The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 1, 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 1, 2021 increased 159.2 percent to $299.1 million from net sales of $115.4 million for the prior year 13-week fiscal quarter ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, net sales increased 48.6 percent from net sales of $201.3 million for the 13-week fiscal quarter ended May 4, 2019. Online sales increased 67.3 percent to $53.7 million for the 13-week period ended May 1, 2021, compared to net sales of $32.1 million for the 13-week period ended May 2, 2020. Compared to the same 13-week period in fiscal 2019, online sales increased 120.0 percent from net sales of $24.4 million for the 13-week period ended May 4, 2019.

Net income for the first quarter of fiscal 2021 was $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis), compared with a net loss of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis) for the first quarter of fiscal 2020.

Results for fiscal 2020 were significantly impacted by the Company’s closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the store closures on prior year reported net sales, the Company will report total net sales compared to the past two years and does not plan to separately report comparable store sales for the periods most affected by the store closures.

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 (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 1433238. 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 6096737.

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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 442 stores in 42 states compared with 446 stores in 42 states at the end of the first quarter 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.

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