Analyst Summary:
The Buckle, Inc., a fashion retailer catering to young men and women, reported their financial results for the fourth quarter and fiscal year 2022. Net sales for the 13-week fiscal quarter ended January 28, 2023, increased by 5.5% to $401.8 million compared to $380.9 million in the prior year. Comparable store net sales for the 13-week period ended January 28, 2023, increased by 4.6% from the prior year 13-week period. The company's net sales for the 52-week fiscal year ended January 28, 2023, increased by 3.9% to $1.345 billion from $1.295 billion in the prior year, with comparable store net sales increasing by 3.3%. Online sales for the year saw an increase of 4.3%.
The company's net income for the fourth quarter of fiscal 2022 was $87.8 million or $1.76 per diluted share, compared to $83.9 million, or $1.69 per diluted share in the fourth quarter of fiscal 2021. Net income for fiscal year 2022 was $254.6 million or $5.13 per diluted share, compared to $254.8 million, or $5.16 per diluted share in fiscal year 2021.
In a statement, the CEO of Buckle, Dennis Nelson, said, “Our strategies to drive traffic and conversion combined with our proven business model resulted in another outstanding performance in the fourth quarter and fiscal year 2022.”
The company held a live audio webcast to discuss their financial results, and a replay of the event can be accessed through Buckle’s investor relations website.
It should be noted that all forward-looking statements made by The Buckle, Inc. involve material risks and uncertainties and are subject to change based on factors that may be beyond the company's control. The company does not undertake to publicly update or revise any forward-looking statements, even if experience or future changes make it clear that projected results expressed or implied therein will not be realized.