SOURCE: The Buckle, Inc.

The Buckle, Inc.

November 19, 2009 07:00 ET

The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, NE--(Marketwire - November 19, 2009) - The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 31, 2009 was $33.3 million, or $0.73 per share ($0.71 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 31, 2009 increased 9.8 percent to $231.2 million from net sales of $210.6 million for the prior year 13-week fiscal quarter ended November 1, 2008. Comparable store net sales for the 13-week period ended October 31, 2009 increased 4.3 percent from comparable store net sales for the prior year 13-week period ended November 1, 2008. Online sales (which are not included in comparable store sales) increased 41.9 percent to $12.5 million for the 13-week period ended October 31, 2009, compared to the 13-week period ended November 1, 2008.

Net sales for the 39-week fiscal period ended October 31, 2009 increased 15.4 percent to $623.8 million from net sales of $540.6 million for the prior year 39-week fiscal period ended November 1, 2008. Comparable store net sales year-to-date for the 39-week period ended October 31, 2009 increased 9.7 percent from comparable store net sales for the 39-week period ended November 1, 2008. Online sales (which are not included in comparable store sales) increased 50.8 percent to $34.3 million for the 39-week period ended October 31, 2009, compared to the 39-week period ended November 1, 2008.

Net income for the third quarter of fiscal 2009 was $33.3 million, or $0.73 per share ($0.71 per share on a diluted basis), compared with $29.1 million, or $0.64 per share ($0.62 per share on a diluted basis) for the third quarter of fiscal 2008.

Net income for the 39-week fiscal period ended October 31, 2009 was $85.2 million, or $1.87 per share ($1.83 per share on a diluted basis), compared with $70.1 million, or $1.55 per share ($1.50 per share on a diluted basis) for the 39-week fiscal period ended November 1, 2008.

Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1074 and reference the conference code 121328. A replay of the call will be available for a two-week period beginning November 19, 2009 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 121328.

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 405 retail stores in 41 states. As of the end of the fiscal quarter, it operated 404 stores in 41 states compared with 384 stores in 39 states at the end of the third quarter of fiscal 2008.

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.

STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)


                          Thirteen Weeks Ended     Thirty-nine Weeks Ended
                        ------------------------- -------------------------
                         October 31,  November 1,  October 31,  November 1,
                            2009         2008         2009         2008

SALES, Net of returns
 and allowances         $    231,238 $   210,567  $    623,841 $   540,632

COST OF SALES (Including
 buying, distribution,
 and occupancy costs)        129,121     118,762       352,743     312,937
                        ------------ -----------  ------------ -----------

     Gross profit            102,117      91,805       271,098     227,695
                        ------------ -----------  ------------ -----------

OPERATING EXPENSES:
  Selling                     43,017      39,415       118,121     104,454
  General and
   administrative              7,427       7,000        21,452      17,172
                        ------------ -----------  ------------ -----------
                              50,444      46,415       139,573     121,626
                        ------------ -----------  ------------ -----------

INCOME FROM OPERATIONS        51,673      45,390       131,525     106,069

OTHER INCOME, Net              1,192       1,794         3,651       6,163
UNREALIZED LOSS ON
 SECURITIES                        -      (1,800)            -      (1,800)
                        ------------ -----------  ------------ -----------

INCOME BEFORE INCOME
 TAXES                        52,865      45,384       135,176     110,432

PROVISION FOR INCOME
 TAXES                        19,560      16,308        50,015      40,363
                        ------------ -----------  ------------ -----------

NET INCOME              $     33,305 $    29,076  $     85,161 $    70,069
                        ============ ===========  ============ ===========


EARNINGS PER SHARE:
  Basic                 $       0.73 $      0.64  $       1.87 $      1.55
                        ============ ===========  ============ ===========

  Diluted               $       0.71 $      0.62  $       1.83 $      1.50
                        ============ ===========  ============ ===========

Basic weighted
 average shares               45,709      45,666        45,626      45,273
Diluted weighted
 average shares               46,719      46,851        46,621      46,563




THE BUCKLE, INC.

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


                                     October 31,  January 31,  November 1,
ASSETS                                  2009        2009 (1)      2008

CURRENT ASSETS:
  Cash and cash equivalents          $    73,995  $   162,463  $    92,419
  Short-term investments                  19,620       19,150       25,963
  Accounts receivable, net of
   allowance of $35, $46, and $32,
   respectively                            4,993        3,734        4,609
  Inventory                              118,213       83,963      118,202
  Prepaid expenses and other assets       20,820       17,655       18,502
                                     -----------  -----------  -----------
      Total current assets               237,641      286,965      259,695
                                     -----------  -----------  -----------

PROPERTY AND EQUIPMENT:                  292,904      264,154      262,303
  Less accumulated depreciation and
   amortization                         (157,905)    (147,460)    (145,548)
                                     -----------  -----------  -----------
                                         134,999      116,694      116,755
                                     -----------  -----------  -----------

LONG-TERM INVESTMENTS                     73,553       56,213       64,446
OTHER ASSETS                               4,945        5,468        5,122
                                     -----------  -----------  -----------

                                     $   451,138  $   465,340  $   446,018
                                     ===========  ===========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                   $    36,597  $    22,472  $    40,515
  Accrued employee compensation           30,142       40,460       27,279
  Accrued store operating expenses         9,757        7,701        9,143
  Gift certificates redeemable             7,079       10,144        5,816
  Income taxes payable                     7,696        8,649        5,149
                                     -----------  -----------  -----------
      Total current liabilities           91,271       89,426       87,902

DEFERRED COMPENSATION                      5,961        4,090        4,239
DEFERRED RENT LIABILITY                   35,680       34,602       34,744
                                     -----------  -----------  -----------
      Total liabilities                  132,912      128,118      126,885
                                     -----------  -----------  -----------

COMMITMENTS

STOCKHOLDERS' EQUITY:
  Common stock, authorized
   100,000,000 shares of $.01 par
   value; issued and outstanding;
   46,294,580 shares at October 31,
   2009, 45,906,265 shares at January
   31, 2009, and 46,462,708 shares
   at November 1, 2008                       463          459          465
  Additional paid-in capital              75,969       68,894       76,295
  Retained earnings                      242,885      268,789      243,630
  Accumulated other comprehensive loss    (1,091)        (920)      (1,257)
                                     -----------  -----------  -----------
      Total stockholders' equity         318,226      337,222      319,133
                                     -----------  -----------  -----------

                                     $   451,138  $   465,340  $   446,018
                                     ===========  ===========  ===========

(1) Derived from audited financial statements.

Contact Information

  • Contact:
    Karen B. Rhoads
    Chief Financial Officer
    The Buckle, Inc.
    308/236-8491