0000885245-13-000006.txt : 20131121 0000885245-13-000006.hdr.sgml : 20131121 20131121152540 ACCESSION NUMBER: 0000885245-13-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131121 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131121 DATE AS OF CHANGE: 20131121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BUCKLE INC CENTRAL INDEX KEY: 0000885245 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-FAMILY CLOTHING STORES [5651] IRS NUMBER: 470366193 STATE OF INCORPORATION: NE FISCAL YEAR END: 0201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12951 FILM NUMBER: 131235249 BUSINESS ADDRESS: STREET 1: 2407 W 24TH ST CITY: KEARNEY STATE: NE ZIP: 68847 BUSINESS PHONE: 3082368491 MAIL ADDRESS: STREET 1: P O BOX 1480 CITY: KEARNEY STATE: NE ZIP: 68848-1480 8-K 1 a20131121-8kdoc.htm THE BUCKLE, INC. 8-K 2013.11.21-8K Doc


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

November 21, 2013
Date of Report (date of earliest event reported)

 THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)

Nebraska
001-12951
47-0366193
(State or other jurisdiction of
(Commission
(I.R.S. Employer
incorporation or organization)
File Number)
Identification No.)


 
2407 West 24th Street, Kearney, Nebraska
68845-4915
 
 
(Address of principal executive offices)
(Zip Code)
 



Registrant's telephone number, including area code:  (308) 236-8491


___________________________________________________________

(Former name, former address and former fiscal year if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





TABLE OF CONTENTS



ITEM 2.02     Results of Operations and Financial Condition

ITEM 9.01(d)     Exhibits

SIGNATURES

EXHIBIT INDEX

EXHIBIT 99.1






ITEM 2.02.     Results of Operations and Financial Condition

On November 21, 2013, The Buckle, Inc. announced financial results for the fiscal quarter ended November 2, 2013. The full text of the press release is furnished as Exhibit 99.1 to this report.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.


ITEM 9.01(d).     Exhibits

Exhibit 99.1    Press Release Dated November 21, 2013




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
The Buckle, Inc.
 
 
Date: November 21, 2013
By: /s/  KAREN B. RHOADS
 
Name: Karen B. Rhoads
 
Title: Vice President of Finance
 
and Chief Financial Officer





EXHIBIT INDEX



Exhibit 99.1
Press Release Dated November 21, 2013


 EX-99.1 2 a20131121-8kexhibit.htm EXHIBIT 99.1 2013.11.21-8K (Exhibit)

Exhibit 99.1
The Buckle, Inc.
 
2407 W. 24th St. Kearney, NE 68845
 
P.O. Box 1480 Kearney, NE 68848-1480
 
phone: 308-236-8491
 
fax: 308-236-4493
 
For Immediate Release: November 21, 2013
web: www.buckle.com

Contact:
Karen B. Rhoads, Chief Financial Officer
 
The Buckle, Inc.
 
(308) 236-8491

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2013 was $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2013 increased 0.9 percent to $286.8 million from net sales of $284.1 million for the prior year 13-week fiscal quarter ended October 27, 2012. Comparable store net sales for the 13-week period ended November 2, 2013 decreased 0.5 percent from comparable store net sales for the prior year 13-week period ended November 3, 2012. Online sales (which are not included in comparable store sales) increased 11.9 percent to $22.0 million for the 13-week period ended November 2, 2013, compared to net sales of $19.6 million for the 13-week period ended October 27, 2012.

Net sales for the 39-week fiscal period ended November 2, 2013 increased 3.4 percent to $789.0 million from net sales of $763.4 million for the prior year 39-week fiscal period ended October 27, 2012. Comparable store net sales year-to-date for the 39-week period ended November 2, 2013 increased 1.2 percent from comparable store net sales for the prior year 39-week period ended November 3, 2012. Online sales (which are not included in comparable store sales) increased 7.9 percent to $59.7 million for the 39-week period ended November 2, 2013, compared to net sales of $55.4 million for the 39-week period ended October 27, 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 39-week periods ended November 3, 2012.

Net income for the third quarter of fiscal 2013 was $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis), compared with $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis) for the third quarter of fiscal 2012.

