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. | |||||||||||||||
The Buckle, Inc.
Karen B. Rhoads, Chief Financial Officer, 308-236-8491
KEYWORDS: United States North America Nebraska
INDUSTRY KEYWORDS:
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