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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2019 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2020 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis). Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2020 increased 2.5 percent to $271.0 million from net sales of $264.4 million for the prior year 13-week fiscal quarter ended February 2, 2019. Comparable store net sales for the 13-week period ended February 1, 2020 increased 3.3 percent from comparable store net sales for the prior year 13-week period ended February 2, 2019. Online sales increased 7.5 percent to $36.4 million for the 13-week period ended February 1, 2020, compared to net sales of $33.9 million for the 13-week period ended February 2, 2019.

Net sales for the 52-week fiscal year ended February 1, 2020 increased 1.7 percent to $900.3 million from net sales of $885.5 million for the 52-week fiscal year ended February 2, 2019. Comparable store net sales for the 52-week period ended February 1, 2020 increased 2.2 percent from comparable store net sales for the prior year 52-week period ended February 2, 2019. Online sales increased 6.9 percent to $110.8 million for the 52-week period ended February 1, 2020, compared to net sales of $103.7 million for the 52-week period ended February 2, 2019.

Net income for the fourth quarter of fiscal 2019 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis), compared with $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis) for the fourth quarter of fiscal 2018.

Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis), compared with $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis) for the fiscal year ended February 2, 2019.

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 (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 1508602. A replay of the call will be available for a two-week period beginning March 13, 2020 at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 4253986.

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 446 retail stores in 42 states. As of the end of the fiscal year, it operated 448 stores in 42 states compared with 450 stores in 42 states at the end of fiscal 2018.

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.

Financial Tables to Follow

THE BUCKLE, INC.

 

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

 

13-Weeks Ended

52-Weeks Ended

February 1, 2020

February 2, 2019

February 1, 2020

February 2, 2019 (1)

SALES, Net of returns and allowances

$

271,003

$

264,412

$

900,254

$

885,496

COST OF SALES (Including buying, distribution, and occupancy costs)

142,413

143,118

522,780

519,423

Gross profit

128,590

121,294

377,474

366,073

OPERATING EXPENSES:

Selling

58,054

57,671

204,480

202,032

General and administrative

10,685

12,417

41,497

43,113

68,739

70,088

245,977

245,145

INCOME FROM OPERATIONS

59,851

51,206

131,497

120,928

OTHER INCOME, Net

1,764

1,925

6,210

5,716

INCOME BEFORE INCOME TAXES

61,615

53,131

137,707

126,644

PROVISION FOR INCOME TAXES

14,636

11,996

33,278

31,036

NET INCOME

$

46,979

$

41,135

$

104,429

$

95,608

EARNINGS PER SHARE

Basic

$

0.96

$

0.85

$

2.15

$

1.97

Diluted

$

0.96

$

0.84

$

2.14

$

1.97

Basic weighted average shares

48,698

48,514

48,587

48,413

Diluted weighted average shares

48,948

48,703

48,813

48,614

(1) Derived from audited financial statements

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

ASSETS

February 1,

February 2,

2020

2019 (1)

CURRENT ASSETS:

Cash and cash equivalents

$

220,969

$

168,471

Short-term investments

12,532

51,546

Receivables

3,136

7,089

Inventory

121,258

125,190

Prepaid expenses and other assets

20,935

18,136

Total current assets

378,830

370,432

PROPERTY AND EQUIPMENT

452,205

452,187

Less accumulated depreciation and amortization

(338,357

)

(321,505

)

113,848

130,682

OPERATING LEASE RIGHT-OF-USE ASSETS

350,088

LONG-TERM INVESTMENTS

15,863

18,745

OTHER ASSETS

9,261

7,443

Total assets

$

867,890

$

527,302

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

26,491

$

29,008

Accrued employee compensation

22,929

21,452

Accrued store operating expenses

17,837

17,982

Gift certificates redeemable

15,319

16,634

Current portion of operating lease liabilities

87,314

Income taxes payable

2,751

5,142

Total current liabilities

172,641

90,218

DEFERRED COMPENSATION

15,863

13,978

NON-CURRENT OPERATING LEASE LIABILITIES

290,238

DEFERRED RENT LIABILITY

29,229

Total liabilities

478,742

133,425

COMMITMENTS

STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; 49,205,681 and 49,017,395 shares issued and outstanding at February 1, 2020 and February 2, 2019, respectively

492

490

Additional paid-in capital

152,258

148,564

Retained earnings

236,398

244,823

Total stockholders’ equity

389,148

393,877

Total liabilities and stockholders’ equity

$

867,890

$

527,302

(1) Derived from audited financial statements

Contacts:

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

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