The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2012 Net Income

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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2012 Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYS: BKE) announced today that net income for the fiscal quarter ended February 2, 2013 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis). Net income for the fiscal year February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 2, 2013 increased 7.0 percent to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended January 28, 2012. Comparable store net sales for the 14-week period ended February 2, 2013 were flat in comparison to comparable store net sales for the prior year 14-week period ended February 4, 2012. Online sales (which are not included in comparable store sales) increased 5.4 percent to $29.1 million for the 14-week period ended February 2, 2013, compared to net sales of $27.6 million for the 13-week period ended January 28, 2012.


Net sales for the 53-week fiscal year ended February 2, 2013 increased 5.7 percent to $1.124 billion from net sales of $1.063 billion for the 52-week fiscal year ended January 28, 2012. Comparable store net sales for the 53-week period ended February 2, 2013 increased 2.1 percent from comparable store net sales for the prior year 53-week period ended February 4, 2012. Online sales (which are not included in comparable store sales) increased 8.4 percent to $84.5 million for the 53-week period ended February 2, 2013, compared to net sales of $78.0 million for the 52-week period ended January 28, 2012.

Net income for the fourth quarter of fiscal 2012 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $56.1 million, or $1.19 per share ($1.18 per share on a diluted basis) for the fourth quarter of fiscal 2011.

Net income for the fiscal year ended February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis), compared with $151.5 million, or $3.23 per share ($3.20 per share on a diluted basis) for the fiscal year ended January 28, 2012.

Management will hold a conference call at 9:30 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (800) 288-9626 and reference the conference code 284873. A replay of the call will be available for a two-week period beginning March 14, 2013 at 11:30 a.m. EDT by calling (800) 475-6701 and entering the conference code 284873.

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 year, it operated 440 stores in 43 states compared with 431 stores in 43 states at the end 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 STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
14-Weeks Ended13-Weeks Ended53-Weeks Ended52-Weeks Ended
February 2, 2013January 28, 2012February 2, 2013January 28, 2012
 
SALES, Net of returns and allowances$360,615$337,076$1,124,007$1,062,946
 
COST OF SALES (Including buying,
distribution, and occupancy costs) 187,413 177,175 624,692 594,291
 
Gross profit 173,202 159,901 499,315 468,655
 
OPERATING EXPENSES:
Selling64,94559,991201,963195,294
General and administrative 10,657 12,094 39,177 37,041
 75,602 72,085 241,140 232,335
 
INCOME FROM OPERATIONS97,60087,816258,175236,320
 
OTHER INCOME, Net 1,179 1,730 3,524 4,161
 
INCOME BEFORE INCOME TAXES98,77989,546261,699240,481
 
PROVISION FOR INCOME TAXES 37,423 33,466 97,394 89,025
 
NET INCOME$61,356$56,080$164,305$151,456
 
 
EARNINGS PER SHARE:
Basic$1.29$1.19$3.47$3.23
 
Diluted$1.28$1.18$3.44$3.20
 
Basic weighted average shares47,61347,03547,38346,859
Diluted weighted average shares47,89347,51847,71047,359
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
    
 
February 2,January 28,
ASSETS20132012 (1)
 
CURRENT ASSETS:
Cash and cash equivalents$117,608$166,511
Short-term investments26,41429,998
Receivables3,4704,584
Inventory103,853104,209
Prepaid expenses and other assets 25,528  14,825 
Total current assets 276,873  320,127 
 
PROPERTY AND EQUIPMENT:373,286358,866
Less accumulated depreciation and amortization (210,183) (189,832)
 163,103  169,034 
 
LONG-TERM INVESTMENTS35,73539,985
OTHER ASSETS 2,263  2,393 
 
$477,974 

 

$531,539 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable$34,124$27,416
Accrued employee compensation42,18342,854
Accrued store operating expenses10,12111,125
Gift certificates redeemable22,22120,286
Income taxes payable 20,307  8,150 
Total current liabilities128,956109,831
 
DEFERRED COMPENSATION10,6008,581
DEFERRED RENT LIABILITY36,94736,503
OTHER LIABILITIES 11,822  13,477 
Total liabilities 188,325  168,392 
 
COMMITMENTS
 
STOCKHOLDERS' EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
48,059,269 and 47,432,089 shares issued and outstanding
at February 2, 2013 and January 28, 2012, respectively481474
Additional paid-in capital117,391100,333
Retained earnings172,711263,039
Accumulated other comprehensive loss (934) (699)
Total stockholders' equity 289,649  363,147 
 
$477,974 $531,539 
 
(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:

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