8-K
BUCKLE INC (BKE)
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
March 11, 2022
Date of Report (date of earliest event reported)
THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)
| 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 March 11, 2022, The Buckle, Inc. announced financial results for the fiscal quarter and fiscal year ended January 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 March 11, 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.
| The Buckle, Inc. | |
|---|---|
| Date: March 11, 2022 | By: /s/ THOMAS B. HEACOCK |
| Name: Thomas B. Heacock | |
| Title: Senior Vice President of Finance, | |
| Treasurer and Chief Financial Officer |
EXHIBIT INDEX
| Exhibit 99.1 | Press Release Dated March 11, 2022 |
|---|---|
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Document
Exhibit 99.1
 |
The Buckle, Inc. | |
|---|---|---|
| 2407 W. 24th St. Kearney, NE 68845 | ||
| P.O. Box 1480 Kearney, NE 68848-1480 | ||
| phone: 308-236-8491 | ||
| fax: 308-236-4493 | ||
| For Immediate Release: March 11, 2022 | web: www.buckle.com | |
| Contact: | Thomas B. Heacock, Chief Financial Officer | |
| --- | --- | |
| The Buckle, Inc. | ||
| (308) 236-8491 |
THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2021 NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 29, 2022 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis). Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 29, 2022 increased 19.5 percent to $380.9 million from net sales of $318.8 million for the prior year 13-week fiscal quarter ended January 30, 2021. Comparable store net sales for the 13-week period ended January 29, 2022 increased 20.0 percent from comparable store net sales for the prior year 13-week period ended January 30, 2021. Online sales increased 10.5 percent to $73.1 million for the 13-week period ended January 29, 2022, compared to net sales of $66.2 million for the 13-week period ended January 30, 2021.
Net sales for the 52-week fiscal year ended January 29, 2022 increased 43.6 percent to $1.295 billion from net sales of $901.3 million for the 52-week fiscal year ended January 30, 2021. Comparable store net sales for the 52-week period ended January 29, 2022 increased 43.8 percent from comparable store net sales for the prior year 52-week period ended January 30, 2021. Online sales increased 15.9 percent to $220.8 million for the 52-week period ended January 29, 2022, compared to net sales of $190.6 million for the 52-week period ended January 30, 2021.
Net income for the fourth quarter of fiscal 2021 was $83.9 million, or $1.71 per share ($1.69 per share on a diluted basis), compared with $65.6 million, or $1.34 per share ($1.33 per share on a diluted basis) for the fourth quarter of fiscal 2020.
Net income for the fiscal year ended January 29, 2022 was $254.8 million, or $5.20 per share ($5.16 per share on a diluted basis), compared with $130.1 million, or $2.67 per share ($2.66 per share on a diluted basis) for the fiscal year ended January 30, 2021.
Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (844) 767-5651 for domestic calls or (409) 207-6959 for international calls and reference the conference code 4682221. A replay of the call will be available for a two-week period beginning March 11, 2022 at 1:00 p.m. EST by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 3665047.
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 439 retail stores in 42 states. As of the end of the fiscal year, it operated 440 stores in 42 states compared with 443 stores in 42 states at the end of fiscal 2020.
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)
| 13-Weeks Ended | 52-Weeks Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| January 29, 2022 | January 30, 2021 | January 29, 2022 | January 30, 2021 (1) | |||||
| SALES, Net of returns and allowances | $ | 380,930 | $ | 318,835 | $ | 1,294,607 | $ | 901,278 |
| COST OF SALES (Including buying, distribution, and occupancy costs) | 178,559 | 155,324 | 641,598 | 500,610 | ||||
| Gross profit | 202,371 | 163,511 | 653,009 | 400,668 | ||||
| OPERATING EXPENSES: | ||||||||
| Selling | 75,597 | 66,503 | 266,424 | 191,158 | ||||
| General and administrative | 17,174 | 12,462 | 51,086 | 41,488 | ||||
| 92,771 | 78,965 | 317,510 | 232,646 | |||||
| INCOME FROM OPERATIONS | 109,600 | 84,546 | 335,499 | 168,022 | ||||
| OTHER INCOME, Net | 1,791 | 927 | 2,256 | 2,925 | ||||
| INCOME BEFORE INCOME TAXES | 111,391 | 85,473 | 337,755 | 170,947 | ||||
| INCOME TAX EXPENSE | 27,476 | 19,867 | 82,935 | 40,808 | ||||
| NET INCOME | $ | 83,915 | $ | 65,606 | $ | 254,820 | $ | 130,139 |
| EARNINGS PER SHARE | ||||||||
| Basic | $ | 1.71 | $ | 1.34 | $ | 5.20 | $ | 2.67 |
| Diluted | $ | 1.69 | $ | 1.33 | $ | 5.16 | $ | 2.66 |
| Basic weighted average shares | 49,138 | 48,869 | 48,994 | 48,755 | ||||
| Diluted weighted average shares | 49,528 | 49,228 | 49,385 | 49,013 |
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
| ASSETS | January 29,<br>2022 | January 30,<br>2021 (1) | ||
|---|---|---|---|---|
| CURRENT ASSETS: | ||||
| Cash and cash equivalents | $ | 253,970 | $ | 318,789 |
| Short-term investments | 12,926 | 3,359 | ||
| Receivables | 12,087 | 2,823 | ||
| Inventory | 102,095 | 101,063 | ||
| Prepaid expenses and other assets | 10,128 | 11,190 | ||
| Total current assets | 391,206 | 437,224 | ||
| PROPERTY AND EQUIPMENT | 453,228 | 451,357 | ||
| Less accumulated depreciation and amortization | (352,724) | (350,942) | ||
| 100,504 | 100,415 | |||
| OPERATING LEASE RIGHT-OF-USE ASSETS | 258,914 | 279,358 | ||
| LONG-TERM INVESTMENTS | 19,352 | 18,320 | ||
| OTHER ASSETS | 10,908 | 10,497 | ||
| Total assets | $ | 780,884 | $ | 845,814 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
| CURRENT LIABILITIES: | ||||
| Accounts payable | $ | 59,950 | $ | 43,399 |
| Accrued employee compensation | 62,055 | 35,865 | ||
| Accrued store operating expenses | 20,264 | 20,303 | ||
| Gift certificates redeemable | 16,470 | 14,279 | ||
| Current portion of operating lease liabilities | 88,273 | 81,762 | ||
| Income taxes payable | 1,529 | 10,751 | ||
| Total current liabilities | 248,541 | 206,359 | ||
| DEFERRED COMPENSATION | 19,352 | 18,320 | ||
| NON-CURRENT OPERATING LEASE LIABILITIES | 200,067 | 224,506 | ||
| Total liabilities | 467,960 | 449,185 | ||
| COMMITMENTS | ||||
| STOCKHOLDERS’ EQUITY: | ||||
| Common stock, authorized 100,000,000 shares of $.01 par value; 49,728,651 and 49,407,731 shares issued and outstanding at January 29, 2022 and January 30, 2021, respectively | 497 | 494 | ||
| Additional paid-in capital | 167,328 | 158,058 | ||
| Retained earnings | 145,099 | 238,077 | ||
| Total stockholders’ equity | 312,924 | 396,629 | ||
| Total liabilities and stockholders’ equity | $ | 780,884 | $ | 845,814 |
(1) Derived from audited financial statements