bke-20221118false000088524500008852452022-11-182022-11-18
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
November 18, 2022
Date of Report (date of earliest event reported)
THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)
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| Nebraska | 001-12951 | 47-0366193 |
| (State or other jurisdiction of | (Commission | (I.R.S. Employer |
| incorporation or organization) | File Number) | Identification No.) |
| | | | | | | | | | | | | | | | | |
| 2407 West 24th Street, | | | |
| Kearney, | Nebraska | | 68845-4915 | |
| (Address of principal executive offices) | | (Zip Code) | |
Registrant's telephone number, including area code: (308) 236-8491
__________________________________________________________
(Former name, former address and former fiscal year if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock, $0.01 par value | BKE | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
ITEM 2.02. Results of Operations and Financial Condition
On November 18, 2022, The Buckle, Inc. announced financial results for the fiscal quarter ended October 29, 2022. The full text of the press release is furnished as Exhibit 99.1 to this report.
The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.
ITEM 9.01(d). Exhibits
Exhibit 99.1 Press Release Dated November 18, 2022
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| The Buckle, Inc. |
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| Date: November 18, 2022 | By: /s/ THOMAS B. HEACOCK |
| | Name: Thomas B. Heacock |
| | Title: Senior Vice President of Finance, |
| | Treasurer and Chief Financial Officer |
EXHIBIT INDEX
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| Press Release Dated November 18, 2022 |
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| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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Exhibit 99.1
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| The Buckle, Inc. |
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2407 W. 24th St. Kearney, NE 68845 |
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| P.O. Box 1480 Kearney, NE 68848-1480 |
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phone: 308-236-8491 |
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fax: 308-236-4493 |
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For Immediate Release: November 18, 2022 | web: www.buckle.com |
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| Contact: | Thomas B. Heacock, Chief Financial Officer |
| | The Buckle, Inc. |
| | (308) 236-8491 |
THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended October 29, 2022 increased 4.0 percent to $332.3 million from net sales of $319.4 million for the prior year 13-week fiscal quarter ended October 30, 2021. Comparable store net sales for the 13-week period ended October 29, 2022 increased 3.0 percent from comparable store net sales for the prior year 13-week period ended October 30, 2021. Online sales increased 8.8 percent to $55.0 million for the 13-week period ended October 29, 2022, compared to net sales of $50.5 million for the 13-week period ended October 30, 2021.
Net sales for the 39-week fiscal period ended October 29, 2022 increased 3.3 percent to $943.4 million from net sales of $913.7 million for the prior year 39-week fiscal period ended October 30, 2021. Comparable store net sales for the 39-week period ended October 29, 2022 increased 2.8 percent from comparable store net sales for the prior year 39-week period ended October 30, 2021. Online sales increased 5.3 percent to $155.6 million for the 39-week period ended October 29, 2022, compared to net sales of $147.7 million for the 39-week period ended October 30, 2021.
Net income for the third quarter of fiscal 2022 was $61.4 million, or $1.25 per share ($1.24 per share on a diluted basis), compared with net income of $62.2 million, or $1.27 per share ($1.26 per share on a diluted basis) for the third quarter of fiscal 2021.
Net income for the 39-week fiscal period ended October 29, 2022 was $166.8 million, or $3.39 per share ($3.37 per share on a diluted basis), compared with net income of $170.9 million, or $3.49 per share ($3.46 per share on a diluted basis) for the 39-week period ended October 30, 2021.
Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_c9nka5YSTCiTHK7GfZYoTA. A replay of the event can be accessed through Buckle’s investor relations website at https://corporate.buckle.com/investors/earnings-webcasts approximately two hours after the conclusion of the live event.
