The Buckle, Inc. Reports Second Quarter Net Earnings

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The Buckle, Inc. (NYSE: BKE) today announced that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).

Net sales for the fiscal 13-week quarter ended July 30, 2022 increased 2.3% to $302.0 million from net sales of $295.1 million for the fiscal 13-week quarter of the prior year ended July 31, 2021. Comparable store net sales for the 13-week period the period ended July 30, 2022 increased 1.6% over same-store net sales for the 13-week period of prior year ended July 31, 2021. Online sales increased 6.5% to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of 43.4 million for the 13-week period ended July 31, 2021.

Net sales for the fiscal 26-week period ended July 30, 2022 increased 2.8% to $611.0 million from net sales of $594.2 million for the fiscal 26-week period of the prior year ended July 31, 2021. Comparable store net sales for the 26-week period the period ended July 30, 2022 increased 2.6% over same-store net sales for the 26-week period of prior year ended July 31, 2021. Online sales increased 3.5% to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of 97.2 million for the 26-week period ended July 31, 2021.

Net earnings for the second quarter of Fiscal 2022 were $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared to net earnings of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.

Net income for the 26 weeks ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared to a net earnings of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended July 31, 2021.

Management will hold a conference call at 10:00 a.m. EDT today to discuss the results for the quarter. To join the call, please dial (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and quote the conference code 2084271. A replay of the call will be available for a two-week period starting today. at 1:00 p.m. EDT by dialing (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 9468609.

About Loop

Offering a unique mix of high quality, on-trend clothing, accessories and footwear, Buckle caters to fashion-conscious young men and women. Recognized as a denim destination, each store offers a wide selection of fits, styles and finishes from leading denim brands, including the company’s exclusive brand, BKE. Based in Kearney, Nebraska, Buckle currently operates 442 retail stores in 42 states. At the end of the fiscal quarter, it operated 441 stores in 42 states, compared to 442 stores in 42 states at the end of the second quarter of fiscal 2021.

Financial tables to follow

THE LOOP, INC.

CONSOLIDATED INCOME STATEMENTS (amounts in thousands except per share amounts) (unaudited)

Thirteen weeks over

July 30 July 31 2022 2021

Twenty-six weeks over

July 30 July 31 2022 2021

SALES, net of returns and rebates $301,976 $295,120 $611,040 $594,245
COST OF SALES (including the purchase, distribution and
occupancy charges) 156,607 153,101 313,511 304,673
Gross profit 145,369 142,019 297,529 289,572
EXPLOITATION CHARGES :
Sale 67,982 63,056 135,228 123,056
General and administrative 11,674 11,081 23,529 22,832
79,656 74,137 158,757 145,888
OPERATING REVENUE 65,713 67,882 138,772 143,684
OTHER INCOME, net 703,222 828,273
PROFIT BEFORE TAX 66,416 68,104 139,600 143,957
INCOME TAX 16,272 16,685 34,202 35,269
NET INCOME $50,144 $51,419 $105,398 $108,688
EARNINGS PER SHARE:
Basic $1.02 $1.05 $2.14 $2.22
Diluted $1.01 $1.04 $2.13 $2.20
Basic weighted average shares 49,214 48,946 49,214 48,946
Diluted weighted average shares 49,535 49,341 49,531 49,325

THE LOOP, INC.

CONSOLIDATED RESULTS
(Amounts in thousands except per share and per share amounts) (unaudited)

ASSETS

CURRENT ASSETS:

July 30, 2022

January 29, 2022 (1)

July 31, 2021

Cash and cash equivalents $266,731 $253,970 $406,714
Short-term investments 17,387 12,926 8,592
Receivables 13,015 12,087 6,667
Inventory 128,498 102,095 95,276
Prepaid expenses and other assets 9,445 10,128 20,294
Total current assets 435,076 391,206 537,543
FIXED ASSETS 460 362 453 228 452 460
Less accumulated amortization (353,929) (352,724) (352,773)
106,433 100,504 99,687
ASSETS UNDER RIGHT OF USE IN SIMPLE LEASE 234,634 258,914 264,177
LONG-TERM INVESTMENTS 20,640 19,352 19,558
OTHER ASSETS 12,281 10,908 11,720
Total assets $809,064 $780,884 $932,685
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable $63,036 $59,950 $67,812
Remuneration due to personnel 29,509 62,055 33,878
Store operating expenses payable 30,497 20,264 30,724
Exchangeable gift certificates 12,411 16,470 11,434
Current portion of operating lease debt 80,827 88,273 82,255
Taxes payable — 1,529 —
Total current liabilities 216,280 248,541 226,103
DEFERRED COMPENSATION 20,163 19,352 19,558
NON-CURRENT RENTAL DEBTS 183,643 200,067 209,472
Total liabilities 420,086 467,960 455,133
COMMITMENTS
EQUITY:
Common stock, authorization of 100,000,000 shares with a par value of $0.01; issued and
exceptional; 50,094,751 shares as of July 30, 2022, 49,728,651 shares as of January 29,
2022, and 49,783,381 shares as of July 31, 2021 501,497,498
Issue premiums 173,046 167,328 163,148
Retained earnings 215,431 145,099 313,906
Total equity 388,978 312,924 477,552
Total liabilities and equity $809,064 $780,884 $932,685

(1) Derived from audited financial statements.

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