The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 2, 2014 was $24.5 million, or $0.51 per share ($0.51 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 2, 2014 increased 1.4 percent to $235.7 million from net sales of $232.5 million for the prior year 13-week fiscal quarter ended August 3, 2013. Comparable store net sales for the 13-week period ended August 2, 2014 decreased 0.5 percent from comparable store net sales for the prior year 13-week period ended August 3, 2013. Online sales (which are not included in comparable store sales) increased 1.7 percent to $17.1 million for the 13-week period ended August 2, 2014, compared to net sales of $16.8 million for the 13-week period ended August 3, 2013.

Net sales for the 26-week fiscal period ended August 2, 2014 increased 1.0 percent to $507.4 million from net sales of $502.2 million for the prior year 26-week fiscal period ended August 3, 2013. Comparable store net sales for the 26-week period ended August 2, 2014 decreased 0.7 percent from comparable store net sales for the prior year 26-week period ended August 3, 2013. Online sales (which are not included in comparable store sales) increased 2.1 percent to $38.6 million for the 26-week period ended August 2, 2014, compared to net sales of $37.7 million for the 26-week period ended August 3, 2013.

Net income for the second quarter of fiscal 2014 was $24.5 million, or $0.51 per share ($0.51 per share on a diluted basis), compared with $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis) for the second quarter of fiscal 2013.

Net income for the 26-week fiscal period ended August 2, 2014 was $61.8 million, or $1.29 per share ($1.29 per share on a diluted basis), compared with $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis) for the 26-week period ended August 3, 2013.

Management will hold a conference call at 10:30 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 and reference the conference code 333780. A replay of the call will be available for a two-week period beginning today at 12:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 333780.

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 456 retail stores in 44 states. As of the end of the fiscal quarter, it operated 456 stores in 44 states compared with 452 stores in 43 states at the end of the second 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.
 
THE BUCKLE, INC.
 
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
                               
                             
Thirteen Weeks Ended Twenty-Six Weeks Ended
August 2,     August 3, August 2,     August 3,
2014 2013 2014 2013
 
SALES, Net of returns and allowances $ 235,725 $ 232,529 $ 507,400 $ 502,241
 
COST OF SALES (Including buying, distribution, and occupancy costs) 140,800   138,042   295,275   290,747
 
Gross profit 94,925   94,487   212,125   211,494
 
OPERATING EXPENSES:
Selling 46,311 44,944 94,105 92,234
General and administrative 9,843   10,140   20,037   20,600
56,154   55,084   114,142   112,834
 
INCOME FROM OPERATIONS 38,771 39,403 97,983 98,660
 
OTHER INCOME, Net 260   507   605   857
 
INCOME BEFORE INCOME TAXES 39,031 39,910 98,588 99,517
 
PROVISION FOR INCOME TAXES 14,558   14,766   36,773   36,821
 
NET INCOME $ 24,473   $ 25,144   $ 61,815   $ 62,696
 
 
EARNINGS PER SHARE:
Basic $ 0.51   $ 0.53   $ 1.29   $ 1.31
 
Diluted $ 0.51   $ 0.52   $ 1.29   $ 1.31
 
Basic weighted average shares 47,891 47,705 47,889 47,701
Diluted weighted average shares 48,066 47,961 48,057 47,947
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
                       
August 2, February 1, August 3,
ASSETS 2014 2014 (1) 2013
 
CURRENT ASSETS:
Cash and cash equivalents $ 169,460 $ 164,868 $ 103,054
Short-term investments 17,158 20,197 25,711
Receivables 12,355 4,318 6,885
Inventory 128,184 124,141 133,550
Prepaid expenses and other assets 30,761   28,613   27,623  
Total current assets 357,918   342,137   296,823  
 
PROPERTY AND EQUIPMENT 411,969 393,656 389,945
Less accumulated depreciation and amortization (245,945 ) (235,087 ) (223,095 )
166,024   158,569   166,850  
 
LONG-TERM INVESTMENTS 43,903 43,436 39,501
OTHER ASSETS 2,082   2,151   2,194  
 
$ 569,927   $ 546,293   $ 505,368  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 51,631 $ 37,147 $ 56,522
Accrued employee compensation 20,082 36,933 20,688
Accrued store operating expenses 11,078 9,983 10,980
Gift certificates redeemable 16,910 23,131 15,968
Income taxes payable   16,187   1,433  
Total current liabilities 99,701 123,381 105,591
 
DEFERRED COMPENSATION 13,916 12,797 12,303
DEFERRED RENT LIABILITY 39,597 37,564 38,096
OTHER LIABILITIES 9,969   10,621   10,926  
Total liabilities 163,183   184,363   166,916  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value;

issued and outstanding; 48,374,622 shares at August 2, 2014, 48,336,392

shares at February 1, 2014, and 48,326,124 shares at August 3, 2013
484 483 483
Additional paid-in capital 128,333 124,134 122,664
Retained earnings 278,680 238,151 216,077
Accumulated other comprehensive loss (753 ) (838 ) (772 )
Total stockholders’ equity 406,744   361,930   338,452  
 
$ 569,927   $ 546,293   $ 505,368  
 
(1) Derived from audited financial statements.
 

Copyright Business Wire 2010