2009-11-19 13:11:02 -
KEARNEY, NE -- (Marketwire) -- 11/19/09 -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 31, 2009 was $33.3 million, or $0.73 per share ($0.71 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended October 31, 2009 increased 9.8 percent to $231.2 million from net sales of $210.6 million for the prior year 13-week fiscal quarter ended November 1, 2008. Comparable store net sales for the 13-week period ended October 31, 2009 increased 4.3 percent from comparable store net sales for the prior year 13-week period ended November 1, 2008. Online sales (which are not included in comparable store sales) increased 41.9 percent to $12.5 million for the 13-week period ended October 31, 2009, compared to the 13-week period ended November 1, 2008.
Net sales for the 39-week fiscal period ended October 31, 2009 increased 15.4 percent to $623.8 million from net sales of $540.6 million for the prior year 39-week fiscal period ended November 1, 2008. Comparable store net sales year-to-date for the 39-week period ended October 31, 2009 increased 9.7 percent from comparable store net sales for the 39-week period ended November 1, 2008. Online sales (which are not included in comparable store sales) increased 50.8 percent to $34.3 million for the 39-week period ended October 31, 2009, compared to the 39-week period ended November 1, 2008.
Net income for the third quarter of fiscal 2009 was $33.3 million, or $0.73 per share ($0.71 per share on a diluted basis), compared with $29.1 million, or $0.64 per share ($0.62 per share on a diluted basis) for the third quarter of fiscal 2008.
Net income for the 39-week fiscal period ended October 31, 2009 was $85.2 million, or $1.87 per share ($1.83 per share on a diluted basis), compared with $70.1 million, or $1.55 per share ($1.50 per share on a diluted basis) for the 39-week fiscal period ended November 1, 2008.
Management will hold a conference call at 10:00 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1074 and reference the conference code 121328. A replay of the call will be available for a two-week period beginning November 19, 2009 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 121328.
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 405 retail stores in 41 states. As of the end of the fiscal quarter, it operated 404 stores in 41 states compared with 384 stores in 39 states at the end of the third quarter of fiscal 2008.
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.
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended Thirty-nine Weeks Ended
------------------------- -------------------------
October 31, November 1, October 31, November 1,
2009 2008 2009 2008
SALES, Net of returns
and allowances $ 231,238 $ 210,567 $ 623,841 $ 540,632
COST OF SALES (Including
buying, distribution,
and occupancy costs) 129,121 118,762 352,743 312,937
------------ ----------- ------------ -----------
Gross profit 102,117 91,805 271,098 227,695
------------ ----------- ------------ -----------
OPERATING EXPENSES:
Selling 43,017 39,415 118,121 104,454
General and
administrative 7,427 7,000 21,452 17,172
------------ ----------- ------------ -----------
50,444 46,415 139,573 121,626
------------ ----------- ------------ -----------
INCOME FROM OPERATIONS 51,673 45,390 131,525 106,069
OTHER INCOME, Net 1,192 1,794 3,651 6,163
UNREALIZED LOSS ON
SECURITIES - (1,800) - (1,800)
------------ ----------- ------------ -----------
INCOME BEFORE INCOME
TAXES 52,865 45,384 135,176 110,432
PROVISION FOR INCOME
TAXES 19,560 16,308 50,015 40,363
------------ ----------- ------------ -----------
NET INCOME $ 33,305 $ 29,076 $ 85,161 $ 70,069
============ =========== ============ ===========
EARNINGS PER SHARE:
Basic $ 0.73 $ 0.64 $ 1.87 $ 1.55
============ =========== ============ ===========
Diluted $ 0.71 $ 0.62 $ 1.83 $ 1.50
============ =========== ============ ===========
Basic weighted
average shares 45,709 45,666 45,626 45,273
Diluted weighted
average shares 46,719 46,851 46,621 46,563
THE BUCKLE, INC.
BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
October 31, January 31, November 1,
ASSETS 2009 2009 (1) 2008
CURRENT ASSETS:
Cash and cash equivalents $ 73,995 $ 162,463 $ 92,419
Short-term investments 19,620 19,150 25,963
Accounts receivable, net of
allowance of $35, $46, and $32,
respectively 4,993 3,734 4,609
Inventory 118,213 83,963 118,202
Prepaid expenses and other assets 20,820 17,655 18,502
----------- ----------- -----------
Total current assets 237,641 286,965 259,695
----------- ----------- -----------
PROPERTY AND EQUIPMENT: 292,904 264,154 262,303
Less accumulated depreciation and
amortization (157,905) (147,460) (145,548)
----------- ----------- -----------
134,999 116,694 116,755
----------- ----------- -----------
LONG-TERM INVESTMENTS 73,553 56,213 64,446
OTHER ASSETS 4,945 5,468 5,122
----------- ----------- -----------
$ 451,138 $ 465,340 $ 446,018
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 36,597 $ 22,472 $ 40,515
Accrued employee compensation 30,142 40,460 27,279
Accrued store operating expenses 9,757 7,701 9,143
Gift certificates redeemable 7,079 10,144 5,816
Income taxes payable 7,696 8,649 5,149
----------- ----------- -----------
Total current liabilities 91,271 89,426 87,902
DEFERRED COMPENSATION 5,961 4,090 4,239
DEFERRED RENT LIABILITY 35,680 34,602 34,744
----------- ----------- -----------
Total liabilities 132,912 128,118 126,885
----------- ----------- -----------
COMMITMENTS
STOCKHOLDERS' EQUITY:
Common stock, authorized
100,000,000 shares of $.01 par
value; issued and outstanding;
46,294,580 shares at October 31,
2009, 45,906,265 shares at January
31, 2009, and 46,462,708 shares
at November 1, 2008 463 459 465
Additional paid-in capital 75,969 68,894 76,295
Retained earnings 242,885 268,789 243,630
Accumulated other comprehensive loss (1,091) (920) (1,257)
----------- ----------- -----------
Total stockholders' equity 318,226 337,222 319,133
----------- ----------- -----------
$ 451,138 $ 465,340 $ 446,018
=========== =========== ===========
(1) Derived from audited financial statements.
Contact:
Karen B. Rhoads
Chief Financial Officer
The Buckle, Inc.
308/236-8491
