The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2013 Net Income

Fri Mar 14, 2014 7:00am EDT

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The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2013 Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2014 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis). Net income for the fiscal year February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2014 decreased 6.0 percent to $339.0 million from net sales of $360.6 million for the prior year 14-week fiscal quarter ended February 2, 2013. Comparable store net sales for the 13-week period ended February 1, 2014 decreased 2.8 percent from comparable store net sales for the prior year 13-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 0.4 percent to $29.3 million for the 13-week period ended February 1, 2014, compared to net sales of $29.1 million for the 14-week period ended February 2, 2013.

Net sales for the 52-week fiscal year ended February 1, 2014 increased 0.4 percent to $1.128 billion from net sales of $1.124 billion for the 53-week fiscal year ended February 2, 2013. Comparable store net sales for the 52-week period ended February 1, 2014 were flat in comparison to the prior year 52-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 5.3 percent to $89.0 million for the 52-week period ended February 1, 2014, compared to net sales of $84.5 million for the 53-week period ended February 2, 2013.

The fourth quarter of fiscal 2013 was a 13-week fiscal period, ending The Buckle, Inc.’s 52-week fiscal year. The fourth quarter of fiscal 2012 was a 14-week fiscal period, ending a 53-week fiscal year. Comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 52-week periods ended February 2, 2013.

Net income for the fourth quarter of fiscal 2013 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis), compared with $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis) for the fourth quarter of fiscal 2012.

Net income for the fiscal year ended February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis), compared with $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis) for the fiscal year ended February 2, 2013.

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 (888) 276-0005 and reference the conference code 321394. A replay of the call will be available for a two-week period beginning March 14, 2014 at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 321394.

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 450 retail stores in 43 states. As of the end of the fiscal year, it operated 450 stores in 43 states compared with 440 stores in 43 states at the end of fiscal 2012.

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.
 
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
               
13-Weeks Ended 14-Weeks Ended 52-Weeks Ended 53-Weeks Ended
February 1, 2014 February 2, 2013 February 1, 2014 February 2, 2013
 
SALES, Net of returns and allowances $ 338,999 $ 360,615 $ 1,128,001 $ 1,124,007
 

COST OF SALES (Including buying,

distribution, and occupancy costs)

177,573   187,413   628,856   624,692
 
Gross profit 161,426   173,202   499,145   499,315
 
OPERATING EXPENSES:
Selling 62,668 64,945 206,893 201,963
General and administrative 4,482   10,657   35,258   39,177
67,150   75,602   242,151   241,140
 
INCOME FROM OPERATIONS 94,276 97,600 256,994 258,175
 
OTHER INCOME, Net 2,244   1,179   3,462   3,524
 
INCOME BEFORE INCOME TAXES 96,520 98,779 260,456 261,699
 
PROVISION FOR INCOME TAXES 37,216   37,423   97,872   97,394
 
NET INCOME $ 59,304   $ 61,356   $ 162,584   $ 164,305
 
 
EARNINGS PER SHARE
Basic $ 1.24   $ 1.29   $ 3.41   $ 3.47
 
Diluted $ 1.23   $ 1.28   $ 3.39   $ 3.44
 
Basic weighted average shares 47,868 47,613 47,744 47,383
Diluted weighted average shares 48,026 47,893 47,976 47,710
 
 
THE BUCKLE, INC.
 
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
       
February 1, February 2,
ASSETS 2014

2013(1)

 
CURRENT ASSETS:
Cash and cash equivalents $ 164,868 $ 117,608
Short-term investments 20,197 26,414
Receivables 4,318 3,470
Inventory 124,141 103,853
Prepaid expenses and other assets 28,613   25,528  
Total current assets 342,137   276,873  
 
PROPERTY AND EQUIPMENT 393,656 373,286
Less accumulated depreciation and amortization (235,087 ) (210,183 )
158,569   163,103  
 
LONG-TERM INVESTMENTS 43,436 35,735
OTHER ASSETS 2,151   2,263  
 
$ 546,293   $ 477,974  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 37,147 $ 34,124
Accrued employee compensation 36,933 42,183
Accrued store operating expenses 9,983 10,121
Gift certificates redeemable 23,131 22,221
Income taxes payable 16,187   20,307  
Total current liabilities 123,381 128,956
 
DEFERRED COMPENSATION 12,797 10,600
DEFERRED RENT LIABILITY 37,564 36,947
OTHER LIABILITIES 10,621   11,822  
Total liabilities 184,363   188,325  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:

Common stock, authorized 100,000,000 shares of $.01 par value; 48,336,392 and 48,059,269 shares

issued and outstanding at February 1, 2014 and February 2, 2013, respectively

483 481
Additional paid-in capital 124,134 117,391
Retained earnings 238,151 172,711
Accumulated other comprehensive loss (838 ) (934 )
Total stockholders’ equity 361,930   289,649  
 
$ 546,293   $ 477,974  
 
(1) Derived from audited financial statements
 

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

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