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 441 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 441 stores in 42 states at the end of the third 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 | | Thirty-Nine Weeks Ended |
| | October 29,
2022 | | October 30,
2021 | | October 29,
2022 | | October 30,
2021 |
| | | | | | | |
| SALES, Net of returns and allowances | $ | 332,341 | | | $ | 319,432 | | | $ | 943,381 | | | $ | 913,677 | |
| | | | | | | |
COST OF SALES (Including buying, distribution, and occupancy costs) | 166,940 | | | 158,366 | | | 480,451 | | | 463,039 | |
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| Gross profit | 165,401 | | | 161,066 | | | 462,930 | | | 450,638 | |
| | | | | | | |
| OPERATING EXPENSES: | | | | | | | |
| Selling | 74,148 | | | 67,771 | | | 209,376 | | | 190,827 | |
| General and administrative | 11,830 | | | 11,080 | | | 35,359 | | | 33,912 | |
| | 85,978 | | | 78,851 | | | 244,735 | | | 224,739 | |
| | | | | | | |
| INCOME FROM OPERATIONS | 79,423 | | | 82,215 | | | 218,195 | | | 225,899 | |
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| OTHER INCOME, Net | 1,883 | | | 192 | | | 2,711 | | | 465 | |
| | | | | | | |
| INCOME BEFORE INCOME TAXES | 81,306 | | | 82,407 | | | 220,906 | | | 226,364 | |
| | | | | | | |
| INCOME TAX EXPENSE | 19,920 | | | 20,190 | | | 54,122 | | | 55,459 | |
| | | | | | | |
| NET INCOME | $ | 61,386 | | | $ | 62,217 | | | $ | 166,784 | | | $ | 170,905 | |
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| EARNINGS PER SHARE: | | | | | | | |
| Basic | $ | 1.25 | | | $ | 1.27 | | | $ | 3.39 | | | $ | 3.49 | |
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| Diluted | $ | 1.24 | | | $ | 1.26 | | | $ | 3.37 | | | $ | 3.46 | |
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| Basic weighted average shares | 49,214 | | | 48,946 | | | 49,214 | | | 48,946 | |
| Diluted weighted average shares | 49,604 | | | 49,362 | | | 49,556 | | | 49,338 | |
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
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| ASSETS | October 29,
2022 | | January 29,
2022 (1) | | October 30,
2021 |
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| CURRENT ASSETS: | | | | | |
| Cash and cash equivalents | $ | 302,180 | | | $ | 253,970 | | | $ | 468,733 | |
| Short-term investments | 22,902 | | | 12,926 | | | 11,302 | |
| Receivables | 16,074 | | | 12,087 | | | 5,629 | |
| Inventory | 152,335 | | | 102,095 | | | 100,593 | |
| Prepaid expenses and other assets | 12,370 | | | 10,128 | | | 11,771 | |
| Total current assets | 505,861 | | | 391,206 | | | 598,028 | |
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| PROPERTY AND EQUIPMENT | 465,694 | | | 453,228 | | | 454,118 | |
| Less accumulated depreciation and amortization | (356,081) | | | (352,724) | | | (354,834) | |
| 109,613 | | | 100,504 | | | 99,284 | |
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| OPERATING LEASE RIGHT-OF-USE ASSETS | 236,147 | | | 258,914 | | | 264,183 | |
| LONG-TERM INVESTMENTS | 19,579 | | | 19,352 | | | 20,024 | |
| OTHER ASSETS | 12,947 | | | 10,908 | | | 12,311 | |
| | | | | |
| Total assets | $ | 884,147 | | | $ | 780,884 | | | $ | 993,830 | |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |
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| CURRENT LIABILITIES: | | | | | |
| Accounts payable | $ | 74,028 | | | $ | 59,950 | | | $ | 63,518 | |
| Accrued employee compensation | 44,183 | | | 62,055 | | | 49,473 | |
| Accrued store operating expenses | 31,262 | | | 20,264 | | | 30,789 | |
| Gift certificates redeemable | 11,782 | | | 16,470 | | | 11,146 | |
| Current portion of operating lease liabilities | 78,850 | | | 88,273 | | | 84,365 | |
| Income taxes payable | — | | | 1,529 | | | 4 | |
| Total current liabilities | 240,105 | | | 248,541 | | | 239,295 | |
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| DEFERRED COMPENSATION | 19,579 | | | 19,352 | | | 20,024 | |
| NON-CURRENT OPERATING LEASE LIABILITIES | 188,856 | | | 200,067 | | | 208,707 | |
| Total liabilities | 448,540 | | | 467,960 | | | 468,026 | |
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| COMMITMENTS | | | | | |
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| STOCKHOLDERS’ EQUITY: | | | | | |
| Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,091,866 shares at October 29, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at October 30, 2021 | 501 | | | 497 | | | 498 | |
| Additional paid-in capital | 175,821 | | | 167,328 | | | 165,612 | |
| Retained earnings | 259,285 | | | 145,099 | | | 359,694 | |
| Total stockholders’ equity | 435,607 | | | 312,924 | | | 525,804 | |
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| Total liabilities and stockholders’ equity | $ | 884,147 | | | $ | 780,884 | | | $ | 993,830 | |
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| (1) Derived from audited financial statements. | | | | | |