SOURCE: The Buckle, Inc.

The Buckle, Inc.

March 11, 2010 07:00 ET

The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2009 Net Income

KEARNEY, NE--(Marketwire - March 11, 2010) - The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2010 was $42.1 million, or $0.92 per share ($0.90 per share on a diluted basis). Net income for the fiscal year ended January 30, 2010 was $127.3 million, or $2.79 per share ($2.73 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended January 30, 2010 increased 9.2 percent to $274.4 million from net sales of $251.4 million for the prior year 13-week fiscal quarter ended January 31, 2009. Comparable store net sales for the 13-week period ended January 30, 2010 increased 3.8 percent from comparable store net sales for the prior year 13-week period ended January 31, 2009. Online sales (which are not included in comparable store sales) increased 35.6 percent to $18.0 million for the 13-week period ended January 30, 2010, compared to the 13-week period ended January 31, 2009.

Net sales for the 52-week fiscal year ended January 30, 2010 increased 13.4 percent to $898.3 million from net sales of $792.0 million for the 52-week fiscal year ended January 31, 2009. Comparable store net sales for the 52-week period ended January 30, 2010 increased 7.8 percent from comparable store net sales for the prior year 52-week period ended January 31, 2009. Online sales (which are not included in comparable store sales) increased 45.2 percent to $52.3 million for the 52-week period ended January 30, 2010, compared to the 52-week period ended January 31, 2009.

Net income for the fourth quarter of fiscal 2009 was $42.1 million, or $0.92 per share ($0.90 per share on a diluted basis), compared with $34.3 million, or $0.75 per share ($0.74 per share on a diluted basis) for the fourth quarter of fiscal 2008.

Net income for the fiscal year ended January 30, 2010 was $127.3 million, or $2.79 per share ($2.73 per share on a diluted basis), compared with $104.4 million, or $2.30 per share ($2.24 per share on a diluted basis) for the fiscal year ended January 31, 2009.

Management will hold a conference call at 9:30 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (866) 269-9614 and reference the conference code 148984. A replay of the call will be available for a two-week period beginning March 11, 2010 at 11:30 a.m. EST by calling (800) 475-6701 and entering the conference code 148984.

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 407 retail stores in 41 states. This includes yesterday's opening of a new store in Orlando, Florida. As of the end of the fiscal year, it operated 401 stores in 41 states compared with 387 stores in 39 states at the end 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   Fifty-two Weeks Ended
                            ----------------------  ----------------------
                            January 30, January 31, January 30, January 31,
                               2010        2009        2010        2009
                            ----------  ----------  ----------- ----------

SALES, Net of returns and
 allowances                 $  274,446  $  251,414  $   898,287 $  792,046

COST OF SALES (Including
 buying, distribution, and
 occupancy costs)              144,925     135,621      497,668    448,558
                            ----------  ----------  ----------- ----------

           Gross profit        129,521     115,793      400,619    343,488
                            ----------  ----------  ----------- ----------

OPERATING EXPENSES:
  Selling                       50,620      46,797      168,741    151,251
  General and administrative    10,964      12,869       32,416     30,041
                            ----------  ----------  ----------- ----------
                                61,584      59,666      201,157    181,292
                            ----------  ----------  ----------- ----------

INCOME FROM OPERATIONS          67,937      56,127      199,462    162,196

OTHER INCOME, Net                1,402       1,666        3,674      7,829
GAIN (LOSS) - IMPAIRMENT OF
 SECURITIES                       (388)     (3,357)         991     (5,157)
                            ----------  ----------  ----------- ----------

INCOME BEFORE INCOME TAXES      68,951      54,436      204,127    164,868

PROVISION FOR INCOME TAXES      26,809      20,096       76,824     60,459
                            ----------  ----------  ----------- ----------

NET INCOME                  $   42,142  $   34,340  $   127,303 $  104,409
                            ==========  ==========  =========== ==========


EARNINGS PER SHARE:
  Basic                     $     0.92  $     0.75  $      2.79 $     2.30
                            ==========  ==========  =========== ==========

  Diluted                   $     0.90  $     0.74  $      2.73 $     2.24
                            ==========  ==========  =========== ==========

Basic weighted average
 shares                         45,919      45,651       45,699     45,367
Diluted weighted average
 shares                         46,903      46,610       46,692     46,574



THE BUCKLE, INC.

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


                                                   January 30,  January 31,
ASSETS                                                 2010      2009 (1)

CURRENT ASSETS:
  Cash and cash equivalents                         $  135,340  $  162,463
  Short-term investments                                22,687      19,150
  Accounts receivable, net of allowance of $35 and
   $46, respectively                                     6,911       3,734
  Inventory                                             88,187      83,963
  Prepaid expenses and other assets                     11,684      17,655
                                                    ----------  ----------
           Total current assets                        264,809     286,965
                                                    ----------  ----------

PROPERTY AND EQUIPMENT:                                305,974     264,154
  Less accumulated depreciation and amortization      (159,392)   (147,460)
                                                    ----------  ----------
                                                       146,582     116,694
                                                    ----------  ----------

LONG-TERM INVESTMENTS                                   72,770      56,213
OTHER ASSETS                                             4,742       5,468
                                                    ----------  ----------

                                                    $  488,903  $  465,340
                                                    ==========  ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                                  $   24,364  $   22,472
  Accrued employee compensation                         41,463      40,460
  Accrued store operating expenses                       8,866       7,701
  Gift certificates redeemable                          13,507      10,144
  Income taxes payable                                   3,830       8,649
                                                    ----------  ----------
           Total current liabilities                    92,030      89,426

DEFERRED COMPENSATION                                    5,957       4,090
DEFERRED RENT LIABILITY                                 36,657      34,602
                                                    ----------  ----------
           Total liabilities                           134,644     128,118
                                                    ----------  ----------

COMMITMENTS

STOCKHOLDERS' EQUITY:
  Common stock, authorized 100,000,000 shares of
   $.01 par value; 46,381,263 and 45,906,265 shares
   issued and outstanding at January 30, 2010 and
   January 31, 2009, respectively                          464         459
  Additional paid-in capital                            78,837      68,894
  Retained earnings                                    275,751     268,789
  Accumulated other comprehensive loss                    (793)       (920)
                                                    ----------  ----------
           Total stockholders' equity                  354,259     337,222
                                                    ----------  ----------

                                                    $  488,903  $  465,340
                                                    ==========  ==========

(1) Derived from audited financial statements.

Contact Information

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