The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 31, 2015 was $60.1 million, or $1.25 per share ($1.25 per share on a diluted basis). Net income for the fiscal year ended January 31, 2015 was $162.6 million, or $3.39 per share ($3.38 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 31, 2015 increased 4.3 percent to $353.5 million from net sales of $339.0 million for the prior year 13-week fiscal quarter ended February 1, 2014. Comparable store net sales for the 13-week period ended January 31, 2015 increased 1.1 percent from comparable store net sales for the prior year 13-week period ended February 1, 2014. Online sales (which are not included in comparable store sales) increased 12.6 percent to $33.0 million for the 13-week period ended January 31, 2015, compared to net sales of $29.3 million for the 13-week period ended February 1, 2014.

Net sales for the 52-week fiscal year ended January 31, 2015 increased 2.2 percent to $1.153 billion from net sales of $1.128 billion for the 52-week fiscal year ended February 1, 2014. Comparable store net sales for the 52-week period ended January 31, 2015 were flat in comparison to the prior year 52-week period ended February 1, 2014. Online sales (which are not included in comparable store sales) increased 6.0 percent to $94.3 million for the 52-week period ended January 31, 2015, compared to net sales of $89.0 million for the 52-week period ended February 1, 2014.

Net income for the fourth quarter of fiscal 2014 was $60.1 million, or $1.25 per share ($1.25 per share on a diluted basis), compared with $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis) for the fourth quarter of fiscal 2013.

Net income for the fiscal year ended January 31, 2015 was $162.6 million, or $3.39 per share ($3.38 per share on a diluted basis), compared with $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis) for the fiscal year ended February 1, 2014.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (800) 230-1093 and reference the conference code 355370. A replay of the call will be available for a two-week period beginning March 13, 2015 at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 355370.

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 462 retail stores in 44 states, which includes the opening of new stores this week in Mount Pleasant, South Carolina and Omaha, Nebraska. As of the end of the fiscal year, it operated 460 stores in 44 states compared with 450 stores in 43 states at the end 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 Fifty-Two Weeks Ended
January 31,     February 1, January 31,     February 1,
2015 2014 2015 2014 (1)
 
SALES, Net of returns and allowances $ 353,541 $ 338,999 $

1,153,142
$ 1,128,001
 
COST OF SALES (Including buying, distribution, and occupancy costs) 186,126   177,573   645,810   628,856  
 
Gross profit 167,415   161,426  

507,332
  499,145  
 
OPERATING EXPENSES:
Selling 65,633 62,668 212,688 206,893
General and administrative 7,345   4,482   37,671   35,258  
72,978   67,150   250,359   242,151  
 
INCOME FROM OPERATIONS 94,437 94,276

256,973
256,994
 
OTHER INCOME, Net 1,892   2,244   2,723   3,462  
 
INCOME BEFORE INCOME TAXES 96,329 96,520

259,696
260,456
 
PROVISION FOR INCOME TAXES 36,196   37,216   97,132   97,872  
 
NET INCOME $ 60,133   $ 59,304   $

162,564
  $ 162,584  
 
 
EARNINGS PER SHARE
Basic $ 1.25   $ 1.24   $ 3.39   $ 3.41  
 
Diluted $ 1.25   $ 1.23   $ 3.38   $ 3.39  
 
Basic weighted average shares 48,037 47,868 47,927 47,744
Diluted weighted average shares 48,168 48,026 48,090 47,976
 
(1) Derived from audited financial statements
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
           
January 31, February 1,
ASSETS 2015 2014 (1)
 
CURRENT ASSETS:
Cash and cash equivalents $ 133,708 $ 164,868
Short-term investments 25,857 20,197
Receivables 8,567 4,318
Inventory 129,921 124,141
Prepaid expenses and other assets 26,536   28,613  
Total current assets 324,589   342,137  
 
PROPERTY AND EQUIPMENT 427,915 393,656
Less accumulated depreciation and amortization (255,252 ) (235,087 )
172,663   158,569  
 
LONG-TERM INVESTMENTS 43,698 43,436
OTHER ASSETS 2,043   2,151  
 
$ 542,993   $ 546,293  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 35,714 $ 37,147
Accrued employee compensation 36,920 36,933
Accrued store operating expenses 9,984 9,983
Gift certificates redeemable 23,992 23,131
Income taxes payable 15,661   16,187  
Total current liabilities 122,271 123,381
 
DEFERRED COMPENSATION 14,261 12,797
DEFERRED RENT LIABILITY 40,566 37,564
OTHER LIABILITIES 10,617   10,621  
Total liabilities 187,715   184,363  
 
COMMITMENTS
 
STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; 48,379,613 and 48,336,392 shares issued and outstanding at January 31, 2015 and February 1, 2014, respectively
484 483
Additional paid-in capital 131,112 124,134
Retained earnings 224,111 238,151
Accumulated other comprehensive loss (429 ) (838 )
Total stockholders' equity 355,278   361,930  
 
$ 542,993   $ 546,293  
 
(1) Derived from audited financial statements
 

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