EX-99.1 2 bke20190823-8kexhibit.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1
logo1811a02.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: August 23, 2019
web: www.buckle.com


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

THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 3, 2019 was $16.4 million, or $0.34 per share ($0.34 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 3, 2019 increased 1.4 percent to $203.8 million from net sales of $201.1 million for the prior year 13-week fiscal quarter ended August 4, 2018. Comparable store net sales for the 13-week period ended August 3, 2019 increased 1.8 percent from comparable store net sales for the prior year 13-week period ended August 4, 2018. Online sales increased 9.2 percent to $23.1 million for the 13-week period ended August 3, 2019, compared to net sales of $21.2 million for the 13-week period ended August 4, 2018.

Net sales for the 26-week fiscal period ended August 3, 2019 decreased 0.2 percent to $405.1 million from net sales of $406.0 million for the prior year 26-week fiscal period ended August 4, 2018. Comparable store net sales for the 26-week period ended August 3, 2019 increased 0.3 percent from comparable store net sales for the prior year 26-week period ended August 4, 2018. Online sales increased 7.3 percent to $47.5 million for the 26-week period ended August 3, 2019, compared to net sales of $44.3 million for the 26-week period ended August 4, 2018.

Net income for the second quarter of fiscal 2019 was $16.4 million, or $0.34 per share ($0.34 per share on a diluted basis), compared with $15.7 million, or $0.32 per share ($0.32 per share on a diluted basis) for the second quarter of fiscal 2018.

Net income for the 26-week fiscal period ended August 3, 2019 was $31.5 million, or $0.65 per share ($0.65 per share on a diluted basis), compared with $34.0 million, or $0.70 per share ($0.70 per share on a diluted basis) for the 26-week period ended August 4, 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) 230-1059 for domestic calls or (612) 332-0107 for international calls and reference the conference code 470702. 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 470702.

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 455 stores in 43 states at the end of the second 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
 
Twenty-Six Weeks Ended
 
August 3,
2019
 
August 4,
2018
 
August 3,
2019
 
August 4,
2018
 
 
 
 
 
 
 
 
SALES, Net of returns and allowances
$
203,817

 
$
201,080

 
$
405,130

 
$
405,977

 
 
 
 
 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
125,120

 
122,149

 
249,780

 
247,355

 
 
 
 
 
 
 
 
Gross profit
78,697

 
78,931

 
155,350

 
158,622

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 

 
 
Selling
48,535

 
47,896

 
95,144

 
93,749

General and administrative
10,560

 
10,874

 
21,870

 
21,452

 
59,095

 
58,770

 
117,014

 
115,201

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
19,602

 
20,161

 
38,336

 
43,421

 
 
 
 
 
 
 
 
OTHER INCOME, Net
2,086

 
972

 
3,341

 
2,459

 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
21,688

 
21,133

 
41,677

 
45,880

 
 
 
 
 
 
 
 
PROVISION FOR INCOME TAXES
5,314

 
5,474

 
10,211

 
11,883

 
 
 
 
 
 
 
 
NET INCOME
$
16,374

 
$
15,659

 
$
31,466

 
$
33,997

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EARNINGS PER SHARE:
 

 
 

 
 
 
 
Basic
$
0.34

 
$
0.32

 
$
0.65

 
$
0.70

 
 
 
 
 
 
 
 
Diluted
$
0.34

 
$
0.32

 
$
0.65

 
$
0.70

 
 
 
 
 
 
 
 
Basic weighted average shares
48,550

 
48,379

 
48,551

 
48,379

Diluted weighted average shares
48,760

 
48,592

 
48,747

 
48,571







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
August 3,
2019
 
February 2,
2019 (1)
 
August 4,
2018
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
178,041

 
$
168,471

 
$
168,949

Short-term investments
52,051

 
51,546

 
51,600

Receivables
11,206

 
7,089

 
12,105

Inventory
129,068

 
125,190

 
127,899

Prepaid expenses and other assets
21,059

 
18,136

 
18,855

Total current assets
391,425

 
370,432

 
379,408

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
453,416

 
452,187

 
460,367

Less accumulated depreciation and amortization
(331,285
)
 
(321,505
)
 
(319,141
)
 
122,131

 
130,682

 
141,226

 
 
 
 
 
 
OPERATING LEASE RIGHT-OF-USE ASSETS
335,448

 
—

 
—

LONG-TERM INVESTMENTS
15,477

 
18,745

 
17,300

OTHER ASSETS
7,952

 
7,443

 
7,158

 
 
 
 
 
 
Total assets
$
872,433

 
$
527,302

 
$
545,092

 
 
 
 
 
 

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

Accounts payable
$
42,531

 
$
29,008

 
$
46,217

Accrued employee compensation
11,512

 
21,452

 
11,852

Accrued store operating expenses
23,268

 
17,982

 
21,289

Gift certificates redeemable
13,305

 
16,634

 
14,103

Current portion of operating lease liabilities
75,992

 
—

 
—

Income taxes payable
—

 
5,142

 
—

Total current liabilities
166,608

 
90,218

 
93,461

 
 
 
 
 
 
DEFERRED COMPENSATION
14,984

 
13,978

 
15,784

NON-CURRENT OPERATING LEASE LIABILITIES
287,648

 
—

 
—

DEFERRED RENT LIABILITY
—

 
29,229

 
31,740

Total liabilities
469,240

 
133,425

 
140,985

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,223,811 shares at August 3, 2019, 49,017,395 shares at February 2, 2019, and 49,018,195 shares at August 4, 2018
492

 
490

 
490

Additional paid-in capital
151,027

 
148,564

 
147,173

Retained earnings
251,674

 
244,823

 
256,444

Total stockholders’ equity
403,193

 
393,877

 
404,107

 
 
 
 
 
 
Total liabilities and stockholders’ equity
$
872,433

 
$
527,302

 
$
545,092

 
 
 
 
 
 
(1) Derived from audited financial statements.