The Buckle, Inc. Reports Second Quarter Net Earnings

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KEARNEY, Neb., Aug. 19, 2022–(BUSINESS WIRE)–The Buckle, Inc. (NYSE: BKE) today announced 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 fiscal 13-week quarter ended July 30, 2022 increased 2.3% to $302.0 million from net sales of $295.1 million for the fiscal 13-week quarter of the prior year ended July 31, 2021. Comparable store net sales for the 13-week period the period ended July 30, 2022 increased 1.6% over same-store net sales for the 13-week period of prior year ended July 31, 2021. Online sales increased 6.5% 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 fiscal 26-week period ended July 30, 2022 increased 2.8% to $611.0 million from net sales of $594.2 million for the fiscal 26-week period of the prior year ended July 31, 2021. Comparable store net sales for the 26-week period the period ended July 30, 2022 increased 2.6% compared to comparable store net sales for the 26-week period of prior year ended July 31, 2021. Online sales increased 3.5% 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 earnings for the second quarter of Fiscal 2022 were $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared to net earnings 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 weeks ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared to a net earnings 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 the results for the quarter. To join the call, please dial (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and quote the conference code 2084271. A replay of the call will be available for one two-week period starting today. at 1:00 p.m. EDT by dialing (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 9468609.

About Loop

Offering a unique mix of high quality, on-trend clothing, accessories and footwear, Buckle caters to fashion-conscious young men and women. Recognized 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 441 stores in 42 states, compared to 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 significant risks and uncertainties and are subject to change based on factors that may be beyond the Company’s control. Accordingly, the future performance and financial results of the Company may differ materially from those expressed or implied by such forward-looking statements. These 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 clearly indicate that the projected results expressed or implied herein will not be achieved.

Note: Press releases and other information about The Buckle, Inc. can be accessed at www.boucle.com on the Internet.
Financial tables to follow

THE LOOP, INC.

CONSOLIDATED INCOME STATEMENTS

(Amounts in thousands except per share amounts)

(Unaudited)

Thirteen weeks over

Twenty-six weeks over

July 30,
2022

July 31,
2021

July 30,
2022

July 31,
2021

SALES, Net of returns and discounts

$

301 976

$

295 120

$

611 040

$

594 245

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

156,607

153 101

313 511

304,673

Gross profit

145,369

142,019

297,529

289,572

EXPLOITATION CHARGES :

Sale

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 TAXES

66,416

68 104

139,600

143,957

INCOME TAX BURDEN

16,272

16,685

34 202

35,269

NET REVENUE

$

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 LOOP, INC.

CONSOLIDATED RESULTS

(Amounts in thousands except per 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

OWNERSHIP AND EQUIPMENT

460 362

453,228

452 460

Less accumulated amortization

(353,929

)

(352,724

)

(352,773

)

106,433

100 504

99,687

ASSETS IN RIGHT OF USE IN SIMPLE LEASE

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 EQUITY

CURRENT LIABILITIES:

Accounts payable

$

63,036

$

59,950

$

67,812

Employee compensation payable

29,509

62,055

33,878

Store operating expenses payable

30,497

20,264

30,724

Exchangeable gift certificates

12,411

16,470

11,434

Current portion of operating lease debts

80,827

88,273

82,255

Taxes payable on income

1,529

Total current liabilities

216 280

248,541

226 103

DEFERRED COMPENSATION

20,163

19,352

19,558

NON-CURRENT RENTAL DEBTS

183,643

200,067

209,472

Total responsibilities

420,086

467,960

455 133

COMMITMENTS

EQUITY:

Common stock, authorization of 100,000,000 shares with a par value of $0.01; issued and outstanding; 50,094,751 shares as of July 30, 2022, 49,728,651 shares as of January 29, 2022 and 49,783,381 shares as of July 31, 2021

501

four hundred ninety seven

498

Premium

173,046

167,328

163 148

Retained earnings

215,431

145,099

313 906

Full shareholder equity

388 978

312,924

477,552

Total Liabilities and Equity

$

809 064

$

780 884

$

932 685

(1) Derived from audited financial statements.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220819005039/en/

contacts

Thomas B. Heacock, Chief Financial Officer
The Loop, Inc.
(308) 236-8491

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