The Buckle, Inc. (NYSE: BKE) announced today that net income for
the fiscal quarter ended October 28, 2017 was $19.9 million,
or $0.41 per share ($0.41 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended October 28,
2017 decreased 6.2 percent to $224.3 million from net sales of
$239.2 million for the prior year 13-week fiscal quarter ended
October 29, 2016. Comparable store net sales for the 13-week
period ended October 28, 2017 decreased 5.9 percent from
comparable store net sales for the prior year 13-week period ended
October 29, 2016. Online sales decreased 1.2 percent to $23.4
million for the 13-week period ended October 28, 2017,
compared to net sales of $23.7 million for the 13-week period ended
October 29, 2016.
Net sales for the 39-week fiscal period ended October 28,
2017 decreased 9.0 percent to $632.2 million from net sales of
$694.9 million for the prior year 39-week fiscal period ended
October 29, 2016. Comparable store net sales for the 39-week
period ended October 28, 2017 decreased 8.8 percent from
comparable store net sales for the prior year 39-week period ended
October 29, 2016. Online sales decreased 4.3 percent to $64.7
million for the 39-week period ended October 28, 2017,
compared to net sales of $67.6 million for the 39-week period ended
October 29, 2016.
Net income for the third quarter of fiscal 2017 was $19.9
million, or $0.41 per share ($0.41 per share on a diluted basis),
compared with $23.4 million, or $0.49 per share ($0.48 per share on
a diluted basis) for the third quarter of fiscal 2016.
Net income for the 39-week fiscal period ended October 28,
2017 was $47.7 million, or $0.99 per share ($0.99 per share on a
diluted basis), compared with $62.0 million, or $1.29 per share
($1.28 per share on a diluted basis) for the 39-week period ended
October 29, 2016.
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) 230-1093 for domestic calls or (612) 288-0337 for
international calls and reference the conference code 432975. 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 for
domestic calls or (320) 365-3844 for international calls and
entering the conference code 432975.
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 462 retail stores
in 44 states. As of the end of the fiscal quarter, it operated 461
stores in 44 states compared with 470 stores in 44 states at the
end of the third quarter of fiscal 2016.
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 28, 2017
October 29, 2016
October 28, 2017
October 29, 2016
SALES, Net of returns and allowances $ 224,307 $ 239,213 $
632,208 $ 694,913 COST OF SALES (Including buying,
distribution, and occupancy costs) 133,379
142,339 385,424 423,428
Gross profit 90,928 96,874
246,784 271,485 OPERATING EXPENSES:
Selling 50,684 50,820 144,281 144,448 General and administrative
9,307 9,234 29,113
29,705 59,991 60,054
173,394 174,153 INCOME FROM OPERATIONS
30,937 36,820 73,390 97,332 OTHER INCOME, Net 808
497 2,642 1,500
INCOME BEFORE INCOME TAXES 31,745 37,317 76,032 98,832
PROVISION FOR INCOME TAXES 11,841
13,920 28,360 36,866 NET
INCOME $ 19,904 $ 23,397 $ 47,672 $ 61,966
EARNINGS PER SHARE: Basic $ 0.41 $ 0.49
$ 0.99 $ 1.29 Diluted $ 0.41 $
0.48 $ 0.99 $ 1.28 Basic weighted
average shares 48,218 48,107 48,218 48,107 Diluted weighted average
shares 48,339 48,259 48,331 48,230
THE BUCKLE,
INC. CONSOLIDATED BALANCE SHEETS (Amounts in
Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
October 28, 2017
January 28, 2017 (1)
October 29, 2016 CURRENT ASSETS: Cash and cash
equivalents $ 205,247 $ 196,536 $ 163,006 Short-term investments
52,202 49,994 49,987 Receivables 11,247 8,210 13,427 Inventory
128,821 125,694 148,193 Prepaid expenses and other assets
8,317 6,023 7,320 Total current
assets 405,834 386,457 381,933
PROPERTY AND EQUIPMENT 462,798 459,359 464,507 Less
accumulated depreciation and amortization (306,655 )
(290,364 ) (289,547 ) 156,143 168,995
174,960 LONG-TERM INVESTMENTS 18,386
18,092 19,828 OTHER ASSETS 7,760 6,303
4,850 Total assets $ 588,123 $ 579,847
$ 581,571
LIABILITIES AND STOCKHOLDERS’
EQUITY CURRENT LIABILITIES: Accounts payable $ 41,294 $
25,079 $ 36,314 Accrued employee compensation 14,899 26,906 15,651
Accrued store operating expenses 17,044 14,695 16,440 Gift
certificates redeemable 14,853 21,199 16,088 Income taxes payable
4,087 10,737 2,751 Total
current liabilities 92,177 98,616
87,244 DEFERRED COMPENSATION 14,581 13,092
12,571 DEFERRED RENT LIABILITY 35,452 37,600
38,602 Total liabilities 142,210
149,308 138,417 COMMITMENTS
STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000
shares of $.01 par value; issued and outstanding; 48,841,280 shares
at October 28, 2017, 48,622,780 shares at January 28, 2017, and
48,622,780 shares at October 29, 2016 488 486 486 Additional
paid-in capital 143,670 139,398 139,670 Retained earnings 301,834
290,737 303,176 Accumulated other comprehensive loss (79 )
(82 ) (178 ) Total stockholders’ equity
445,913 430,539 443,154
Total liabilities and stockholders’ equity $ 588,123 $
579,847 $ 581,571 (1) Derived from audited
financial statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005092/en/
The Buckle, Inc.Thomas B. Heacock, 308-236-8491Chief Financial
Officer
Buckle (NYSE:BKE)
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