The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2011 was $33.5 million, or $0.72 per share ($0.71 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2011 increased 11.8 percent to $240.1 million from net sales of $214.8 million for the prior year 13-week fiscal quarter ended May 1, 2010. Comparable store net sales for the 13-week period ended April 30, 2011 increased 8.1 percent from comparable store net sales for the prior year 13-week period ended May 1, 2010. Online sales (which are not included in comparable store sales) increased 18.6 percent to $17.1 million for the 13-week period ended April 30, 2011, compared to net sales of $14.4 million for the 13-week period ended May 1, 2010.

Net income for the first quarter of fiscal 2011 was $33.5 million, or $0.72 per share ($0.71 per share on a diluted basis), compared with $30.1 million, or $0.65 per share ($0.64 per share on a diluted basis), for the first quarter of fiscal 2010.

Management will hold a conference call at 10:30 a.m. EDT today to discuss first quarter results. To participate in the call, please call (800) 230-1092 and reference the conference code 203397. A replay of the call will be available for a two-week period beginning May 19, 2011 at 12:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 203397.

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 423 retail stores in 41 states. As of the end of the first quarter, it operated 422 stores in 41 states compared with 412 stores in 41 states at the end of the first quarter of fiscal 2010.

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.

THE BUCKLE, INC.
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
				Thirteen Weeks Ended
				April 30,					May 1,
				2011					2010
SALES, Net of returns and allowances				$	240,092				$	214,797
COST OF SALES (Including buying,
distribution, and occupancy costs)					137,148					121,346
Gross profit					102,944					93,451
OPERATING EXPENSES:
Selling					42,731					39,843
General and administrative					8,859					7,421
					51,590					47,264
INCOME FROM OPERATIONS					51,354					46,187
OTHER INCOME, Net					1,612					1,833
INCOME BEFORE INCOME TAXES					52,966					48,020
PROVISION FOR INCOME TAXES					19,497					17,910
NET INCOME				$	33,469				$	30,110
EARNINGS PER SHARE:
Basic				$	0.72				$	0.65
Diluted				$	0.71				$	0.64
Basic weighted average shares					46,748					46,053
Diluted weighted average shares					47,264					46,993

THE BUCKLE, INC.
BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
				April 30,					January 29,					May 1,
ASSETS				2011					2011 (1)					2010
CURRENT ASSETS:
Cash and cash equivalents				$	139,292				$	116,470				$	131,417
Short-term investments					21,497					22,892					22,887
Receivables					4,051					14,363					4,942
Inventory					89,866					88,593					84,741
Prepaid expenses and other assets					22,876					14,718					19,313
Total current assets					277,582					257,036					263,300
PROPERTY AND EQUIPMENT:					347,959					342,413					323,086
Less accumulated depreciation and amortization					(178,103	)				(173,179	)				(164,553	)
					169,856					169,234					158,533
LONG-TERM INVESTMENTS					65,179					66,162					81,776
OTHER ASSETS					2,416					2,412					4,985
				$	515,033				$	494,844				$	508,594
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable				$	41,076				$	33,489				$	33,307
Accrued employee compensation					15,278					36,018					16,698
Accrued store operating expenses					9,323					9,653					8,392
Gift certificates redeemable					12,914					17,213					10,241
Income taxes payable					9,796					-					17,940
Total current liabilities					88,387					96,373					86,578
DEFERRED COMPENSATION					8,734					7,727					7,223
DEFERRED RENT LIABILITY					37,617					37,430					36,529
OTHER LIABILITIES					7,421					7,649					-
Total liabilities					142,159					149,179					130,330
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,342,895 shares at April 30, 2011, 47,127,296
shares at January 29, 2011, and 46,726,491 shares at May 1, 2010					474					471					467
Additional paid-in capital					92,900					89,719					82,032
Retained earnings					280,150					256,146					296,524
Accumulated other comprehensive loss					(650	)				(671	)				(759	)
Total stockholders’ equity					372,874					345,665					378,264
				$	515,033				$	494,844				$	508,594

(1) Derived from audited financial statements.

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