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, 2022			January 30, 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

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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2021 Net Income