The Buckle, Inc. Reports Third Quarter Net Income
The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended November 2, 2019 increased 4.2 percent to $224.1 million from net sales of $215.1 million for the prior year 13-week fiscal quarter ended November 3, 2018. Comparable store net sales for the 13-week period ended November 2, 2019 increased 4.7 percent from comparable store net sales for the prior year 13-week period ended November 3, 2018. Online sales increased 5.4 percent to $26.9 million for the 13-week period ended November 2, 2019, compared to net sales of $25.5 million for the 13-week period ended November 3, 2018.
Net sales for the 39-week fiscal period ended November 2, 2019 increased 1.3 percent to $629.3 million from net sales of $621.1 million for the prior year 39-week fiscal period ended November 3, 2018. Comparable store net sales for the 39-week period ended November 2, 2019 increased 1.8 percent from comparable store net sales for the prior year 39-week period ended November 3, 2018. Online sales increased 6.6 percent to $74.4 million for the 39-week period ended November 2, 2019, compared to net sales of $69.8 million for the 39-week period ended November 3, 2018.
Net income for the third quarter of fiscal 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis), compared with $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis) for the third quarter of fiscal 2018.
Net income for the 39-week fiscal period ended November 2, 2019 was $57.5 million, or $1.18 per share ($1.18 per share on a diluted basis), compared with $54.5 million, or $1.13 per share ($1.12 per share on a diluted basis) for the 39-week period ended November 3, 2018.
Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 for domestic calls or (612) 234-9959 for international calls and reference the conference code 473856. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 473856.
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 449 retail stores in 42 states. As of the end of the fiscal quarter, it operated 449 stores in 42 states compared with 453 stores in 43 states at the end of the third quarter of fiscal 2018.
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
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THE BUCKLE, INC. |
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CONSOLIDATED STATEMENTS OF INCOME |
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(Amounts in Thousands Except Per Share Amounts) |
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(Unaudited) |
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Thirteen Weeks Ended |
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Thirty-Nine Weeks Ended |
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November 2, |
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November 3, |
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November 2, |
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November 3, |
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2019 |
2018 |
2019 |
2018 |
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SALES, Net of returns and allowances |
$ |
224,121 |
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$ |
215,107 |
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$ |
629,251 |
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$ |
621,084 |
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COST OF SALES (Including buying, distribution, and occupancy costs) |
130,587 |
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128,950 |
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380,367 |
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376,305 |
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Gross profit |
93,534 |
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|
86,157 |
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248,884 |
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244,779 |
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OPERATING EXPENSES: |
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Selling |
51,282 |
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50,612 |
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146,426 |
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144,361 |
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General and administrative |
8,942 |
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9,244 |
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30,812 |
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30,696 |
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60,224 |
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59,856 |
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177,238 |
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175,057 |
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INCOME FROM OPERATIONS |
33,310 |
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26,301 |
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71,646 |
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69,722 |
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OTHER INCOME, Net |
1,105 |
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|
1,332 |
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4,446 |
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|
3,791 |
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INCOME BEFORE INCOME TAXES |
34,415 |
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27,633 |
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|
76,092 |
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|
73,513 |
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PROVISION FOR INCOME TAXES |
8,431 |
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7,157 |
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18,642 |
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19,040 |
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NET INCOME |
$ |
25,984 |
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$ |
20,476 |
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$ |
57,450 |
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$ |
54,473 |
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EARNINGS PER SHARE: |
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Basic |
$ |
0.54 |
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$ |
0.42 |
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$ |
1.18 |
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$ |
1.13 |
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Diluted |
$ |
0.53 |
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$ |
0.42 |
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$ |
1.18 |
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$ |
1.12 |
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Basic weighted average shares |
48,549 |
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|
48,379 |
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|
48,550 |
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|
48,379 |
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Diluted weighted average shares |
48,809 |
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48,611 |
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48,768 |
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48,584 |
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THE BUCKLE, INC. |
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CONSOLIDATED BALANCE SHEETS |
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(Amounts in Thousands Except Share and Per Share Amounts) |
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(Unaudited) |
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ASSETS |
November 2, |
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February 2, |
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November 3, |
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2019 |
2019 (1) |
2018 |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ |
213,836 |
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$ |
168,471 |
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$ |
177,918 |
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Short-term investments |
31,946 |
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|
51,546 |
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|
45,605 |
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Receivables |
9,432 |
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7,089 |
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8,266 |
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Inventory |
138,879 |
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|
125,190 |
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|
145,473 |
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Prepaid expenses and other assets |
22,195 |
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|
18,136 |
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|
19,862 |
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Total current assets |
416,288 |
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|
370,432 |
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|
397,124 |
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PROPERTY AND EQUIPMENT |
453,859 |
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|
452,187 |
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|
460,523 |
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Less accumulated depreciation and amortization |
(336,098 |
) |
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(321,505 |
) |
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(324,044 |
) |
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|
117,761 |
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130,682 |
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136,479 |
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OPERATING LEASE RIGHT-OF-USE ASSETS |
340,417 |
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— |
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— |
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LONG-TERM INVESTMENTS |
15,710 |
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|
18,745 |
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18,322 |
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OTHER ASSETS |
7,939 |
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|
7,443 |
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7,170 |
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Total assets |
$ |
898,115 |
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$ |
527,302 |
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$ |
559,095 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
$ |
44,771 |
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$ |
29,008 |
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$ |
48,400 |
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Accrued employee compensation |
18,122 |
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|
21,452 |
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|
17,996 |
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Accrued store operating expenses |
21,539 |
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|
17,982 |
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|
21,851 |
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Gift certificates redeemable |
12,688 |
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|
16,634 |
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|
13,907 |
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Current portion of operating lease liabilities |
81,541 |
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|
— |
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— |
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Income taxes payable |
— |
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|
5,142 |
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|
— |
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Total current liabilities |
178,661 |
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|
90,218 |
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|
102,154 |
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DEFERRED COMPENSATION |
15,410 |
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|
13,978 |
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|
13,804 |
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NON-CURRENT OPERATING LEASE LIABILITIES |
286,706 |
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— |
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— |
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DEFERRED RENT LIABILITY |
— |
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|
29,229 |
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|
30,287 |
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Total liabilities |
480,777 |
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|
133,425 |
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|
146,245 |
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COMMITMENTS |
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STOCKHOLDERS’ EQUITY: |
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Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,223,811 shares at November 2, 2019, 49,017,395 shares at February 2, 2019, and 49,017,975 shares at November 3, 2018 |
492 |
|
|
490 |
|
|
490 |
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Additional paid-in capital |
151,383 |
|
|
148,564 |
|
|
147,584 |
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Retained earnings |
265,463 |
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|
244,823 |
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|
264,776 |
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Total stockholders’ equity |
417,338 |
|
|
393,877 |
|
|
412,850 |
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Total liabilities and stockholders’ equity |
$ |
898,115 |
|
|
$ |
527,302 |
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|
$ |
559,095 |
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(1) Derived from audited financial statements. |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20191122005062/en/
Buckle Inc. Stock
With 1 Buy predictions and 2 Sell predictions the community is currently undecided on Buckle Inc..
With a target price of 33 € there is a slightly negative potential of -4.24% for Buckle Inc. compared to the current price of 34.46 €.
