The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2011 was $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2011 increased 12.4 percent to $273.4 million from net sales of $243.3 million for the prior year 13-week fiscal quarter ended October 30, 2010. Comparable store net sales for the 13-week period ended October 29, 2011 increased 9.1 percent from comparable store net sales for the prior year 13-week period ended October 30, 2010. Online sales (which are not included in comparable store sales) increased 25.4 percent to $18.9 million for the 13-week period ended October 29, 2011, compared to net sales of $15.1 million for the 13-week period ended October 30, 2010.

Net sales for the 39-week fiscal period ended October 29, 2011 increased 12.2 percent to $725.9 million from net sales of $646.8 million for the prior year 39-week fiscal period ended October 30, 2010. Comparable store net sales year-to-date for the 39-week period ended October 29, 2011 increased 8.7 percent from comparable store net sales for the 39-week period ended October 30, 2010. Online sales (which are not included in comparable store sales) increased 22.0 percent to $50.3 million for the 39-week period ended October 29, 2011, compared to net sales of $41.2 million for the 39-week period ended October 30, 2010.

Net income for the third quarter of fiscal 2011 was $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis), compared with $34.4 million, or $0.75 per share ($0.73 per share on a diluted basis) for the third quarter of fiscal 2010.

Net income for the 39-week fiscal period ended October 29, 2011 was $95.4 million, or $2.04 per share ($2.02 per share on a diluted basis), compared with $85.2 million, or $1.85 per share ($1.81 per share on a diluted basis) for the 39-week fiscal period ended October 30, 2010.

During the fiscal quarter ended October 29, 2011, the Company paid a special one-time cash dividend of $2.25 per share, which was paid with the regular quarterly dividend on October 27, 2011.

Management will hold a conference call at 9:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 and reference the conference code 222752. A replay of the call will be available for a two–week period beginning November 17, 2011 at 11:00 a.m. EST by calling (800) 475–6701 and entering the conference code 222752.

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 431 retail stores in 43 states. As of the end of the fiscal quarter, it operated 429 stores in 43 states compared with 421 stores in 41 states at the end of the third quarter of fiscal 2010 .

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.
                 
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
Thirteen Weeks Ended Thirty-nine Weeks Ended
October 29, October 30, October 29, October 30,
2011 2010 2011 2010
 
SALES, Net of returns and allowances $ 273,400 $ 243,346 $ 725,870 $ 646,782
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   154,735   137,404   417,116   372,001
 
Gross profit   118,665   105,942   308,754   274,781
 
OPERATING EXPENSES:
Selling 50,144 44,063 135,303 120,550
General and administrative   8,146   7,530   24,947   21,169
  58,290   51,593   160,250   141,719
 
INCOME FROM OPERATIONS 60,375 54,349 148,504 133,062
 
OTHER INCOME, Net   313   470   2,431   2,869
 
INCOME BEFORE INCOME TAXES 60,688 54,819 150,935 135,931
 
PROVISION FOR INCOME TAXES   22,339   20,448   55,559   50,703
 
NET INCOME $ 38,349 $ 34,371 $ 95,376 $ 85,228
 
 
EARNINGS PER SHARE:
Basic $ 0.82 $ 0.75 $ 2.04 $ 1.85
 
Diluted $ 0.81 $ 0.73 $ 2.02 $ 1.81
 
Basic weighted average shares 46,831 46,068 46,801 46,095
Diluted weighted average shares 47,342 46,916 47,306 46,989
 
 
THE BUCKLE, INC.
           
BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
October 29, January 29, October 30,
ASSETS 2011

2011 (1)
2010
 
CURRENT ASSETS:
Cash and cash equivalents $ 47,956 $ 116,470 $ 139,180
Short-term investments 30,411 22,892 25,302
Receivables 8,469 14,363 4,609
Inventory 140,781 88,593 111,235
Prepaid expenses and other assets   15,633     14,718     14,202  
Total current assets   243,250     257,036     294,528  
 
PROPERTY AND EQUIPMENT: 359,612 342,413 341,512
Less accumulated depreciation and amortization   (184,996 )   (173,179 )   (170,177 )
  174,616     169,234     171,335  
 
LONG-TERM INVESTMENTS 49,135 66,162 71,212
OTHER ASSETS   2,363     2,412     6,503  
 
$ 469,364  

 
$ 494,844   $ 543,578  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 41,219 $ 33,489 $ 35,891
Accrued employee compensation 29,857 36,018 26,082
Accrued store operating expenses 11,493 9,653 10,326
Gift certificates redeemable 11,232 17,213 9,160
Income taxes payable   9,662     -     4,997  
Total current liabilities 103,463 96,373 86,456
 
DEFERRED COMPENSATION 8,330 7,727 7,439
DEFERRED RENT LIABILITY 37,352 37,430 37,533
OTHER LIABILITIES   6,904     7,649     -  
Total liabilities   156,049     149,179     131,428  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 47,403,165 shares at October 29, 2011, 47,127,926 shares at January 29, 2011, and 46,601,528 shares at October 30, 2010
474 471 466
Additional paid-in capital 96,953 89,719 79,387
Retained earnings 216,445 256,146 332,964
Accumulated other comprehensive loss   (557 )   (671 )   (667 )
Total stockholders’ equity   313,315     345,665     412,150  
 
$ 469,364   $ 494,844   $ 543,578  
 
(1) Derived from audited financial statements.

Copyright Business Wire 2010

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