The Buckle, Inc. Reports Fourth Quarter And Fiscal Year 2012 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 2, 2013 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis). Net income for the fiscal year February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 2, 2013 increased 7.0 percent to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended January 28, 2012. Comparable store net sales for the 14-week period ended February 2, 2013 were flat in comparison to comparable store net sales for the prior year 14-week period ended February 4, 2012. Online sales (which are not included in comparable store sales) increased 5.4 percent to $29.1 million for the 14-week period ended February 2, 2013, compared to net sales of $27.6 million for the 13-week period ended January 28, 2012.

Net sales for the 53-week fiscal year ended February 2, 2013 increased 5.7 percent to $1.124 billion from net sales of $1.063 billion for the 52-week fiscal year ended January 28, 2012. Comparable store net sales for the 53-week period ended February 2, 2013 increased 2.1 percent from comparable store net sales for the prior year 53-week period ended February 4, 2012. Online sales (which are not included in comparable store sales) increased 8.4 percent to $84.5 million for the 53-week period ended February 2, 2013, compared to net sales of $78.0 million for the 52-week period ended January 28, 2012.

Net income for the fourth quarter of fiscal 2012 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $56.1 million, or $1.19 per share ($1.18 per share on a diluted basis) for the fourth quarter of fiscal 2011.

Net income for the fiscal year ended February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis), compared with $151.5 million, or $3.23 per share ($3.20 per share on a diluted basis) for the fiscal year ended January 28, 2012.

Management will hold a conference call at 9:30 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (800) 288-9626 and reference the conference code 284873. A replay of the call will be available for a two-week period beginning March 14, 2013 at 11:30 a.m. EDT by calling (800) 475-6701 and entering the conference code 284873.

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 441 retail stores in 43 states. As of the end of the fiscal year, it operated 440 stores in 43 states compared with 431 stores in 43 states at the end 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)
 
 
14-Weeks Ended 13-Weeks Ended 53-Weeks Ended 52-Weeks Ended
February 2, 2013 January 28, 2012 February 2, 2013 January 28, 2012
 
SALES, Net of returns and allowances $ 360,615 $ 337,076 $ 1,124,007 $ 1,062,946
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   187,413   177,175   624,692   594,291
 
Gross profit   173,202   159,901   499,315   468,655
 
OPERATING EXPENSES:
Selling 64,945 59,991 201,963 195,294
General and administrative   10,657   12,094   39,177   37,041
  75,602   72,085   241,140   232,335
 
INCOME FROM OPERATIONS 97,600 87,816 258,175 236,320
 
OTHER INCOME, Net   1,179   1,730   3,524   4,161
 
INCOME BEFORE INCOME TAXES 98,779 89,546 261,699 240,481
 
PROVISION FOR INCOME TAXES   37,423   33,466   97,394   89,025
 
NET INCOME $ 61,356 $ 56,080 $ 164,305 $ 151,456
 
 
EARNINGS PER SHARE:
Basic $ 1.29 $ 1.19 $ 3.47 $ 3.23
 
Diluted $ 1.28 $ 1.18 $ 3.44 $ 3.20
 
Basic weighted average shares 47,613 47,035 47,383 46,859
Diluted weighted average shares 47,893 47,518 47,710 47,359
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
       
 
February 2, January 28,
ASSETS 2013 2012 (1)
 
CURRENT ASSETS:
Cash and cash equivalents $ 117,608 $ 166,511
Short-term investments 26,414 29,998
Receivables 3,470 4,584
Inventory 103,853 104,209
Prepaid expenses and other assets   25,528     14,825  
Total current assets   276,873     320,127  
 
PROPERTY AND EQUIPMENT: 373,286 358,866
Less accumulated depreciation and amortization   (210,183 )   (189,832 )
  163,103     169,034  
 
LONG-TERM INVESTMENTS 35,735 39,985
OTHER ASSETS   2,263     2,393  
 
$ 477,974  

 
$ 531,539  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 34,124 $ 27,416
Accrued employee compensation 42,183 42,854
Accrued store operating expenses 10,121 11,125
Gift certificates redeemable 22,221 20,286
Income taxes payable   20,307     8,150  
Total current liabilities 128,956 109,831
 
DEFERRED COMPENSATION 10,600 8,581
DEFERRED RENT LIABILITY 36,947 36,503
OTHER LIABILITIES   11,822     13,477  
Total liabilities   188,325     168,392  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
48,059,269 and 47,432,089 shares issued and outstanding
at February 2, 2013 and January 28, 2012, respectively 481 474
Additional paid-in capital 117,391 100,333
Retained earnings 172,711 263,039
Accumulated other comprehensive loss   (934 )   (699 )
Total stockholders’ equity   289,649     363,147  
 
$ 477,974   $ 531,539  
 
(1) Derived from audited financial statements.

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