The Buckle, Inc. Reports Second Quarter Net Income
KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 1, 2015 was $23.5 million, or $0.49 per share ($0.49 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended August 1, 2015 increased 0.1 percent to $236.1 million from net sales of $235.7 million for the prior year 13-week fiscal quarter ended August 2, 2014. Comparable store net sales for the 13-week period ended August 1, 2015 decreased 1.7 percent from comparable store net sales for the prior year 13-week period ended August 2, 2014. Online sales increased 17.4 percent to $20.1 million for the 13-week period ended August 1, 2015, compared to net sales of $17.1 million for the 13-week period ended August 2, 2014.
Net sales were $507.4 million for both the 26-week fiscal period ended August 1, 2015 and the 26-week fiscal period ended August 2, 2014. Comparable store net sales for the 26-week period ended August 1, 2015 decreased 2.0 percent from comparable store net sales for the prior year 26-week period ended August 2, 2014. Online sales increased 14.9 percent to $44.3 million for the 26-week period ended August 1, 2015, compared to net sales of $38.6 million for the 26-week period ended August 2, 2014.
Net income for the second quarter of fiscal 2015 was $23.5 million, or $0.49 per share ($0.49 per share on a diluted basis), compared with $24.5 million, or $0.51 per share ($0.51 per share on a diluted basis) for the second quarter of fiscal 2014.
Net income for the 26-week fiscal period ended August 1, 2015 was $57.1 million, or $1.19 per share ($1.18 per share on a diluted basis), compared with $61.8 million, or $1.29 per share ($1.29 per share on a diluted basis) for the 26-week period ended August 2, 2014.
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) 230-1096 and reference the conference code 365745. 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 and entering the conference code 365745.
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 464 retail stores in 44 states. As of the end of the fiscal quarter, it operated 464 stores in 44 states compared with 456 stores in 44 states at the end of the second quarter of fiscal 2014.
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 | Twenty-Six Weeks Ended | ||||||||||||||||||
| August 1, | August 2, | August 1, | August 2, | ||||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
| SALES, Net of returns and allowances | $ | 236,053 | $ | 235,725 | $ | 507,398 | $ | 507,400 | |||||||||||
| COST OF SALES (Including buying, distribution, and occupancy costs) | 141,458 | 140,800 | 299,206 | 295,275 | |||||||||||||||
| Gross profit | 94,595 | 94,925 | 208,192 | 212,125 | |||||||||||||||
| OPERATING EXPENSES: | |||||||||||||||||||
| Selling | 46,358 | 46,311 | 95,512 | 94,105 | |||||||||||||||
| General and administrative | 11,060 | 9,843 | 22,698 | 20,037 | |||||||||||||||
| 57,418 | 56,154 | 118,210 | 114,142 | ||||||||||||||||
| INCOME FROM OPERATIONS | 37,177 | 38,771 | 89,982 | 97,983 | |||||||||||||||
| OTHER INCOME, Net | 272 | 260 | 1,008 | 605 | |||||||||||||||
| INCOME BEFORE INCOME TAXES | 37,449 | 39,031 | 90,990 | 98,588 | |||||||||||||||
| PROVISION FOR INCOME TAXES | 13,968 | 14,558 | 33,939 | 36,773 | |||||||||||||||
| NET INCOME | $ | 23,481 | $ | 24,473 | $ | 57,051 | $ | 61,815 | |||||||||||
| EARNINGS PER SHARE: | |||||||||||||||||||
| Basic | $ | 0.49 | $ | 0.51 | $ | 1.19 | $ | 1.29 | |||||||||||
| Diluted | $ | 0.49 | $ | 0.51 | $ | 1.18 | $ | 1.29 | |||||||||||
| Basic weighted average shares | 48,074 | 47,891 | 48,074 | 47,889 | |||||||||||||||
| Diluted weighted average shares | 48,202 | 48,066 | 48,195 | 48,057 | |||||||||||||||
| THE BUCKLE, INC. | |||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (Amounts in Thousands Except Share and Per Share Amounts) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| August 1, | January 31, | August 2, | |||||||||||||
| ASSETS | 2015 | 2015 (1) | 2014 | ||||||||||||
| CURRENT ASSETS: | |||||||||||||||
| Cash and cash equivalents | $ | 122,458 | $ | 133,708 | $ | 169,460 | |||||||||
| Short-term investments | 19,838 | 25,857 | 17,158 | ||||||||||||
| Receivables | 16,037 | 8,567 | 12,355 | ||||||||||||
| Inventory | 150,789 | 129,921 | 128,184 | ||||||||||||
| Prepaid expenses and other assets | 27,707 | 26,536 | 30,761 | ||||||||||||
| Total current assets | 336,829 | 324,589 | 357,918 | ||||||||||||
| PROPERTY AND EQUIPMENT | 442,954 | 427,915 | 411,969 | ||||||||||||
| Less accumulated depreciation and amortization | (265,296 | ) | (255,252 | ) | (245,945 | ) | |||||||||
| 177,658 | 172,663 | 166,024 | |||||||||||||
| LONG-TERM INVESTMENTS | 48,455 | 43,698 | 43,903 | ||||||||||||
| OTHER ASSETS | 1,978 | 2,043 | 2,082 | ||||||||||||
| $ | 564,920 | $ | 542,993 | $ | 569,927 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| CURRENT LIABILITIES: | |||||||||||||||
| Accounts payable | $ | 59,212 | $ | 35,714 | $ | 51,631 | |||||||||
| Accrued employee compensation | 18,884 | 36,920 | 20,082 | ||||||||||||
| Accrued store operating expenses | 10,495 | 9,984 | 11,078 | ||||||||||||
| Gift certificates redeemable | 17,662 | 23,992 | 16,910 | ||||||||||||
| Income taxes payable | — | 15,661 | — | ||||||||||||
| Total current liabilities | 106,253 | 122,271 | 99,701 | ||||||||||||
| DEFERRED COMPENSATION | 13,576 | 14,261 | 13,916 | ||||||||||||
| DEFERRED RENT LIABILITY | 40,804 | 40,566 | 39,597 | ||||||||||||
| OTHER LIABILITIES | 9,769 | 10,617 | 9,969 | ||||||||||||
| Total liabilities | 170,402 | 187,715 | 163,183 | ||||||||||||
| COMMITMENTS | |||||||||||||||
| STOCKHOLDERS’ EQUITY: | |||||||||||||||
|
Common stock, authorized 100,000,000 shares of $.01 par value;issued and outstanding; 48,531,973 shares at August 1, 2015, 48,379,613shares at January 31, 2015, and 48,374,622 shares at August 2, 2014 |
485 | 484 | 484 | ||||||||||||
| Additional paid-in capital | 135,621 | 131,112 | 128,333 | ||||||||||||
| Retained earnings | 258,837 | 224,111 | 278,680 | ||||||||||||
| Accumulated other comprehensive loss | (425 | ) | (429 | ) | (753 | ) | |||||||||
| Total stockholders’ equity | 394,518 | 355,278 | 406,744 | ||||||||||||
| $ | 564,920 | $ | 542,993 | $ | 569,927 | ||||||||||
| (1) Derived from audited financial statements. | |||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150820005235/en/
The Buckle, Inc.
Karen B. Rhoads, 308-236-8491
Chief Financial
Officer
Source: The Buckle, Inc.