Stock Quote

The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb., May 24 /PRNewswire-FirstCall/ -- The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended May 5, 2007 increased 30.3 percent on a 10.5 percent net sales increase.

Net sales for the 13-week first quarter ended May 5, 2007 increased 10.5 percent to $121.1 million compared to net sales of $109.6 million for the prior year 13-week first quarter ended April 29, 2006. Comparable store net sales for the first quarter increased 6.4 percent from comparable store net sales for the 13-week period ended May 6, 2006.

Due to the 53rd week in fiscal 2006, comparable store net sales for the quarter are compared to the prior year 13-week period ended May 6, 2006.

Net income for the first quarter of fiscal 2007 was $12.2 million, or $0.41 per share ($0.40 per share on a diluted basis), compared with $9.4 million, or $0.32 per share ($0.31 per share on a diluted basis), for the first quarter of fiscal 2006.

Earnings per share and the weighted average shares outstanding for the prior year first quarter have been adjusted to reflect the impact of the Company's 3-for-2 stock split paid in the form of a stock dividend on January 12, 2007. The prior year first quarter stockholders' equity data was not split adjusted.

Management will hold a conference call at 11:30 a.m. EDT today to discuss first quarter results. To participate in the call, please call (800) 553-5275 and reference the conference code 873545. A replay of the call will be available for a two-week period beginning May 24, 2007 at 3:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 873545.

Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual apparel, footwear and accessories for young men and women. As of the end of the fiscal quarter, it operated 353 stores in 38 states compared with 341 in 38 states at the end of the first quarter of fiscal 2006. With the opening of two new stores in Medford, Oregon and Strongsville, Ohio subsequent to quarter end, The Buckle, Inc. currently operates 355 retail stores in 38 states.

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.

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

                          Financial Tables to Follow



    THE BUCKLE, INC.

    STATEMENTS OF INCOME
    (Amounts in Thousands Except Per Share Amounts)
    (Unaudited)

                                                       Thirteen Weeks Ended
                                                       May 5,      April 29,
                                                        2007         2006

    SALES, Net of returns and allowances              $121,111     $109,606

    COST OF SALES (Including buying, distribution
     and occupancy costs)                               75,608       70,579

            Gross profit                                45,503       39,027

    OPERATING EXPENSES:
      Selling                                           23,424       21,905
      General and administrative                         4,980        3,864
                                                        28,404       25,769

    INCOME FROM OPERATIONS                              17,099       13,258

    OTHER INCOME, Net                                    2,123        1,584

    INCOME BEFORE INCOME TAXES                          19,222       14,842

    PROVISION FOR INCOME TAXES                           7,029        5,488

    NET INCOME                                         $12,193       $9,354

    EARNINGS PER SHARE:
      Basic                                              $0.41        $0.32
      Diluted                                            $0.40        $0.31

    Basic weighted average shares                       29,468       28,961
    Diluted weighted average shares                     30,687       30,014



    THE BUCKLE, INC.

    BALANCE SHEETS
    (Amounts in Thousands Except Share and Per Share Amounts)
    (Unaudited)

                                            May 5,     February 3,   April 29,
    ASSETS                                  2007        2007 (1)       2006

    CURRENT ASSETS:
      Cash and cash equivalents            $33,502      $35,752      $19,389
      Short-term investments               128,483      115,721      138,172
      Accounts receivable, net of
       allowance of $37, $72 and $62,
       respectively                          3,421        4,046        3,354
      Inventory                             70,261       70,306       67,395
      Prepaid expenses and other assets     13,525       12,401        7,298
         Total current assets              249,192      238,226      235,608

    PROPERTY AND EQUIPMENT:                222,196      215,630      203,656
      Less accumulated depreciation
       and amortization                   (126,401)    (121,811)    (111,326)
                                            95,795       93,819       92,330

    LONG-TERM INVESTMENTS                   30,675       31,958       43,585
    OTHER ASSETS                             4,044        4,195        2,629

                                          $379,706    $$368,198     $374,152

    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
      Accounts payable                     $19,528      $14,670      $16,659
      Accrued employee compensation          8,867       17,800        6,324
      Accrued store operating expenses       4,666        4,468        3,805
      Gift certificates redeemable           4,899        6,709        4,011
      Income taxes payable                   8,373        5,562        5,025
         Total current liabilities          46,333       49,209       35,824

    DEFERRED COMPENSATION                    3,805        3,368        3,007
    DEFERRED RENT LIABILITY                 29,043       29,034       27,402
         Total liabilities                  79,181       81,611       66,233

    COMMITMENTS

    STOCKHOLDERS' EQUITY:
      Common stock, authorized 100,000,000
       shares of $.01 par value; issued
       and outstanding; 30,047,212 shares
       at May 5, 2007, 29,408,576 shares
       at February 3, 2007 and 19,552,543
       shares at April 29, 2006                300         294          196
      Additional paid-in capital            51,207      43,493       39,744
      Retained earnings                    249,018     242,800      267,979
         Total stockholders' equity        300,525     286,587      307,919

                                          $379,706    $368,198     $374,152

    (1) Derived from audited financial statements.

Source: The Buckle, Inc.

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