BKE Buckle Inc

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 3, 2018 was $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 3, 2018 decreased 4.1 percent to $215.1 million from net sales of $224.3 million for the prior year 13-week fiscal quarter ended October 28, 2017. Comparable store net sales for the 13-week period ended November 3, 2018 decreased 1.4 percent from comparable store net sales for the prior year 13-week period ended November 4, 2017. Online sales increased 8.8 percent to $25.5 million for the 13-week period ended November 3, 2018, compared to net sales of $23.4 million for the 13-week period ended October 28, 2017.

Net sales for the 39-week fiscal period ended November 3, 2018 decreased 1.8 percent to $621.1 million from net sales of $632.2 million for the prior year 39-week fiscal period ended October 28, 2017. Comparable store net sales for the 39-week period ended November 3, 2018 decreased 1.1 percent from comparable store net sales for the prior year 39-week period ended November 4, 2017. Online sales increased 7.8 percent to $69.8 million for the 39-week period ended November 3, 2018, compared to net sales of $64.7 million for the 39-week period ended October 28, 2017.

Due to the 53rd week in fiscal 2017, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 39-week periods ended November 4, 2017.

Net income for the third quarter of fiscal 2018 was $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis), compared with $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis) for the third quarter of fiscal 2017.

Net income for the 39-week fiscal period ended November 3, 2018 was $54.5 million, or $1.13 per share ($1.12 per share on a diluted basis), compared with $47.7 million, or $0.99 per share ($0.99 per share on a diluted basis) for the 39-week period ended October 28, 2017.

Management will hold a conference call at 5:00 p.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 398-9402 for domestic calls or (612) 234-9960 for international calls and reference the conference code 456802. A replay of the call will be available for a two-week period beginning today at 7:00 p.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 456802.

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 453 retail stores in 43 states. As of the end of the fiscal quarter, it operated 453 stores in 43 states compared with 461 stores in 44 states at the end of the third quarter of fiscal 2017.

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 November 3, 2018    

October 28, 2017

November 3, 2018     October 28, 2017   SALES, Net of returns and allowances $ 215,107 $ 224,307 $ 621,084 $ 632,208   COST OF SALES (Including buying, distribution, and occupancy costs)   128,950   133,379   376,305   385,424   Gross profit   86,157   90,928   244,779   246,784   OPERATING EXPENSES: Selling 50,612 50,684 144,361 144,281 General and administrative   9,244   9,307   30,696   29,113   59,856   59,991   175,057   173,394   INCOME FROM OPERATIONS 26,301 30,937 69,722 73,390   OTHER INCOME, Net   1,332   808   3,791   2,642   INCOME BEFORE INCOME TAXES 27,633 31,745 73,513 76,032   PROVISION FOR INCOME TAXES   7,157   11,841   19,040   28,360   NET INCOME $ 20,476 $ 19,904 $ 54,473 $ 47,672     EARNINGS PER SHARE: Basic $ 0.42 $ 0.41 $ 1.13 $ 0.99   Diluted $ 0.42 $ 0.41 $ 1.12 $ 0.99   Basic weighted average shares 48,379 48,218 48,379 48,218 Diluted weighted average shares 48,611 48,339 48,584 48,331     THE BUCKLE, INC.   CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited)                   ASSETS November 3, 2018 February 3, 2018 (1) October 28, 2017   CURRENT ASSETS: Cash and cash equivalents $ 177,918 $ 165,086 $ 205,247 Short-term investments 45,605 50,833 52,202 Receivables 8,266 8,588 11,247 Inventory 145,473 118,007 128,821 Prepaid expenses and other assets   19,862     18,070     8,317   Total current assets   397,124     360,584     405,834     PROPERTY AND EQUIPMENT 460,523 459,043 462,798 Less accumulated depreciation and amortization   (324,044 )   (309,497 )   (306,655 )   136,479     149,546     156,143     LONG-TERM INVESTMENTS 18,322 21,453 18,386 OTHER ASSETS   7,170     6,533     7,760     Total assets $ 559,095   $ 538,116   $ 588,123     LIABILITIES AND STOCKHOLDERS’ EQUITY   CURRENT LIABILITIES: Accounts payable $ 48,400 $ 29,387 $ 41,294 Accrued employee compensation 17,996 22,307 14,899 Accrued store operating expenses 21,851 15,646 17,044 Gift certificates redeemable 13,907 18,202 14,853 Income taxes payable   —     12,364     4,087   Total current liabilities   102,154     97,906     92,177     DEFERRED COMPENSATION 13,804 15,154 14,581 DEFERRED RENT LIABILITY   30,287     33,808     35,452   Total liabilities   146,245     146,868     142,210     COMMITMENTS   STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,017,975 shares at November 3, 2018, 48,816,170 shares at February 3, 2018, and 48,841,280 shares at October 28, 2017 490 488 488 Additional paid-in capital 147,584 144,279 143,670 Retained earnings 264,776 246,570 301,834 Accumulated other comprehensive loss   —     (89 )   (79 ) Total stockholders’ equity   412,850     391,248     445,913     Total liabilities and stockholders’ equity $ 559,095   $ 538,116   $ 588,123     (1) Derived from audited financial statements.  

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Thomas B. Heacock, Chief Financial OfficerThe Buckle, Inc.(308) 236-8491