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 EndedTwenty-six Weeks Ended
August 3,July 28,August 3,July 28,
2013201220132012
 
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:
Selling44,94441,49192,23487,761
General and administrative 10,140 8,622 20,600 18,525
 55,084 50,113 112,834 106,286
 
INCOME FROM OPERATIONS39,40336,39098,66094,412
 
OTHER INCOME, Net 507 361 857 2,173
 
INCOME BEFORE INCOME TAXES39,91036,75199,51796,585
 
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 shares47,70547,34347,70147,281
Diluted weighted average shares47,96147,66247,94747,630
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
      
 
August 3,February 2,July 28,
ASSETS20132013 (1)2012
 
CURRENT ASSETS:
Cash and cash equivalents$103,054$117,608$166,020
Short-term investments25,71126,41431,720
Receivables6,8853,4707,724
Inventory133,550103,853124,506
Prepaid expenses and other assets 27,623  25,528  17,177 
Total current assets 296,823  276,873  347,147 
 
PROPERTY AND EQUIPMENT389,945373,286374,076
Less accumulated depreciation and amortization (223,095) (210,183) (200,802)
 166,850  163,103  173,274 
 
LONG-TERM INVESTMENTS39,50135,73535,663
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 compensation20,68842,18316,963
Accrued store operating expenses10,98010,1219,067
Gift certificates redeemable15,96822,22113,877
Income taxes payable 1,433  20,307  - 
Total current liabilities105,591128,95684,555
 
DEFERRED COMPENSATION12,30310,6009,823
DEFERRED RENT LIABILITY38,09636,94737,707
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, 2012483481479
Additional paid-in capital122,664117,391108,947
Retained earnings216,077172,711304,903
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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