KEARNEY, Neb., November 22, 2024--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 3.2 percent to $293.6 million from net sales of $303.5 million for the prior year 13-week fiscal quarter ended October 28, 2023. Comparable store net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 0.7 percent from comparable store net sales for the prior year 13-week period ended November 4, 2023. Online sales increased 1.1 percent to $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to net sales of $46.1 million for the 13-week fiscal quarter ended October 28, 2023.
Net sales for the 39-week fiscal period ended November 2, 2024 decreased 4.6 percent to $838.5 million from net sales of $878.7 million for the prior year 39-week fiscal period ended October 28, 2023. Comparable store net sales for the 39-week period ended November 2, 2024 decreased 5.4 percent from comparable store net sales for the prior year 39-week period ended November 4, 2023. Online sales decreased 9.2 percent to $128.0 million for the 39-week period ended November 2, 2024, compared to net sales of $141.0 million for the 39-week period ended October 28, 2023.
Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 39-week periods ended November 4, 2023.
Net income for the third quarter of fiscal 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with net income of $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis) for the third quarter of fiscal 2023.
Net income for the 39-week fiscal period ended November 2, 2024 was $118.3 million, or $2.37 per share ($2.35 per share on a diluted basis), compared with net income of $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis) for the 39-week period ended October 28, 2023.
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 445 retail stores in 42 states. As of the end of the fiscal quarter, it operated 445 stores in 42 states compared with 443 stores in 42 states at the end of the third 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
Thirty-Nine Weeks Ended
November 2, 2024
October 28, 2023
November 2, 2024
October 28, 2023
SALES, Net of returns and allowances
$
293,618
$
303,457
$
838,490
$
878,719
COST OF SALES (Including buying, distribution, and occupancy costs)
153,547
156,242
445,188
459,835
Gross profit
140,071
147,215
393,302
418,884
OPERATING EXPENSES:
Selling
71,986
70,242
206,454
205,081
General and administrative
13,602
12,908
41,709
39,247
85,588
83,150
248,163
244,328
INCOME FROM OPERATIONS
54,483
64,065
145,139
174,556
OTHER INCOME, Net
4,023
4,490
11,510
11,322
INCOME BEFORE INCOME TAXES
58,506
68,555
156,649
185,878
INCOME TAX EXPENSE
14,334
16,793
38,379
45,540
NET INCOME
$
44,172
$
51,762
$
118,270
$
140,338
EARNINGS PER SHARE:
Basic
$
0.89
$
1.05
$
2.37
$
2.83
Diluted
$
0.88
$
1.04
$
2.35
$
2.81
Basic weighted average shares
49,854
49,513
49,854
49,513
Diluted weighted average shares
50,297
49,937
50,230
49,891
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
November 2, 2024
February 3, 2024 (1)
October 28, 2023
CURRENT ASSETS:
Cash and cash equivalents
$ 301,958
$ 268,213
$ 311,657
Short-term investments
23,482
22,210
23,446
Receivables
7,901
8,697
10,341
Inventory
149,351
126,290
152,289
Prepaid expenses and other assets
22,236
18,846
11,206
Total current assets
504,928
444,256
508,939
PROPERTY AND EQUIPMENT
508,273
489,037
483,435
Less accumulated depreciation and amortization
(365,241)
(360,200)
(359,367)
143,032
128,837
124,068
OPERATING LEASE RIGHT-OF-USE ASSETS
287,687
280,813
253,418
LONG-TERM INVESTMENTS
27,261
24,993
22,508
OTHER ASSETS
13,362
10,911
12,274
Total assets
$ 976,270
$ 889,810
$ 921,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$ 67,701
$ 45,958
$ 63,320
Accrued employee compensation
27,095
49,827
34,784
Accrued store operating expenses
25,921
19,067
26,335
Gift certificates redeemable
12,571
16,667
12,305
Current portion of operating lease liabilities
76,963
85,265
78,884
Income taxes payable
2,519
4,672
536
Total current liabilities
212,770
221,456
216,164
DEFERRED COMPENSATION
27,261
24,993
22,508
NON-CURRENT OPERATING LEASE LIABILITIES
247,850
230,141
208,517
Total liabilities
487,881
476,590
447,189
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at November 2, 2024, 50,445,186 shares at February 3, 2024, and 50,445,386 shares at October 28, 2023
