The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2024 Net Income

The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2024 Net Income

KEARNEY, Neb.–(BUSINESS WIRE)–
The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2025 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis). Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2025 decreased 0.8 percent to $379.2 million from net sales of $382.4 million for the prior year 14-week fiscal quarter ended February 3, 2024. Comparable store net sales for the 13-week period ended February 1, 2025 increased 3.9 percent from comparable store net sales for the prior year 13-week period ended February 3, 2024. Online sales increased 6.4 percent to $69.7 million for the 13-week period ended February 1, 2025, compared to net sales of $65.5 million for the 14-week period ended February 3, 2024.

Net sales for the 52-week fiscal year ended February 1, 2025 decreased 3.4 percent to $1.218 billion from net sales of $1.261 billion for the 53-week fiscal year ended February 3, 2024. Comparable store net sales for the 52-week period ended February 1, 2025 decreased 2.7 percent from comparable store net sales for the prior year 52-week period ended February 3, 2024. Online sales decreased 4.3 percent to $197.7 million for the 52-week period ended February 1, 2025, compared to net sales of $206.5 million for the 53-week period ended February 3, 2024.

Net income for the fourth quarter of fiscal 2024 was $77.2 million, or $1.54 per share ($1.53 per share on a diluted basis), compared with $79.6 million, or $1.60 per share ($1.59 per share on a diluted basis) for the fourth quarter of fiscal 2023.

Net income for the fiscal year ended February 1, 2025 was $195.5 million, or $3.92 per share ($3.89 per share on a diluted basis), compared with $219.9 million, or $4.44 per share ($4.40 per share on a diluted basis) for the fiscal year ended February 3, 2024.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_ork30A85Q8iQJ2fQiMhMEQ. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. 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 440 retail stores in 42 states. As of the end of the fiscal year, it operated 441 stores in 42 states compared with 444 stores in 42 states at the end of fiscal 2023.

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.

Financial Tables to Follow

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

13-Weeks Ended

 

14-Weeks Ended

 

52-Weeks Ended

 

53-Weeks Ended

 

February 1, 2025

 

February 3, 2024

 

February 1, 2025

 

February 3, 2024 (1)

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

379,199

 

$

382,383

 

$

1,217,689

 

$

1,261,102

 

 

 

 

 

 

 

 

COST OF SALES (Including buying, distribution, and occupancy costs)

 

179,714

 

 

182,202

 

 

624,902

 

 

642,037

 

 

 

 

 

 

 

 

Gross profit

 

199,485

 

 

200,181

 

 

592,787

 

 

619,065

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

 

86,722

 

 

85,937

 

 

293,176

 

 

291,018

General and administrative

 

16,538

 

 

17,741

 

 

58,247

 

 

56,988

 

 

103,260

 

 

103,678

 

 

351,423

 

 

348,006

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

96,225

 

 

96,503

 

 

241,364

 

 

271,059

 

 

 

 

 

 

 

 

OTHER INCOME, Net

 

4,903

 

 

6,834

 

 

16,413

 

 

18,156

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

101,128

 

 

103,337

 

 

257,777

 

 

289,215

 

 

 

 

 

 

 

 

INCOME TAX EXPENSE

 

23,930

 

 

23,756

 

 

62,309

 

 

69,296

 

 

 

 

 

 

 

 

NET INCOME

$

77,198

 

$

79,581

 

$

195,468

 

$

219,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

Basic

$

1.54

 

$

1.60

 

$

3.92

 

$

4.44

 

 

 

 

 

 

 

 

Diluted

$

1.53

 

$

1.59

 

$

3.89

 

$

4.40

 

 

 

 

 

 

 

 

Basic weighted average shares

 

50,126

 

 

49,791

 

 

49,922

 

 

49,582

Diluted weighted average shares

 

50,551

 

 

50,148

 

 

50,310

 

 

49,955

(1) Derived from audited financial statements

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

ASSETS

February 1,

2025

 

February 3,

2024 (1)

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

266,929

 

 

$

268,213

 

Short-term investments

 

23,801

 

 

 

22,210

 

Receivables

 

6,758

 

 

 

8,697

 

Inventory

 

120,789

 

 

 

126,290

 

Prepaid expenses and other assets

 

20,932

 

 

 

18,846

 

Total current assets

 

439,209

 

 

 

444,256

 

 

 

 

 

PROPERTY AND EQUIPMENT

 

510,088

 

 

 

489,037

 

Less accumulated depreciation and amortization

 

(364,336

)

 

 

(360,200

)

 

 

145,752

 

 

 

128,837

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

289,793

 

 

 

280,813

 

LONG-TERM INVESTMENTS

 

28,116

 

 

 

24,993

 

OTHER ASSETS

 

10,303

 

 

 

10,911

 

 

 

 

 

Total assets

$

913,173

 

 

$

889,810

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

45,982

 

 

$

45,958

 

Accrued employee compensation

 

46,717

 

 

 

49,827

 

Accrued store operating expenses

 

19,266

 

 

 

19,067

 

Gift certificates redeemable

 

17,007

 

 

 

16,667

 

Current portion of operating lease liabilities

 

78,942

 

 

 

85,265

 

Income taxes payable

 

6,018

 

 

 

4,672

 

Total current liabilities

 

213,932

 

 

 

221,456

 

 

 

 

 

DEFERRED COMPENSATION

 

28,116

 

 

 

24,993

 

NON-CURRENT OPERATING LEASE LIABILITIES

 

247,321

 

 

 

230,141

 

Total liabilities

 

489,369

 

 

 

476,590

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; 50,773,556 and 50,445,186 shares issued and outstanding at February 1, 2025 and February 3, 2024, respectively

 

508

 

 

 

504

 

Additional paid-in capital

 

205,817

 

 

 

192,686

 

Retained earnings

 

217,479

 

 

 

220,030

 

Total stockholders’ equity

 

423,804

 

 

 

413,220

 

 

 

 

 

Total liabilities and stockholders’ equity

$

913,173

 

 

$

889,810

 

(1) Derived from audited financial statements

 

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

KEYWORDS: United States North America Nebraska

INDUSTRY KEYWORDS: Teens Women Department Stores Men Specialty Fashion Consumer Retail Footwear Online Retail

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