BKE Buckle Inc

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2016 was $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2016 decreased 14.6 percent to $239.2 million from net sales of $280.2 million for the prior year 13-week fiscal quarter ended October 31, 2015. Comparable store net sales for the 13-week period ended October 29, 2016 decreased 15.3 percent from comparable store net sales for the prior year 13-week period ended October 31, 2015. Online sales decreased 8.5 percent to $23.7 million for the 13-week period ended October 29, 2016, compared to net sales of $25.9 million for the 13-week period ended October 31, 2015.

Net sales for the 39-week fiscal period ended October 29, 2016 decreased 11.8 percent to $694.9 million from net sales of $787.6 million for the prior year 39-week fiscal period ended October 31, 2015. Comparable store net sales for the 39-week period ended October 29, 2016 decreased 12.5 percent from comparable store net sales for the prior year 39-week period ended October 31, 2015. Online sales decreased 3.7 percent to $67.6 million for the 39-week period ended October 29, 2016, compared to net sales of $70.2 million for the 39-week period ended October 31, 2015.

Net income for the third quarter of fiscal 2016 was $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis), compared with $35.9 million, or $0.75 per share ($0.74 per share on a diluted basis) for the third quarter of fiscal 2015.

Net income for the 39-week fiscal period ended October 29, 2016 was $62.0 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $92.9 million, or $1.93 per share ($1.93 per share on a diluted basis) for the 39-week period ended October 31, 2015.

Please note that net sales for the 13-week and 39-week periods ended October 29, 2016 are reported net of the impact of both reward redemptions and accruals for estimated future rewards related to the Company’s new Guest Loyalty program, which launched during the fiscal quarter ended April 30, 2016.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (888) 428-4476 for domestic calls or (651) 291-0561 for international calls and reference the conference code 405754. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 405754.

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 471 retail stores in 44 states. As of the end of the fiscal quarter, it operated 470 stores in 44 states compared with 468 stores in 44 states at the end of the third quarter of fiscal 2015.

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.

  THE BUCKLE, INC. CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited)                     Thirteen Weeks Ended Thirty-Nine Weeks Ended October 29,   October 31, October 29,   October 31, 2016 2015 2016 2015   SALES, Net of returns and allowances $ 239,213 $ 280,187 $ 694,913 $ 787,585   COST OF SALES (Including buying, distribution, and occupancy costs) 142,339   162,923   423,428   462,129   Gross profit 96,874   117,264   271,485   325,456   OPERATING EXPENSES: Selling 50,820 52,268 144,448 147,780 General and administrative 9,234   8,701   29,705   31,399 60,054   60,969   174,153   179,179   INCOME FROM OPERATIONS 36,820 56,295 97,332 146,277   OTHER INCOME, Net 497   951   1,500   1,959   INCOME BEFORE INCOME TAXES 37,317 57,246 98,832 148,236   PROVISION FOR INCOME TAXES 13,920   21,353   36,866   55,292   NET INCOME $ 23,397   $ 35,893   $ 61,966   $ 92,944     EARNINGS PER SHARE: Basic $ 0.49   $ 0.75   $ 1.29   $ 1.93   Diluted $ 0.48   $ 0.74   $ 1.28   $ 1.93   Basic weighted average shares 48,107 48,073 48,107 48,074 Diluted weighted average shares 48,259 48,219 48,230 48,203     THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)               October 29, January 30, October 31, ASSETS 2016 2016 (1) 2015   CURRENT ASSETS: Cash and cash equivalents $ 163,006 $ 161,185 $ 121,430 Short-term investments 49,987 36,465 28,181 Receivables 13,427 9,651 12,855 Inventory 148,193 149,566 175,852 Prepaid expenses and other assets 7,320   6,030   28,917   Total current assets 381,933   362,897   367,235     PROPERTY AND EQUIPMENT 464,507 450,762 450,185 Less accumulated depreciation and amortization (289,547 ) (277,981 ) (271,813 ) 174,960   172,781   178,372     LONG-TERM INVESTMENTS 19,828 33,826 42,372 OTHER ASSETS 4,850  

3,269

  1,914     Total assets $ 581,571   $ 572,773   $ 589,893     LIABILITIES AND STOCKHOLDERS’ EQUITY   CURRENT LIABILITIES: Accounts payable $ 36,314 $ 33,862 $ 52,537 Accrued employee compensation 15,651 33,126 21,382 Accrued store operating expenses 16,440 6,639 11,410 Gift certificates redeemable 16,088 22,858 16,738 Income taxes payable 2,751   11,141   6,420   Total current liabilities 87,244   107,626   108,487     DEFERRED COMPENSATION 12,571 12,849 13,358 DEFERRED RENT LIABILITY 38,602 39,655 39,623 OTHER LIABILITIES —   —   9,821   Total liabilities 138,417   160,130   171,289     COMMITMENTS   STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,622,780 shares at October 29, 2016, 48,428,110 shares at January 30, 2016, and 48,511,876 shares at October 31, 2015

486 484 485 Additional paid-in capital 139,670 134,864 134,886 Retained earnings 303,176 277,626 283,658 Accumulated other comprehensive loss (178 ) (331 ) (425 ) Total stockholders’ equity 443,154   412,643   418,604     Total liabilities and stockholders’ equity $ 581,571   $ 572,773   $ 589,893     (1) Derived from audited financial statements.  

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The Buckle, Inc.Karen B. Rhoads, 308-236-8491Chief Financial Officer