The Buckle, Inc. Reports Third Quarter Net Income

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 Ended

Thirty-nine Weeks Ended

October 27,

October 29,

October 27,

October 29,

2012

2011

2012

2011

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:

Selling

49,257

50,144

137,018

135,303

General and administrative

9,995

8,146

28,520

24,947

59,252

58,290

165,538

160,250

INCOME FROM OPERATIONS

66,163

60,375

160,575

148,504

OTHER INCOME, Net

172

313

2,345

2,431

INCOME BEFORE INCOME TAXES

66,335

60,688

162,920

150,935

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 shares

47,358

46,831

47,307

46,801

Diluted weighted average shares

47,689

47,342

47,650

47,306

THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

October 27,

January 28,

October 29,

ASSETS

2012

2012 (1)

2011

CURRENT ASSETS:

Cash and cash equivalents

$

213,036

$

166,511

$

47,956

Short-term investments

31,705

29,998

30,411

Receivables

7,906

4,584

8,469

Inventory

134,507

104,209

140,781

Prepaid expenses and other assets

18,079

14,825

15,633

Total current assets

405,233

320,127

243,250

PROPERTY AND EQUIPMENT:

376,527

358,866

359,612

Less accumulated depreciation and amortization

(205,965

)

(189,832

)

(184,996

)

170,562

169,034

174,616

LONG-TERM INVESTMENTS

33,847

39,985

49,135

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 compensation

28,126

42,854

29,857

Accrued store operating expenses

11,625

11,125

11,493

Gift certificates redeemable

13,381

20,286

11,232

Income taxes payable

12,521

8,150

9,662

Total current liabilities

103,902

109,831

103,463

DEFERRED COMPENSATION

10,065

8,581

8,330

DEFERRED RENT LIABILITY

37,093

36,503

37,352

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, 2011

479

474

474

Additional paid-in capital

111,398

100,333

96,953

Retained earnings

337,232

263,039

216,445

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:

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