EX-99.1 2 bke20190524-8kexhibit.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1
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The Buckle, Inc.
 
2407 W. 24th St. Kearney, NE 68845
 
P.O. Box 1480 Kearney, NE 68848-1480
 
phone: 308-236-8491
 
fax: 308-236-4493
 
For Immediate Release: May 24, 2019
web: www.buckle.com


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

THE BUCKLE, INC. REPORTS FIRST QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 4, 2019 was $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2019 decreased 1.7 percent to $201.3 million from net sales of $204.9 million for the prior year 13-week fiscal quarter ended May 5, 2018. Comparable store net sales for the 13-week period ended May 4, 2019 decreased 1.3 percent from comparable store net sales for the prior year 13-week period ended May 5, 2018. Online sales increased 5.6 percent to $24.4 million for the 13-week period ended May 4, 2019, compared to net sales of $23.1 million for the 13-week period ended May 5, 2018.

Net income for the first quarter of fiscal 2019 was $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis), compared with $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis) for the first quarter of fiscal 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) 230-1085 for domestic calls or (612) 288-0329 for international calls and reference the conference code 467603. 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 467603.

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 456 stores in 43 states at the end of the first 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
 
May 4,
2019
 
May 5,
2018
 
 
 
 
SALES, Net of returns and allowances
$
201,313

 
$
204,897

 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
124,660

 
125,206

 
 
 
 
Gross profit
76,653

 
79,691

 
 
 
 
OPERATING EXPENSES:
 
 
 
Selling
46,609

 
45,853

General and administrative
11,310

 
10,578

 
57,919

 
56,431

 
 
 
 
INCOME FROM OPERATIONS
18,734

 
23,260

 
 
 
 
OTHER INCOME, Net
1,255

 
1,487

 
 
 
 
INCOME BEFORE INCOME TAXES
19,989

 
24,747

 
 
 
 
PROVISION FOR INCOME TAXES
4,897

 
6,409

 
 
 
 
NET INCOME
$
15,092

 
$
18,338

 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

Basic
$
0.31

 
$
0.38

 
 
 
 
Diluted
$
0.31

 
$
0.38

 
 
 
 
Basic weighted average shares
48,552

 
48,379

Diluted weighted average shares
48,734

 
48,550







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
May 4,
2019
 
February 2,
2019 (1)
 
May 5,
2018
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
183,939

 
$
168,471

 
$
168,387

Short-term investments
53,659

 
51,546

 
54,700

Receivables
5,780

 
7,089

 
7,061

Inventory
120,814

 
125,190

 
118,181

Prepaid expenses and other assets
20,406

 
18,136

 
19,182

Total current assets
384,598

 
370,432

 
367,511

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
453,578

 
452,187

 
460,869

Less accumulated depreciation and amortization
(326,705
)
 
(321,505
)
 
(315,018
)
 
126,873

 
130,682

 
145,851

 
 
 
 
 
 
OPERATING LEASE RIGHT-OF-USE ASSETS
345,473

 
—

 
—

LONG-TERM INVESTMENTS
15,667

 
18,745

 
17,876

OTHER ASSETS
7,754

 
7,443

 
6,918

 
 
 
 
 
 
Total assets
$
880,365

 
$
527,302

 
$
538,156

 
 
 
 
 
 

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

Accounts payable
$
36,533

 
$
29,008

 
$
25,818

Accrued employee compensation
11,636

 
21,452

 
11,893

Accrued store operating expenses
22,124

 
17,982

 
19,699

Gift certificates redeemable
14,262

 
16,634

 
15,305

Current portion of operating lease liabilities
72,857

 
—

 
—

Income taxes payable
9,651

 
5,142

 
17,945

Total current liabilities
167,063

 
90,218

 
90,660

 
 
 
 
 
 
DEFERRED COMPENSATION
14,914

 
13,978

 
15,337

NON-CURRENT OPERATING LEASE LIABILITIES
300,430

 
—

 
—

DEFERRED RENT LIABILITY
—

 
29,229

 
32,961

Total liabilities
482,407

 
133,425

 
138,958

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,231,625 shares at May 4, 2019, 49,017,395 shares at February 2, 2019, and 49,044,895 shares at May 5, 2018
492

 
490

 
490

Additional paid-in capital
149,860

 
148,564

 
145,761

Retained earnings
247,606

 
244,823

 
253,036

Accumulated other comprehensive loss
—

 
—

 
(89
)
Total stockholders’ equity
397,958

 
393,877

 
399,198

 
 
 
 
 
 
Total liabilities and stockholders’ equity
$
880,365

 
$
527,302

 
$
538,156

 
 
 
 
 
 
(1) Derived from audited financial statements.