BUCKLE INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - August 20, 2015

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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: August 20, 2015
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 1, 2015 was $23.5 million, or $0.49 per share ($0.49 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 1, 2015 increased 0.1 percent to $236.1 million from net sales of $235.7 million for the prior year 13-week fiscal quarter ended August 2, 2014. Comparable store net sales for the 13-week period ended August 1, 2015 decreased 1.7 percent from comparable store net sales for the prior year 13-week period ended August 2, 2014. Online sales increased 17.4 percent to $20.1 million for the 13-week period ended August 1, 2015, compared to net sales of $17.1 million for the 13-week period ended August 2, 2014.

Net sales were $507.4 million for both the 26-week fiscal period ended August 1, 2015 and the 26-week fiscal period ended August 2, 2014. Comparable store net sales for the 26-week period ended August 1, 2015 decreased 2.0 percent from comparable store net sales for the prior year 26-week period ended August 2, 2014. Online sales increased 14.9 percent to $44.3 million for the 26-week period ended August 1, 2015, compared to net sales of $38.6 million for the 26-week period ended August 2, 2014.

Net income for the second quarter of fiscal 2015 was $23.5 million, or $0.49 per share ($0.49 per share on a diluted basis), compared with $24.5 million, or $0.51 per share ($0.51 per share on a diluted basis) for the second quarter of fiscal 2014.

Net income for the 26-week fiscal period ended August 1, 2015 was $57.1 million, or $1.19 per share ($1.18 per share on a diluted basis), compared with $61.8 million, or $1.29 per share ($1.29 per share on a diluted basis) for the 26-week period ended August 2, 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) 230-1096 and reference the conference code 365745. 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 365745.

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 464 retail stores in 44 states. As of the end of the fiscal quarter, it operated 464 stores in 44 states compared with 456 stores in 44 states at the end of the second 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.

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 1,
2015
 
August 2,
2014
 
August 1,
2015
 
August 2,
2014
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
236,053

 
$
235,725

 
$
507,398

 
$
507,400

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
141,458

 
140,800

 
299,206

 
295,275

 
 
 
 
 
 
 
 
Gross profit
94,595

 
94,925

 
208,192

 
212,125

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 

 
 

Selling
46,358

 
46,311

 
95,512

 
94,105

General and administrative
11,060

 
9,843

 
22,698

 
20,037

 
57,418

 
56,154

 
118,210

 
114,142

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
37,177

 
38,771

 
89,982

 
97,983

 
 
 
 
 
 
 
 
OTHER INCOME, Net
272

 
260

 
1,008

 
605

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
37,449

 
39,031

 
90,990

 
98,588

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
13,968

 
14,558

 
33,939

 
36,773

 
 
 
 
 
 
 
 
NET INCOME
$
23,481

 
$
24,473

 
$
57,051

 
$
61,815

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

 
 
 
 
Basic
$
0.49

 
$
0.51

 
$
1.19

 
$
1.29

 
 
 
 
 
 
 
 
Diluted
$
0.49

 
$
0.51

 
$
1.18

 
$
1.29

 
 
 
 
 
 
 
 
Basic weighted average shares
48,074

 
47,891

 
48,074

 
47,889

Diluted weighted average shares
48,202

 
48,066

 
48,195

 
48,057







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
August 1,
2015
 
January 31,
2015 (1)
 
August 2,
2014
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
122,458

 
$
133,708

 
$
169,460

Short-term investments
19,838

 
25,857

 
17,158

Receivables
16,037

 
8,567

 
12,355

Inventory
150,789

 
129,921

 
128,184

Prepaid expenses and other assets
27,707

 
26,536

 
30,761

Total current assets
336,829

 
324,589

 
357,918

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
442,954

 
427,915

 
411,969

Less accumulated depreciation and amortization
(265,296
)
 
(255,252
)
 
(245,945
)
 
177,658

 
172,663

 
166,024

 


 


 
 
LONG-TERM INVESTMENTS
48,455

 
43,698

 
43,903

OTHER ASSETS
1,978

 
2,043

 
2,082

 
 
 
 
 
 
 
$
564,920

 
$
542,993

 
$
569,927

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 
Accounts payable
$
59,212

 
$
35,714

 
$
51,631

Accrued employee compensation
18,884

 
36,920

 
20,082

Accrued store operating expenses
10,495

 
9,984

 
11,078

Gift certificates redeemable
17,662

 
23,992

 
16,910

Income taxes payable
—

 
15,661

 
—

Total current liabilities
106,253

 
122,271

 
99,701

 
 
 
 
 
 
DEFERRED COMPENSATION
13,576

 
14,261

 
13,916

DEFERRED RENT LIABILITY
40,804

 
40,566

 
39,597

OTHER LIABILITIES
9,769

 
10,617

 
9,969

Total liabilities
170,402

 
187,715

 
163,183

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value;
  issued and outstanding; 48,531,973 shares at August 1, 2015, 48,379,613
  shares at January 31, 2015, and 48,374,622 shares at August 2, 2014
485

 
484

 
484

Additional paid-in capital
135,621

 
131,112

 
128,333

Retained earnings
258,837

 
224,111

 
278,680

Accumulated other comprehensive loss
(425
)
 
(429
)
 
(753
)
Total stockholders’ equity
394,518

 
355,278

 
406,744

 
 
 
 
 
 
 
$
564,920

 
$
542,993

 
$
569,927

 
 
 
 
 
 
(1) Derived from audited financial statements.
 
 
 
 
 




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