EX-99.1 2 bke20150502-8kexhibit.htm EXHIBIT 99.1 BKE 2015.05.02-8K (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 21, 2015
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 2, 2015 was $33.6 million, or $0.70 per share ($0.70 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 2, 2015 decreased 0.1 percent to $271.3 million from net sales of $271.7 million for the prior year 13-week fiscal quarter ended May 3, 2014. Comparable store net sales for the 13-week period ended May 2, 2015 decreased 2.2 percent from comparable store net sales for the prior year 13-week period ended May 3, 2014. Online sales increased 12.9 percent to $24.2 million for the 13-week period ended May 2, 2015, compared to net sales of $21.4 million for the 13-week period ended May 3, 2014.

Net income for the first quarter of fiscal 2015 was $33.6 million, or $0.70 per share ($0.70 per share on a diluted basis), compared with $37.3 million, or $0.78 per share ($0.78 per share on a diluted basis) for the first quarter of fiscal 2014.

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) 230-1085 and reference the conference code 359495. 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 359495.

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 463 retail stores in 44 states. As of the end of the fiscal quarter, it operated 463 stores in 44 states compared with 450 stores in 43 states at the end of the first quarter 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.

Financial Tables to Follow 




THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
 
 
 
Thirteen Weeks Ended
 
May 2,
2015
 
May 3,
2014
 
 
 
 
SALES, Net of returns and allowances
$
271,345

 
$
271,675

 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
157,748

 
154,475

 
 
 
 
Gross profit
113,597

 
117,200

 
 
 
 
OPERATING EXPENSES:
 
 
 
Selling
49,154

 
47,794

General and administrative
11,638

 
10,194

 
60,792

 
57,988

 
 
 
 
INCOME FROM OPERATIONS
52,805

 
59,212

 
 
 
 
OTHER INCOME, Net
736

 
345

 
 
 
 
INCOME BEFORE INCOME TAXES
53,541

 
59,557

 
 
 
 
PROVISION FOR INCOME TAXES
19,971

 
22,215

 
 
 
 
NET INCOME
$
33,570

 
$
37,342

 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

Basic
$
0.70

 
$
0.78

 
 
 
 
Diluted
$
0.70

 
$
0.78

 
 
 
 
Basic weighted average shares
48,074

 
47,886

Diluted weighted average shares
48,188

 
48,049








THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
May 2,
2015
 
January 31,
2015 (1)
 
May 3,
2014
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
134,632

 
$
133,708

 
$
169,716

Short-term investments
22,792

 
25,857

 
22,092

Receivables
6,627

 
8,567

 
4,832

Inventory
129,626

 
129,921

 
119,206

Prepaid expenses and other assets
27,552

 
26,536

 
28,560

Total current assets
321,229

 
324,589

 
344,406

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
436,393

 
427,915

 
400,624

Less accumulated depreciation and amortization
(260,193
)
 
(255,252
)
 
(239,964
)
 
176,200

 
172,663

 
160,660

 


 


 
 
LONG-TERM INVESTMENTS
45,103

 
43,698

 
45,987

OTHER ASSETS
2,043

 
2,043

 
2,151

 
 
 
 
 
 
 
$
544,575

 
$
542,993

 
$
553,204

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
38,778

 
$
35,714

 
$
36,439

Accrued employee compensation
12,037

 
36,920

 
12,904

Accrued store operating expenses
11,399

 
9,984

 
10,529

Gift certificates redeemable
19,402

 
23,992

 
18,794

Income taxes payable
19,265

 
15,661

 
21,415

Total current liabilities
100,881

 
122,271

 
100,081

 
 
 
 
 
 
DEFERRED COMPENSATION
13,541

 
14,261

 
13,724

DEFERRED RENT LIABILITY
39,940

 
40,566

 
38,231

OTHER LIABILITIES
10,192

 
10,617

 
10,270

Total liabilities
164,554

 
187,715

 
162,306

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,532,213 shares at May 2, 2015, 48,379,613
  shares at January 31, 2015, and 48,374,622 shares at May 3, 2014
485

 
484

 
484

Additional paid-in capital
133,446

 
131,112

 
126,401

Retained earnings
246,519

 
224,111

 
264,851

Accumulated other comprehensive loss
(429
)
 
(429
)
 
(838
)
Total stockholders’ equity
380,021

 
355,278

 
390,898

 
 
 
 
 
 
 
$
544,575

 
$
542,993

 
$
553,204

 
 
 
 
 
 
(1) Derived from audited financial statements.