The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 3, 2018 was $42.0 million, or $0.87 per share ($0.87 per share on a diluted basis). Net income for the fiscal year ended February 3, 2018 was $89.7 million, or $1.86 per share ($1.85 per share on a diluted basis).

Net sales for the 14-week fiscal quarter ended February 3, 2018 increased 0.4 percent to $281.2 million from net sales of $280.0 million for the prior year 13-week fiscal quarter ended January 28, 2017. Comparable store net sales for the 14-week period ended February 3, 2018 decreased 3.2 percent from comparable store net sales for the prior year 14-week period ended February 4, 2017. Online sales increased 4.0 percent to $33.5 million for the 14-week period ended February 3, 2018, compared to net sales of $32.2 million for the 13-week period ended January 28, 2017.

Net sales for the 53-week fiscal year ended February 3, 2018 decreased 6.3 percent to $913.4 million from net sales of $974.9 million for the 52-week fiscal year ended January 28, 2017. Comparable store net sales for the 53-week period ended February 3, 2018 decreased 7.2 percent from comparable store net sales for the prior year 53-week period ended February 4, 2017. Online sales decreased 1.6 percent to $98.2 million for the 53-week period ended February 3, 2018, compared to net sales of $99.8 million for the 52-week period ended January 28, 2017.

Net income for the fourth quarter of fiscal 2017 was $42.0 million, or $0.87 per share ($0.87 per share on a diluted basis), compared with $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis) for the fourth quarter of fiscal 2016.

Net income for the fiscal year ended February 3, 2018 was $89.7 million, or $1.86 per share ($1.85 per share on a diluted basis), compared with $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis) for the fiscal year ended January 28, 2017.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (800) 288-9626 for domestic calls or (612) 332-0637 for international calls and reference the conference code 445869. A replay of the call will be available for a two-week period beginning March 16, 2018 at 12:00 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 445869.

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 456 retail stores in 43 states. As of the end of the fiscal year, it operated 457 stores in 44 states compared with 467 stores in 44 states at the end 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)                         14-Weeks Ended 13-Weeks Ended 53-Weeks Ended 52-Weeks Ended   February 3, 2018 January 28, 2017 February 3, 2018 January 28, 2017 (1)   SALES, Net of returns and allowances $ 281,172 $ 279,960 $ 913,380 $ 974,873   COST OF SALES (Including buying, distribution, and occupancy costs)   147,933   154,277   533,357   577,705   Gross profit   133,239   125,683   380,023   397,168   OPERATING EXPENSES: Selling 61,787 61,485 206,068 205,933 General and administrative   10,764   8,770   39,877   38,475   72,551   70,255   245,945   244,408   INCOME FROM OPERATIONS 60,688 55,428 134,078 152,760   OTHER INCOME, Net   2,765   2,011   5,407   3,511   INCOME BEFORE INCOME TAXES 63,453 57,439 139,485 156,271   PROVISION FOR INCOME TAXES   21,418   21,444   49,778   58,310   NET INCOME $ 42,035 $ 35,995 $ 89,707 $ 97,961     EARNINGS PER SHARE Basic $ 0.87 $ 0.75 $ 1.86 $ 2.04   Diluted $ 0.87 $ 0.74 $ 1.85 $ 2.03   Basic weighted average shares 48,346 48,177 48,250 48,125 Diluted weighted average shares 48,498 48,335 48,373 48,256  

(1) Derived from audited financial statements

    THE BUCKLE, INC. CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)             ASSETS February 3, 2018 January 28, 2017 (1)   CURRENT ASSETS: Cash and cash equivalents $ 165,086 $ 196,536 Short-term investments 50,833 49,994 Receivables 8,588 8,210 Inventory 118,007 125,694 Prepaid expenses and other assets   18,070     6,023   Total current assets   360,584     386,457     PROPERTY AND EQUIPMENT 459,043 459,359 Less accumulated depreciation and amortization   (309,497 )   (290,364 )   149,546     168,995     LONG-TERM INVESTMENTS 21,453 18,092 OTHER ASSETS   6,533     6,303     Total assets $ 538,116   $ 579,847     LIABILITIES AND STOCKHOLDERS’ EQUITY   CURRENT LIABILITIES: Accounts payable $ 29,387 $ 25,079 Accrued employee compensation 22,307 26,906 Accrued store operating expenses 15,646 14,695 Gift certificates redeemable 18,202 21,199 Income taxes payable   12,364     10,737   Total current liabilities   97,906     98,616     DEFERRED COMPENSATION 15,154 13,092 DEFERRED RENT LIABILITY   33,808     37,600   Total liabilities   146,868     149,308     COMMITMENTS   STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000 shares of $.01 par value; 48,816,170 and 48,622,780 shares issued and outstanding at February 3, 2018 and January 28, 2017, respectively 488 486 Additional paid-in capital 144,279 139,398 Retained earnings 246,570 290,737 Accumulated other comprehensive loss   (89 )   (82 ) Total stockholders’ equity   391,248     430,539     Total liabilities and stockholders’ equity $ 538,116   $ 579,847    

(1) Derived from audited financial statements

 

The Buckle, Inc.Thomas B. Heacock, 308-236-8491Chief Financial Officer

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