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The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb., Nov. 21 /PRNewswire-FirstCall/ -- The Buckle, Inc. (NYSE:BKE) announced today that net income for the fiscal quarter ended November 3, 2007 increased 25.7 percent on a 17.1 percent net sales increase.

Net sales for the 13-week third quarter ended November 3, 2007 increased 17.1 percent to $167.6 million compared to net sales of $143.1 million for the prior year 13-week third quarter ended October 28, 2006. Comparable store net sales, for stores open at least one year, for the third quarter increased 14.3 percent from comparable store net sales for the prior year 13-week period ended November 4, 2006.

Net sales for the 39-week period ended November 3, 2007 increased 16.3 percent to $412.9 million from net sales of $355.1 million for the prior year 39-week period ended October 28, 2006. Comparable store net sales for the 39-week period ended November 3, 2007 increased 10.6 percent from comparable store net sales for the prior year 39-week period ended November 4, 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 39-week periods ended November 4, 2006.

Net income for the third quarter of fiscal 2007 was $22.2 million, or $0.75 per share ($0.72 per share on a diluted basis), compared with $17.7 million, or $0.61 per share ($0.59 per share on a diluted basis) for the third quarter of fiscal 2006.

Net income for the 39-week period ended November 3, 2007 was up 37.2 percent to $46.2 million or $1.56 per share ($1.50 per share on a diluted basis), compared with $33.7 million or $1.16 per share ($1.12 per share on a diluted basis) for the 39-week period ended October 28, 2006.

Earnings per share and the weighted average shares outstanding for the prior year third quarter and year-to-date periods 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 third quarter stockholders' equity data have not been split adjusted.

Management will hold a conference call at 10:00 a.m. EST today to discuss third quarter results. To participate in the call, please call (877) 209-9919 and reference the conference code 893861. A replay of the call will be available for a two-week period beginning November 21, 2007 at 12:30 p.m. EST by calling (800) 475-6701 and entering the conference code 893861.

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 369 retail stores in 38 states, which includes the opening of new stores in Portland, Oregon and Columbus, Ohio last week. As of the end of the third quarter, it operated 367 stores in 38 states compared with 352 stores in 38 states at the end of the third 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.

     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                Thirty-nine
                                    Weeks Ended              Weeks Ended
                               November 3, October 28, November 3, October 28,
                                    2007       2006       2007       2006

    SALES, Net of returns and
     allowances                    $167,559   $143,084   $412,927   $355,088

    COST OF SALES (Including
     buying, distribution,
     and occupancy costs)            96,810     84,435    250,262    223,344

               Gross profit          70,749     58,649    162,665    131,744

    OPERATING EXPENSES:
      Selling                        31,864     28,095     80,353     72,102
      General and administrative      5,746      4,713     15,617     12,254
                                     37,610     32,808     95,970     84,356

    INCOME FROM OPERATIONS           33,139     25,841     66,695     47,388

    OTHER INCOME, Net                 2,177      2,193      6,560      6,059

    INCOME BEFORE INCOME TAXES       35,316     28,034     73,255     53,447

    PROVISION FOR INCOME TAXES       13,118     10,373     27,072     19,793

    NET INCOME                      $22,198    $17,661    $46,183    $33,654


    EARNINGS PER SHARE:
      Basic                           $0.75      $0.61      $1.56      $1.16

      Diluted                         $0.72      $0.59      $1.50      $1.12

    Basic weighted average shares    29,791     28,750     29,678     28,921
    Diluted weighted average shares  30,915     29,699     30,842     29,941



    THE BUCKLE, INC.

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


                                          November 3,  February 3, October 28,
    ASSETS                                    2007        2007 (1)     2006

    CURRENT ASSETS:
      Cash and cash equivalents             $40,092       $35,752    $10,053
      Short-term investments                140,725       115,721    131,299
      Accounts receivable, net of
       allowance of $54, $72, and $62,
       respectively                           4,407         4,046      5,164
      Inventory                              99,492        70,306     99,974
      Prepaid expenses and other assets      16,002        12,401      8,100
               Total current assets         300,718       238,226    254,590

    PROPERTY AND EQUIPMENT:                 235,240       215,630    213,714
      Less accumulated depreciation and
       amortization                        (133,409)     (121,811)  (118,538)
                                            101,831        93,819     95,176

    LONG-TERM INVESTMENTS                    28,391        31,958     37,936
    OTHER ASSETS                              4,044         4,195      2,624

                                           $434,984      $368,198   $390,326

    LIABILITIES AND STOCKHOLDERS' EQUITY

    CURRENT LIABILITIES:
      Accounts payable                      $31,896       $14,670    $19,126
      Accrued employee compensation          17,506        17,800     10,943
      Accrued store operating expenses        6,447         4,468      4,755
      Gift certificates redeemable            4,263         6,709      3,793
      Income taxes payable                    6,553         5,562      7,139
               Total current liabilities     66,665        49,209     45,756

    DEFERRED COMPENSATION                     4,120         3,368      3,203
    DEFERRED RENT LIABILITY                  32,095        29,034     29,320
               Total liabilities            102,880        81,611     78,279

    COMMITMENTS

    STOCKHOLDERS' EQUITY:
      Common stock, authorized 100,000,000
       shares of $.01 par value; issued
       and outstanding; 30,306,186 shares
       at November 3, 2007, 29,408,576
       shares at February 3, 2007, and
       19,200,516 shares at October 28,
       2006                                     303           294        192
      Additional paid-in capital             62,363        43,493     26,741
      Retained earnings                     269,438       242,800    285,114
               Total stockholders' equity   332,104       286,587    312,047

                                           $434,984      $368,198   $390,326

     (1) Derived from audited financial statements.

Source: The Buckle, Inc.

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