Nebraska
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001-12951
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47-0366193
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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File Number)
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Identification No.)
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2407 West 24th Street, Kearney, Nebraska
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68845-4915 |
(Address of principal executive offices)
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(Zip Code)
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The Buckle, Inc.
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Date: November 15, 2012
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By: /s/
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KAREN B. RHOADS
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Name: Karen B. Rhoads
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Title: Vice President of Finance
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and Chief Financial Officer
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The Buckle, Inc.
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2407 W. 24th St. Kearney, NE 68845
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P.O. Box 1480 Kearney, NE 68848-1480
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phone: 308-236-8491
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fax: 308-236-4493
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For Immediate Release: November 15, 2012
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web: www.buckle.com
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Contact: |
Karen B. Rhoads, Chief Financial Officer
The Buckle, Inc.
308/236-8491
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THE BUCKLE, INC.
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CONSOLIDATED STATEMENTS OF INCOME
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(Amounts in Thousands Except Per Share Amounts)
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(Unaudited)
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Thirteen Weeks Ended
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Thirty-nine Weeks Ended
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October 27,
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October 29,
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October 27,
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October 29,
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2012
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2011
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2012
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2011
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SALES, Net of returns and allowances
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$ | 284,147 | $ | 273,400 | $ | 763,392 | $ | 725,870 | ||||||||
COST OF SALES (Including buying,
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distribution, and occupancy costs)
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158,732 | 154,735 | 437,279 | 417,116 | ||||||||||||
Gross profit
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125,415 | 118,665 | 326,113 | 308,754 | ||||||||||||
OPERATING EXPENSES:
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Selling
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49,257 | 50,144 | 137,018 | 135,303 | ||||||||||||
General and administrative
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9,995 | 8,146 | 28,520 | 24,947 | ||||||||||||
59,252 | 58,290 | 165,538 | 160,250 | |||||||||||||
INCOME FROM OPERATIONS
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66,163 | 60,375 | 160,575 | 148,504 | ||||||||||||
OTHER INCOME, Net
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172 | 313 | 2,345 | 2,431 | ||||||||||||
INCOME BEFORE INCOME TAXES
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66,335 | 60,688 | 162,920 | 150,935 | ||||||||||||
PROVISION FOR INCOME TAXES
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24,418 | 22,339 | 59,971 | 55,559 | ||||||||||||
NET INCOME
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$ | 41,917 | $ | 38,349 | $ | 102,949 | $ | 95,376 | ||||||||
EARNINGS PER SHARE:
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Basic
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$ | 0.89 | $ | 0.82 | $ | 2.18 | $ | 2.04 | ||||||||
Diluted
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$ | 0.88 | $ | 0.81 | $ | 2.16 | $ | 2.02 | ||||||||
Basic weighted average shares
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47,358 | 46,831 | 47,307 | 46,801 | ||||||||||||
Diluted weighted average shares
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47,689 | 47,342 | 47,650 | 47,306 |
THE BUCKLE, INC.
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CONSOLIDATED BALANCE SHEETS
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(Amounts in Thousands Except Share and Per Share Amounts)
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(Unaudited)
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October 27,
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January 28,
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October 29,
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ASSETS
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2012
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2012 (1)
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2011
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 213,036 | $ | 166,511 | $ | 47,956 | ||||||
Short-term investments
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31,705 | 29,998 | 30,411 | |||||||||
Receivables
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7,906 | 4,584 | 8,469 | |||||||||
Inventory
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134,507 | 104,209 | 140,781 | |||||||||
Prepaid expenses and other assets
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18,079 | 14,825 | 15,633 | |||||||||
Total current assets
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405,233 | 320,127 | 243,250 | |||||||||
PROPERTY AND EQUIPMENT:
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376,527 | 358,866 | 359,612 | |||||||||
Less accumulated depreciation and amortization
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(205,965 | ) | (189,832 | ) | (184,996 | ) | ||||||
170,562 | 169,034 | 174,616 | ||||||||||
LONG-TERM INVESTMENTS
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33,847 | 39,985 | 49,135 | |||||||||
OTHER ASSETS
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2,254 | 2,393 | 2,363 | |||||||||
$ | 611,896 | $ | 531,539 | $ | 469,364 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$ | 38,249 | $ | 27,416 | $ | 41,219 | ||||||
Accrued employee compensation
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28,126 | 42,854 | 29,857 | |||||||||
Accrued store operating expenses
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11,625 | 11,125 | 11,493 | |||||||||
Gift certificates redeemable
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13,381 | 20,286 | 11,232 | |||||||||
Income taxes payable
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12,521 | 8,150 | 9,662 | |||||||||
Total current liabilities
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103,902 | 109,831 | 103,463 | |||||||||
DEFERRED COMPENSATION
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10,065 | 8,581 | 8,330 | |||||||||
DEFERRED RENT LIABILITY
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37,093 | 36,503 | 37,352 | |||||||||
OTHER LIABILITIES
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12,351 | 13,477 | 6,904 | |||||||||
Total liabilities
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163,411 | 168,392 | 156,049 | |||||||||
COMMITMENTS
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STOCKHOLDERS’ EQUITY:
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Common stock, authorized 100,000,000 shares of $.01 par value;
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issued and outstanding; 47,941,952 shares at October 27, 2012, 47,432,089
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shares at January 28, 2012, and 47,403,165 shares at October 29, 2011
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479 | 474 | 474 | |||||||||
Additional paid-in capital
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111,398 | 100,333 | 96,953 | |||||||||
Retained earnings
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337,232 | 263,039 | 216,445 | |||||||||
Accumulated other comprehensive loss
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(624 | ) | (699 | ) | (557 | ) | ||||||
Total stockholders’ equity
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448,485 | 363,147 | 313,315 | |||||||||
$ | 611,896 | $ | 531,539 | $ | 469,364 | |||||||
(1) Derived from audited financial statements.
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