The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended November 1, 2014 was $40.6 million, or $0.85 per share ($0.84 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 1, 2014 increased 1.9 percent to $292.2 million from net sales of $286.8 million for the prior year 13-week fiscal quarter ended November 2, 2013. Comparable store net sales for the 13-week period ended November 1, 2014 decreased 0.3 percent from comparable store net sales for the prior year 13-week period ended November 2, 2013. Online sales (which are not included in comparable store sales) increased 3.8 percent to $22.8 million for the 13-week period ended November 1, 2014, compared to net sales of $22.0 million for the 13-week period ended November 2, 2013.

Net sales for the 39-week fiscal period ended November 1, 2014 increased 1.3 percent to $799.6 million from net sales of $789.0 million for the prior year 39-week fiscal period ended November 2, 2013. Comparable store net sales for the 39-week period ended November 1, 2014 decreased 0.5 percent from comparable store net sales for the prior year 39-week period ended November 2, 2013. Online sales (which are not included in comparable store sales) increased 2.8 percent to $61.4 million for the 39-week period ended November 1, 2014, compared to net sales of $59.7 million for the 39-week period ended November 2, 2013.

Net income for the third quarter of fiscal 2014 was $40.6 million, or $0.85 per share ($0.84 per share on a diluted basis), compared with $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis) for the third quarter of fiscal 2013.

Net income for the 39-week fiscal period ended November 1, 2014 was $102.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with $103.3 million, or $2.17 per share ($2.15 per share on a diluted basis) for the 39-week period ended November 2, 2013.

Management will hold a conference call at 9:30 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 and reference the conference code 343649. A replay of the call will be available for a two-week period beginning today at 11:30 a.m. EST by calling (800) 475-6701 and entering the conference code 343649.

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 463 retail stores in 44 states. As of the end of the fiscal quarter, it operated 461 stores in 44 states compared with 452 stores in 43 states at the end of the third 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 Thirty-Nine Weeks Ended
November 1,     November 2, November 1,     November 2,
2014 2013 2014 2013
 
SALES, Net of returns and allowances $ 292,201 $ 286,761 $ 799,601 $ 789,002
 
COST OF SALES (Including buying, distribution, and occupancy costs)   164,409   160,536   459,684   451,283
 
Gross profit   127,792   126,225   339,917   337,719
 
OPERATING EXPENSES:
Selling 52,950 51,991 147,055 144,225
General and administrative   10,289   10,176   30,326   30,776
  63,239   62,167   177,381   175,001
 
INCOME FROM OPERATIONS 64,553 64,058 162,536 162,718
 
OTHER INCOME, Net   226   361   831   1,218
 
INCOME BEFORE INCOME TAXES 64,779 64,419 163,367 163,936
 
PROVISION FOR INCOME TAXES   24,163   23,835   60,936   60,656
 
NET INCOME $ 40,616 $ 40,584 $ 102,431 $ 103,280
 
 
EARNINGS PER SHARE:
Basic $ 0.85 $ 0.85 $ 2.14 $ 2.17
 
Diluted $ 0.84 $ 0.85 $ 2.13 $ 2.15
 
Basic weighted average shares 47,891 47,707 47,890 47,703
Diluted weighted average shares 48,079 47,984 48,064 47,959
 
 
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
   

 
           
November 1, February 1, November 2,
ASSETS 2014 2014 (1) 2013
 
CURRENT ASSETS:
Cash and cash equivalents $ 182,267 $ 164,868 $ 130,841
Short-term investments 25,811 20,197 25,455
Receivables 13,052 4,318 7,866
Inventory 147,221 124,141 146,290
Prepaid expenses and other assets   31,667     28,613     29,017  
Total current assets   400,018     342,137     339,469  
 
PROPERTY AND EQUIPMENT 420,868 393,656 395,272
Less accumulated depreciation and amortization   (249,556 )   (235,087 )   (230,386 )
  171,312     158,569     164,886  
 
LONG-TERM INVESTMENTS 44,310 43,436 39,307
OTHER ASSETS   2,013     2,151     2,121  
 
$ 617,653   $ 546,293   $ 545,783  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 53,501 $ 37,147 $ 49,079
Accrued employee compensation 24,484 36,933 25,781
Accrued store operating expenses 13,018 9,983 12,738
Gift certificates redeemable 15,943 23,131 15,152
Income taxes payable   7,978     16,187     10,623  
Total current liabilities 114,924 123,381 113,373
 
DEFERRED COMPENSATION 14,248 12,797 12,626
DEFERRED RENT LIABILITY 40,212 37,564 37,488
OTHER LIABILITIES   9,618     10,621     10,432  
Total liabilities   179,002     184,363     173,919  
 
COMMITMENTS
 
STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,374,622 shares at November 1, 2014, 48,336,392 shares at February 1, 2014, and 48,329,282 shares at November 2, 2013
484 483 483
Additional paid-in capital 130,266 124,134 125,158
Retained earnings 308,654 238,151 246,995
Accumulated other comprehensive loss   (753 )   (838 )   (772 )
Total stockholders' equity   438,651     361,930     371,864  
 
$ 617,653   $ 546,293   $ 545,783  
 
(1) Derived from audited financial statements.
 

Copyright Business Wire 2010