The Buckle, Inc. Reports Third Quarter Net Income

Before you go, we thought you'd like these...
Before you go close icon

The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYS: BKE) announced today that net income for the fiscal quarter ended October 27, 2012 was $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 27, 2012 increased 3.9 percent to $284.1 million from net sales of $273.4 million for the prior year 13-week fiscal quarter ended October 29, 2011. Comparable store net sales for the 13-week period ended October 27, 2012 increased 2.4 percent from comparable store net sales for the prior year 13-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 3.8 percent to $19.6 million for the 13-week period ended October 27, 2012, compared to net sales of $18.9 million for the 13-week period ended October 29, 2011.


Net sales for the 39-week fiscal period ended October 27, 2012 increased 5.2 percent to $763.4 million from net sales of $725.9 million for the prior year 39-week fiscal period ended October 29, 2011. Comparable store net sales year-to-date for the 39-week period ended October 27, 2012 increased 3.2 percent from comparable store net sales for the 39-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 10.0 percent to $55.4 million for the 39-week period ended October 27, 2012, compared to net sales of $50.3 million for the 39-week period ended October 29, 2011.

Net income for the third quarter of fiscal 2012 was $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis) for the third quarter of fiscal 2011.

Net income for the 39-week fiscal period ended October 27, 2012 was $102.9 million, or $2.18 per share ($2.16 per share on a diluted basis), compared with $95.4 million, or $2.04 per share ($2.02 per share on a diluted basis) for the 39-week fiscal period ended October 29, 2011.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 762-7308 and reference the conference code 270010. A replay of the call will be available for a two-week period beginning November 15, 2012 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 270010.

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 441 retail stores in 43 states. As of the end of the fiscal quarter, it operated 440 stores in 43 states compared with 429 stores in 43 states at the end of the third quarter of fiscal 2011.

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 atwww.buckle.comon the Internet.

 
 

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

    
Thirteen Weeks EndedThirty-nine Weeks Ended
October 27,  October 29,October 27,  October 29,
2012201120122011
 
SALES, Net of returns and allowances$284,147$273,400$763,392$725,870
 
COST OF SALES (Including buying,
distribution, and occupancy costs) 158,732 154,735 437,279 417,116
 
Gross profit 125,415 118,665 326,113 308,754
 
OPERATING EXPENSES:
Selling49,25750,144137,018135,303
General and administrative 9,995 8,146 28,520 24,947
 59,252 58,290 165,538 160,250
 
INCOME FROM OPERATIONS66,16360,375160,575148,504
 
OTHER INCOME, Net 172 313 2,345 2,431
 
INCOME BEFORE INCOME TAXES66,33560,688162,920150,935
 
PROVISION FOR INCOME TAXES 24,418 22,339 59,971 55,559
 
NET INCOME$41,917$38,349$102,949$95,376
 
 
EARNINGS PER SHARE:
Basic$0.89$0.82$2.18$2.04
 
Diluted$0.88$0.81$2.16$2.02
 
Basic weighted average shares47,35846,83147,30746,801
Diluted weighted average shares47,68947,34247,65047,306
 
 
THE BUCKLE, INC.
 
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
   
October 27,January 28,October 29,
ASSETS2012

2012 (1)

2011
 
CURRENT ASSETS:
Cash and cash equivalents$213,036$166,511$47,956
Short-term investments31,70529,99830,411
Receivables7,9064,5848,469
Inventory134,507104,209140,781
Prepaid expenses and other assets 18,079  14,825  15,633 
Total current assets 405,233  320,127  243,250 
 
PROPERTY AND EQUIPMENT:376,527358,866359,612
Less accumulated depreciation and amortization (205,965) (189,832) (184,996)
 170,562  169,034  174,616 
 
LONG-TERM INVESTMENTS33,84739,98549,135
OTHER ASSETS 2,254  2,393  2,363 
 
$611,896 

 

$531,539 $469,364 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable$38,249$27,416$41,219
Accrued employee compensation28,12642,85429,857
Accrued store operating expenses11,62511,12511,493
Gift certificates redeemable13,38120,28611,232
Income taxes payable 12,521  8,150  9,662 
Total current liabilities103,902109,831103,463
 
DEFERRED COMPENSATION10,0658,5818,330
DEFERRED RENT LIABILITY37,09336,50337,352
OTHER LIABILITIES 12,351  13,477  6,904 
Total liabilities 163,411  168,392  156,049 
 
COMMITMENTS
 
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,941,952 shares at October 27, 2012, 47,432,089
shares at January 28, 2012, and 47,403,165 shares at October 29, 2011479474474
Additional paid-in capital111,398100,33396,953
Retained earnings337,232263,039216,445
Accumulated other comprehensive loss (624) (699) (557)
Total stockholders' equity 448,485  363,147  313,315 
 
$611,896 $531,539 $469,364 

(1) Derived from audited financial statements.



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

KEYWORDS:   United States  North America  Nebraska

INDUSTRY KEYWORDS:

The article The Buckle, Inc. Reports Third Quarter Net Income originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners