KEARNEY, Neb., March 15, 2024--(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 Ended 13-Weeks Ended 53-Weeks Ended 52-Weeks Ended February 3, 2024 January 28, 2023 February 3, 2024 January 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 profit 200,181 213,073 619,065 676,003 OPERATING EXPENSES: Selling 85,937 84,515 291,018 293,891 General and administrative 17,741 18,621 56,988 53,980 103,678 103,136 348,006 347,871 INCOME FROM OPERATIONS 96,503 109,937 271,059 328,132 OTHER INCOME, Net 6,834 4,213 18,156 6,924 INCOME BEFORE INCOME TAXES 103,337 114,150 289,215 335,056 INCOME TAX EXPENSE 23,756 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 shares 49,791 49,435 49,582 49,269 Diluted weighted average shares 50,148 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) ASSETS February 3, 
2024 January 28, 
2023 (1) CURRENT ASSETS: Cash and cash equivalents $ 268,213 $ 252,077 Short-term investments 22,210 20,997 Receivables 8,697 12,648 Inventory 126,290 125,134 Prepaid expenses and other assets 18,846 12,480 Total current assets 444,256 423,336 PROPERTY AND EQUIPMENT 489,037 466,321 Less accumulated depreciation and amortization (360,200 ) (353,919 ) 128,837 112,402 OPERATING LEASE RIGHT-OF-USE ASSETS 280,813 271,421 LONG-TERM INVESTMENTS 24,993 20,624 OTHER ASSETS 10,911 9,796 Total assets $ 889,810 $ 837,579 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 45,958 $ 44,835 Accrued employee compensation 49,827 55,490 Accrued store operating expenses 19,067 19,754 Gift certificates redeemable 16,667 16,777 Current portion of operating lease liabilities 85,265 89,187 Income taxes payable 4,672 — Total current liabilities 221,456 226,043 DEFERRED COMPENSATION 24,993 20,624 NON-CURRENT OPERATING LEASE LIABILITIES 230,141 214,598 Total liabilities 476,590 461,265 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, respectively 504 501 Additional paid-in capital 192,686 178,964 Retained earnings 220,030 196,849 Total stockholders’ equity 413,220 376,314 Total liabilities and stockholders’ equity $ 889,810 $ 837,579

(1) Derived from audited financial statements

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Contacts

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