The Buckle, Inc. Reports First Quarter Net Income

Business Wire

KEARNEY, Neb.--(BUSINESS WIRE)--

The Buckle, Inc. (BKE) announced today that net income for the fiscal quarter ended May 4, 2013 was $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2013 increased 2.3 percent to $269.7 million from net sales of $263.8 million for the prior year 13-week fiscal quarter ended April 28, 2012. Comparable store net sales for the 13-week period ended May 4, 2013 increased 1.2 percent from comparable store net sales for the prior year 13-week period ended May 5, 2012. Online sales (which are not included in comparable store sales) increased 6.0 percent to $20.9 million for the 13-week period ended May 4, 2013, compared to net sales of $19.7 million for the prior year 13-week period ended April 28, 2012.

Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter are compared to the 13-week period ended May 5, 2012.

Net income for the first quarter of fiscal 2013 was $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with $37.8 million, or $0.80 per share ($0.79 per share on a diluted basis) for the first quarter of fiscal 2012.

Management will hold a conference call at 11:30 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1085 and reference the conference code 293207. A replay of the call will be available for a two-week period beginning May 23, 2013 at 1:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 293207.

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 444 retail stores in 43 states, which includes the opening of a new store last week in Gurnee, Illinois. As of the end of the first quarter, it operated 443 stores in 43 states compared with 431 stores in 43 states at the end of the first quarter of fiscal 2012.

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
May 4, April 28,
2013 2012
 
SALES, Net of returns and allowances $ 269,712 $ 263,762
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   152,705   149,567
 
Gross profit   117,007   114,195
 
OPERATING EXPENSES:
Selling 47,290 46,270
General and administrative   10,460   9,903
  57,750   56,173
 
INCOME FROM OPERATIONS 59,257 58,022
 
OTHER INCOME, Net   350   1,812
 
INCOME BEFORE INCOME TAXES 59,607 59,834
 
PROVISION FOR INCOME TAXES   22,055   22,025
 
NET INCOME $ 37,552 $ 37,809
 
 
EARNINGS PER SHARE:
Basic $ 0.79 $ 0.80
 
Diluted $ 0.78 $ 0.79
 
Basic weighted average shares 47,698 47,219
Diluted weighted average shares 47,933 47,597
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
           
May 4, February 2, April 28,
ASSETS 2013 2013 (1) 2012
 
CURRENT ASSETS:
Cash and cash equivalents $ 116,601 $ 117,608 $ 186,693
Short-term investments 27,566 26,414 33,421
Receivables 4,176 3,470 3,953
Inventory 105,894 103,853 97,040
Prepaid expenses and other assets   26,506     25,528     15,762  
Total current assets   280,743     276,873     336,869  
 
PROPERTY AND EQUIPMENT: 383,901 373,286 367,237
Less accumulated depreciation and amortization   (217,396 )   (210,183 )   (196,368 )
  166,505     163,103     170,869  
 
LONG-TERM INVESTMENTS 36,094 35,735 39,810
OTHER ASSETS   2,265     2,263     2,393  
 
$ 485,607   $ 477,974   $ 549,941  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 40,746 $ 34,124 $ 33,162
Accrued employee compensation 13,435 42,183 16,429
Accrued store operating expenses 10,703 10,121 9,295
Gift certificates redeemable 17,674 22,221 15,361
Income taxes payable   21,062     20,307     17,117  
Total current liabilities 103,620 128,956 91,364
 
DEFERRED COMPENSATION 11,890 10,600 9,858
DEFERRED RENT LIABILITY 38,441 36,947 37,648
OTHER LIABILITIES   11,331     11,822     13,081  
Total liabilities   165,282     188,325     151,951  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 48,322,955 shares at May 4, 2013, 48,059,269
shares at February 2, 2013, and 47,921,437 shares at April 28, 2012 483 481 479
Additional paid-in capital 120,170 117,391 106,948
Retained earnings 200,598 172,711 291,264
Accumulated other comprehensive loss   (926 )   (934 )   (701 )
Total stockholders’ equity   320,325     289,649     397,990  
 
$ 485,607   $ 477,974   $ 549,941  
 
(1) Derived from audited financial statements.
 

Contact:
The Buckle, Inc.
Karen B. Rhoads, 308-236-8491
Chief Financial Officer
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