8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

November 22, 2019

Date of Report (date of earliest event reported)

THE BUCKLE, INC.

(Exact name of Registrant as specified in its charter)

Nebraska	001-12951	47-0366193
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation or organization)	File Number)	Identification No.)

2407 West 24th Street, Kearney, Nebraska	68845-4915
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:  (308) 236-8491

__________________________________________________________

(Former name, former address and former fiscal year if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	BKE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            

Emerging growth company      o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

TABLE OF CONTENTS

ITEM 2.02     Results of Operations and Financial Condition

ITEM 9.01(d)     Exhibits

SIGNATURES

EXHIBIT INDEX

EXHIBIT 99.1

ITEM 2.02.     Results of Operations and Financial Condition

On November 22, 2019, The Buckle, Inc. announced financial results for the fiscal quarter ended November 2, 2019. The full text of the press release is furnished as Exhibit 99.1 to this report.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.

ITEM 9.01(d).     Exhibits

Exhibit 99.1    Press Release Dated November 22, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	The Buckle, Inc.
Date: November 22, 2019	By: /s/  THOMAS B. HEACOCK
	Name: Thomas B. Heacock
	Title: Senior Vice President of Finance,
	Treasurer and Chief Financial Officer

EXHIBIT INDEX

Exhibit 99.1 Press Release Dated November 22, 2019

EX-99.1

Exhibit 99.1

	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: November 22, 2019	web: www.buckle.com

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

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2019increased4.2 percent to $224.1 million from net sales of $215.1 million for the prior year 13-week fiscal quarter ended November 3, 2018. Comparable store net sales for the 13-week period ended November 2, 2019increased4.7 percent from comparable store net sales for the prior year 13-week period ended November 3, 2018. Online sales increased5.4 percent to $26.9 million for the 13-week period ended November 2, 2019, compared to net sales of $25.5 million for the 13-week period ended November 3, 2018.

Net sales for the 39-week fiscal period ended November 2, 2019increased1.3 percent to $629.3 million from net sales of $621.1 million for the prior year 39-week fiscal period ended November 3, 2018. Comparable store net sales for the 39-week period ended November 2, 2019increased1.8 percent from comparable store net sales for the prior year 39-week period ended November 3, 2018. Online sales increased6.6 percent to $74.4 million for the 39-week period ended November 2, 2019, compared to net sales of $69.8 million for the 39-week period ended November 3, 2018.

Net income for the third quarter of fiscal 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis), compared with $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis) for the third quarter of fiscal 2018.

Net income for the 39-week fiscal period ended November 2, 2019 was $57.5 million, or $1.18 per share ($1.18 per share on a diluted basis), compared with $54.5 million, or $1.13 per share ($1.12 per share on a diluted basis) for the 39-week period ended November 3, 2018.

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) 230-1059 for domestic calls or (612) 234-9959 for international calls and reference the conference code 473856. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 473856.

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 453 stores in 43 states at the end of the third 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				Thirty-Nine Weeks Ended
	November 2, 2019		November 3, 2018		November 2, 2019		November 3, 2018
SALES, Net of returns and allowances	$	224,121	$	215,107	$	629,251	$	621,084
COST OF SALES (Including buying, distribution, and occupancy costs)	130,587		128,950		380,367		376,305
Gross profit	93,534		86,157		248,884		244,779
OPERATING EXPENSES:
Selling	51,282		50,612		146,426		144,361
General and administrative	8,942		9,244		30,812		30,696
	60,224		59,856		177,238		175,057
INCOME FROM OPERATIONS	33,310		26,301		71,646		69,722
OTHER INCOME, Net	1,105		1,332		4,446		3,791
INCOME BEFORE INCOME TAXES	34,415		27,633		76,092		73,513
PROVISION FOR INCOME TAXES	8,431		7,157		18,642		19,040
NET INCOME	$	25,984	$	20,476	$	57,450	$	54,473
EARNINGS PER SHARE:
Basic	$	0.54	$	0.42	$	1.18	$	1.13
Diluted	$	0.53	$	0.42	$	1.18	$	1.12
Basic weighted average shares	48,549		48,379		48,550		48,379
Diluted weighted average shares	48,809		48,611		48,768		48,584

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS	November 2, 2019			February 2, 2019 (1)			November 3, 2018
CURRENT ASSETS:
Cash and cash equivalents	$	213,836		$	168,471		$	177,918
Short-term investments	31,946			51,546			45,605
Receivables	9,432			7,089			8,266
Inventory	138,879			125,190			145,473
Prepaid expenses and other assets	22,195			18,136			19,862
Total current assets	416,288			370,432			397,124
PROPERTY AND EQUIPMENT	453,859			452,187			460,523
Less accumulated depreciation and amortization	(336,098		)	(321,505		)	(324,044		)
	117,761			130,682			136,479
OPERATING LEASE RIGHT-OF-USE ASSETS	340,417			—			—
LONG-TERM INVESTMENTS	15,710			18,745			18,322
OTHER ASSETS	7,939			7,443			7,170
Total assets	$	898,115		$	527,302		$	559,095
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	44,771		$	29,008		$	48,400
Accrued employee compensation	18,122			21,452			17,996
Accrued store operating expenses	21,539			17,982			21,851
Gift certificates redeemable	12,688			16,634			13,907
Current portion of operating lease liabilities	81,541			—			—
Income taxes payable	—			5,142			—
Total current liabilities	178,661			90,218			102,154
DEFERRED COMPENSATION	15,410			13,978			13,804
NON-CURRENT OPERATING LEASE LIABILITIES	286,706			—			—
DEFERRED RENT LIABILITY	—			29,229			30,287
Total liabilities	480,777			133,425			146,245
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,223,811 shares at November 2, 2019, 49,017,395 shares at February 2, 2019, and 49,017,975 shares at November 3, 2018	492			490			490
Additional paid-in capital	151,383			148,564			147,584
Retained earnings	265,463			244,823			264,776
Total stockholders’ equity	417,338			393,877			412,850
Total liabilities and stockholders’ equity	$	898,115		$	527,302		$	559,095
(1) Derived from audited financial statements.