BKE Buckle Inc

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 2, 2019 was $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis). Net income for the fiscal year ended February 2, 2019 was $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 2, 2019 decreased 6.0 percent to $264.4 million from net sales of $281.2 million for the prior year 14-week fiscal quarter ended February 3, 2018. Comparable store net sales for the 13-week period ended February 2, 2019 decreased 0.6 percent from comparable store net sales for the prior year 13-week period ended February 3, 2018. Online sales increased 1.3 percent to $33.9 million for the 13-week period ended February 2, 2019, compared to net sales of $33.5 million for the 14-week period ended February 3, 2018.

Net sales for the 52-week fiscal year ended February 2, 2019 decreased 3.1 percent to $885.5 million from net sales of $913.4 million for the 53-week fiscal year ended February 3, 2018. Comparable store net sales for the 52-week period ended February 2, 2019 decreased 0.9 percent from comparable store net sales for the prior year 52-week period ended February 3, 2018. Online sales increased 5.6 percent to $103.7 million for the 52-week period ended February 2, 2019, compared to net sales of $98.2 million for the 53-week period ended February 3, 2018.

Net income for the fourth quarter of fiscal 2018 was $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis), compared with $42.0 million, or $0.87 per share ($0.87 per share on a diluted basis) for the fourth quarter of fiscal 2017.

Net income for the fiscal year ended February 2, 2019 was $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis), compared with $89.7 million, or $1.86 per share ($1.85 per share on a diluted basis) for the fiscal year ended February 3, 2018.

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) 230-1085 for domestic calls or (612) 234-9960 for international calls and reference the conference code 465115. A replay of the call will be available for a two-week period beginning March 15, 2019 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 465115.

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 450 retail stores in 42 states. As of the end of the fiscal year, it operated 450 stores in 42 states compared with 457 stores in 44 states at the end 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)

                        13-Weeks Ended 14-Weeks Ended 52-Weeks Ended 53-Weeks Ended February 2, 2019 February 3, 2018 February 2, 2019 February 3, 2018 (1)   SALES, Net of returns and allowances $ 264,412 $ 281,172 $ 885,496 $ 913,380   COST OF SALES (Including buying, distribution, and occupancy costs) 143,118 147,933 519,423 533,357   Gross profit 121,294 133,239 366,073 380,023   OPERATING EXPENSES: Selling 57,671 61,787 202,032 206,068 General and administrative 12,417 10,764 43,113 39,877 70,088 72,551 245,145 245,945   INCOME FROM OPERATIONS 51,206 60,688 120,928 134,078   OTHER INCOME, Net 1,925 2,765 5,716 5,407   INCOME BEFORE INCOME TAXES 53,131 63,453 126,644 139,485   PROVISION FOR INCOME TAXES 11,996 21,418 31,036 49,778   NET INCOME $ 41,135 $ 42,035 $ 95,608 $ 89,707     EARNINGS PER SHARE Basic $ 0.85 $ 0.87 $ 1.97 $ 1.86   Diluted $ 0.84 $ 0.87 $ 1.97 $ 1.85   Basic weighted average shares 48,514 48,346 48,413 48,250 Diluted weighted average shares 48,703 48,498 48,614 48,373  

(1) Derived from audited financial statements

 

THE BUCKLE, INC.

     

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

            February 2, February 3, ASSETS 2019 2018 (1)   CURRENT ASSETS: Cash and cash equivalents $ 168,471 $ 165,086 Short-term investments 51,546 50,833 Receivables 7,089 8,588 Inventory 125,190 118,007 Prepaid expenses and other assets 18,136   18,070   Total current assets 370,432   360,584     PROPERTY AND EQUIPMENT 452,187 459,043 Less accumulated depreciation and amortization (321,505 ) (309,497 ) 130,682   149,546     LONG-TERM INVESTMENTS 18,745 21,453 OTHER ASSETS 7,443   6,533     Total assets $ 527,302   $ 538,116     LIABILITIES AND STOCKHOLDERS’ EQUITY   CURRENT LIABILITIES: Accounts payable $ 29,008 $ 29,387 Accrued employee compensation 21,452 22,307 Accrued store operating expenses 17,982 15,646 Gift certificates redeemable 16,634 18,202 Income taxes payable 5,142   12,364   Total current liabilities 90,218   97,906     DEFERRED COMPENSATION 13,978 15,154 DEFERRED RENT LIABILITY 29,229   33,808   Total liabilities 133,425   146,868     COMMITMENTS   STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000 shares of $.01 par value; 49,017,395 and 48,816,170 shares issued and outstanding at February 2, 2019 and February 3, 2018, respectively 490 488 Additional paid-in capital 148,564 144,279 Retained earnings 244,823 246,570 Accumulated other comprehensive loss —   (89 ) Total stockholders’ equity 393,877   391,248     Total liabilities and stockholders’ equity $ 527,302   $ 538,116    

(1) Derived from audited financial statements

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