EX-99.1 2 bke8-k20200313exhibit.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: March 13, 2020
web: www.buckle.com

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

THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2019 NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2020 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis). Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2020 increased 2.5 percent to $271.0 million from net sales of $264.4 million for the prior year 13-week fiscal quarter ended February 2, 2019. Comparable store net sales for the 13-week period ended February 1, 2020 increased 3.3 percent from comparable store net sales for the prior year 13-week period ended February 2, 2019. Online sales increased 7.5 percent to $36.4 million for the 13-week period ended February 1, 2020, compared to net sales of $33.9 million for the 13-week period ended February 2, 2019.
  
Net sales for the 52-week fiscal year ended February 1, 2020 increased 1.7 percent to $900.3 million from net sales of $885.5 million for the 52-week fiscal year ended February 2, 2019. Comparable store net sales for the 52-week period ended February 1, 2020 increased 2.2 percent from comparable store net sales for the prior year 52-week period ended February 2, 2019. Online sales increased 6.9 percent to $110.8 million for the 52-week period ended February 1, 2020, compared to net sales of $103.7 million for the 52-week period ended February 2, 2019.

Net income for the fourth quarter of fiscal 2019 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis), compared with $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis) for the fourth quarter of fiscal 2018.

Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis), compared with $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis) for the fiscal year ended February 2, 2019.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 1508602. A replay of the call will be available for a two-week period beginning March 13, 2020 at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 4253986.

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 446 retail stores in 42 states. As of the end of the fiscal year, it operated 448 stores in 42 states compared with 450 stores in 42 states at the end 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)
 
 
 
 
 
 
 
 
 
13-Weeks Ended
 
52-Weeks Ended
 
February 1, 2020
 
February 2, 2019
 
February 1, 2020
 
February 2, 2019 (1)
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
271,003

 
$
264,412

 
$
900,254

 
$
885,496

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
142,413

 
143,118

 
522,780

 
519,423

 
 
 
 
 
 
 
 
Gross profit
128,590

 
121,294

 
377,474

 
366,073

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 

 
 

 
 

Selling
58,054

 
57,671

 
204,480

 
202,032

General and administrative
10,685

 
12,417

 
41,497

 
43,113

 
68,739

 
70,088

 
245,977

 
245,145

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
59,851

 
51,206

 
131,497

 
120,928

 
 
 
 
 
 
 
 
OTHER INCOME, Net
1,764

 
1,925

 
6,210

 
5,716

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
61,615

 
53,131

 
137,707

 
126,644

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
14,636

 
11,996

 
33,278

 
31,036

 
 
 
 
 
 
 
 
NET INCOME
$
46,979

 
$
41,135

 
$
104,429

 
$
95,608

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE
 
 
 
 
 

 
 

Basic
$
0.96

 
$
0.85

 
$
2.15

 
$
1.97

 
 
 
 
 
 
 
 
Diluted
$
0.96

 
$
0.84

 
$
2.14

 
$
1.97

 
 
 
 
 
 
 
 
Basic weighted average shares
48,698

 
48,514

 
48,587

 
48,413

Diluted weighted average shares
48,948

 
48,703

 
48,813

 
48,614

 
 
 
 
 
 
 
 
(1) Derived from audited financial statements






THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited
 
 
 
 
ASSETS
February 1,
2020
 
February 2,
2019 (1)
 
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
220,969

 
$
168,471

Short-term investments
12,532

 
51,546

Receivables
3,136

 
7,089

Inventory
121,258

 
125,190

Prepaid expenses and other assets
20,935

 
18,136

Total current assets
378,830

 
370,432

 
 
 
 
PROPERTY AND EQUIPMENT
452,205

 
452,187

Less accumulated depreciation and amortization
(338,357
)
 
(321,505
)
 
113,848

 
130,682

 
 
 
 
OPERATING LEASE RIGHT-OF-USE ASSETS
350,088

 
—

LONG-TERM INVESTMENTS
15,863

 
18,745

OTHER ASSETS
9,261

 
7,443

 
 
 
 
Total assets
$
867,890

 
$
527,302

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
CURRENT LIABILITIES:
 

 
 

Accounts payable
$
26,491

 
$
29,008

Accrued employee compensation
22,929

 
21,452

Accrued store operating expenses
17,837

 
17,982

Gift certificates redeemable
15,319

 
16,634

Current portion of operating lease liabilities
87,314

 
—

Income taxes payable
2,751

 
5,142

Total current liabilities
172,641

 
90,218

 
 
 
 
DEFERRED COMPENSATION
15,863

 
13,978

NON-CURRENT OPERATING LEASE LIABILITIES
290,238

 
—

DEFERRED RENT LIABILITY
—

 
29,229

Total liabilities
478,742

 
133,425

 
 
 
 
COMMITMENTS
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value; 49,205,681 and 49,017,395 shares issued and outstanding at February 1, 2020 and February 2, 2019, respectively
492

 
490

Additional paid-in capital
152,258

 
148,564

Retained earnings
236,398

 
244,823

Total stockholders’ equity
389,148

 
393,877

 
 
 
 
Total liabilities and stockholders’ equity
$
867,890

 
$
527,302

 
 
 
 
(1) Derived from audited financial statements