The Buckle, Inc. Reports Third Quarter Net Income

Nachrichtenquelle: Business Wire (engl.)
20.11.2020, 12:50  |  105   |   |   

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 31, 2020 was $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 31, 2020 increased 12.0 percent to $251.0 million from net sales of $224.1 million for the prior year 13-week fiscal quarter ended November 2, 2019. Comparable store net sales for the 13-week period ended October 31, 2020 increased 12.4 percent from comparable store net sales for the prior year 13-week period ended November 2, 2019. Online sales increased 72.5 percent to $46.4 million for the 13-week period ended October 31, 2020, compared to net sales of $26.9 million for the 13-week period ended November 2, 2019.

Net sales for the 39-week fiscal period ended October 31, 2020 decreased 7.4 percent to $582.4 million from net sales of $629.3 million for the prior year 39-week fiscal period ended November 2, 2019. Comparable store net sales for the 39-week period ended October 31, 2020 decreased 7.1 percent from comparable store net sales for the prior year 39-week period ended November 2, 2019. Online sales increased 67.3 percent to $124.4 million for the 39-week period ended October 31, 2020, compared to net sales of $74.4 million for the 39-week period ended November 2, 2019.

Net income for the third quarter of fiscal 2020 was $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis), compared with $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis) for the third quarter of fiscal 2019.

Net income for the 39-week fiscal period ended October 31, 2020 was $64.5 million, or $1.32 per share ($1.32 per share on a diluted basis), compared with $57.5 million, or $1.18 per share ($1.18 per share on a diluted basis) for the 39-week period ended November 2, 2019.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (844) 291-6362 for domestic calls or (234) 720-6995 for international calls and reference the conference code 9346005. A replay of the call will be available for a two-week period beginning today 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 8449047.

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 quarter, it operated 446 stores in 42 states compared with 449 stores in 42 states at the end of the third quarter 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.

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

 

October 31,
2020

 

November 2,
2019

 

October 31,
2020

 

November 2,
2019

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

251,005

 

 

$

224,121

 

 

$

582,443

 

 

$

629,251

 

 

 

 

 

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

134,055

 

 

130,587

 

 

345,286

 

 

380,367

 

 

 

 

 

 

 

 

 

Gross profit

116,950

 

 

93,534

 

 

237,157

 

 

248,884

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

52,894

 

 

51,282

 

 

124,655

 

 

146,426

 

General and administrative

9,930

 

 

8,942

 

 

29,026

 

 

30,812

 

 

62,824

 

 

60,224

 

 

153,681

 

 

177,238

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

54,126

 

 

33,310

 

 

83,476

 

 

71,646

 

 

 

 

 

 

 

 

 

OTHER INCOME, Net

1,020

 

 

1,105

 

 

1,998

 

 

4,446

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

55,146

 

 

34,415

 

 

85,474

 

 

76,092

 

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

13,511

 

 

8,431

 

 

20,941

 

 

18,642

 

 

 

 

 

 

 

 

 

NET INCOME

$

41,635

 

 

$

25,984

 

 

$

64,533

 

 

$

57,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.85

 

 

$

0.54

 

 

$

1.32

 

 

$

1.18

 

 

 

 

 

 

 

 

 

Diluted

$

0.85

 

 

$

0.53

 

 

$

1.32

 

 

$

1.18

 

 

 

 

 

 

 

 

 

Basic weighted average shares

48,714

 

 

48,549

 

 

48,718

 

 

48,550

 

Diluted weighted average shares

48,987

 

 

48,809

 

 

48,941

 

 

48,768

 

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

ASSETS

October 31,
2020

 

February 1,
2020 (1)

 

November 2,
2019

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

331,923

 

 

$

220,969

 

 

$

213,836

 

Short-term investments

7,410

 

 

12,532

 

 

31,946

 

Receivables

1,763

 

 

3,136

 

 

9,432

 

Inventory

118,707

 

 

121,258

 

 

138,879

 

Prepaid expenses and other assets

21,749

 

 

20,935

 

 

22,195

 

Total current assets

481,552

 

 

378,830

 

 

416,288

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

451,708

 

 

452,205

 

 

453,859

 

Less accumulated depreciation and amortization

(349,411

)

 

(338,357

)

 

(336,098

)

 

102,297

 

 

113,848

 

 

117,761

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

287,197

 

 

350,088

 

 

340,417

 

LONG-TERM INVESTMENTS

16,729

 

 

15,863

 

 

15,710

 

OTHER ASSETS

10,104

 

 

9,261

 

 

7,939

 

 

 

 

 

 

 

Total assets

$

897,879

 

 

$

867,890

 

 

$

898,115

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

57,629

 

 

$

26,491

 

 

$

44,771

 

Accrued employee compensation

23,611

 

 

22,929

 

 

18,122

 

Accrued store operating expenses

23,096

 

 

17,837

 

 

21,539

 

Gift certificates redeemable

12,093

 

 

15,319

 

 

12,688

 

Current portion of operating lease liabilities

78,860

 

 

87,314

 

 

81,541

 

Income taxes payable

7,994

 

 

2,751

 

 

 

Total current liabilities

203,283

 

 

172,641

 

 

178,661

 

 

 

 

 

 

 

DEFERRED COMPENSATION

16,729

 

 

15,863

 

 

15,410

 

NON-CURRENT OPERATING LEASE LIABILITIES

235,463

 

 

290,238

 

 

286,706

 

Total liabilities

455,475

 

 

478,742

 

 

480,777

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,407,731 shares at October 31, 2020, 49,205,681 shares at February 1, 2020, and 49,223,811 shares at November 2, 2019

494

 

 

492

 

 

492

 

Additional paid-in capital

155,778

 

 

152,258

 

 

151,383

 

Retained earnings

286,132

 

 

236,398

 

 

265,463

 

Total stockholders’ equity

442,404

 

 

389,148

 

 

417,338

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

897,879

 

 

$

867,890

 

 

$

898,115

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

Buckle Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

The Buckle, Inc. Reports Third Quarter Net Income The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 31, 2020 was $41.6 million, or $0.85 per share ($0.85 per share on a diluted basis). Net sales for the 13-week fiscal quarter ended October 31, 2020 …

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