EX-99.1 2 a50590364ex99_1.htm EXHIBIT 99.1 a50590364ex99_1.htm
Exhibit 99.1
 
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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:   March 14, 2013
web:  www.buckle.com
 
Contact: Karen B. Rhoads, Chief Financial Officer
  The Buckle, Inc.
  (308) 236-8491
            
THE BUCKLE, INC. REPORTS FOURTH QUARTER
AND FISCAL YEAR 2012 NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 2, 2013 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis).  Net income for the fiscal year February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 2, 2013 increased 7.0 percent to $360.6 million from net sales of $337.1 million for the prior year 13-week fiscal quarter ended January 28, 2012. Comparable store net sales for the 14-week period ended February 2, 2013 were flat in comparison to comparable store net sales for the prior year 14-week period ended February 4, 2012.  Online sales (which are not included in comparable store sales) increased 5.4 percent to $29.1 million for the 14-week period ended February 2, 2013, compared to net sales of $27.6 million for the 13-week period ended January 28, 2012.
 
Net sales for the 53-week fiscal year ended February 2, 2013 increased 5.7 percent to $1.124 billion from net sales of $1.063 billion for the 52-week fiscal year ended January 28, 2012.  Comparable store net sales for the 53-week period ended February 2, 2013 increased 2.1 percent from comparable store net sales for the prior year 53-week period ended February 4, 2012.  Online sales (which are not included in comparable store sales) increased 8.4 percent to $84.5 million for the 53-week period ended February 2, 2013, compared to net sales of $78.0 million for the 52-week period ended January 28, 2012.

Net income for the fourth quarter of fiscal 2012 was $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $56.1 million, or $1.19 per share ($1.18 per share on a diluted basis) for the fourth quarter of fiscal 2011.

Net income for the fiscal year ended February 2, 2013 was $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis), compared with $151.5 million, or $3.23 per share ($3.20 per share on a diluted basis) for the fiscal year ended January 28, 2012.

Management will hold a conference call at 9:30 a.m. EDT today to discuss fourth quarter results.  To participate in the call, please call (800) 288-9626 and reference the conference code 284873.  A replay of the call will be available for a two-week period beginning March 14, 2013 at 11:30 a.m. EDT by calling (800) 475-6701 and entering the conference code 284873.

 
 

 

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 441 retail stores in 43 states.  As of the end of the fiscal year, it operated 440 stores in 43 states compared with 431 stores in 43 states at the end of fiscal 2011.

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)
                       
                         
                         
   
14-Weeks Ended
   
13-Weeks Ended
   
53-Weeks Ended
   
52-Weeks Ended
 
   
February 2, 2013
   
January 28, 2012
   
February 2, 2013
   
January 28, 2012
 
                         
SALES, Net of returns and allowances
  $ 360,615     $ 337,076     $ 1,124,007     $ 1,062,946  
                                 
COST OF SALES (Including buying,
                               
  distribution, and occupancy costs)
    187,413       177,175       624,692       594,291  
                                 
           Gross profit
    173,202       159,901       499,315       468,655  
                                 
OPERATING EXPENSES:
                               
  Selling
    64,945       59,991       201,963       195,294  
  General and administrative
    10,657       12,094       39,177       37,041  
      75,602       72,085       241,140       232,335  
                                 
INCOME FROM OPERATIONS
    97,600       87,816       258,175       236,320  
                                 
OTHER INCOME, Net
    1,179       1,730       3,524       4,161  
                                 
INCOME BEFORE INCOME TAXES
    98,779       89,546       261,699       240,481  
                                 
PROVISION FOR INCOME TAXES
    37,423       33,466       97,394       89,025  
                                 
NET INCOME
  $ 61,356     $ 56,080     $ 164,305     $ 151,456  
                                 
                                 
EARNINGS PER SHARE:
                               
  Basic
  $ 1.29     $ 1.19     $ 3.47     $ 3.23  
                                 
  Diluted
  $ 1.28     $ 1.18     $ 3.44     $ 3.20  
                                 
Basic weighted average shares
    47,613       47,035       47,383       46,859  
Diluted weighted average shares
    47,893       47,518       47,710       47,359  
 
 
 

 
 
THE BUCKLE, INC.
           
             
CONSOLIDATED BALANCE SHEETS
           
(Amounts in Thousands Except Share and Per Share Amounts)
           
(Unaudited)
           
             
             
   
February 2,
   
January 28,
 
ASSETS
 
2013
   
2012 (1)
 
             
CURRENT ASSETS:
           
  Cash and cash equivalents
  $ 117,608     $ 166,511  
  Short-term investments
    26,414       29,998  
  Receivables
    3,470       4,584  
  Inventory
    103,853       104,209  
  Prepaid expenses and other assets
    25,528       14,825  
           Total current assets
    276,873       320,127  
                 
PROPERTY AND EQUIPMENT:
    373,286       358,866  
  Less accumulated depreciation and amortization
    (210,183 )     (189,832 )
      163,103       169,034  
                 
LONG-TERM INVESTMENTS
    35,735       39,985  
OTHER ASSETS
    2,263       2,393  
                 
    $ 477,974     $ 531,539  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
                 
CURRENT LIABILITIES:
               
  Accounts payable
  $ 34,124     $ 27,416  
  Accrued employee compensation
    42,183       42,854  
  Accrued store operating expenses
    10,121       11,125  
  Gift certificates redeemable
    22,221       20,286  
  Income taxes payable
    20,307       8,150  
           Total current liabilities
    128,956       109,831  
                 
DEFERRED COMPENSATION
    10,600       8,581  
DEFERRED RENT LIABILITY
    36,947       36,503  
OTHER LIABILITIES
    11,822       13,477  
           Total liabilities
    188,325       168,392  
                 
COMMITMENTS
               
                 
STOCKHOLDERS’ EQUITY:
               
  Common stock, authorized 100,000,000 shares of $.01 par value;
               
     48,059,269 and 47,432,089 shares issued and outstanding
               
     at February 2, 2013 and January 28, 2012, respectively
    481       474  
  Additional paid-in capital
    117,391       100,333  
  Retained earnings
    172,711       263,039  
  Accumulated other comprehensive loss
    (934 )     (699 )
           Total stockholders’ equity
    289,649       363,147  
                 
    $ 477,974     $ 531,539  
                 
(1) Derived from audited financial statements.