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The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2019 was $16.4 million, or $0.34 per share ($0.34 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2019 increased 1.4 percent to $203.8 million from net sales of $201.1 million for the prior year 13-week fiscal quarter ended August 4, 2018. Comparable store net sales for the 13-week period ended August 3, 2019 increased 1.8 percent from comparable store net sales for the prior year 13-week period ended August 4, 2018. Online sales increased 9.2 percent to $23.1 million for the 13-week period ended August 3, 2019, compared to net sales of $21.2 million for the 13-week period ended August 4, 2018.

Net sales for the 26-week fiscal period ended August 3, 2019 decreased 0.2 percent to $405.1 million from net sales of $406.0 million for the prior year 26-week fiscal period ended August 4, 2018. Comparable store net sales for the 26-week period ended August 3, 2019 increased 0.3 percent from comparable store net sales for the prior year 26-week period ended August 4, 2018. Online sales increased 7.3 percent to $47.5 million for the 26-week period ended August 3, 2019, compared to net sales of $44.3 million for the 26-week period ended August 4, 2018.

Net income for the second quarter of fiscal 2019 was $16.4 million, or $0.34 per share ($0.34 per share on a diluted basis), compared with $15.7 million, or $0.32 per share ($0.32 per share on a diluted basis) for the second quarter of fiscal 2018.

Net income for the 26-week fiscal period ended August 3, 2019 was $31.5 million, or $0.65 per share ($0.65 per share on a diluted basis), compared with $34.0 million, or $0.70 per share ($0.70 per share on a diluted basis) for the 26-week period ended August 4, 2018.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1059 for domestic calls or (612) 332-0107 for international calls and reference the conference code 470702. A replay of the call will be available for a two-week period beginning today 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 470702.

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 449 retail stores in 42 states. As of the end of the fiscal quarter, it operated 449 stores in 42 states compared with 455 stores in 43 states at the end of the second quarter 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)

 

 

Thirteen Weeks Ended

Twenty-Six Weeks Ended

 

August 3,
2019

August 4,
2018

August 3,
2019

August 4,
2018

 

SALES, Net of returns and allowances

 

$

203,817

$

201,080

$

405,130

$

405,977

 

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

 

125,120

122,149

249,780

247,355

 

Gross profit

 

78,697

78,931

155,350

158,622

 

OPERATING EXPENSES:

 

Selling

 

48,535

47,896

95,144

93,749

General and administrative

 

10,560

10,874

21,870

21,452

 

59,095

58,770

117,014

115,201

 

INCOME FROM OPERATIONS

 

19,602

20,161

38,336

43,421

 

OTHER INCOME, Net

 

2,086

972

3,341

2,459

 

INCOME BEFORE INCOME TAXES

 

21,688

21,133

41,677

45,880

 

PROVISION FOR INCOME TAXES

 

5,314

5,474

10,211

11,883

 

NET INCOME

 

$

16,374

$

15,659

$

31,466

$

33,997

 

 

EARNINGS PER SHARE:

 

Basic

 

$

0.34

$

0.32

$

0.65

$

0.70

 

Diluted

 

$

0.34

$

0.32

$

0.65

$

0.70

 

Basic weighted average shares

 

48,550

48,379

48,551

48,379

Diluted weighted average shares

 

48,760

48,592

48,747

48,571

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

ASSETS

 

August 3,
2019

February 2,
2019 (1)

August 4,
2018

 

CURRENT ASSETS:

 

Cash and cash equivalents

 

$

178,041

$

168,471

$

168,949

Short-term investments

 

52,051

51,546

51,600

Receivables

 

11,206

7,089

12,105

Inventory

 

129,068

125,190

127,899

Prepaid expenses and other assets

 

21,059

18,136

18,855

Total current assets

 

391,425

370,432

379,408

 

PROPERTY AND EQUIPMENT

 

453,416

452,187

460,367

Less accumulated depreciation and amortization

 

(331,285

)

(321,505

)

(319,141

)

 

122,131

130,682

141,226

 

OPERATING LEASE RIGHT-OF-USE ASSETS

 

335,448

LONG-TERM INVESTMENTS

 

15,477

18,745

17,300

OTHER ASSETS

 

7,952

7,443

7,158

 

Total assets

 

$

872,433

$

527,302

$

545,092

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

CURRENT LIABILITIES:

 

Accounts payable

 

$

42,531

$

29,008

$

46,217

Accrued employee compensation

 

11,512

21,452

11,852

Accrued store operating expenses

 

23,268

17,982

21,289

Gift certificates redeemable

 

13,305

16,634

14,103

Current portion of operating lease liabilities

 

75,992

Income taxes payable

 

5,142

Total current liabilities

 

166,608

90,218

93,461

 

DEFERRED COMPENSATION

 

14,984

13,978

15,784

NON-CURRENT OPERATING LEASE LIABILITIES

 

287,648

DEFERRED RENT LIABILITY

 

29,229

31,740

Total liabilities

 

469,240

133,425

140,985

 

COMMITMENTS

 

 

STOCKHOLDERS’ EQUITY:

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,223,811 shares at August 3, 2019, 49,017,395 shares at February 2, 2019, and 49,018,195 shares at August 4, 2018

 

492

490

490

Additional paid-in capital

 

151,027

148,564

147,173

Retained earnings

 

251,674

244,823

256,444

Total stockholders’ equity

 

403,193

393,877

404,107

 

Total liabilities and stockholders’ equity

 

$

872,433

$

527,302

$

545,092

 

(1) Derived from audited financial statements.

Contacts:

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

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