The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2015 Net Income

KEARNEY, Neb.--()--The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended January 30, 2016 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis). Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2016 decreased 6.1 percent to $332.0 million from net sales of $353.5 million for the prior year 13-week fiscal quarter ended January 31, 2015. Comparable store net sales for the 13-week period ended January 30, 2016 decreased 7.2 percent from comparable store net sales for the prior year 13-week period ended January 31, 2015. Online sales increased 7.1 percent to $35.3 million for the 13-week period ended January 30, 2016, compared to net sales of $33.0 million for the 13-week period ended January 31, 2015.

Net sales for the 52-week fiscal year ended January 30, 2016 decreased 2.9 percent to $1.120 billion from net sales of $1.153 billion for the 52-week fiscal year ended January 31, 2015. Comparable store net sales for the 52-week period ended January 30, 2016 decreased 4.4 percent from comparable store net sales for the prior year 52-week period ended January 31, 2015. Online sales increased 11.8 percent to $105.5 million for the 52-week period ended January 30, 2016, compared to net sales of $94.3 million for the 52-week period ended January 31, 2015.

Net income for the fourth quarter of fiscal 2015 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis), compared with $60.1 million, or $1.25 per share ($1.25 per share on a diluted basis) for the fourth quarter of fiscal 2014.

Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis), compared with $162.6 million, or $3.39 per share ($3.38 per share on a diluted basis) for the fiscal year ended January 31, 2015.

Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (800) 230-1074 for domestic calls or (612) 234-9959 for international calls and reference the conference code 388126. A replay of the call will be available for a two-week period beginning March 11, 2016 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 388126.

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 468 retail stores in 44 states. As of the end of the fiscal year, it operated 468 stores in 44 states compared with 460 stores in 44 states at the end of fiscal 2014.

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 STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
           
Thirteen Weeks Ended Fifty-Two Weeks Ended
January 30,     January 31, January 30,     January 31,
2016 2015 2016 2015 (1)
 
SALES, Net of returns and allowances $ 332,031 $ 353,541 $ 1,119,616 $ 1,153,142
 
COST OF SALES (Including buying, distribution, and occupancy costs)   176,086   186,126   638,215   645,810  
 
Gross profit   155,945   167,415   481,401   507,332  
 
OPERATING EXPENSES:
Selling 64,751 65,633 212,531 212,688
General and administrative   7,883   7,345   39,282   37,671  
  72,634   72,978   251,813   250,359  
 
INCOME FROM OPERATIONS 83,311 94,437 229,588 256,973
 
OTHER INCOME, Net   3,277   1,892   5,236   2,723  
 
INCOME BEFORE INCOME TAXES 86,588 96,329 234,824 259,696
 
PROVISION FOR INCOME TAXES   32,249   36,196   87,541   97,132  
 
NET INCOME $ 54,339 $ 60,133 $ 147,283 $ 162,564  
 
 
EARNINGS PER SHARE:
Basic $ 1.13 $ 1.25 $ 3.06 $ 3.39  
 
Diluted $ 1.13 $ 1.25 $ 3.06 $ 3.38  
 
Basic weighted average shares 48,096 48,037 48,079 47,927
Diluted weighted average shares 48,209 48,168 48,204 48,090
 

(1) Derived from audited financial statements

 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
           
January 30, January 31,
ASSETS 2016 2015 (1)
 
CURRENT ASSETS:
Cash and cash equivalents $ 161,185 $ 133,708
Short-term investments 36,465 25,857
Receivables 9,651 8,567
Inventory 149,566 129,921
Prepaid expenses and other assets   6,030     26,536  
Total current assets   362,897     324,589  
 
PROPERTY AND EQUIPMENT 450,762 427,915
Less accumulated depreciation and amortization   (277,981 )   (255,252 )
  172,781     172,663  
 
LONG-TERM INVESTMENTS 33,826 43,698
OTHER ASSETS   3,269     2,043  
 
$ 572,773   $ 542,993  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 33,862 $ 35,714
Accrued employee compensation 33,126 36,920
Accrued store operating expenses 6,639 9,984
Gift certificates redeemable 22,858 23,992
Income taxes payable   11,141     15,661  
Total current liabilities 107,626 122,271
 
DEFERRED COMPENSATION 12,849 14,261
DEFERRED RENT LIABILITY 39,655 40,566
OTHER LIABILITIES   -     10,617  
Total liabilities   160,130     187,715  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 48,428,110 and 48,379,613 shares issued and outstanding at January 30, 2016 and January 31, 2015, respectively 484 484
Additional paid-in capital 134,864 131,112
Retained earnings 277,626 224,111
Accumulated other comprehensive loss   (331 )   (429 )
Total stockholders’ equity   412,643     355,278  
 
$ 572,773   $ 542,993  
 
(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 FOURTH QUARTER AND FISCAL YEAR 2015 NET INCOME

Contacts

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