The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2022 increased 3.3 percent to $309.1 million from net sales of $299.1 million for the prior year 13-week fiscal quarter ended May 1, 2021. Comparable store net sales for the 13-week period ended April 30, 2022 increased 3.7 percent from comparable store net sales for the prior year 13-week period ended May 1, 2021. Online sales increased 1.1 percent to $54.3 million for the 13-week period ended April 30, 2022, compared to net sales of $53.7 million for the 13-week period ended May 1, 2021.

Net income for the first quarter of fiscal 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis), compared with net income of $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis) for the first quarter of fiscal 2021.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (877) 226-8189 for domestic calls or (409) 207-6980 for international calls and reference the conference code 6007325. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 7485794.

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 440 retail stores in 42 states, which includes the opening of one new store this week in Spanish Fork, Utah. As of the end of the fiscal quarter, it operated 439 stores in 42 states compared with 442 stores in 42 states at the end of the first 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
	April 30, 2022		May 1, 2021

SALES, Net of returns and allowances	$	309,064	$	299,125

COST OF SALES (Including buying, distribution, and occupancy costs)		156,904		151,572

Gross profit		152,160		147,553

OPERATING EXPENSES:
Selling		67,246		60,000
General and administrative		11,855		11,751
		79,101		71,751

INCOME FROM OPERATIONS		73,059		75,802

OTHER INCOME, Net		125		51

INCOME BEFORE INCOME TAXES		73,184		75,853

INCOME TAX EXPENSE		17,930		18,584

NET INCOME	$	55,254	$	57,269


EARNINGS PER SHARE:
Basic	$	1.12	$	1.17

Diluted	$	1.12	$	1.16

Basic weighted average shares		49,214		48,946
Diluted weighted average shares		49,528		49,309

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)


ASSETS	April 30, 2022			January 29, 2022 (1)			May 1, 2021

CURRENT ASSETS:
Cash and cash equivalents	$	250,073		$	253,970		$	393,153
Short-term investments		12,895			12,926			697
Receivables		4,414			12,087			1,670
Inventory		121,166			102,095			89,017
Prepaid expenses and other assets		19,663			10,128			20,615
Total current assets		408,211			391,206			505,152

PROPERTY AND EQUIPMENT		457,179			453,228			452,662
Less accumulated depreciation and amortization		(353,891	)		(352,724	)		(352,627	)
		103,288			100,504			100,035

OPERATING LEASE RIGHT-OF-USE ASSETS		245,784			258,914			280,805
LONG-TERM INVESTMENTS		20,136			19,352			19,087
OTHER ASSETS		11,615			10,908			11,128

Total assets	$	789,034		$	780,884		$	916,207

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable	$	61,246		$	59,950		$	53,632
Accrued employee compensation		23,095			62,055			26,474
Accrued store operating expenses		27,549			20,264			27,355
Gift certificates redeemable		13,611			16,470			12,215
Current portion of operating lease liabilities		84,565			88,273			84,628
Income taxes payable		13,647			1,529			29,737
Total current liabilities		223,713			248,541			234,041

DEFERRED COMPENSATION		20,136			19,352			19,087
NON-CURRENT OPERATING LEASE LIABILITIES		191,592			200,067			222,981
Total liabilities		435,441			467,960			476,109

COMMITMENTS

STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,851 shares at April 30, 2022, 49,728,651 shares at January 29, 2022, and 49,788,891 shares at May 1, 2021		501			497			498
Additional paid-in capital		170,272			167,328			160,684
Retained earnings		182,820			145,099			278,916
Total stockholders' equity		353,593			312,924			440,098

Total liabilities and stockholders' equity	$	789,034		$	780,884		$	916,207

(1) Derived from audited financial statements.

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