The Buckle, Inc. Reports First Quarter Net Income

The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 4, 2019 was $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 4, 2019 decreased 1.7 percent to $201.3 million from net sales of $204.9 million for the prior year 13-week fiscal quarter ended May 5, 2018. Comparable store net sales for the 13-week period ended May 4, 2019 decreased 1.3 percent from comparable store net sales for the prior year 13-week period ended May 5, 2018. Online sales increased 5.6 percent to $24.4 million for the 13-week period ended May 4, 2019, compared to net sales of $23.1 million for the 13-week period ended May 5, 2018.

Net income for the first quarter of fiscal 2019 was $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis), compared with $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis) for the first quarter of fiscal 2018.

Management will hold a conference call at 10:00 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) 288-0329 for international calls and reference the conference code 467603. A replay of the call will be available for a two-week period beginning today 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 467603.

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 456 stores in 43 states at the end of the first 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.

THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)

Thirteen Weeks Ended
May 4,
2019
May 5,
2018
SALES, Net of returns and allowances $ 201,313 $ 204,897
COST OF SALES (Including buying, distribution, and occupancy costs) 124,660 125,206
Gross profit 76,653 79,691
OPERATING EXPENSES:
Selling 46,609 45,853
General and administrative 11,310 10,578
57,919 56,431
INCOME FROM OPERATIONS 18,734 23,260
OTHER INCOME, Net 1,255 1,487
INCOME BEFORE INCOME TAXES 19,989 24,747
PROVISION FOR INCOME TAXES 4,897 6,409
NET INCOME $ 15,092 $ 18,338
EARNINGS PER SHARE:
Basic $ 0.31 $ 0.38
Diluted $ 0.31 $ 0.38
Basic weighted average shares 48,552 48,379
Diluted weighted average shares 48,734 48,550

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)

ASSETS

May 4,
2019

February 2,
2019 (1)

May 5,
2018

CURRENT ASSETS:
Cash and cash equivalents $ 183,939 $ 168,471 $ 168,387
Short-term investments 53,659 51,546 54,700
Receivables 5,780 7,089 7,061
Inventory 120,814 125,190 118,181
Prepaid expenses and other assets 20,406 18,136 19,182
Total current assets 384,598 370,432 367,511
PROPERTY AND EQUIPMENT 453,578 452,187 460,869
Less accumulated depreciation and amortization (326,705 ) (321,505 ) (315,018 )
126,873 130,682 145,851
OPERATING LEASE RIGHT-OF-USE ASSETS 345,473
LONG-TERM INVESTMENTS 15,667 18,745 17,876
OTHER ASSETS 7,754 7,443 6,918
Total assets $ 880,365 $ 527,302 $ 538,156
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 36,533 $ 29,008 $ 25,818
Accrued employee compensation 11,636 21,452 11,893
Accrued store operating expenses

22,124

17,982 19,699
Gift certificates redeemable 14,262 16,634 15,305
Current portion of operating lease liabilities 72,857
Income taxes payable 9,651 5,142 17,945
Total current liabilities

167,063

90,218 90,660
DEFERRED COMPENSATION 14,914 13,978 15,337
NON-CURRENT OPERATING LEASE LIABILITIES 300,430

DEFERRED RENT LIABILITY

29,229 32,961
Total liabilities 482,407 133,425 138,958
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,231,625 shares at May 4, 2019, 49,017,395 shares at February 2, 2019, and 49,044,895 shares at May 5, 2018 492 490 490
Additional paid-in capital 149,860 148,564 145,761
Retained earnings 247,606 244,823 253,036
Accumulated other comprehensive loss (89 )
Total stockholders’ equity 397,958 393,877 399,198
Total liabilities and stockholders’ equity $ 880,365 $ 527,302 $ 538,156
(1) Derived from audited financial statements.

Contacts:

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

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