The buckle, inc. reports third quarter net income
Kearney, neb.--(business wire)--the buckle, inc. (nyse: bke) announced today that net income for the fiscal quarter ended october 29, 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis). net sales for the 13-week fiscal quarter ended october 29, 2022 increased 4.0 percent to $332.3 million from net sales of $319.4 million for the prior year 13-week fiscal quarter ended october 30, 2021. comparable store net sales for the 13-week period ended october 29, 2022 increased 3.0 percent from comparable store net sales for the prior year 13-week period ended october 30, 2021. online sales increased 8.8 percent to $55.0 million for the 13-week period ended october 29, 2022, compared to net sales of $50.5 million for the 13-week period ended october 30, 2021. net sales for the 39-week fiscal period ended october 29, 2022 increased 3.3 percent to $943.4 million from net sales of $913.7 million for the prior year 39-week fiscal period ended october 30, 2021. comparable store net sales for the 39-week period ended october 29, 2022 increased 2.8 percent from comparable store net sales for the prior year 39-week period ended october 30, 2021. online sales increased 5.3 percent to $155.6 million for the 39-week period ended october 29, 2022, compared to net sales of $147.7 million for the 39-week period ended october 30, 2021. net income for the third quarter of fiscal 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis), compared with net income of $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis) for the third quarter of fiscal 2021. net income for the 39-week fiscal period ended october 29, 2022 was $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis), compared with net income of $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis) for the 39-week period ended october 30, 2021. management will hold a live audio webcast at 10:00 a.m. est today to discuss results for the quarter. to register for the live event, please visit https://buckle.zoom.us/webinar/register/wn_c9nka5ystcithk7gfzyota. a replay of the event can be accessed through buckle’s investor relations website at https://corporate.buckle.com/investors/earnings-webcasts approximately two hours after the conclusion of the live event. 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 441 retail stores in 42 states. as of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 441 stores in 42 states at the end of the third quarter of fiscal 2021. 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. 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 october 29, 2022 october 30, 2021 october 29, 2022 october 30, 2021 sales, net of returns and allowances $ 332,341 $ 319,432 $ 943,381 $ 913,677 cost of sales (including buying, distribution, and occupancy costs) 166,940 158,366 480,451 463,039 gross profit 165,401 161,066 462,930 450,638 operating expenses: selling 74,148 67,771 209,376 190,827 general and administrative 11,830 11,080 35,359 33,912 85,978 78,851 244,735 224,739 income from operations 79,423 82,215 218,195 225,899 other income, net 1,883 192 2,711 465 income before income taxes 81,306 82,407 220,906 226,364 income tax expense 19,920 20,190 54,122 55,459 net income $ 61,386 $ 62,217 $ 166,784 $ 170,905 earnings per share: basic $ 1.25 $ 1.27 $ 3.39 $ 3.49 diluted $ 1.24 $ 1.26 $ 3.37 $ 3.46 basic weighted average shares 49,214 48,946 49,214 48,946 diluted weighted average shares 49,604 49,362 49,556 49,338 the buckle, inc. consolidated balance sheets (amounts in thousands except share and per share amounts) (unaudited) assets october 29, 2022 january 29, 2022 (1) october 30, 2021 current assets: cash and cash equivalents $ 302,180 $ 253,970 $ 468,733 short-term investments 22,902 12,926 11,302 receivables 16,074 12,087 5,629 inventory 152,335 102,095 100,593 prepaid expenses and other assets 12,370 10,128 11,771 total current assets 505,861 391,206 598,028 property and equipment 465,694 453,228 454,118 less accumulated depreciation and amortization (356,081 ) (352,724 ) (354,834 ) 109,613 100,504 99,284 operating lease right-of-use assets 236,147 258,914 264,183 long-term investments 19,579 19,352 20,024 other assets 12,947 10,908 12,311 total assets $ 884,147 $ 780,884 $ 993,830 liabilities and stockholders’ equity current liabilities: accounts payable $ 74,028 $ 59,950 $ 63,518 accrued employee compensation 44,183 62,055 49,473 accrued store operating expenses 31,262 20,264 30,789 gift certificates redeemable 11,782 16,470 11,146 current portion of operating lease liabilities 78,850 88,273 84,365 income taxes payable — 1,529 4 total current liabilities 240,105 248,541 239,295 deferred compensation 19,579 19,352 20,024 non-current operating lease liabilities 188,856 200,067 208,707 total liabilities 448,540 467,960 468,026 commitments stockholders’ equity: common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,091,866 shares at october 29, 2022, 49,728,651 shares at january 29, 2022, and 49,783,381 shares at october 30, 2021 501 497 498 additional paid-in capital 175,821 167,328 165,612 retained earnings 259,285 145,099 359,694 total stockholders’ equity 435,607 312,924 525,804 total liabilities and stockholders’ equity $ 884,147 $ 780,884 $ 993,830 (1) derived from audited financial statements.
