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

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 Ended

13-Weeks Ended

53-Weeks Ended

52-Weeks Ended

February 2, 2013

January 28, 2012

February 2, 2013

January 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:

Selling

64,945

59,991

201,963

195,294

General and administrative

10,657

12,094

39,177

37,041

75,602

72,085

241,140

232,335

INCOME FROM OPERATIONS

97,600

87,816

258,175

236,320

OTHER INCOME, Net

1,179

1,730

3,524

4,161

INCOME BEFORE INCOME TAXES

98,779

89,546

261,699

240,481

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 shares

47,613

47,035

47,383

46,859

Diluted weighted average shares

47,893

47,518

47,710

47,359

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

February 2,

January 28,

ASSETS

2013

2012 (1)

CURRENT ASSETS:

Cash and cash equivalents

$

117,608

$

166,511

Short-term investments

26,414

29,998

Receivables

3,470

4,584

Inventory

103,853

104,209

Prepaid expenses and other assets

25,528

14,825

Total current assets

276,873

320,127

PROPERTY AND EQUIPMENT:

373,286

358,866

Less accumulated depreciation and amortization

(210,183

)

(189,832

)

163,103

169,034

LONG-TERM INVESTMENTS

35,735

39,985

OTHER ASSETS

2,263

2,393

$

477,974

$

531,539

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

34,124

$

27,416

Accrued employee compensation

42,183

42,854

Accrued store operating expenses

10,121

11,125

Gift certificates redeemable

22,221

20,286

Income taxes payable

20,307

8,150

Total current liabilities

128,956

109,831

DEFERRED COMPENSATION

10,600

8,581

DEFERRED RENT LIABILITY

36,947

36,503

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, respectively

481

474

Additional paid-in capital

117,391

100,333

Retained earnings

172,711

263,039

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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