The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. Reports Second Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYS: BKE) announced today that net income for the fiscal quarter ended August 3, 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2013 increased 7.9 percent to $232.5 million from net sales of $215.5 million for the prior year 13-week fiscal quarter ended July 28, 2012. Comparable store net sales for the 13-week period ended August 3, 2013 increased 3.2 percent from comparable store net sales for the prior year 13-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.3 percent to $16.8 million for the 13-week period ended August 3, 2013, compared to net sales of $16.0 million for the 13-week period ended July 28, 2012.


Net sales for the 26-week fiscal period ended August 3, 2013 increased 4.8 percent to $502.2 million from net sales of $479.2 million for the prior year 26-week fiscal period ended July 28, 2012. Comparable store net sales year-to-date for the 26-week period ended August 3, 2013 increased 2.2 percent from comparable store net sales for the prior year 26-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.7 percent to $37.7 million for the 26-week period ended August 3, 2013, compared to net sales of $35.7 million for the 26-week period ended July 28, 2012.

Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 4, 2012.

Net income for the second quarter of fiscal 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis), compared with $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis) for the second quarter of fiscal 2012.

Net income for the 26-week fiscal period ended August 3, 2013 was $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis), compared with $61.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 26-week fiscal period ended July 28, 2012.

Management will hold a conference call at 11:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 553-0326 and reference the conference code 300050. A replay of the call will be available for a two-week period beginning August 22, 2013 at 1:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 300050.

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 452 retail stores in 43 states. As of the end of the fiscal quarter, it operated 452 stores in 43 states compared with 439 stores in 43 states at the end of the second 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

Twenty-six Weeks Ended

August 3,

July 28,

August 3,

July 28,

2013

2012

2013

2012

SALES, Net of returns and allowances

$

232,529

$

215,483

$

502,241

$

479,245

COST OF SALES (Including buying,

distribution, and occupancy costs)

138,042

128,980

290,747

278,547

Gross profit

94,487

86,503

211,494

200,698

OPERATING EXPENSES:

Selling

44,944

41,491

92,234

87,761

General and administrative

10,140

8,622

20,600

18,525

55,084

50,113

112,834

106,286

INCOME FROM OPERATIONS

39,403

36,390

98,660

94,412

OTHER INCOME, Net

507

361

857

2,173

INCOME BEFORE INCOME TAXES

39,910

36,751

99,517

96,585

PROVISION FOR INCOME TAXES

14,766

13,528

36,821

35,553

NET INCOME

$

25,144

$

23,223

$

62,696

$

61,032

EARNINGS PER SHARE:

Basic

$

0.53

$

0.49

$

1.31

$

1.29

Diluted

$

0.52

$

0.49

$

1.31

$

1.28

Basic weighted average shares

47,705

47,343

47,701

47,281

Diluted weighted average shares

47,961

47,662

47,947

47,630

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

August 3,

February 2,

July 28,

ASSETS

2013

2013 (1)

2012

CURRENT ASSETS:

Cash and cash equivalents

$

103,054

$

117,608

$

166,020

Short-term investments

25,711

26,414

31,720

Receivables

6,885

3,470

7,724

Inventory

133,550

103,853

124,506

Prepaid expenses and other assets

27,623

25,528

17,177

Total current assets

296,823

276,873

347,147

PROPERTY AND EQUIPMENT

389,945

373,286

374,076

Less accumulated depreciation and amortization

(223,095

)

(210,183

)

(200,802

)

166,850

163,103

173,274

LONG-TERM INVESTMENTS

39,501

35,735

35,663

OTHER ASSETS

2,194

2,263

2,323

$

505,368

$

477,974

$

558,407

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

56,522

$

34,124

$

44,648

Accrued employee compensation

20,688

42,183

16,963

Accrued store operating expenses

10,980

10,121

9,067

Gift certificates redeemable

15,968

22,221

13,877

Income taxes payable

1,433

20,307

-

Total current liabilities

105,591

128,956

84,555

DEFERRED COMPENSATION

12,303

10,600

9,823

DEFERRED RENT LIABILITY

38,096

36,947

37,707

OTHER LIABILITIES

10,926

11,822

12,681

Total liabilities

166,916

188,325

144,766

COMMITMENTS

STOCKHOLDERS' EQUITY:

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

issued and outstanding; 48,326,124 shares at August 3, 2013, 48,059,269

shares at February 2, 2013, and 47,921,197 shares at July 28, 2012

483

481

479

Additional paid-in capital

122,664

117,391

108,947

Retained earnings

216,077

172,711

304,903

Accumulated other comprehensive loss

(772

)

(934

)

(688

)

Total stockholders' equity

338,452

289,649

413,641

$

505,368

$

477,974

$

558,407

(1) Derived from audited financial statements.

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

KEYWORDS: United States North America Nebraska

INDUSTRY KEYWORDS:

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