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Buckle(BKE) - 2023 Q4 - Annual Report
2023-03-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Nebraska 47-0366193 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: 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 finan ...
Buckle(BKE) - 2022 Q4 - Earnings Call Transcript
2023-03-10 16:47
Financial Data and Key Metrics Changes - Net income for Q4 2022 was $87.8 million or $1.76 per share, compared to $83.9 million or $1.69 per share in Q4 2021, reflecting an increase in net income [8] - For the full fiscal year 2022, net income was $254.6 million or $5.13 per share, slightly down from $254.8 million or $5.16 per share in the previous year [8] - Net sales for Q4 2022 increased by 5.5% to $401.8 million, compared to $380.9 million in Q4 2021 [9] - Full-year net sales rose by 3.9% to $1.345 billion, up from $1.295 billion in the prior year [9] - Operating margin for Q4 2022 was 27.4%, down from 28.8% in Q4 2021, while the full-year operating margin was 24.4%, down from 25.9% [12] Business Line Data and Key Metrics Changes - Men's merchandise sales for Q4 2022 increased by 8.5%, representing approximately 57.5% of total sales, up from 55.5% in the prior year [17] - Women's merchandise sales decreased by 0.5%, accounting for approximately 42.5% of sales, down from 44.5% in the prior year [23] - Youth business grew by 16.5% in Q4 and approximately 27% for the full year, representing 3% of total sales [18] Market Data and Key Metrics Changes - Online sales for Q4 2022 increased by 2.3% to $74.8 million, while full-year online sales rose by 4.3% to $230.4 million [9] - Inventory as of January 28, 2023, was $125.1 million, up 22.5% year-over-year [13] Company Strategy and Development Direction - The company aims to maintain long-term profitability while optimizing its store base and enhancing multi-channel business operations [5][6] - Plans for fiscal 2023 include opening six new stores and completing 12 to 17 full remodeling projects [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough comparison for February sales, which showed a 6% decline, primarily due to a strong performance in the previous year [28] - The company feels confident about its inventory levels and expects new deliveries to generate excitement in stores [35] Other Important Information - The company ended the year debt-free with total cash and investments of $293.7 million, after paying $202.9 million in dividends [6][13] - The company has a consistent practice of paying quarterly dividends and has paid a special dividend for the 15th consecutive year [6] Q&A Session Summary Question: February sales numbers showed a 6% decline. What insights can you provide? - Management indicated that the decline was primarily due to tough comparisons from the previous year, where sales were up 33% [28] Question: How are you thinking about inventory levels and consumer caution? - Management expressed confidence in inventory levels, noting that while dollar amounts are up, units are down approximately 4% from 2019, indicating a comfortable position [35] Question: Is the comparison to 2019 a guideline for normalized performance? - Management confirmed that comparisons to 2019 are a guideline some investors prefer, highlighting that e-commerce business is up over 100% from 2019 [36]
Buckle(BKE) - 2023 Q3 - Quarterly Report
2022-12-07 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended October 29, 2022 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____________ to ____________ Commission File Number: 001-12951 THE BUCKLE, INC. (Exact name of Registrant as specified in its charter) Nebraska 47-0366193 (State or other ...
Buckle(BKE) - 2022 Q3 - Earnings Call Transcript
2022-11-18 15:53
Financial Data and Key Metrics Changes - Net income for Q3 2022 was $61.4 million or $1.24 per share, a slight decrease from $62.2 million or $1.26 per share in Q3 2021 [6] - Year-to-date net income for the 39-week period was $166.8 million or $3.37 per share, down from $170.9 million or $3.46 per share in the prior year [7] - Net sales for Q3 2022 increased by 4% to $332.3 million compared to $319.4 million in Q3 2021 [8] - Year-to-date net sales increased by 3.3% to $943.4 million compared to $913.7 million in the prior year [9] - Gross margin for Q3 2022 was 49.8%, down 60 basis points from 50.4% in Q3 2021 [11] - Operating margin for Q3 2022 was 23.9%, compared to 25.7% in Q3 2021 [13] Business Line Data and Key Metrics Changes - Women's merchandise sales were up slightly, accounting for approximately 46.5% of sales compared to 48% in the prior year [20] - Men's merchandise sales increased by 6%, representing approximately 53.5% of total sales compared to 52% in the prior year [22] - Accessory sales were up approximately 15.5%, while footwear sales were down about 17% [23] - Denim accounted for approximately 42.5% of sales, while tops accounted for approximately 30.5% [24] - Private label sales represented 46% of total sales for the quarter, up from 44% in Q3 2021 [27] Market Data and Key Metrics Changes - Online sales increased by 8.8% to $55 million in Q3 2022 [8] - Comparable store sales for Q3 2022 increased by 3% compared to the same period in the prior year [8] Company Strategy and Development Direction - The company plans to complete eight additional full remodel projects and open one new store by the end of the year [18] - Capital expenditures for the year are expected to be in the range of $26 million to $30 million, including store projects and IT investments [18] - The company is focusing on expanding its private label business and improving inventory positioning [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in inventory levels, noting that inventory is up 10% over 2019 but sales were nearly 50% higher than in 2019 [29] - The company is comfortable with its inventory strategy, having brought in products early to avoid potential supply chain disruptions [32] Other Important Information - The company ended the quarter with 441 retail stores in 42 states, consistent with the store count from the previous year [18] - Capital expenditures for Q3 2022 were $7.5 million, with year-to-date capital expenditures totaling $22.4 million [16] Q&A Session Summary Question: Can you define what you mean by "clean" inventory? - Management indicated that inventory is up 10% over 2019, with a portion attributed to cost increases and inventory in transit, but they are comfortable with the levels given the sales performance [29][30] Question: Will a potential rail strike affect your supply chain? - Management confirmed that they do not use rail for freight, so a rail strike would not impact their supply chain [34]
Buckle(BKE) - 2023 Q2 - Quarterly Report
2022-09-07 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 30, 2022 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____________ to ____________ Commission File Number: 001-12951 THE BUCKLE, INC. (Exact name of Registrant as specified in its charter) Nebraska 47-0366193 (State or other ju ...
