The Buckle, Inc. (NYSE: BKE) announced today that net income for
the fiscal quarter ended February 3, 2018 was $42.0 million,
or $0.87 per share ($0.87 per share on a diluted basis). Net income
for the fiscal year ended February 3, 2018 was $89.7 million,
or $1.86 per share ($1.85 per share on a diluted basis).
Net sales for the 14-week fiscal quarter ended February 3,
2018 increased 0.4 percent to $281.2 million from net sales of
$280.0 million for the prior year 13-week fiscal quarter ended
January 28, 2017. Comparable store net sales for the 14-week
period ended February 3, 2018 decreased 3.2 percent from
comparable store net sales for the prior year 14-week period ended
February 4, 2017. Online sales increased 4.0 percent to $33.5
million for the 14-week period ended February 3, 2018,
compared to net sales of $32.2 million for the 13-week period ended
January 28, 2017.
Net sales for the 53-week fiscal year ended February 3,
2018 decreased 6.3 percent to $913.4 million from net sales of
$974.9 million for the 52-week fiscal year ended January 28,
2017. Comparable store net sales for the 53-week period ended
February 3, 2018 decreased 7.2 percent from comparable store
net sales for the prior year 53-week period ended February 4,
2017. Online sales decreased 1.6 percent to $98.2 million for the
53-week period ended February 3, 2018, compared to net sales
of $99.8 million for the 52-week period ended January 28,
2017.
Net income for the fourth quarter of fiscal 2017 was $42.0
million, or $0.87 per share ($0.87 per share on a diluted basis),
compared with $36.0 million, or $0.75 per share ($0.74 per share on
a diluted basis) for the fourth quarter of fiscal 2016.
Net income for the fiscal year ended February 3, 2018 was
$89.7 million, or $1.86 per share ($1.85 per share on a diluted
basis), compared with $98.0 million, or $2.04 per share ($2.03 per
share on a diluted basis) for the fiscal year ended
January 28, 2017.
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 (800) 288-9626 for domestic calls or (612) 332-0637 for
international calls and reference the conference code 445869. A
replay of the call will be available for a two-week period
beginning March 16, 2018 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 445869.
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 456 retail stores
in 43 states. As of the end of the fiscal year, it operated 457
stores in 44 states compared with 467 stores in 44 states at the
end 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)
14-Weeks Ended
13-Weeks Ended 53-Weeks Ended 52-Weeks Ended
February 3, 2018 January 28, 2017 February
3, 2018 January 28, 2017 (1) SALES, Net of
returns and allowances $ 281,172 $ 279,960 $ 913,380 $ 974,873
COST OF SALES (Including buying, distribution, and occupancy
costs) 147,933 154,277 533,357 577,705
Gross profit 133,239 125,683 380,023
397,168 OPERATING EXPENSES: Selling 61,787 61,485
206,068 205,933 General and administrative 10,764
8,770 39,877 38,475 72,551 70,255
245,945 244,408 INCOME FROM OPERATIONS 60,688
55,428 134,078 152,760 OTHER INCOME, Net 2,765
2,011 5,407 3,511 INCOME BEFORE INCOME TAXES
63,453 57,439 139,485 156,271 PROVISION FOR INCOME TAXES
21,418 21,444 49,778 58,310 NET
INCOME $ 42,035 $ 35,995 $ 89,707 $ 97,961 EARNINGS
PER SHARE Basic $ 0.87 $ 0.75 $ 1.86 $ 2.04 Diluted $ 0.87 $
0.74 $ 1.85 $ 2.03 Basic weighted average shares 48,346
48,177 48,250 48,125 Diluted weighted average shares 48,498 48,335
48,373 48,256
(1) Derived from audited financial
statements
THE BUCKLE, INC. CONSOLIDATED BALANCE
SHEETS (Amounts in Thousands Except Share and Per Share
Amounts) (Unaudited)
ASSETS February 3, 2018 January
28, 2017 (1) CURRENT ASSETS: Cash and cash
equivalents $ 165,086 $ 196,536 Short-term investments 50,833
49,994 Receivables 8,588 8,210 Inventory 118,007 125,694 Prepaid
expenses and other assets 18,070 6,023
Total current assets 360,584 386,457
PROPERTY AND EQUIPMENT 459,043 459,359 Less accumulated
depreciation and amortization (309,497 ) (290,364 )
149,546 168,995 LONG-TERM
INVESTMENTS 21,453 18,092 OTHER ASSETS 6,533
6,303 Total assets $ 538,116 $ 579,847
LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT
LIABILITIES: Accounts payable $ 29,387 $ 25,079 Accrued employee
compensation 22,307 26,906 Accrued store operating expenses 15,646
14,695 Gift certificates redeemable 18,202 21,199 Income taxes
payable 12,364 10,737 Total current
liabilities 97,906 98,616
DEFERRED COMPENSATION 15,154 13,092 DEFERRED RENT LIABILITY
33,808 37,600 Total liabilities 146,868
149,308 COMMITMENTS
STOCKHOLDERS’ EQUITY: Common stock, authorized 100,000,000 shares
of $.01 par value; 48,816,170 and 48,622,780 shares issued and
outstanding at February 3, 2018 and January 28, 2017, respectively
488 486 Additional paid-in capital 144,279 139,398 Retained
earnings 246,570 290,737 Accumulated other comprehensive loss
(89 ) (82 ) Total stockholders’ equity 391,248
430,539 Total liabilities and
stockholders’ equity $ 538,116 $ 579,847
(1) Derived from audited financial
statements
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version on businesswire.com: http://www.businesswire.com/news/home/20180316005098/en/
The Buckle, Inc.Thomas B. Heacock, 308-236-8491Chief
Financial Officer
Buckle (NYSE:BKE)
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