The Buckle, Inc. Reports First Quarter Net Income

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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,
20132012
 
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:
Selling47,29046,270
General and administrative 10,460 9,903
 57,750 56,173
 
INCOME FROM OPERATIONS59,25758,022
 
OTHER INCOME, Net 350 1,812
 
INCOME BEFORE INCOME TAXES59,60759,834
 
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 shares47,69847,219
Diluted weighted average shares47,93347,597
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
      
May 4,February 2,April 28,
ASSETS20132013 (1)2012
 
CURRENT ASSETS:
Cash and cash equivalents$116,601$117,608$186,693
Short-term investments27,56626,41433,421
Receivables4,1763,4703,953
Inventory105,894103,85397,040
Prepaid expenses and other assets 26,506  25,528  15,762 
Total current assets 280,743  276,873  336,869 
 
PROPERTY AND EQUIPMENT:383,901373,286367,237
Less accumulated depreciation and amortization (217,396) (210,183) (196,368)
 166,505  163,103  170,869 
 
LONG-TERM INVESTMENTS36,09435,73539,810
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 compensation13,43542,18316,429
Accrued store operating expenses10,70310,1219,295
Gift certificates redeemable17,67422,22115,361
Income taxes payable 21,062  20,307  17,117 
Total current liabilities103,620128,95691,364
 
DEFERRED COMPENSATION11,89010,6009,858
DEFERRED RENT LIABILITY38,44136,94737,648
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, 2012483481479
Additional paid-in capital120,170117,391106,948
Retained earnings200,598172,711291,264
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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