Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 762-7308 and reference the conference code 270010. A replay of the call will be available for a two–week period beginning November 15, 2012 at 12:00 p.m. EST by calling (800) 475–6701 and entering the conference code 270010.
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 441 retail stores in 43 states. As of the end of the fiscal quarter, it operated 440 stores in 43 states compared with 429 stores in 43 states at the end of the third quarter of fiscal 2011 .
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.
|THE BUCKLE, INC.|
|CONSOLIDATED BALANCE SHEETS|
|(Amounts in Thousands Except Share and Per Share Amounts)|
|Thirteen Weeks Ended||Thirty-nine Weeks Ended|
|October 27,||October 29,||October 27,||October 29,|
|SALES, Net of returns and allowances||$||284,147||$||273,400||$||763,392||$||725,870|
|COST OF SALES (Including buying,|
|distribution, and occupancy costs)||158,732||154,735||437,279||417,116|
|General and administrative||9,995||8,146||28,520||24,947|
|INCOME FROM OPERATIONS||66,163||60,375||160,575||148,504|
|OTHER INCOME, Net||172||313||2,345||2,431|
|INCOME BEFORE INCOME TAXES||66,335||60,688||162,920||150,935|
|PROVISION FOR INCOME TAXES||24,418||22,339||59,971||55,559|
|EARNINGS PER SHARE:|
|Basic weighted average shares||47,358||46,831||47,307||46,801|
|Diluted weighted average shares||47,689||47,342||47,650||47,306|
|THE BUCKLE, INC.|
|CONSOLIDATED STATEMENTS OF INCOME|
|(Amounts in Thousands Except Per Share Amounts)|
|October 27,||January 28,||October 29,|
|Cash and cash equivalents||$||213,036||$||166,511||$||47,956|
|Prepaid expenses and other assets||18,079||14,825||15,633|
|Total current assets||405,233||320,127||243,250|
|PROPERTY AND EQUIPMENT:||376,527||358,866||359,612|
|Less accumulated depreciation and amortization||(205,965||)||(189,832||)||(184,996||)|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued employee compensation||28,126||42,854||29,857|
|Accrued store operating expenses||11,625||11,125||11,493|
|Gift certificates redeemable||13,381||20,286||11,232|
|Income taxes payable||12,521||8,150||9,662|
|Total current liabilities||103,902||109,831||103,463|
|DEFERRED RENT LIABILITY||37,093||36,503||37,352|
|Common stock, authorized 100,000,000 shares of $.01 par value;|
|issued and outstanding; 47,941,952 shares at October 27, 2012, 47,432,089|
|shares at January 28, 2012, and 47,403,165 shares at October 29, 2011||479||474||474|
|Additional paid-in capital||111,398||100,333||96,953|
|Accumulated other comprehensive loss||(624||)||(699||)||(557||)|
|Total stockholders’ equity||448,485||363,147||313,315|
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