The Buckle, Inc. (NYSE: BKE) announced today that net income for
the fiscal quarter ended April 29, 2017 was $16.3 million, or
$0.34 per share ($0.34 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended April 29,
2017 decreased 12.8 percent to $212.3 million from net sales of
$243.5 million for the prior year 13-week fiscal quarter ended
April 30, 2016. Comparable store net sales for the 13-week
period ended April 29, 2017 decreased 12.7 percent from
comparable store net sales for the prior year 13-week period ended
April 30, 2016. Online sales decreased 7.2 percent to $21.8
million for the 13-week period ended April 29, 2017, compared
to net sales of $23.5 million for the 13-week period ended
April 30, 2016.
Net income for the first quarter of fiscal 2017 was $16.3
million, or $0.34 per share ($0.34 per share on a diluted basis),
compared with $23.1 million, or $0.48 per share ($0.48 per share on
a diluted basis) for the first quarter of fiscal 2016.
The Company also announced today that Karen B. Rhoads, Senior
Vice President of Finance and Chief Financial Officer, will retire
from her current position with the Company later this summer. Ms.
Rhoads will continue to serve as a member of the Company’s Board of
Directors.
Ms. Rhoads joined the Company in 1980, working part-time in the
corporate office while attending college at Kearney State College
(University of Nebraska at Kearney) and, upon graduation, she
worked in public accounting before returning to the corporate
office in 1987 to lead the Company’s growing finance team. She was
named Vice President of Finance and Chief Financial Officer in
April 1991 and Senior Vice President of Finance in March 2014.
Dennis H. Nelson, President and Chief Executive Officer, commented
“I join with all Buckle teammates in thanking Karen for her 33
years of commitment and dedication to Buckle. We appreciate Karen’s
passion for the Company, her teamwork across all departments, and
her leadership in developing such an outstanding finance team.”
The Board of Directors has engaged an executive search firm to
assist with the search for Ms. Rhoads’ replacement. The firm will
be reviewing both internal and external candidates. Ms. Rhoads will
remain in her role to support the search for a new Chief Financial
Officer and to assist with the transition.
Management will hold a conference call at 10:30 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) 234-9960 for
international calls and reference the conference code 423611. A
replay of the call will be available for a two-week period
beginning today at 12:30 p.m. EDT by calling (800) 475-6701 for
domestic calls or (320) 365-3844 for international calls and
entering the conference code 423611.
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 462 retail stores
in 44 states. As of the end of the fiscal quarter, it operated 462
stores in 44 states compared with 468 stores in 44 states at the
end of the first quarter of fiscal 2016.
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.
THE BUCKLE, INC. CONSOLIDATED STATEMENTS OF
INCOME (Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks
Ended April 29, April 30,
2017 2016 SALES, Net of returns and allowances
$ 212,251 $ 243,543 COST OF SALES (Including buying,
distribution, and occupancy costs) 130,534 148,814
Gross profit 81,717 94,729 OPERATING EXPENSES:
Selling 46,918 47,563 General and administrative 9,761
10,736 56,679 58,299 INCOME FROM OPERATIONS 25,038
36,430 OTHER INCOME, Net 935 408 INCOME BEFORE
INCOME TAXES 25,973 36,838 PROVISION FOR INCOME TAXES 9,688
13,741 NET INCOME $ 16,285 $ 23,097
EARNINGS PER SHARE: Basic $ 0.34 $ 0.48
Diluted $ 0.34 $ 0.48 Basic weighted average shares
48,218 48,107 Diluted weighted average shares 48,344 48,203
THE BUCKLE, INC. CONSOLIDATED BALANCE
SHEETS (Amounts in Thousands Except Share and Per Share
Amounts) (Unaudited)
April
29,
January 28,
April
30,
ASSETS 2017 2017 (1) 2016
CURRENT ASSETS: Cash and cash equivalents $ 207,868 $ 196,536 $
153,415 Short-term investments 53,389 49,994 39,453 Receivables
8,487 8,210 8,853 Inventory 119,361 125,694 138,788 Prepaid
expenses and other assets 7,295 6,023 16,977
Total current assets 396,400 386,457 357,486
PROPERTY AND EQUIPMENT 460,440 459,359 455,087 Less
accumulated depreciation and amortization (295,513 ) (290,364 )
(282,694 ) 164,927 168,995 172,393
LONG-TERM INVESTMENTS 15,485 18,092 30,986 OTHER ASSETS 6,912
6,303 3,954 Total assets $ 583,724
$ 579,847 $ 564,819
LIABILITIES AND
STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts
payable $ 32,422 $ 25,079 $ 32,139 Accrued employee compensation
8,883 26,906 9,857 Accrued store operating expenses 17,494 14,695
11,665 Gift certificates redeemable 17,272 21,199 18,590 Income
taxes payable 20,437 10,737 13,231 Total
current liabilities 96,508 98,616 85,482
DEFERRED COMPENSATION 13,763 13,092 13,770 DEFERRED RENT
LIABILITY 37,196 37,600 40,066 Total
liabilities 147,467 149,308 139,318
COMMITMENTS STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000
shares of $.01 par value; issued and outstanding; 48,848,555 shares
at April 29, 2017, 48,622,780 shares at January 28, 2017, and
48,623,190 shares at April 30, 2016
488 486 486 Additional paid-in capital 141,042 139,398 136,743
Retained earnings 294,809 290,737 288,567 Accumulated other
comprehensive loss (82 ) (82 ) (295 ) Total stockholders’ equity
436,257 430,539 425,501 Total
liabilities and stockholders’ equity $ 583,724 $ 579,847
$ 564,819 (1) Derived from audited financial
statements.
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The Buckle, Inc.Karen B. Rhoads, 308-236-8491Chief Financial
Officer
Buckle (NYSE:BKE)
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