Net income for the 39-week fiscal period ended November 2, 2013 was $103.3 million, or $2.17 per share ($2.15 per share on a diluted basis), compared with $102.9 million, or $2.18 per share ($2.16 per share on a diluted basis) for the 39-week fiscal period ended October 27, 2012.

Management will hold a conference call at 9:30 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1951 and reference the conference code 307978. A replay of the call will be available for a two-week period beginning November 21, 2013 at 11:30 a.m. EST by calling (800) 475-6701 and entering the conference code 307978.




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 440 stores in 43 states at the end of the third 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 at www.buckle.com on the Internet.

Financial Tables to Follow 




THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
Thirty-nine Weeks Ended
 
November 2,
2013
 
October 27,
2012
 
November 2,
2013
 
October 27,
2012
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
286,761

 
$
284,147

 
$
789,002

 
$
763,392

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
160,536

 
158,732

 
451,283

 
437,279

 
 
 
 
 
 
 
 
Gross profit
126,225

 
125,415

 
337,719

 
326,113

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 

 
 

Selling
51,991

 
49,257

 
144,225

 
137,018

General and administrative
10,176

 
9,995

 
30,776

 
28,520

 
62,167

 
59,252

 
175,001

 
165,538

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
64,058

 
66,163

 
162,718

 
160,575

 
 
 
 
 
 
 
 
OTHER INCOME, Net
361

 
172

 
1,218

 
2,345

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
64,419

 
66,335

 
163,936

 
162,920

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
23,835

 
24,418

 
60,656

 
59,971

 
 
 
 
 
 
 
 
NET INCOME
$
40,584

 
$
41,917

 
$
103,280

 
$
102,949

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

 
 

 
 

Basic
$
0.85

 
$
0.89

 
$
2.17

 
$
2.18

 
 
 
 
 
 
 
 
Diluted
$
0.85

 
$
0.88

 
$
2.15

 
$
2.16

 
 
 
 
 
 
 
 
Basic weighted average shares
47,707

 
47,358

 
47,703

 
47,307

Diluted weighted average shares
47,984

 
47,689

 
47,959

 
47,650







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
November 2,
2013
 
February 2,
2013 (1)
 
October 27,
2012
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
130,841

 
$
117,608

 
$
213,036

Short-term investments
25,455

 
26,414

 
31,705

Receivables
7,866

 
3,470

 
7,906

Inventory
146,290

 
103,853

 
134,507

Prepaid expenses and other assets
29,017

 
25,528

 
18,079

Total current assets
339,469

 
276,873

 
405,233

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
395,272

 
373,286

 
376,527

Less accumulated depreciation and amortization
(230,386
)
 
(210,183
)
 
(205,965
)
 
164,886

 
163,103

 
170,562

 


 


 
 
LONG-TERM INVESTMENTS
39,307

 
35,735

 
33,847

OTHER ASSETS
2,121

 
2,263

 
2,254

 
 
 
 
 
 
 
$
545,783

 
$
477,974

 
$
611,896

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
49,079

 
$
34,124

 
$
38,249

Accrued employee compensation
25,781

 
42,183

 
28,126

Accrued store operating expenses
12,738

 
10,121

 
11,625

Gift certificates redeemable
15,152

 
22,221

 
13,381

Income taxes payable
10,623

 
20,307

 
12,521

Total current liabilities
113,373

 
128,956

 
103,902

 
 
 
 
 
 
DEFERRED COMPENSATION
12,626

 
10,600

 
10,065

DEFERRED RENT LIABILITY
37,488

 
36,947

 
37,093

OTHER LIABILITIES
10,432

 
11,822

 
12,351

Total liabilities
173,919

 
188,325

 
163,411

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 
Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,329,282 shares at November 2, 2013, 48,059,269
  shares at February 2, 2013, and 47,941,952 shares at October 27, 2012
483

 
481

 
479

Additional paid-in capital
125,158

 
117,391

 
111,398

Retained earnings
246,995

 
172,711

 
337,232

Accumulated other comprehensive loss
(772
)
 
(934
)
 
(624
)
Total stockholders’ equity
371,864

 
289,649

 
448,485

 
 
 
 
 
 
 
$
545,783

 
$
477,974

 
$
611,896

 
 
 
 
 
 
(1) Derived from audited financial statements.
 
 
 
 
 




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