The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 28, 2017 was $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 28, 2017 decreased 6.2 percent to $224.3 million from net sales of $239.2 million for the prior year 13-week fiscal quarter ended October 29, 2016. Comparable store net sales for the 13-week period ended October 28, 2017 decreased 5.9 percent from comparable store net sales for the prior year 13-week period ended October 29, 2016. Online sales decreased 1.2 percent to $23.4 million for the 13-week period ended October 28, 2017, compared to net sales of $23.7 million for the 13-week period ended October 29, 2016.

Net sales for the 39-week fiscal period ended October 28, 2017 decreased 9.0 percent to $632.2 million from net sales of $694.9 million for the prior year 39-week fiscal period ended October 29, 2016. Comparable store net sales for the 39-week period ended October 28, 2017 decreased 8.8 percent from comparable store net sales for the prior year 39-week period ended October 29, 2016. Online sales decreased 4.3 percent to $64.7 million for the 39-week period ended October 28, 2017, compared to net sales of $67.6 million for the 39-week period ended October 29, 2016.

Net income for the third quarter of fiscal 2017 was $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis), compared with $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis) for the third quarter of fiscal 2016.

Net income for the 39-week fiscal period ended October 28, 2017 was $47.7 million, or $0.99 per share ($0.99 per share on a diluted basis), compared with $62.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 39-week period ended October 29, 2016.

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) 230-1093 for domestic calls or (612) 288-0337 for international calls and reference the conference code 432975. 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 for domestic calls or (320) 365-3844 for international calls and entering the conference code 432975.

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. As of the end of the fiscal quarter, it operated 461 stores in 44 states compared with 470 stores in 44 states at the end of the third quarter of fiscal 2016 .

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

October 28, 2017
 

October 29, 2016

October 28, 2017
 

October 29, 2016
 
SALES, Net of returns and allowances $ 224,307 $ 239,213 $ 632,208 $ 694,913
 
COST OF SALES (Including buying, distribution, and occupancy costs)   133,379     142,339     385,424     423,428  
 
Gross profit   90,928     96,874     246,784     271,485  
 
OPERATING EXPENSES:
Selling 50,684 50,820 144,281 144,448
General and administrative   9,307     9,234     29,113     29,705  
  59,991     60,054     173,394     174,153  
 
INCOME FROM OPERATIONS 30,937 36,820 73,390 97,332
 
OTHER INCOME, Net   808     497     2,642     1,500  
 
INCOME BEFORE INCOME TAXES 31,745 37,317 76,032 98,832
 
PROVISION FOR INCOME TAXES   11,841     13,920     28,360     36,866  
 
NET INCOME $ 19,904   $ 23,397   $ 47,672   $ 61,966  
 
 
EARNINGS PER SHARE:
Basic $ 0.41   $ 0.49   $ 0.99   $ 1.29  
 
Diluted $ 0.41   $ 0.48   $ 0.99   $ 1.28  
 
Basic weighted average shares 48,218 48,107 48,218 48,107
Diluted weighted average shares 48,339 48,259 48,331 48,230
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
           
ASSETS

October 28, 2017

January 28, 2017 (1)
October 29, 2016
 
CURRENT ASSETS:
Cash and cash equivalents $ 205,247 $ 196,536 $ 163,006
Short-term investments 52,202 49,994 49,987
Receivables 11,247 8,210 13,427
Inventory 128,821 125,694 148,193
Prepaid expenses and other assets   8,317     6,023     7,320  
Total current assets   405,834     386,457     381,933  
 
PROPERTY AND EQUIPMENT 462,798 459,359 464,507
Less accumulated depreciation and amortization   (306,655 )   (290,364 )   (289,547 )
  156,143     168,995     174,960  
 
LONG-TERM INVESTMENTS 18,386 18,092 19,828
OTHER ASSETS   7,760     6,303     4,850  
 
Total assets $ 588,123   $ 579,847   $ 581,571  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 41,294 $ 25,079 $ 36,314
Accrued employee compensation 14,899 26,906 15,651
Accrued store operating expenses 17,044 14,695 16,440
Gift certificates redeemable 14,853 21,199 16,088
Income taxes payable   4,087     10,737     2,751  
Total current liabilities   92,177     98,616     87,244  
 
DEFERRED COMPENSATION 14,581 13,092 12,571
DEFERRED RENT LIABILITY   35,452     37,600     38,602  
Total liabilities   142,210     149,308     138,417  
 
COMMITMENTS
 
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,841,280 shares at October 28, 2017, 48,622,780 shares at January 28, 2017, and 48,622,780 shares at October 29, 2016 488 486 486
Additional paid-in capital 143,670 139,398 139,670
Retained earnings 301,834 290,737 303,176
Accumulated other comprehensive loss   (79 )   (82 )   (178 )
Total stockholders' equity   445,913     430,539     443,154  
 
Total liabilities and stockholders' equity $ 588,123   $ 579,847   $ 581,571  
 
(1) Derived from audited financial statements.
 

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