The buckle, inc. reports fourth quarter and fiscal year 2021 net income
Kearney, neb.--(business wire)--the buckle, inc. (nyse: bke) announced today that net income for the fiscal quarter ended january 29, 2022 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis). net income for the fiscal year ended january 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis). net sales for the 13-week fiscal quarter ended january 29, 2022 increased 19.5 percent to $380.9 million from net sales of $318.8 million for the prior year 13-week fiscal quarter ended january 30, 2021. comparable store net sales for the 13-week period ended january 29, 2022 increased 20.0 percent from comparable store net sales for the prior year 13-week period ended january 30, 2021. online sales increased 10.5 percent to $73.1 million for the 13-week period ended january 29, 2022, compared to net sales of $66.2 million for the 13-week period ended january 30, 2021. net sales for the 52-week fiscal year ended january 29, 2022 increased 43.6 percent to $1.295 billion from net sales of $901.3 million for the 52-week fiscal year ended january 30, 2021. comparable store net sales for the 52-week period ended january 29, 2022 increased 43.8 percent from comparable store net sales for the prior year 52-week period ended january 30, 2021. online sales increased 15.9 percent to $220.8 million for the 52-week period ended january 29, 2022, compared to net sales of $190.6 million for the 52-week period ended january 30, 2021. net income for the fourth quarter of fiscal 2021 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis), compared with $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis) for the fourth quarter of fiscal 2020. net income for the fiscal year ended january 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis), compared with $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis) for the fiscal year ended january 30, 2021. management will hold a conference call at 10:00 a.m. est today to discuss fourth quarter results. to participate in the call, please call (844) 767-5651 for domestic calls or (409) 207-6959 for international calls and reference the conference code 4682221. a replay of the call will be available for a two-week period beginning march 11, 2022 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 3665047. 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 439 retail stores in 42 states. as of the end of the fiscal year, it operated 440 stores in 42 states compared with 443 stores in 42 states at the end of fiscal 2020. 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) 13-weeks ended 52-weeks ended january 29, 2022 january 30, 2021 january 29, 2022 january 30, 2021 (1) sales, net of returns and allowances $ 380,930 $ 318,835 $ 1,294,607 $ 901,278 cost of sales (including buying, distribution, and occupancy costs) 178,559 155,324 641,598 500,610 gross profit 202,371 163,511 653,009 400,668 operating expenses: selling 75,597 66,503 266,424 191,158 general and administrative 17,174 12,462 51,086 41,488 92,771 78,965 317,510 232,646 income from operations 109,600 84,546 335,499 168,022 other income, net 1,791 927 2,256 2,925 income before income taxes 111,391 85,473 337,755 170,947 income tax expense 27,476 19,867 82,935 40,808 net income $ 83,915 $ 65,606 $ 254,820 $ 130,139 earnings per share basic $ 1.71 $ 1.34 $ 5.20 $ 2.67 diluted $ 1.69 $ 1.33 $ 5.16 $ 2.66 basic weighted average shares 49,138 48,869 48,994 48,755 diluted weighted average shares 49,528 49,228 49,385 49,013 (1) derived from audited financial statements the buckle, inc. consolidated balance sheets (amounts in thousands except share and per share amounts) (unaudited) assets january 29, 2022 january 30, 2021 (1) current assets: cash and cash equivalents $ 253,970 $ 318,789 short-term investments 12,926 3,359 receivables 12,087 2,823 inventory 102,095 101,063 prepaid expenses and other assets 10,128 11,190 total current assets 391,206 437,224 property and equipment 453,228 451,357 less accumulated depreciation and amortization (352,724 ) (350,942 ) 100,504 100,415 operating lease right-of-use assets 258,914 279,358 long-term investments 19,352 18,320 other assets 10,908 10,497 total assets $ 780,884 $ 845,814 liabilities and stockholders’ equity current liabilities: accounts payable $ 59,950 $ 43,399 accrued employee compensation 62,055 35,865 accrued store operating expenses 20,264 20,303 gift certificates redeemable 16,470 14,279 current portion of operating lease liabilities 88,273 81,762 income taxes payable 1,529 10,751 total current liabilities 248,541 206,359 deferred compensation 19,352 18,320 non-current operating lease liabilities 200,067 224,506 total liabilities 467,960 449,185 commitments stockholders’ equity: common stock, authorized 100,000,000 shares of $.01 par value; 49,728,651 and 49,407,731 shares issued and outstanding at january 29, 2022 and january 30, 2021, respectively 497 494 additional paid-in capital 167,328 158,058 retained earnings 145,099 238,077 total stockholders’ equity 312,924 396,629 total liabilities and stockholders’ equity $ 780,884 $ 845,814 (1) derived from audited financial statements
