The Buckle, Inc. Reports First Quarter Net Income

May 21, 2015 | By Business Wire News

KEARNEY, Neb.

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 2, 2015 was $33.6 million, or $0.70 per share ($0.70 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 2, 2015 decreased 0.1 percent to $271.3 million from net sales of $271.7 million for the prior year 13-week fiscal quarter ended May 3, 2014. Comparable store net sales for the 13-week period ended May 2, 2015 decreased 2.2 percent from comparable store net sales for the prior year 13-week period ended May 3, 2014. Online sales increased 12.9 percent to $24.2 million for the 13-week period ended May 2, 2015, compared to net sales of $21.4 million for the 13-week period ended May 3, 2014.

Net income for the first quarter of fiscal 2015 was $33.6 million, or $0.70 per share ($0.70 per share on a diluted basis), compared with $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis) for the first quarter of fiscal 2014.

Management will hold a conference call at 10:00 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 359495. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 359495.

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 463 stores in 44 states compared with 450 stores in 43 states at the end of the first quarter of fiscal 2014.

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 2,		May 3,
	2015		2014

SALES, Net of returns and allowances	$	271,345	$	271,675

COST OF SALES (Including buying, distribution, and occupancy costs)	157,748		154,475

Gross profit	113,597		117,200

OPERATING EXPENSES:
Selling	49,154		47,794
General and administrative	11,638		10,194
	60,792		57,988

INCOME FROM OPERATIONS	52,805		59,212

OTHER INCOME, Net	736		345

INCOME BEFORE INCOME TAXES	53,541		59,557

PROVISION FOR INCOME TAXES	19,971		22,215

NET INCOME	$	33,570	$	37,342


EARNINGS PER SHARE:
Basic	$	0.70	$	0.78

Diluted	$	0.70	$	0.78

Basic weighted average shares	48,074		47,886
Diluted weighted average shares	48,188		48,049


THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)


	May 2,			January 31,			May 3,
ASSETS	2015			2015 (1)			2014

CURRENT ASSETS:
Cash and cash equivalents	$	134,632		$	133,708		$	169,716
Short-term investments	22,792			25,857			22,092
Receivables	6,627			8,567			4,832
Inventory	129,626			129,921			119,206
Prepaid expenses and other assets	27,552			26,536			28,560
Total current assets	321,229			324,589			344,406

PROPERTY AND EQUIPMENT	436,393			427,915			400,624
Less accumulated depreciation and amortization	(260,193		)	(255,252		)	(239,964		)
	176,200			172,663			160,660

LONG-TERM INVESTMENTS	45,103			43,698			45,987
OTHER ASSETS	2,043			2,043			2,151

	$	544,575		$	542,993		$	553,204

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	38,778		$	35,714		$	36,439
Accrued employee compensation	12,037			36,920			12,904
Accrued store operating expenses	11,399			9,984			10,529
Gift certificates redeemable	19,402			23,992			18,794
Income taxes payable	19,265			15,661			21,415
Total current liabilities	100,881			122,271			100,081

DEFERRED COMPENSATION	13,541			14,261			13,724
DEFERRED RENT LIABILITY	39,940			40,566			38,231
OTHER LIABILITIES	10,192			10,617			10,270
Total liabilities	164,554			187,715			162,306

COMMITMENTS

STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,532,213 shares at May 2, 2015, 48,379,613 shares at January 31, 2015, and 48,374,622 shares at May 3, 2014	485			484			484
Additional paid-in capital	133,446			131,112			126,401
Retained earnings	246,519			224,111			264,851
Accumulated other comprehensive loss	(429		)	(429		)	(838		)
Total stockholders’ equity	380,021			355,278			390,898

	$	544,575		$	542,993		$	553,204

(1) Derived from audited financial statements.