared with net income of $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis) for the first quarter of fiscal 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_zp-00jfFTbC_Ilct3roVWQ. 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 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 440 stores in 42 states at the end of the first quarter of fiscal 2023.
  








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)
 Thirteen Weeks Ended
 May 4,
2024		April 29,
2023
SALES, Net of returns and allowances$262,480 $282,834 
COST OF SALES (Including buying, distribution, and occupancy costs)
141,783 149,577 
Gross profit120,697 133,257 
OPERATING EXPENSES:
Selling63,726 66,102 
General and administrative14,575 13,425 
 78,301 79,527 
INCOME FROM OPERATIONS42,396 53,730 
OTHER INCOME, Net3,754 3,139 
INCOME BEFORE INCOME TAXES46,150 56,869 
INCOME TAX EXPENSE11,307 13,933 
NET INCOME$34,843 $42,936 
EARNINGS PER SHARE:  
Basic$0.70 $0.87 
Diluted$0.69 $0.86 
Basic weighted average shares49,854 49,513 
Diluted weighted average shares50,172 49,861 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSMay 4,
2024		February 3,
2024 (1)		April 29,
2023
CURRENT ASSETS:   
Cash and cash equivalents$267,427 $268,213 $254,433 
Short-term investments23,052 22,210 23,066 
Receivables6,139 8,697 6,356 
Inventory130,661 126,290 137,735 
Prepaid expenses and other assets19,550 18,846 12,325 
Total current assets446,829 444,256 433,915 
PROPERTY AND EQUIPMENT493,025 489,037 471,152 
Less accumulated depreciation and amortization(360,950)(360,200)(355,091)
132,075 128,837 116,061 
OPERATING LEASE RIGHT-OF-USE ASSETS288,646 280,813 265,716 
LONG-TERM INVESTMENTS26,763 24,993 22,512 
OTHER ASSETS11,757 10,911 10,656 
Total assets$906,070 $889,810 $848,860 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$54,811 $45,958 $57,774 
Accrued employee compensation13,767 49,827 17,942 
Accrued store operating expenses23,477 19,067 23,627 
Gift certificates redeemable14,370 16,667 14,325 
Current portion of operating lease liabilities83,645 85,265 84,619 
Income taxes payable15,210 4,672 8,517 
Total current liabilities205,280 221,456 206,804 
DEFERRED COMPENSATION26,763 24,993 22,512 
NON-CURRENT OPERATING LEASE LIABILITIES240,212 230,141 214,370 
Total liabilities472,255 476,590 443,686 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,778,536 shares at May 4, 2024, 50,445,186 shares at February 3, 2024, and 50,456,196 shares at April 29, 2023508 504 505 
Additional paid-in capital196,208 192,686 182,544 
Retained earnings237,099 220,030 222,125 
Total stockholders’ equity433,815 413,220 405,174 
Total liabilities and stockholders’ equity$906,070 $889,810 $848,860 
(1) Derived from audited financial statements.