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The Buckle, Inc. Reports First Quarter Financial Results


The Buckle, Inc. (NYSE: BKE) announced today a net loss for the fiscal quarter ended May 2, 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis).



Net sales for the


The Buckle, Inc. (NYSE: BKE) announced today a net loss for the fiscal quarter ended May 2, 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 2, 2020 decreased 42.7 percent to $115.4 million from net sales of $201.3 million for the prior year 13-week fiscal quarter ended May 4, 2019. Online sales for the quarter increased 31.5 percent to $32.1 million for the 13-week period ended May 2, 2020, compared to net sales of $24.4 million for the 13-week period ended May 4, 2019.

As previously announced, Buckle closed all brick and mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020. The Company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of May 2, 2020, 37 stores had reopened. The Company has continued to reopen stores each week in May, with 331 total stores currently reopened. The Company’s online store has remained open without interruption. As a result of the store closures, the Company plans to only report total net sales and does not plan to separately report comparable store sales during this time.

As a result of the store closures, Buckle reported a net loss for the first quarter of fiscal 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis), compared with net income of $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis) for the first quarter of fiscal 2019.

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 (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 7167680. A replay of the call will be available for a two-week period beginning today at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8302590.

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 446 retail stores in 42 states. As of the end of the fiscal quarter, it operated 446 stores in 42 states compared with 449 stores in 42 states at the end of the first quarter of fiscal 2019.

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

 

May 2,
2020

 

May 4,
2019

 

 

 

 

SALES, Net of returns and allowances

$

115,413

 

 

$

201,313

 

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

88,588

 

 

124,660

 

 

 

 

 

Gross profit

26,825

 

 

76,653

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

Selling

33,504

 

 

46,609

 

General and administrative

9,503

 

 

11,310

 

 

43,007

 

 

57,919

 

 

 

 

 

INCOME (LOSS) FROM OPERATIONS

(16,182

)

 

18,734

 

 

 

 

 

OTHER INCOME, Net

574

 

 

1,255

 

 

 

 

 

INCOME (LOSS) BEFORE INCOME TAXES

(15,608

)

 

19,989

 

 

 

 

 

INCOME TAX EXPENSE (BENEFIT)

(3,824

)

 

4,897

 

 

 

 

 

NET INCOME (LOSS)

$

(11,784

)

 

$

15,092

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) PER SHARE:

 

 

 

Basic

$

(0.24

)

 

$

0.31

 

 

 

 

 

Diluted

$

(0.24

)

 

$

0.31

 

 

 

 

 

Basic weighted average shares

48,725

 

 

48,552

 

Diluted weighted average shares

48,922

 

 

48,734

 

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

ASSETS

May 2,
2020

 

February 1,
2020 (1)

 

May 4,
2019

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

185,037

 

 

$

220,969

 

 

$

183,939

 

Short-term investments

17,661

 

 

12,532

 

 

53,659

 

Receivables

1,774

 

 

3,136

 

 

5,780

 

Inventory

121,671

 

 

121,258

 

 

120,814

 

Prepaid expenses and other assets

13,438

 

 

20,935

 

 

20,406

 

Total current assets

339,581

 

 

378,830

 

 

384,598

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

451,142

 

 

452,205

 

 

453,578

 

Less accumulated depreciation and amortization

(341,073

)

 

(338,357

)

 

(326,705

)

 

110,069

 

 

113,848

 

 

126,873

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

326,587

 

 

350,088

 

 

345,473

 

LONG-TERM INVESTMENTS

15,922

 

 

15,863

 

 

15,667

 

OTHER ASSETS

9,491

 

 

9,261

 

 

7,754

 

 

 

 

 

 

 

Total assets

$

801,650

 

 

$

867,890

 

 

$

880,365

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

19,212

 

 

$

26,491

 

 

$

36,533

 

Accrued employee compensation

5,310

 

 

22,929

 

 

11,636

 

Accrued store operating expenses

15,927

 

 

17,837

 

 

22,124

 

Gift certificates redeemable

13,513

 

 

15,319

 

 

14,262

 

Current portion of operating lease liabilities

84,410

 

 

87,314

 

 

72,857

 

Income taxes payable

72

 

 

2,751

 

 

9,651

 

Total current liabilities

138,444

 

 

172,641

 

 

167,063

 

 

 

 

 

 

 

DEFERRED COMPENSATION

15,204

 

 

15,863

 

 

14,914

 

NON-CURRENT OPERATING LEASE LIABILITIES

270,053

 

 

290,238

 

 

300,430

 

Total liabilities

423,701

 

 

478,742

 

 

482,407

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,408,181 shares at May 2, 2020, 49,205,681 shares at February 1, 2020, and 49,231,625 shares at May 4, 2019

494

 

 

492

 

 

492

 

Additional paid-in capital

152,841

 

 

152,258

 

 

149,860

 

Retained earnings

224,614

 

 

236,398

 

 

247,606

 

Total stockholders’ equity

377,949

 

 

389,148

 

 

397,958

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

801,650

 

 

$

867,890

 

 

$

880,365

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

Buckle Inc. Stock

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