The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 3, 2014 was $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 3, 2014 increased 0.7 percent to $271.7 million from net sales of $269.7 million for the prior year 13-week fiscal quarter ended May 4, 2013. Comparable store net sales for the 13-week period ended May 3, 2014 decreased 0.9 percent from comparable store net sales for the prior year 13-week period ended May 4, 2013. Online sales (which are not included in comparable store sales) increased 2.5 percent to $21.4 million for the 13-week period ended May 3, 2014, compared to net sales of $20.9 million for the 13-week period ended May 4, 2013.

Net income for the first quarter of fiscal 2014 was $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis), compared with $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis) for the first quarter of fiscal 2013.

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) 230-1074 and reference the conference code 326712. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 326712.

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 450 stores in 43 states compared with 443 stores in 43 states at the end of the first quarter of fiscal 2013 .

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.

Financial Tables to Follow

THE BUCKLE, INC.
   
 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)
           
       
Thirteen Weeks Ended
May 3, May 4,
2014 2013
 
SALES, Net of returns and allowances $ 271,675 $ 269,712
 
COST OF SALES (Including buying, distribution, and occupancy costs) 154,475   152,705
 
Gross profit 117,200   117,007
 
OPERATING EXPENSES:
Selling 47,794 47,290
General and administrative 10,194   10,460
57,988   57,750
 
INCOME FROM OPERATIONS 59,212 59,257
 
OTHER INCOME, Net 345   350
 
INCOME BEFORE INCOME TAXES 59,557 59,607
 
PROVISION FOR INCOME TAXES 22,215   22,055
 
NET INCOME $ 37,342   $ 37,552
 
 
EARNINGS PER SHARE:
Basic $ 0.78   $ 0.79
 
Diluted $ 0.78   $ 0.78
 
Basic weighted average shares 47,886 47,698
Diluted weighted average shares 48,049 47,933
 

THE BUCKLE, INC.
     
 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)
                 
           
May 3, February 1, May 4,
ASSETS 2014 2014 (1) 2013
 
CURRENT ASSETS:
Cash and cash equivalents $ 169,716 $ 164,868 $ 116,601
Short-term investments 22,092 20,197 27,566
Receivables 4,832 4,318 4,176
Inventory 119,206 124,141 105,894
Prepaid expenses and other assets 28,560   28,613   26,506  
Total current assets 344,406   342,137   280,743  
 
PROPERTY AND EQUIPMENT 400,624 393,656 383,901
Less accumulated depreciation and amortization (239,964 ) (235,087 ) (217,396 )
160,660   158,569   166,505  
 
LONG-TERM INVESTMENTS 45,987 43,436 36,094
OTHER ASSETS 2,151   2,151   2,265  
 
$ 553,204   $ 546,293   $ 485,607  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 36,439 $ 37,147 $ 40,746
Accrued employee compensation 12,904 36,933 13,435
Accrued store operating expenses 10,529 9,983 10,703
Gift certificates redeemable 18,794 23,131 17,674
Income taxes payable 21,415   16,187   21,062  
Total current liabilities 100,081 123,381 103,620
 
DEFERRED COMPENSATION 13,724 12,797 11,890
DEFERRED RENT LIABILITY 38,231 37,564 38,441
OTHER LIABILITIES 10,270   10,621   11,331  
Total liabilities 162,306   184,363   165,282  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value;  issued and outstanding; 48,374,622 shares at May 3, 2014, 48,336,392  shares at February 1, 2014, and 48,322,955 shares at May 4, 2013
484 483 483
Additional paid-in capital 126,401 124,134 120,170
Retained earnings 264,851 238,151 200,598
Accumulated other comprehensive loss (838 ) (838 ) (926 )
Total stockholders’ equity 390,898   361,930   320,325  
 
$ 553,204   $ 546,293   $ 485,607  
 
(1) Derived from audited financial statements.
 

Copyright Business Wire 2010