The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2013 increased 7.9 percent to $232.5 million from net sales of $215.5 million for the prior year 13-week fiscal quarter ended July 28, 2012. Comparable store net sales for the 13-week period ended August 3, 2013 increased 3.2 percent from comparable store net sales for the prior year 13-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.3 percent to $16.8 million for the 13-week period ended August 3, 2013, compared to net sales of $16.0 million for the 13-week period ended July 28, 2012.

Net sales for the 26-week fiscal period ended August 3, 2013 increased 4.8 percent to $502.2 million from net sales of $479.2 million for the prior year 26-week fiscal period ended July 28, 2012. Comparable store net sales year-to-date for the 26-week period ended August 3, 2013 increased 2.2 percent from comparable store net sales for the prior year 26-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.7 percent to $37.7 million for the 26-week period ended August 3, 2013, compared to net sales of $35.7 million for the 26-week period ended July 28, 2012.

Due to the 53 rd week in fiscal 2012, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 4, 2012.

Net income for the second quarter of fiscal 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis), compared with $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis) for the second quarter of fiscal 2012.

Net income for the 26-week fiscal period ended August 3, 2013 was $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis), compared with $61.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 26-week fiscal period ended July 28, 2012.

Management will hold a conference call at 11:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 553-0326 and reference the conference code 300050. A replay of the call will be available for a two–week period beginning August 22, 2013 at 1:00 p.m. EDT by calling (800) 475–6701 and entering the conference code 300050.

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 452 retail stores in 43 states. As of the end of the fiscal quarter, it operated 452 stores in 43 states compared with 439 stores in 43 states at the end of the second quarter of fiscal 2012.

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
August 3, July 28, August 3, July 28,
2013 2012 2013 2012
 
SALES, Net of returns and allowances $ 232,529 $ 215,483 $ 502,241 $ 479,245
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   138,042   128,980   290,747   278,547
 
Gross profit   94,487   86,503   211,494   200,698
 
OPERATING EXPENSES:
Selling 44,944 41,491 92,234 87,761
General and administrative   10,140   8,622   20,600   18,525
  55,084   50,113   112,834   106,286
 
INCOME FROM OPERATIONS 39,403 36,390 98,660 94,412
 
OTHER INCOME, Net   507   361   857   2,173
 
INCOME BEFORE INCOME TAXES 39,910 36,751 99,517 96,585
 
PROVISION FOR INCOME TAXES   14,766   13,528   36,821   35,553
 
NET INCOME $ 25,144 $ 23,223 $ 62,696 $ 61,032
 
 
EARNINGS PER SHARE:
Basic $ 0.53 $ 0.49 $ 1.31 $ 1.29
 
Diluted $ 0.52 $ 0.49 $ 1.31 $ 1.28
 
Basic weighted average shares 47,705 47,343 47,701 47,281
Diluted weighted average shares 47,961 47,662 47,947 47,630
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
           
 
August 3, February 2, July 28,
ASSETS 2013 2013 (1) 2012
 
CURRENT ASSETS:
Cash and cash equivalents $ 103,054 $ 117,608 $ 166,020
Short-term investments 25,711 26,414 31,720
Receivables 6,885 3,470 7,724
Inventory 133,550 103,853 124,506
Prepaid expenses and other assets   27,623     25,528     17,177  
Total current assets   296,823     276,873     347,147  
 
PROPERTY AND EQUIPMENT 389,945 373,286 374,076
Less accumulated depreciation and amortization   (223,095 )   (210,183 )   (200,802 )
  166,850     163,103     173,274  
 
LONG-TERM INVESTMENTS 39,501 35,735 35,663
OTHER ASSETS   2,194     2,263     2,323  
 
$ 505,368  

 
$ 477,974   $ 558,407  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 56,522 $ 34,124 $ 44,648
Accrued employee compensation 20,688 42,183 16,963
Accrued store operating expenses 10,980 10,121 9,067
Gift certificates redeemable 15,968 22,221 13,877
Income taxes payable   1,433     20,307     -  
Total current liabilities 105,591 128,956 84,555
 
DEFERRED COMPENSATION 12,303 10,600 9,823
DEFERRED RENT LIABILITY 38,096 36,947 37,707
OTHER LIABILITIES   10,926     11,822     12,681  
Total liabilities   166,916     188,325     144,766  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 48,326,124 shares at August 3, 2013, 48,059,269
shares at February 2, 2013, and 47,921,197 shares at July 28, 2012 483 481 479
Additional paid-in capital 122,664 117,391 108,947
Retained earnings 216,077 172,711 304,903
Accumulated other comprehensive loss   (772 )   (934 )   (688 )
Total stockholders’ equity   338,452     289,649     413,641  
 
$ 505,368   $ 477,974   $ 558,407  
 
(1) Derived from audited financial statements.
 

Copyright Business Wire 2010

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