BUCKLE INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - March 14, 2014

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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: March 14, 2014
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 2013 NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2014 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis). Net income for the fiscal year February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2014 decreased 6.0 percent to $339.0 million from net sales of $360.6 million for the prior year 14-week fiscal quarter ended February 2, 2013. Comparable store net sales for the 13-week period ended February 1, 2014 decreased 2.8 percent from comparable store net sales for the prior year 13-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 0.4 percent to $29.3 million for the 13-week period ended February 1, 2014, compared to net sales of $29.1 million for the 14-week period ended February 2, 2013.
  
Net sales for the 52-week fiscal year ended February 1, 2014 increased 0.4 percent to $1.128 billion from net sales of $1.124 billion for the 53-week fiscal year ended February 2, 2013. Comparable store net sales for the 52-week period ended February 1, 2014 were flat in comparison to the prior year 52-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 5.3 percent to $89.0 million for the 52-week period ended February 1, 2014, compared to net sales of $84.5 million for the 53-week period ended February 2, 2013.

The fourth quarter of fiscal 2013 was a 13-week fiscal period, ending The Buckle, Inc.’s 52-week fiscal year. The fourth quarter of fiscal 2012 was a 14-week fiscal period, ending a 53-week fiscal year. Comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 52-week periods ended February 2, 2013.

Net income for the fourth quarter of fiscal 2013 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis), compared with $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis) for the fourth quarter of fiscal 2012.

Net income for the fiscal year ended February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis), compared with $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis) for the fiscal year ended February 2, 2013.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (888) 276-0005 and reference the conference code 321394. A replay of the call will be available for a two-week period beginning March 14, 2014 at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 321394.





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 450 retail stores in 43 states. As of the end of the fiscal year, it operated 450 stores in 43 states compared with 440 stores in 43 states at the end 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)
 
 
 
 
 
 
 
 
 
13-Weeks Ended
 
14-Weeks Ended
 
52-Weeks Ended
 
53-Weeks Ended
 
February 1, 2014
 
February 2, 2013
 
February 1, 2014
 
February 2, 2013
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
338,999

 
$
360,615

 
$
1,128,001

 
$
1,124,007

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
177,573

 
187,413

 
628,856

 
624,692

 
 
 
 
 
 
 
 
Gross profit
161,426

 
173,202

 
499,145

 
499,315

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 

 
 

 
 

Selling
62,668

 
64,945

 
206,893

 
201,963

General and administrative
4,482

 
10,657

 
35,258

 
39,177

 
67,150

 
75,602

 
242,151

 
241,140

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
94,276

 
97,600

 
256,994

 
258,175

 
 
 
 
 
 
 
 
OTHER INCOME, Net
2,244

 
1,179

 
3,462

 
3,524

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
96,520

 
98,779

 
260,456

 
261,699

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
37,216

 
37,423

 
97,872

 
97,394

 
 
 
 
 
 
 
 
NET INCOME
$
59,304

 
$
61,356

 
$
162,584

 
$
164,305

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE
 
 
 

 
 

 
 

Basic
$
1.24

 
$
1.29

 
$
3.41

 
$
3.47

 
 
 
 
 
 
 
 
Diluted
$
1.23

 
$
1.28

 
$
3.39

 
$
3.44

 
 
 
 
 
 
 
 
Basic weighted average shares
47,868

 
47,613

 
47,744

 
47,383

Diluted weighted average shares
48,026

 
47,893

 
47,976

 
47,710







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
ASSETS
February 1,
2014
 
February 2, 2013(1)
 
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
164,868

 
$
117,608

Short-term investments
20,197

 
26,414

Receivables
4,318

 
3,470

Inventory
124,141

 
103,853

Prepaid expenses and other assets
28,613

 
25,528

Total current assets
342,137

 
276,873

 
 
 
 
PROPERTY AND EQUIPMENT
393,656

 
373,286

Less accumulated depreciation and amortization
(235,087
)
 
(210,183
)
 
158,569

 
163,103

 


 


LONG-TERM INVESTMENTS
43,436

 
35,735

OTHER ASSETS
2,151

 
2,263

 
 
 
 
 
$
546,293

 
$
477,974

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
CURRENT LIABILITIES:
 

 
 

Accounts payable
$
37,147

 
$
34,124

Accrued employee compensation
36,933

 
42,183

Accrued store operating expenses
9,983

 
10,121

Gift certificates redeemable
23,131

 
22,221

Income taxes payable
16,187

 
20,307

Total current liabilities
123,381

 
128,956

 
 
 
 
DEFERRED COMPENSATION
12,797

 
10,600

DEFERRED RENT LIABILITY
37,564

 
36,947

OTHER LIABILITIES
10,621

 
11,822

Total liabilities
184,363

 
188,325

 
 
 
 
COMMITMENTS
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value; 48,336,392 and 48,059,269 shares issued and outstanding at February 1, 2014 and February 2, 2013, respectively
483

 
481

Additional paid-in capital
124,134

 
117,391

Retained earnings
238,151

 
172,711

Accumulated other comprehensive loss
(838
)
 
(934
)
Total stockholders’ equity
361,930

 
289,649

 
 
 
 
 
$
546,293

 
$
477,974

 
 
 
 
(1) Derived from audited financial statements
 
 
 



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