BUCKLE INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 22, 2013

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8-K - THE BUCKLE, INC. 8-K - BUCKLE INCbke-2013822x8k.htm

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: August 22, 2013
web: www.buckle.com

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

THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2013 increased 7.9 percent to $232.5 million from net sales of $215.5 million for the prior year 13-week fiscal quarter ended July 28, 2012. Comparable store net sales for the 13-week period ended August 3, 2013 increased 3.2 percent from comparable store net sales for the prior year 13-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.3 percent to $16.8 million for the 13-week period ended August 3, 2013, compared to net sales of $16.0 million for the 13-week period ended July 28, 2012.

Net sales for the 26-week fiscal period ended August 3, 2013 increased 4.8 percent to $502.2 million from net sales of $479.2 million for the prior year 26-week fiscal period ended July 28, 2012. Comparable store net sales year-to-date for the 26-week period ended August 3, 2013 increased 2.2 percent from comparable store net sales for the prior year 26-week period ended August 4, 2012. Online sales (which are not included in comparable store sales) increased 5.7 percent to $37.7 million for the 26-week period ended August 3, 2013, compared to net sales of $35.7 million for the 26-week period ended July 28, 2012.

Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended August 4, 2012.

Net income for the second quarter of fiscal 2013 was $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis), compared with $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis) for the second quarter of fiscal 2012.

Net income for the 26-week fiscal period ended August 3, 2013 was $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis), compared with $61.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 26-week fiscal period ended July 28, 2012.

Management will hold a conference call at 11:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 553-0326 and reference the conference code 300050. A replay of the call will be available for a two-week period beginning August 22, 2013 at 1:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 300050.




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 452 stores in 43 states compared with 439 stores in 43 states at the end of the second quarter of fiscal 2012.
  
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
 
Twenty-Six Weeks Ended
 
August 3,
2013
 
July 28,
2012
 
August 3,
2013
 
July 28,
2012
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
232,529

 
$
215,483

 
$
502,241

 
$
479,245

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and
   occupancy costs)
138,042

 
128,980

 
290,747

 
278,547

 
 
 
 
 
 
 
 
Gross profit
94,487

 
86,503

 
211,494

 
200,698

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 

 
 

Selling
44,944

 
41,491

 
92,234

 
87,761

General and administrative
10,140

 
8,622

 
20,600

 
18,525

 
55,084

 
50,113

 
112,834

 
106,286

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
39,403

 
36,390

 
98,660

 
94,412

 
 
 
 
 
 
 
 
OTHER INCOME, Net
507

 
361

 
857

 
2,173

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
39,910

 
36,751

 
99,517

 
96,585

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
14,766

 
13,528

 
36,821

 
35,553

 
 
 
 
 
 
 
 
NET INCOME
$
25,144

 
$
23,223

 
$
62,696

 
$
61,032

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

 
 

 
 

Basic
$
0.53

 
$
0.49

 
$
1.31

 
$
1.29

 
 
 
 
 
 
 
 
Diluted
$
0.52

 
$
0.49

 
$
1.31

 
$
1.28

 
 
 
 
 
 
 
 
Basic weighted average shares
47,705

 
47,343

 
47,701

 
47,281

Diluted weighted average shares
47,961

 
47,662

 
47,947

 
47,630







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
August 3,
2013
 
February 2,
2013(1)
 
July 28,
2012
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
103,054

 
$
117,608

 
$
166,020

Short-term investments
25,711

 
26,414

 
31,720

Receivables
6,885

 
3,470

 
7,724

Inventory
133,550

 
103,853

 
124,506

Prepaid expenses and other assets
27,623

 
25,528

 
17,177

Total current assets
296,823

 
276,873

 
347,147

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
389,945

 
373,286

 
374,076

Less accumulated depreciation and amortization
(223,095
)
 
(210,183
)
 
(200,802
)
 
166,850

 
163,103

 
173,274

 
 
 
 
 
 
LONG-TERM INVESTMENTS
39,501

 
35,735

 
35,663

OTHER ASSETS
2,194

 
2,263

 
2,323

 
 
 
 
 
 
 
$
505,368

 
$
477,974

 
$
558,407

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
56,522

 
$
34,124

 
$
44,648

Accrued employee compensation
20,688

 
42,183

 
16,963

Accrued store operating expenses
10,980

 
10,121

 
9,067

Gift certificates redeemable
15,968

 
22,221

 
13,877

Income taxes payable
1,433

 
20,307

 
—

Total current liabilities
105,591

 
128,956

 
84,555

 
 
 
 
 
 
DEFERRED COMPENSATION
12,303

 
10,600

 
9,823

DEFERRED RENT LIABILITY
38,096

 
36,947

 
37,707

OTHER LIABILITIES
10,926

 
11,822

 
12,681

Total liabilities
166,916

 
188,325

 
144,766

 
 
 
 
 
 
COMMITMENTS
 

 
 

 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 
Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,326,124 shares at August 3, 2013, 48,059,269
  shares at February 2, 2013, and 47,921,197 shares at July 28, 2012
483

 
481

 
479

Additional paid-in capital
122,664

 
117,391

 
108,947

Retained earnings
216,077

 
172,711

 
304,903

Accumulated other comprehensive loss
(772
)
 
(934
)
 
(688
)
Total stockholders’ equity
338,452

 
289,649

 
413,641

 
 
 
 
 
 
 
$
505,368

 
$
477,974

 
$
558,407

 
 
 
 
 
 
(1) Derived from audited financial statements.
 
 
 
 
 




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