The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2011 was $33.5 million, or $0.72 per share ($0.71 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2011 increased 11.8 percent to $240.1 million from net sales of $214.8 million for the prior year 13-week fiscal quarter ended May 1, 2010. Comparable store net sales for the 13-week period ended April 30, 2011 increased 8.1 percent from comparable store net sales for the prior year 13-week period ended May 1, 2010. Online sales (which are not included in comparable store sales) increased 18.6 percent to $17.1 million for the 13-week period ended April 30, 2011, compared to net sales of $14.4 million for the 13-week period ended May 1, 2010.

Net income for the first quarter of fiscal 2011 was $33.5 million, or $0.72 per share ($0.71 per share on a diluted basis), compared with $30.1 million, or $0.65 per share ($0.64 per share on a diluted basis), for the first quarter of fiscal 2010.

Management will hold a conference call at 10:30 a.m. EDT today to discuss first quarter results. To participate in the call, please call [phone] and reference the conference code 203397. A replay of the call will be available for a two-week period beginning May 19, 2011 at 12:30 p.m. EDT by calling [phone] and entering the conference code 203397.

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 423 retail stores in 41 states. As of the end of the first quarter, it operated 422 stores in 41 states compared with 412 stores in 41 states at the end of the first quarter of fiscal 2010.

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 at www.buckle.com on the Internet.

THE BUCKLE, INC.
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
	Thirteen Weeks Ended
	April 30,		May 1,
	2011		2010
SALES, Net of returns and allowances	$	240,092	$	214,797
COST OF SALES (Including buying,
distribution, and occupancy costs)		137,148		121,346
Gross profit		102,944		93,451
OPERATING EXPENSES:
Selling		42,731		39,843
General and administrative		8,859		7,421
		51,590		47,264
INCOME FROM OPERATIONS		51,354		46,187
OTHER INCOME, Net		1,612		1,833
INCOME BEFORE INCOME TAXES		52,966		48,020
PROVISION FOR INCOME TAXES		19,497		17,910
NET INCOME	$	33,469	$	30,110
EARNINGS PER SHARE:
Basic	$	0.72	$	0.65
Diluted	$	0.71	$	0.64
Basic weighted average shares		46,748		46,053
Diluted weighted average shares		47,264		46,993

THE BUCKLE, INC.
BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
	April 30,			January 29,			May 1,
ASSETS	2011			2011 (1)			2010
CURRENT ASSETS:
Cash and cash equivalents	$	139,292		$	116,470		$	131,417
Short-term investments		21,497			22,892			22,887
Receivables		4,051			14,363			4,942
Inventory		89,866			88,593			84,741
Prepaid expenses and other assets		22,876			14,718			19,313
Total current assets		277,582			257,036			263,300
PROPERTY AND EQUIPMENT:		347,959			342,413			323,086
Less accumulated depreciation and amortization		(178,103	)		(173,179	)		(164,553	)
		169,856			169,234			158,533
LONG-TERM INVESTMENTS		65,179			66,162			81,776
OTHER ASSETS		2,416			2,412			4,985
	$	515,033		$	494,844		$	508,594
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	41,076		$	33,489		$	33,307
Accrued employee compensation		15,278			36,018			16,698
Accrued store operating expenses		9,323			9,653			8,392
Gift certificates redeemable		12,914			17,213			10,241
Income taxes payable		9,796			-			17,940
Total current liabilities		88,387			96,373			86,578
DEFERRED COMPENSATION		8,734			7,727			7,223
DEFERRED RENT LIABILITY		37,617			37,430			36,529
OTHER LIABILITIES		7,421			7,649			-
Total liabilities		142,159			149,179			130,330
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,342,895 shares at April 30, 2011, 47,127,296
shares at January 29, 2011, and 46,726,491 shares at May 1, 2010		474			471			467
Additional paid-in capital		92,900			89,719			82,032
Retained earnings		280,150			256,146			296,524
Accumulated other comprehensive loss		(650	)		(671	)		(759	)
Total stockholders’ equity		372,874			345,665			378,264
	$	515,033		$	494,844		$	508,594

(1) Derived from audited financial statements.