The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYS: BKE) announced today that net income for the fiscal quarter ended May 4, 2013 was $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2013 increased 2.3 percent to $269.7 million from net sales of $263.8 million for the prior year 13-week fiscal quarter ended April 28, 2012. Comparable store net sales for the 13-week period ended May 4, 2013 increased 1.2 percent from comparable store net sales for the prior year 13-week period ended May 5, 2012. Online sales (which are not included in comparable store sales) increased 6.0 percent to $20.9 million for the 13-week period ended May 4, 2013, compared to net sales of $19.7 million for the prior year 13-week period ended April 28, 2012.


Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter are compared to the 13-week period ended May 5, 2012.

Net income for the first quarter of fiscal 2013 was $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis), compared with $37.8 million, or $0.80 per share ($0.79 per share on a diluted basis) for the first quarter of fiscal 2012.

Management will hold a conference call at 11:30 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 293207. A replay of the call will be available for a two-week period beginning May 23, 2013 at 1:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 293207.

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 444 retail stores in 43 states, which includes the opening of a new store last week in Gurnee, Illinois. As of the end of the first quarter, it operated 443 stores in 43 states compared with 431 stores in 43 states at the end of the first quarter of fiscal 2012.

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)

Thirteen Weeks Ended

May 4,

April 28,

2013

2012

SALES, Net of returns and allowances

$

269,712

$

263,762

COST OF SALES (Including buying,

distribution, and occupancy costs)

152,705

149,567

Gross profit

117,007

114,195

OPERATING EXPENSES:

Selling

47,290

46,270

General and administrative

10,460

9,903

57,750

56,173

INCOME FROM OPERATIONS

59,257

58,022

OTHER INCOME, Net

350

1,812

INCOME BEFORE INCOME TAXES

59,607

59,834

PROVISION FOR INCOME TAXES

22,055

22,025

NET INCOME

$

37,552

$

37,809

EARNINGS PER SHARE:

Basic

$

0.79

$

0.80

Diluted

$

0.78

$

0.79

Basic weighted average shares

47,698

47,219

Diluted weighted average shares

47,933

47,597

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

May 4,

February 2,

April 28,

ASSETS

2013

2013 (1)

2012

CURRENT ASSETS:

Cash and cash equivalents

$

116,601

$

117,608

$

186,693

Short-term investments

27,566

26,414

33,421

Receivables

4,176

3,470

3,953

Inventory

105,894

103,853

97,040

Prepaid expenses and other assets

26,506

25,528

15,762

Total current assets

280,743

276,873

336,869

PROPERTY AND EQUIPMENT:

383,901

373,286

367,237

Less accumulated depreciation and amortization

(217,396

)

(210,183

)

(196,368

)

166,505

163,103

170,869

LONG-TERM INVESTMENTS

36,094

35,735

39,810

OTHER ASSETS

2,265

2,263

2,393

$

485,607

$

477,974

$

549,941

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

40,746

$

34,124

$

33,162

Accrued employee compensation

13,435

42,183

16,429

Accrued store operating expenses

10,703

10,121

9,295

Gift certificates redeemable

17,674

22,221

15,361

Income taxes payable

21,062

20,307

17,117

Total current liabilities

103,620

128,956

91,364

DEFERRED COMPENSATION

11,890

10,600

9,858

DEFERRED RENT LIABILITY

38,441

36,947

37,648

OTHER LIABILITIES

11,331

11,822

13,081

Total liabilities

165,282

188,325

151,951

COMMITMENTS

STOCKHOLDERS' EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value;

issued and outstanding; 48,322,955 shares at May 4, 2013, 48,059,269

shares at February 2, 2013, and 47,921,437 shares at April 28, 2012

483

481

479

Additional paid-in capital

120,170

117,391

106,948

Retained earnings

200,598

172,711

291,264

Accumulated other comprehensive loss

(926

)

(934

)

(701

)

Total stockholders' equity

320,325

289,649

397,990

$

485,607

$

477,974

$

549,941

(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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