BUCKLE INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - November 20, 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: November 20, 2014
web: www.buckle.com

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

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 1, 2014 was $40.6 million, or $0.85 per share ($0.84 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 1, 2014 increased 1.9 percent to $292.2 million from net sales of $286.8 million for the prior year 13-week fiscal quarter ended November 2, 2013. Comparable store net sales for the 13-week period ended November 1, 2014 decreased 0.3 percent from comparable store net sales for the prior year 13-week period ended November 2, 2013. Online sales (which are not included in comparable store sales) increased 3.8 percent to $22.8 million for the 13-week period ended November 1, 2014, compared to net sales of $22.0 million for the 13-week period ended November 2, 2013.

Net sales for the 39-week fiscal period ended November 1, 2014 increased 1.3 percent to $799.6 million from net sales of $789.0 million for the prior year 39-week fiscal period ended November 2, 2013. Comparable store net sales for the 39-week period ended November 1, 2014 decreased 0.5 percent from comparable store net sales for the prior year 39-week period ended November 2, 2013. Online sales (which are not included in comparable store sales) increased 2.8 percent to $61.4 million for the 39-week period ended November 1, 2014, compared to net sales of $59.7 million for the 39-week period ended November 2, 2013.

Net income for the third quarter of fiscal 2014 was $40.6 million, or $0.85 per share ($0.84 per share on a diluted basis), compared with $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis) for the third quarter of fiscal 2013.

Net income for the 39-week fiscal period ended November 1, 2014 was $102.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with $103.3 million, or $2.17 per share ($2.15 per share on a diluted basis) for the 39-week period ended November 2, 2013.

Management will hold a conference call at 9:30 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 and reference the conference code 343649. A replay of the call will be available for a two-week period beginning today at 11:30 a.m. EST by calling (800) 475-6701 and entering the conference code 343649.

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 461 stores in 44 states compared with 452 stores in 43 states at the end of the third quarter of fiscal 2013.
  



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
 
Thirty-Nine Weeks Ended
 
November 1,
2014
 
November 2,
2013
 
November 1,
2014
 
November 2,
2013
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
292,201

 
$
286,761

 
$
799,601

 
$
789,002

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
164,409

 
160,536

 
459,684

 
451,283

 
 
 
 
 
 
 
 
Gross profit
127,792

 
126,225

 
339,917

 
337,719

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 

 
 

Selling
52,950

 
51,991

 
147,055

 
144,225

General and administrative
10,289

 
10,176

 
30,326

 
30,776

 
63,239

 
62,167

 
177,381

 
175,001

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
64,553

 
64,058

 
162,536

 
162,718

 
 
 
 
 
 
 
 
OTHER INCOME, Net
226

 
361

 
831

 
1,218

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
64,779

 
64,419

 
163,367

 
163,936

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
24,163

 
23,835

 
60,936

 
60,656

 
 
 
 
 
 
 
 
NET INCOME
$
40,616

 
$
40,584

 
$
102,431

 
$
103,280

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

 
 
 
 
Basic
$
0.85

 
$
0.85

 
$
2.14

 
$
2.17

 
 
 
 
 
 
 
 
Diluted
$
0.84

 
$
0.85

 
$
2.13

 
$
2.15

 
 
 
 
 
 
 
 
Basic weighted average shares
47,891

 
47,707

 
47,890

 
47,703

Diluted weighted average shares
48,079

 
47,984

 
48,064

 
47,959







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
November 1,
2014
 
February 1,
2014 (1)
 
November 2,
2013
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
182,267

 
$
164,868

 
$
130,841

Short-term investments
25,811

 
20,197

 
25,455

Receivables
13,052

 
4,318

 
7,866

Inventory
147,221

 
124,141

 
146,290

Prepaid expenses and other assets
31,667

 
28,613

 
29,017

Total current assets
400,018

 
342,137

 
339,469

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
420,868

 
393,656

 
395,272

Less accumulated depreciation and amortization
(249,556
)
 
(235,087
)
 
(230,386
)
 
171,312

 
158,569

 
164,886

 


 


 
 
LONG-TERM INVESTMENTS
44,310

 
43,436

 
39,307

OTHER ASSETS
2,013

 
2,151

 
2,121

 
 
 
 
 
 
 
$
617,653

 
$
546,293

 
$
545,783

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
53,501

 
$
37,147

 
$
49,079

Accrued employee compensation
24,484

 
36,933

 
25,781

Accrued store operating expenses
13,018

 
9,983

 
12,738

Gift certificates redeemable
15,943

 
23,131

 
15,152

Income taxes payable
7,978

 
16,187

 
10,623

Total current liabilities
114,924

 
123,381

 
113,373

 
 
 
 
 
 
DEFERRED COMPENSATION
14,248

 
12,797

 
12,626

DEFERRED RENT LIABILITY
40,212

 
37,564

 
37,488

OTHER LIABILITIES
9,618

 
10,621

 
10,432

Total liabilities
179,002

 
184,363

 
173,919

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 
Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,374,622 shares at November 1, 2014, 48,336,392
  shares at February 1, 2014, and 48,329,282 shares at November 2, 2013
484

 
483

 
483

Additional paid-in capital
130,266

 
124,134

 
125,158

Retained earnings
308,654

 
238,151

 
246,995

Accumulated other comprehensive loss
(753
)
 
(838
)
 
(772
)
Total stockholders’ equity
438,651

 
361,930

 
371,864

 
 
 
 
 
 
 
$
617,653

 
$
546,293

 
$
545,783

 
 
 
 
 
 
(1) Derived from audited financial statements.
 
 
 
 
 




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