EX-99.1 2 bke20191122-8kexhibit.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1
logo1811a03.jpg
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, 2019 increased 4.2 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, 2019 increased 4.7 percent from comparable store net sales for the prior year 13-week period ended November 3, 2018. Online sales increased 5.4 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, 2019 increased 1.3 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, 2019 increased 1.8 percent from comparable store net sales for the prior year 39-week period ended November 3, 2018. Online sales increased 6.6 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.