The Buckle, Inc. Reports Second Quarter Net Income


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KEARNEY, Neb – (BUSINESS WIRE) – The Buckle, Inc. (NYSE: BKE) today announced that net income for the fiscal quarter ended July 31, 2021 was $ 51.4 million, or $ 1.05 per share ($ 1.04 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 31, 2021 increased 36.6% to $ 295.1 million from net sales of $ 216.0 million for the 13-week fiscal quarter of l ‘prior year ended August 1, 2020. Compared to the same 13-week period in In fiscal 2019, net sales increased 44.8% compared to net sales of $ 203.8 million for the 13-week fiscal quarter ended August 3, 2019. Online sales decreased 5.5% to $ 43.4 million for the 13-week period ended July 31, 2021, from sales of 46.0 million dollars for the 13-week period ended August 1, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 88.1% compared to net sales of 23 , $ 1 million for the 13-week period ended August 3, 2019..

Net sales for the 26-week fiscal year ended July 31, 2021 increased 79.3% to $ 594.2 million from net sales of $ 331.4 million for the prior 26-week fiscal year ended on August 1, 2020. Compared to the same 26-week period in fiscal 2019, net sales increased 46.7% compared to net sales of $ 405.1 million for the 26-week fiscal period ended August 3, 2019. Online sales increased 24.5% to $ 97.2 million for the 26-week period ended July 31, 2021, compared to net sales. sales of $ 78.1 million for the 26-week period ended August 1, 2020. Compared to the same 26-week period in fiscal 2019, online sales increased 104.5% compared to to net sales of $ 47.5 million for the 26-week period ended August 3, 2019..

Net income for the second quarter of fiscal 2021 was $ 51.4 million, or $ 1.05 per share ($ 1.04 per share on a diluted basis), compared to net income of 34.7 million dollars, or $ 0.71 per share ($ 0.71 per share on a diluted basis) for the second quarter of fiscal 2020.

Net income for the 26-week fiscal year ended July 31, 2021 was $ 108.7 million, or $ 2.22 per share ($ 2.20 per share on a diluted basis), compared to net income of $ 22.9 million, or $ 0.47 per share ($ 0.47 per share on a diluted basis) for the 26-week period ended August 1, 2020.

Fiscal 2020 results were significantly affected by the Company’s closure of all physical stores due to the COVID-19 pandemic as of March 18, 2020. Due to the impact of store closures on Prior Year Net Sales, the Company report total net sales over the past two years and does not plan to separately report comparable store sales for the periods most affected by store closings.

Management will host a conference call at 10:00 am EDT today to discuss the results for the quarter. To join the call, please dial (877) 336-4440 for national calls or (409) 207-6984 for international calls and reference the conference code 8384984. A replay of the call will be available during a period of time. two week period from today. at 1 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering conference code 1554929.

About the loop

Offering a unique blend of high quality on-trend clothing, accessories and footwear, Buckle is aimed at fashion-conscious young men and women. Known as a denim destination, each store offers a wide selection of fits, styles and finishes from leading denim brands, including the company’s exclusive brand, BKE. Based in Kearney, Nebraska, Buckle currently operates 442 retail stores in 42 states. At the end of the fiscal quarter, it operated 442 stores in 42 states, compared to 446 stores in 42 states at the end of the second quarter of fiscal 2020.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve significant risks and uncertainties and are subject to change based on factors which may be beyond the control of the Company. . Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in such forward-looking statements. These factors include, but are not limited to, those described in documents filed by the Company 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 clearly indicate that the projected results expressed or implied will not be achieved.

Note: Press releases and other information about The Buckle, Inc. can be found at www.buckle.com on the Internet.

LA BOUCLE, INC.

CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands, except amounts per share)

(Unaudited)

Thirteen Weeks Completed

Twenty-six weeks completed

July 31

2021

August 1,

2020

July 31

2021

August 1,

2020

SALES, net of returns and indemnities

$

295 120

$

216,025

$

594 245

$

331,438

COST OF SALES (including purchase, distribution and occupancy costs)

153,101

122,643

304 673

211,231

Gross profit

142,019

93,382

289,572

120,207

OPERATING COSTS :

Sale

63,056

38,257

123,056

71 761

general and administrative

11 081

9.593

22 832

19,096

74,137

47,850

145,888

90 857

REVENUE FROM OPERATIONS

67 882

45,532

143,684

29,350

OTHER REVENUES, net

222

404

273

978

INCOME BEFORE TAXES

68 104

45 936

143 957

30,328

INCOME TAX CHARGE

16 685

11,254

35,269

7,430

NET REVENUE

$

51,419

$

34 682

$

108,688

$

22,898

EARNINGS PER SHARE:

Basic

$

1.05

$

0.71

$

2.22

$

0.47

Diluted

$

1.04

$

0.71

$

2.20

$

0.47

Core weighted average stocks

48 946

48 714

48 946

48 719

Diluted weighted average equities

49,341

48 913

49,325

48 918

LA BOUCLE, INC.

CONSOLIDATED RESULTS

(Amounts in thousands except for amounts per share and per share)

(Unaudited)

ASSETS

July 31

2021

January 30

2021 (1)

August 1,

2020

CURRENT ASSETS:

Cash and cash equivalents

$

406,714

$

318 789

$

265,714

short term investments

8,592

3 359

12 637

Receivables

6 667

2 823

2394

Inventory

95,276

101,063

116,479

Prepaid expenses and other assets

20,294

11 190

20,388

Total current assets

537,543

437,224

417 612

PROPERTY AND EQUIPMENT

452,460

451,357

451,899

Less accumulated depreciation

(352 773

)

(350 942

)

(345,820

)

99 687

100 415

106,079

GOODS OF RIGHT OF USE OF THE OPERATIONAL LEASE

264,177

279,358

305 814

LONG-TERM INVESTMENTS

19,558

18,320

16,536

OTHER ASSETS

11,720

10,497

9 782

Total assets

$

932 685

$

845 814

$

855,823

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Accounts payable

$

67 812

$

43,399

$

48 142

Employee compensation payable

33 878

35,865

9,391

Store operating expenses

30,724

20,303

21,579

Redeemable gift certificates

11,434

14,279

12,611

Current portion of operating lease debts

82,255

81,762

81,427

Taxes payable on income

10,751

Total current liabilities

226,103

206,359

173,150

DEFERRED COMPENSATION

19,558

18,320

16,536

NON-CURRENT OPERATING LEASE LIABILITIES

209,472

224,506

251 830

Total responsibilities

455,133

449,185

441,516

COMMITMENTS

EQUITY:

Common shares, authorized 100,000,000 shares with a par value of $ 0.01; Posted

and exceptional; 49,783,381 shares at July 31, 2021, 49,407,731 shares

as of January 30, 2021 and 49,407,731 shares as of August 1, 2020

498

494

494

Premium

163,148

158,058

154,517

Retained earnings

313,906

238,077

259,296

Total equity for shareholders

477,552

396 629

414,307

Total liabilities and equity

$

932 685

$

845 814

$

855,823

(1)

Derived from audited financial statements

Thomas B. Heacock, Chief Financial Officer

The Loop, Inc.

(308) 236-8491

Source: La Boucle, Inc.


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