KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 29, 2017 was $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended April 29, 2017 decreased 12.8 percent to $212.3 million from net sales of $243.5 million for the prior year 13-week fiscal quarter ended April 30, 2016. Comparable store net sales for the 13-week period ended April 29, 2017 decreased 12.7 percent from comparable store net sales for the prior year 13-week period ended April 30, 2016. Online sales decreased 7.2 percent to $21.8 million for the 13-week period ended April 29, 2017, compared to net sales of $23.5 million for the 13-week period ended April 30, 2016.
Net income for the first quarter of fiscal 2017 was $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis), compared with $23.1 million, or $0.48 per share ($0.48 per share on a diluted basis) for the first quarter of fiscal 2016.
The Company also announced today that Karen B. Rhoads, Senior Vice President of Finance and Chief Financial Officer, will retire from her current position with the Company later this summer. Ms. Rhoads will continue to serve as a member of the Company’s Board of Directors.
Ms. Rhoads joined the Company in 1980, working part-time in the corporate office while attending college at Kearney State College (University of Nebraska at Kearney) and, upon graduation, she worked in public accounting before returning to the corporate office in 1987 to lead the Company’s growing finance team. She was named Vice President of Finance and Chief Financial Officer in April 1991 and Senior Vice President of Finance in March 2014. Dennis H. Nelson, President and Chief Executive Officer, commented “I join with all Buckle teammates in thanking Karen for her 33 years of commitment and dedication to Buckle. We appreciate Karen’s passion for the Company, her teamwork across all departments, and her leadership in developing such an outstanding finance team.”
The Board of Directors has engaged an executive search firm to assist with the search for Ms. Rhoads’ replacement. The firm will be reviewing both internal and external candidates. Ms. Rhoads will remain in her role to support the search for a new Chief Financial Officer and to assist with the transition.
Management will hold a conference call at 10:30 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1085 for domestic calls or (612) 234-9960 for international calls and reference the conference code 423611. A replay of the call will be available for a two-week period beginning today at 12:30 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 423611.
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 462 retail stores in 44 states. As of the end of the fiscal quarter, it operated 462 stores in 44 states compared with 468 stores in 44 states at the end of the first quarter of fiscal 2016.
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)|
|Thirteen Weeks Ended|
|April 29,||April 30,|
|SALES, Net of returns and allowances||$||212,251||$||243,543|
|COST OF SALES (Including buying, distribution, and occupancy costs)||130,534||148,814|
|General and administrative||9,761||10,736|
|INCOME FROM OPERATIONS||25,038||36,430|
|OTHER INCOME, Net||935||408|
|INCOME BEFORE INCOME TAXES||25,973||36,838|
|PROVISION FOR INCOME TAXES||9,688||13,741|
|EARNINGS PER SHARE:|
|Basic weighted average shares||48,218||48,107|
|Diluted weighted average shares||48,344||48,203|
|THE BUCKLE, INC.|
|CONSOLIDATED BALANCE SHEETS|
|(Amounts in Thousands Except Share and Per Share Amounts)|
|Cash and cash equivalents||$||207,868||$||196,536||$||153,415|
|Prepaid expenses and other assets||7,295||6,023||16,977|
|Total current assets||396,400||386,457||357,486|
|PROPERTY AND EQUIPMENT||460,440||459,359||455,087|
|Less accumulated depreciation and amortization||(295,513||)||(290,364||)||(282,694||)|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued employee compensation||8,883||26,906||9,857|
|Accrued store operating expenses||17,494||14,695||11,665|
|Gift certificates redeemable||17,272||21,199||18,590|
|Income taxes payable||20,437||10,737||13,231|
|Total current liabilities||96,508||98,616||85,482|
|DEFERRED RENT LIABILITY||37,196||37,600||40,066|
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,848,555 shares at April 29, 2017, 48,622,780 shares at January 28, 2017, and 48,623,190 shares at April 30, 2016
|Additional paid-in capital||141,042||139,398||136,743|
|Accumulated other comprehensive loss||(82||)||(82||)||(295||)|
|Total stockholders’ equity||436,257||430,539||425,501|
|Total liabilities and stockholders’ equity||$||583,724||$||579,847||$||564,819|
|(1) Derived from audited financial statements.|