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The Buckle, Inc. Reports First Quarter Net Income

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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.

THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)

Thirteen Weeks Ended
May 2, May 3,
2015 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)

May 2,

January 31,

May 3,

ASSETS 2015 2015 (1) 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.

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