Buckle(BKE) - 2022 Q2 - Earnings Call Transcript
2022-08-19 15:54
Financial Data and Key Metrics Changes - Net income for Q2 2022 was $50.1 million, or $1.01 per diluted share, compared to $51.4 million, or $1.04 per diluted share in Q2 2021, reflecting a decrease of 2.5% in net income [6] - Year-to-date net income for the 26-week period ended July 30, 2022, was $105.4 million, or $2.13 per diluted share, down from $108.7 million, or $2.20 per diluted share for the same period in 2021 [6] - Net sales for Q2 2022 increased by 2.3% to $302 million compared to $295.1 million in Q2 2021 [7] - Year-to-date net sales increased by 2.8% to $611 million for the 26-week period ended July 30, 2022, compared to $594.2 million in the prior year [7] Business Line Data and Key Metrics Changes - Women's merchandise sales increased approximately 1% in Q2 2022, accounting for 44.5% of total sales, down from 45% in the prior year [17] - Men's merchandise sales were up 2%, representing 55.5% of total sales, compared to 55% in the prior year [18] - Accessory sales increased approximately 8.5%, and footwear sales were up about 5%, accounting for approximately 11% and 8.5% of net sales, respectively [19] - Youth merchandise was the fastest-growing category with approximately 37% year-over-year growth, representing about 3% of total sales for the quarter [20] Market Data and Key Metrics Changes - Comparable store sales for Q2 2022 increased by 1.6% compared to the same period in the prior year [7] - Online sales increased by 6.5% to $46.2 million in Q2 2022 [7] - Average transaction value increased by about 4% for the quarter [8] Company Strategy and Development Direction - The company plans to continue expanding its youth merchandise offerings and has improved denim selection and expanded girls' tops [28] - The company anticipates completing 11 additional full remodeling projects and opening 2 new stores for the remainder of the year [15] - Capital expenditures are expected to be in the range of $22 million to $27 million, including planned store projects and IT investments [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in inventory levels, stating that dollar inventory is up 35% but is at the same level as 2019, with sales being in the high 40% up over 2019 [22] - Management does not project additional operating leverage in the back half of the year due to high operating margins and increased labor costs [24][25] - The company is encouraged by the guest response to the youth business and aims to grow this segment further [20] Other Important Information - Gross margin for Q2 2022 was 48.2%, slightly up from 48.1% in Q2 2021, while year-to-date gross margin was consistent at 48.7% [9] - Selling, general and administrative expenses for Q2 2022 were 26.4% of sales, up from 25.1% in the prior year [10] - The company ended the quarter with inventory of $128.5 million and total cash and investments of $304.8 million [13] Q&A Session Summary Question: Can you comment on inventories that year-over-year increase? - Management noted that dollar inventory is up 35%, but at the same level as 2019, with units of inventory up about 18% [22] Question: Do you see any opportunity to get some operating leverage in the back half of the year? - Management stated they won't project additional operating leverage, as operating margins are already high [24] Question: What is driving the youth initiative and what age range are you targeting? - Management indicated improvements in denim selection and expanded girls' tops are driving the youth initiative, targeting ages 7 to 14, with a sweet spot of 8 to 12 years old [28][29]
Buckle(BKE) - 2023 Q1 - Quarterly Report
2022-06-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 30, 2022 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____________ to ____________ Commission File Number: 001-12951 THE BUCKLE, INC. (Exact name of Registrant as specified in its charter) Nebraska 47-0366193 (State or other j ...
Buckle(BKE) - 2022 Q1 - Earnings Call Transcript
2022-05-26 16:18
The Buckle, Inc. (NYSE:BKE) Q1 2022 Earnings Conference Call May 26, 2022 10:00 AM ET Company Participants Tom Heacock - SVP of Finance Treasurer, and CFO Adam Akerson - VP, Finance and Corporate Controller Dennis Nelson - President and CEO Conference Call Participants Peter Brotchie - Brotchie Capital Management Jon Braatz - Kansas City Capital Operator Ladies and gentlemen, thank you for standing by. Members of Buckle's Management on the call today are Dennis Nelson, President and CEO; Tom Heacock, Senior ...
Buckle(BKE) - 2022 Q4 - Annual Report
2022-03-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended January 29, 2022 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____________ to ____________ Commission File Number: 001-12951 THE BUCKLE, INC. (Exact name of Registrant as specified in its charter) Nebraska 47-0366193 (State or other jurisdi ...
Buckle(BKE) - 2021 Q4 - Earnings Call Transcript
2022-03-11 16:48
The Buckle, Inc. (NYSE:BKE) Q4 2021 Earnings Conference Call March 11, 2022 10:00 AM ET Company Participants Dennis Nelson - President and Chief Executive Officer Tom Heacock - Senior Vice President of Finance Treasurer, and Chief Financial Officer Adam Akerson - Vice President Finance and Corporate Controller Conference Call Participants Peter Brotchie - Brotchie Capital Management Jon Braatz - Kansas City Capital John Deysher - Pinnacle Value Fund Jenifer Taylor - MAC Funds Operator Ladies and gentlemen, ...