The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--()--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 27, 2012 was $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 27, 2012 increased 3.9 percent to $284.1 million from net sales of $273.4 million for the prior year 13-week fiscal quarter ended October 29, 2011. Comparable store net sales for the 13-week period ended October 27, 2012 increased 2.4 percent from comparable store net sales for the prior year 13-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 3.8 percent to $19.6 million for the 13-week period ended October 27, 2012, compared to net sales of $18.9 million for the 13-week period ended October 29, 2011.

Net sales for the 39-week fiscal period ended October 27, 2012 increased 5.2 percent to $763.4 million from net sales of $725.9 million for the prior year 39-week fiscal period ended October 29, 2011. Comparable store net sales year-to-date for the 39-week period ended October 27, 2012 increased 3.2 percent from comparable store net sales for the 39-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 10.0 percent to $55.4 million for the 39-week period ended October 27, 2012, compared to net sales of $50.3 million for the 39-week period ended October 29, 2011.

Net income for the third quarter of fiscal 2012 was $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis) for the third quarter of fiscal 2011.

Net income for the 39-week fiscal period ended October 27, 2012 was $102.9 million, or $2.18 per share ($2.16 per share on a diluted basis), compared with $95.4 million, or $2.04 per share ($2.02 per share on a diluted basis) for the 39-week fiscal period ended October 29, 2011.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 762-7308 and reference the conference code 270010. A replay of the call will be available for a two–week period beginning November 15, 2012 at 12:00 p.m. EST by calling (800) 475–6701 and entering the conference code 270010.

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 441 retail stores in 43 states. As of the end of the fiscal quarter, it operated 440 stores in 43 states compared with 429 stores in 43 states at the end of the third quarter of fiscal 2011.

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.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

       
Thirteen Weeks Ended Thirty-nine Weeks Ended
October 27,     October 29, October 27,     October 29,
2012 2011 2012 2011
 
SALES, Net of returns and allowances $ 284,147 $ 273,400 $ 763,392 $ 725,870
 
COST OF SALES (Including buying,
distribution, and occupancy costs)   158,732   154,735   437,279   417,116
 
Gross profit   125,415   118,665   326,113   308,754
 
OPERATING EXPENSES:
Selling 49,257 50,144 137,018 135,303
General and administrative   9,995   8,146   28,520   24,947
  59,252   58,290   165,538   160,250
 
INCOME FROM OPERATIONS 66,163 60,375 160,575 148,504
 
OTHER INCOME, Net   172   313   2,345   2,431
 
INCOME BEFORE INCOME TAXES 66,335 60,688 162,920 150,935
 
PROVISION FOR INCOME TAXES   24,418   22,339   59,971   55,559
 
NET INCOME $ 41,917 $ 38,349 $ 102,949 $ 95,376
 
 
EARNINGS PER SHARE:
Basic $ 0.89 $ 0.82 $ 2.18 $ 2.04
 
Diluted $ 0.88 $ 0.81 $ 2.16 $ 2.02
 
Basic weighted average shares 47,358 46,831 47,307 46,801
Diluted weighted average shares 47,689 47,342 47,650 47,306
 
 
THE BUCKLE, INC.
 
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
     
October 27, January 28, October 29,
ASSETS 2012

2012 (1)

2011
 
CURRENT ASSETS:
Cash and cash equivalents $ 213,036 $ 166,511 $ 47,956
Short-term investments 31,705 29,998 30,411
Receivables 7,906 4,584 8,469
Inventory 134,507 104,209 140,781
Prepaid expenses and other assets   18,079     14,825     15,633  
Total current assets   405,233     320,127     243,250  
 
PROPERTY AND EQUIPMENT: 376,527 358,866 359,612
Less accumulated depreciation and amortization   (205,965 )   (189,832 )   (184,996 )
  170,562     169,034     174,616  
 
LONG-TERM INVESTMENTS 33,847 39,985 49,135
OTHER ASSETS   2,254     2,393     2,363  
 
$ 611,896  

 

$ 531,539   $ 469,364  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 38,249 $ 27,416 $ 41,219
Accrued employee compensation 28,126 42,854 29,857
Accrued store operating expenses 11,625 11,125 11,493
Gift certificates redeemable 13,381 20,286 11,232
Income taxes payable   12,521     8,150     9,662  
Total current liabilities 103,902 109,831 103,463
 
DEFERRED COMPENSATION 10,065 8,581 8,330
DEFERRED RENT LIABILITY 37,093 36,503 37,352
OTHER LIABILITIES   12,351     13,477     6,904  
Total liabilities   163,411     168,392     156,049  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,941,952 shares at October 27, 2012, 47,432,089
shares at January 28, 2012, and 47,403,165 shares at October 29, 2011 479 474 474
Additional paid-in capital 111,398 100,333 96,953
Retained earnings 337,232 263,039 216,445
Accumulated other comprehensive loss   (624 )   (699 )   (557 )
Total stockholders’ equity   448,485     363,147     313,315  
 
$ 611,896   $ 531,539   $ 469,364  

(1) Derived from audited financial statements.

Contacts

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

Release Summary

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

Sharing

Contacts

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