The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 28, 2012 was $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 28, 2012 increased 1.5 percent to $215.5 million from net sales of $212.4 million for the prior year 13-week fiscal quarter ended July 30, 2011. Comparable store net sales for the 13-week period ended July 28, 2012 decreased 0.8 percent from comparable store net sales for the prior year 13-week period ended July 30, 2011. Online sales (which are not included in comparable store sales) increased 12.1 percent to $16.0 million for the 13-week period ended July 28, 2012, compared to net sales of $14.3 million for the 13-week period ended July 30, 2011.

Net sales for the 26-week fiscal period ended July 28, 2012 increased 5.9 percent to $479.2 million from net sales of $452.5 million for the prior year 26-week fiscal period ended July 30, 2011. Comparable store net sales year-to-date for the 26-week period ended July 28, 2012 increased 3.6 percent from comparable store net sales for the 26-week period ended July 30, 2011. Online sales (which are not included in comparable store sales) increased 13.7 percent to $35.7 million for the 26-week period ended July 28, 2012, compared to net sales of $31.4 million for the 26-week period ended July 30, 2011.

Net income for the second quarter of fiscal 2012 was $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis), compared with $23.6 million, or $0.50 per share ($0.50 per share on a diluted basis) for the second quarter of fiscal 2011.

Net income for the 26-week fiscal period ended July 28, 2012 was $61.0 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $57.0 million, or $1.22 per share ($1.21 per share on a diluted basis) for the 26-week fiscal period ended July 30, 2011.

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 (800) 398-9402 and reference the conference code 256390. A replay of the call will be available for a two–week period beginning August 16, 2012 at 12:00 p.m. EDT by calling (800) 475–6701 and entering the conference code 256390.

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 439 retail stores in 43 states. As of the end of the fiscal quarter, it operated 439 stores in 43 states compared with 427 stores in 41 states at the end of the second 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 STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
Thirteen Weeks Ended Twenty-six Weeks Ended
July 28, July 30, July 28, July 30,
2012 2011 2012 2011
 
SALES, Net of returns and allowances $ 215,483 $ 212,378 $ 479,245 $ 452,470
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   128,980   125,233   278,547   262,381
 
Gross profit   86,503   87,145   200,698   190,089
 
OPERATING EXPENSES:
Selling 41,491 42,428 87,761 85,159
General and administrative   8,622   7,942   18,525   16,801
  50,113   50,370   106,286   101,960
 
INCOME FROM OPERATIONS 36,390 36,775 94,412 88,129
 
OTHER INCOME, Net   361   506   2,173   2,118
 
INCOME BEFORE INCOME TAXES 36,751 37,281 96,585 90,247
 
PROVISION FOR INCOME TAXES   13,528   13,723   35,553   33,220
 
NET INCOME $ 23,223 $ 23,558 $ 61,032 $ 57,027
 
 
EARNINGS PER SHARE:
Basic $ 0.49 $ 0.50 $ 1.29 $ 1.22
 
Diluted $ 0.49 $ 0.50 $ 1.28 $ 1.21
 
Basic weighted average shares 47,343 46,824 47,281 46,786
Diluted weighted average shares 47,662 47,314 47,630 47,289
 
 
THE BUCKLE, INC.
           
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
July 28, January 28, July 30,
ASSETS 2012 2012 (1) 2011
 
CURRENT ASSETS:
Cash and cash equivalents $ 166,020 $ 166,511 $ 114,903
Short-term investments 31,720 29,998 24,628
Receivables 7,724 4,584 9,388
Inventory 124,506 104,209 126,842
Prepaid expenses and other assets   17,177     14,825     15,074  
Total current assets   347,147     320,127     290,835  
 
PROPERTY AND EQUIPMENT: 374,076 358,866 355,525
Less accumulated depreciation and amortization   (200,802 )   (189,832 )   (180,361 )
  173,274     169,034     175,164  
 
LONG-TERM INVESTMENTS 35,663 39,985 58,563
OTHER ASSETS   2,323     2,393     2,416  
 
$ 558,407  

 
$ 531,539   $ 526,978  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 44,648 $ 27,416 $ 46,469
Accrued employee compensation 16,963 42,854 17,225
Accrued store operating expenses 9,067 11,125 9,346
Gift certificates redeemable 13,877 20,286 11,514
Income taxes payable   -     8,150     -  
Total current liabilities 84,555 109,831 84,554
 
DEFERRED COMPENSATION 9,823 8,581 8,547
DEFERRED RENT LIABILITY 37,707 36,503 37,736
OTHER LIABILITIES   12,681     13,477     7,187  
Total liabilities   144,766     168,392     138,024  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,921,197 shares at July 28, 2012, 47,432,089
shares at January 28, 2012, and 47,361,905 shares at July 30, 2011 479 474 474
Additional paid-in capital 108,947 100,333 94,804
Retained earnings 304,903 263,039 294,235
Accumulated other comprehensive loss   (688 )   (699 )   (559 )
Total stockholders’ equity   413,641     363,147     388,954  
 
$ 558,407   $ 531,539   $ 526,978  
 
(1) Derived from audited financial statements.
 

Copyright Business Wire 2010

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