Stock Quote

The Buckle, Inc. Reports Second Quarter Net Income

KEARNEY, Neb., Aug. 23 /PRNewswire-FirstCall/ -- The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended August 4, 2007 increased 77.6 percent on a 21.3 percent net sales increase.

Net sales for the 13-week second quarter ended August 4, 2007 increased 21.3 percent to $124.3 million compared to net sales of $102.4 million for the prior year 13-week second quarter ended July 29, 2006. Comparable store net sales, for stores open at least one year, for the second quarter increased 10.1 percent from comparable store net sales for the 13-week period ended August 5, 2006.

Net sales for the 26-week period ended August 4, 2007 increased 15.7 percent to $245.4 million from net sales of $212.0 million for the 26-week period ended July 29, 2006. Comparable store net sales for the 26-week period ended August 4, 2007 increased 8.3 percent from comparable store net sales for the 26-week period ended August 5, 2006.

Due to the 53rd week in fiscal 2006, comparable store net sales for the quarter and year-to-date periods are compared to the prior year 13-week and 26-week periods ended August 5, 2006.

Net income for the second quarter of fiscal 2007 was $11.8 million, or $0.40 per share ($0.38 per share on a diluted basis), compared with $6.6 million, or $0.23 per share ($0.22 per share on a diluted basis) for the second quarter of fiscal 2006.

Net income for the 26-week period ended August 4, 2007 was $24.0 million or $0.81 per share ($0.78 per share on a diluted basis), compared with $16.0 million or $0.55 per share ($0.53 per share on a diluted basis) for the 26-week period ended July 29, 2006.

Earnings per share and the weighted average shares outstanding for the prior year second quarter and year-to-date period 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 second quarter stockholders' equity data was not split adjusted.

Management will hold a conference call at 11:00 a.m. EDT today to discuss second quarter results. To participate in the call, please call (800) 230-1951 and reference the conference code 883075. A replay of the call will be available for a two-week period beginning August 23, 2007 at 2:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 883075.

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 364 retail stores in 38 states, which includes the opening of new stores in Tempe, Arizona and Irvine, California during fiscal August. As of the end of the second quarter, it operated 362 stores in 38 states compared with 346 stores in 38 states at the end of the second quarter of fiscal 2006.

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 http://www.buckle.com on the Internet.

                          Financial Tables to Follow



    THE BUCKLE, INC.

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

                                   Thirteen Weeks Ended Twenty-six Weeks Ended
                                   August 4,  July 29,   August 4,  July 29,
                                     2007       2006       2007       2006

    SALES, Net of returns and
     allowances                    $124,257   $102,398   $245,368   $212,004

    COST OF SALES (Including
     buying, distribution,
     and occupancy costs)            77,844     68,330    153,452    138,909

               Gross profit          46,413     34,068     91,916     73,095

    OPERATING EXPENSES:
      Selling                        25,065     22,102     48,489     44,007
      General and administrative      4,891      3,677      9,871      7,541
                                     29,956     25,779     58,360     51,548

    INCOME FROM OPERATIONS           16,457      8,289     33,556     21,547

    OTHER INCOME, Net                 2,260      2,282      4,383      3,866

    INCOME BEFORE INCOME TAXES       18,717     10,571     37,939     25,413

    PROVISION FOR INCOME TAXES        6,925      3,932     13,954      9,420

    NET INCOME                      $11,792     $6,639    $23,985    $15,993


    EARNINGS PER SHARE:
      Basic                           $0.40      $0.23      $0.81      $0.55

      Diluted                         $0.38      $0.22      $0.78      $0.53

    Basic weighted average shares    29,776     29,050     29,622     29,006
    Diluted weighted average shares  30,924     30,111     30,806     30,062



    THE BUCKLE, INC.

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

                                           August 4,  February 3,   July 29,
    ASSETS                                   2007       2007 (1)      2006

    CURRENT ASSETS:
     Cash and cash equivalents              $25,578       $35,752     $8,482
     Short-term investments                 132,095       115,721    135,553
     Accounts receivable, net of
      allowance of $42, $72, and $55,
      respectively                            3,841         4,046      4,067
     Inventory                               96,021        70,306     90,893
     Prepaid expenses and other assets       14,582        12,401      8,044
               Total current assets         272,117       238,226    247,039

    PROPERTY AND EQUIPMENT:                 228,693       215,630    208,426
     Less accumulated depreciation and
      amortization                         (128,896)     (121,811)  (115,345)
                                             99,797        93,819     93,081

    LONG-TERM INVESTMENTS                    29,387        31,958     40,834
    OTHER ASSETS                              4,044         4,195      2,625

                                           $405,345      $368,198   $383,579

    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
     Accounts payable                       $35,003       $14,670    $26,724
     Accrued employee compensation            9,705        17,800      8,398
     Accrued store operating expenses         5,461         4,468      4,187
     Gift certificates redeemable             4,311         6,709      3,573
     Income taxes payable                     1,466         5,562       -
               Total current liabilities     55,946        49,209     42,882

    DEFERRED COMPENSATION                     3,845         3,368      2,985
    DEFERRED RENT LIABILITY                  30,657        29,034     27,944
               Total liabilities             90,448        81,611     73,811

    COMMITMENTS

    STOCKHOLDERS' EQUITY:
     Common stock, authorized 100,000,000
      shares of $.01 par value; issued
      and outstanding; 30,192,753 shares
      at August 4, 2007, 29,408,576
      shares at February 3, 2007, and
      19,544,399 shares at July 29, 2006        302           294        195
     Additional paid-in capital              59,823        43,493     38,279
     Retained earnings                      254,772       242,800    271,294
               Total stockholders' equity   314,897       286,587    309,768

                                           $405,345      $368,198   $383,579

    (1) Derived from audited financial statements.

Source: The Buckle, Inc.

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