EX-99.1 2 bke20140522-8kexhibit.htm EXHIBIT 99.1 BKE 2014.05.22-8K (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: May 22, 2014
web: www.buckle.com

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

THE BUCKLE, INC. REPORTS FIRST QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 3, 2014 was $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 3, 2014 increased 0.7 percent to $271.7 million from net sales of $269.7 million for the prior year 13-week fiscal quarter ended May 4, 2013. Comparable store net sales for the 13-week period ended May 3, 2014 decreased 0.9 percent from comparable store net sales for the prior year 13-week period ended May 4, 2013. Online sales (which are not included in comparable store sales) increased 2.5 percent to $21.4 million for the 13-week period ended May 3, 2014, compared to net sales of $20.9 million for the 13-week period ended May 4, 2013.

Net income for the first quarter of fiscal 2014 was $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis), compared with $37.6 million, or $0.79 per share ($0.78 per share on a diluted basis) for the first quarter of fiscal 2013.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1074 and reference the conference code 326712. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 326712.

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 450 stores in 43 states compared with 443 stores in 43 states at the end of the first quarter of fiscal 2013.
  
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
 
May 3,
2014
 
May 4,
2013
 
 
 
 
SALES, Net of returns and allowances
$
271,675

 
$
269,712

 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
154,475

 
152,705

 
 
 
 
Gross profit
117,200

 
117,007

 
 
 
 
OPERATING EXPENSES:
 
 
 
Selling
47,794

 
47,290

General and administrative
10,194

 
10,460

 
57,988

 
57,750

 
 
 
 
INCOME FROM OPERATIONS
59,212

 
59,257

 
 
 
 
OTHER INCOME, Net
345

 
350

 
 
 
 
INCOME BEFORE INCOME TAXES
59,557

 
59,607

 
 
 
 
PROVISION FOR INCOME TAXES
22,215

 
22,055

 
 
 
 
NET INCOME
$
37,342

 
$
37,552

 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

Basic
$
0.78

 
$
0.79

 
 
 
 
Diluted
$
0.78

 
$
0.78

 
 
 
 
Basic weighted average shares
47,886

 
47,698

Diluted weighted average shares
48,049

 
47,933








THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
May 3,
2014
 
February 1,
2014 (1)
 
May 4,
2013
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
169,716

 
$
164,868

 
$
116,601

Short-term investments
22,092

 
20,197

 
27,566

Receivables
4,832

 
4,318

 
4,176

Inventory
119,206

 
124,141

 
105,894

Prepaid expenses and other assets
28,560

 
28,613

 
26,506

Total current assets
344,406

 
342,137

 
280,743

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
400,624

 
393,656

 
383,901

Less accumulated depreciation and amortization
(239,964
)
 
(235,087
)
 
(217,396
)
 
160,660

 
158,569

 
166,505

 


 


 
 
LONG-TERM INVESTMENTS
45,987

 
43,436

 
36,094

OTHER ASSETS
2,151

 
2,151

 
2,265

 
 
 
 
 
 
 
$
553,204

 
$
546,293

 
$
485,607

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
36,439

 
$
37,147

 
$
40,746

Accrued employee compensation
12,904

 
36,933

 
13,435

Accrued store operating expenses
10,529

 
9,983

 
10,703

Gift certificates redeemable
18,794

 
23,131

 
17,674

Income taxes payable
21,415

 
16,187

 
21,062

Total current liabilities
100,081

 
123,381

 
103,620

 
 
 
 
 


DEFERRED COMPENSATION
13,724

 
12,797

 
11,890

DEFERRED RENT LIABILITY
38,231

 
37,564

 
38,441

OTHER LIABILITIES
10,270

 
10,621

 
11,331

Total liabilities
162,306

 
184,363

 
165,282

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 
Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,374,622 shares at May 3, 2014, 48,336,392
  shares at February 1, 2014, and 48,322,955 shares at May 4, 2013
484

 
483

 
483

Additional paid-in capital
126,401

 
124,134

 
120,170

Retained earnings
264,851

 
238,151

 
200,598

Accumulated other comprehensive loss
(838
)
 
(838
)
 
(926
)
Total stockholders’ equity
390,898

 
361,930

 
320,325

 
 
 
 
 
 
 
$
553,204

 
$
546,293

 
$
485,607

 
 
 
 
 
 
(1) Derived from audited financial statements.