The buckle, inc. reports second quarter net income
Kearney, neb.--(business wire)--the buckle, inc. (nyse: bke) announced today that net income for the fiscal quarter ended july 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis). net sales for the 13-week fiscal quarter ended july 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended july 31, 2021. comparable store net sales for the 13-week period ended july 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended july 31, 2021. online sales increased 6.5 percent to $46.2 million for the 13-week period ended july 30, 2022, compared to net sales of $43.4 million for the 13-week period ended july 31, 2021. net sales for the 26-week fiscal period ended july 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended july 31, 2021. comparable store net sales for the 26-week period ended july 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended july 31, 2021. online sales increased 3.5 percent to $100.6 million for the 26-week period ended july 30, 2022, compared to net sales of $97.2 million for the 26-week period ended july 31, 2021. net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021. net income for the 26-week fiscal period ended july 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended july 31, 2021. management will hold a conference call at 10:00 a.m. edt today to discuss results for the quarter. to participate in the call, please call (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 2084271. a replay of the call will be available for a two-week period beginning today at 1:00 p.m. edt by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 9468609. 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 442 retail stores in 42 states. as of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 442 stores in 42 states at the end of the second 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 twenty-six weeks ended july 30, 2022 july 31, 2021 july 30, 2022 july 31, 2021 sales, net of returns and allowances $ 301,976 $ 295,120 $ 611,040 $ 594,245 cost of sales (including buying, distribution, and occupancy costs) 156,607 153,101 313,511 304,673 gross profit 145,369 142,019 297,529 289,572 operating expenses: selling 67,982 63,056 135,228 123,056 general and administrative 11,674 11,081 23,529 22,832 79,656 74,137 158,757 145,888 income from operations 65,713 67,882 138,772 143,684 other income, net 703 222 828 273 income before income taxes 66,416 68,104 139,600 143,957 income tax expense 16,272 16,685 34,202 35,269 net income $ 50,144 $ 51,419 $ 105,398 $ 108,688 earnings per share: basic $ 1.02 $ 1.05 $ 2.14 $ 2.22 diluted $ 1.01 $ 1.04 $ 2.13 $ 2.20 basic weighted average shares 49,214 48,946 49,214 48,946 diluted weighted average shares 49,535 49,341 49,531 49,325 the buckle, inc. consolidated balance sheets (amounts in thousands except share and per share amounts) (unaudited) assets july 30, 2022 january 29, 2022 (1) july 31, 2021 current assets: cash and cash equivalents $ 266,731 $ 253,970 $ 406,714 short-term investments 17,387 12,926 8,592 receivables 13,015 12,087 6,667 inventory 128,498 102,095 95,276 prepaid expenses and other assets 9,445 10,128 20,294 total current assets 435,076 391,206 537,543 property and equipment 460,362 453,228 452,460 less accumulated depreciation and amortization (353,929 ) (352,724 ) (352,773 ) 106,433 100,504 99,687 operating lease right-of-use assets 234,634 258,914 264,177 long-term investments 20,640 19,352 19,558 other assets 12,281 10,908 11,720 total assets $ 809,064 $ 780,884 $ 932,685 liabilities and stockholders’ equity current liabilities: accounts payable $ 63,036 $ 59,950 $ 67,812 accrued employee compensation 29,509 62,055 33,878 accrued store operating expenses 30,497 20,264 30,724 gift certificates redeemable 12,411 16,470 11,434 current portion of operating lease liabilities 80,827 88,273 82,255 income taxes payable — 1,529 — total current liabilities 216,280 248,541 226,103 deferred compensation 20,163 19,352 19,558 non-current operating lease liabilities 183,643 200,067 209,472 total liabilities 420,086 467,960 455,133 commitments stockholders’ equity: common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at july 30, 2022, 49,728,651 shares at january 29, 2022, and 49,783,381 shares at july 31, 2021 501 497 498 additional paid-in capital 173,046 167,328 163,148 retained earnings 215,431 145,099 313,906 total stockholders’ equity 388,978 312,924 477,552 total liabilities and stockholders’ equity $ 809,064 $ 780,884 $ 932,685 (1) derived from audited financial statements.
