BUCKLE INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - THE BUCKLE, INC. 8-K - BUCKLE INC	bke8-k20160311doc.htm

Exhibit 99.1



	The Buckle, Inc.

	2407 W. 24^th St. Kearney, NE 68845

	P.O. Box 1480 Kearney, NE 68848-1480

	phone: 308-236-8491

	fax: 308-236-4493

For Immediate Release: March 11, 2016	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 2015 NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2016 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis). Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2016 decreased 6.1 percent to $332.0 million from net sales of $353.5 million for the prior year 13-week fiscal quarter ended January 31, 2015. Comparable store net sales for the 13-week period ended January 30, 2016 decreased 7.2 percent from comparable store net sales for the prior year 13-week period ended January 31, 2015. Online sales increased 7.1 percent to $35.3 million for the 13-week period ended January 30, 2016, compared to net sales of $33.0 million for the 13-week period ended January 31, 2015.

Net sales for the 52-week fiscal year ended January 30, 2016 decreased 2.9 percent to $1.120 billion from net sales of $1.153 billion for the 52-week fiscal year ended January 31, 2015. Comparable store net sales for the 52-week period ended January 30, 2016 decreased 4.4 percent from comparable store net sales for the prior year 52-week period ended January 31, 2015. Online sales increased 11.8 percent to $105.5 million for the 52-week period ended January 30, 2016, compared to net sales of $94.3 million for the 52-week period ended January 31, 2015.

Net income for the fourth quarter of fiscal 2015 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis), compared with $60.1 million, or $1.25 per share ($1.25 per share on a diluted basis) for the fourth quarter of fiscal 2014.

Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis), compared with $162.6 million, or $3.39 per share ($3.38 per share on a diluted basis) for the fiscal year ended January 31, 2015.

Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (800) 230-1074 for domestic calls or (612) 234-9959 for international calls and reference the conference code 388126. A replay of the call will be available for a two-week period beginning March 11, 2016 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 388126.

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 468 retail stores in 44 states. As of the end of the fiscal year, it operated 468 stores in 44 states compared with 460 stores in 44 states at the end 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				Fifty-Two Weeks Ended
	January 30, 2016		January 31, 2015		January 30, 2016		January 31, 2015 (1)

SALES, Net of returns and allowances	$	332,031	$	353,541	$	1,119,616	$	1,153,142

COST OF SALES (Including buying, distribution, and occupancy costs)	176,086		186,126		638,215		645,810

Gross profit	155,945		167,415		481,401		507,332

OPERATING EXPENSES:
Selling	64,751		65,633		212,531		212,688
General and administrative	7,883		7,345		39,282		37,671
	72,634		72,978		251,813		250,359

INCOME FROM OPERATIONS	83,311		94,437		229,588		256,973

OTHER INCOME, Net	3,277		1,892		5,236		2,723

INCOME BEFORE INCOME TAXES	86,588		96,329		234,824		259,696

PROVISION FOR INCOME TAXES	32,249		36,196		87,541		97,132

NET INCOME	$	54,339	$	60,133	$	147,283	$	162,564


EARNINGS PER SHARE
Basic	$	1.13	$	1.25	$	3.06	$	3.39

Diluted	$	1.13	$	1.25	$	3.06	$	3.38

Basic weighted average shares	48,096		48,037		48,079		47,927
Diluted weighted average shares	48,209		48,168		48,204		48,090

(1) Derived from audited financial statements

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)




ASSETS	January 30, 2016			January 31, 2015 (1)

CURRENT ASSETS:
Cash and cash equivalents	$	161,185		$	133,708
Short-term investments	36,465			25,857
Receivables	9,651			8,567
Inventory	149,566			129,921
Prepaid expenses and other assets	6,030			26,536
Total current assets	362,897			324,589

PROPERTY AND EQUIPMENT	450,762			427,915
Less accumulated depreciation and amortization	(277,981		)	(255,252		)
	172,781			172,663

LONG-TERM INVESTMENTS	33,826			43,698
OTHER ASSETS	3,269			2,043

	$	572,773		$	542,993

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	33,862		$	35,714
Accrued employee compensation	33,126			36,920
Accrued store operating expenses	6,639			9,984
Gift certificates redeemable	22,858			23,992
Income taxes payable	11,141			15,661
Total current liabilities	107,626			122,271

DEFERRED COMPENSATION	12,849			14,261
DEFERRED RENT LIABILITY	39,655			40,566
OTHER LIABILITIES	—			10,617
Total liabilities	160,130			187,715

COMMITMENTS

STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 48,428,110 and 48,379,613 shares issued and outstanding at January 30, 2016 and January 31, 2015, respectively	484			484
Additional paid-in capital	134,864			131,112
Retained earnings	277,626			224,111
Accumulated other comprehensive loss	(331		)	(429		)
Total stockholders’ equity	412,643			355,278

	$	572,773		$	542,993

(1) Derived from audited financial statements

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