BKE
$25.80
Buckle
($.75)
(2.82%)
Earnings Details
3rd Quarter October 2016
Friday, November 18, 2016 7:00:00 AM
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Summary

Buckle (BKE) Recent Earnings

Buckle (BKE) reported 3rd Quarter October 2016 earnings of $0.48 per share on revenue of $239.2 million. The consensus earnings estimate was $0.51 per share on revenue of $241.6 million. Revenue fell 14.6% compared to the same quarter a year ago.

Buckle, Inc. is a retailer of casual apparel, footwear, and accessories for fashion conscious young men and women. It operates 450 stores located in 43 states throughout the continental United States.

Results
Reported Earnings
$0.48
Earnings Whisper
-
Consensus Estimate
$0.51
Reported Revenue
$239.2 Mil
Revenue Estimate
$241.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports Third Quarter Net Income

The Buckle, Inc. (BKE) announced today that net income for the fiscal quarter ended October 29, 2016 was $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2016 decreased 14.6 percent to $239.2 million from net sales of $280.2 million for the prior year 13-week fiscal quarter ended October 31, 2015. Comparable store net sales for the 13-week period ended October 29, 2016 decreased 15.3 percent from comparable store net sales for the prior year 13-week period ended October 31, 2015. Online sales decreased 8.5 percent to $23.7 million for the 13-week period ended October 29, 2016, compared to net sales of $25.9 million for the 13-week period ended October 31, 2015.

Net sales for the 39-week fiscal period ended October 29, 2016 decreased 11.8 percent to $694.9 million from net sales of $787.6 million for the prior year 39-week fiscal period ended October 31, 2015. Comparable store net sales for the 39-week period ended October 29, 2016 decreased 12.5 percent from comparable store net sales for the prior year 39-week period ended October 31, 2015. Online sales decreased 3.7 percent to $67.6 million for the 39-week period ended October 29, 2016, compared to net sales of $70.2 million for the 39-week period ended October 31, 2015.

Net income for the third quarter of fiscal 2016 was $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis), compared with $35.9 million, or $0.75 per share ($0.74 per share on a diluted basis) for the third quarter of fiscal 2015.

Net income for the 39-week fiscal period ended October 29, 2016 was $62.0 million, or $1.29 per share ($1.28 per share on a diluted basis), compared with $92.9 million, or $1.93 per share ($1.93 per share on a diluted basis) for the 39-week period ended October 31, 2015.

Please note that net sales for the 13-week and 39-week periods ended October 29, 2016 are reported net of the impact of both reward redemptions and accruals for estimated future rewards related to the Company’s new Guest Loyalty program, which launched during the fiscal quarter ended April 30, 2016.

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 (888) 428-4476 for domestic calls or (651) 291-0561 for international calls and reference the conference code 405754. A replay of the call will be available for a two-week period beginning today at 12:00 p.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 405754.

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 471 retail stores in 44 states. As of the end of the fiscal quarter, it operated 470 stores in 44 states compared with 468 stores in 44 states at the end of the third quarter of fiscal 2015.

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
Thirty-Nine Weeks Ended
October 29,
October 31,
October 29,
October 31,
2016
2015
2016
2015
SALES, Net of returns and allowances
$
239,213
$
280,187
$
694,913
$
787,585
COST OF SALES (Including buying, distribution, and occupancy costs)
142,339
162,923
423,428
462,129
Gross profit
96,874
117,264
271,485
325,456
OPERATING EXPENSES:
Selling
50,820
52,268
144,448
147,780
General and administrative
9,234
8,701
29,705
31,399
60,054
60,969
174,153
179,179
INCOME FROM OPERATIONS
36,820
56,295
97,332
146,277
OTHER INCOME, Net
497
951
1,500
1,959
INCOME BEFORE INCOME TAXES
37,317
57,246
98,832
148,236
PROVISION FOR INCOME TAXES
13,920
21,353
36,866
55,292
NET INCOME
$
23,397
$
35,893
$
61,966
$
92,944
EARNINGS PER SHARE:
Basic
$
0.49
$
0.75
$
1.29
$
1.93
Diluted
$
0.48
$
0.74
$
1.28
$
1.93
Basic weighted average shares
48,107
48,073
48,107
48,074
Diluted weighted average shares
48,259
48,219
48,230
48,203
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
October 29,
January 30,
October 31,
ASSETS
2016
2016 (1)
2015
CURRENT ASSETS:
Cash and cash equivalents
$
163,006
$
161,185
$
121,430
Short-term investments
49,987
36,465
28,181
Receivables
13,427
9,651
12,855
Inventory
148,193
149,566
175,852
Prepaid expenses and other assets
7,320
6,030
28,917
Total current assets
381,933
362,897
367,235
PROPERTY AND EQUIPMENT
464,507
450,762
450,185
Less accumulated depreciation and amortization
(289,547 )
(277,981 )
(271,813 )
174,960
172,781
178,372
LONG-TERM INVESTMENTS
19,828
33,826
42,372
OTHER ASSETS
4,850
3,269
1,914
Total assets
$
581,571
$
572,773
$
589,893
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
36,314
$
33,862
$
52,537
Accrued employee compensation
15,651
33,126
21,382
Accrued store operating expenses
16,440
6,639
11,410
Gift certificates redeemable
16,088
22,858
16,738
Income taxes payable
2,751
11,141
6,420
Total current liabilities
87,244
107,626
108,487
DEFERRED COMPENSATION
12,571
12,849
13,358
DEFERRED RENT LIABILITY
38,602
39,655
39,623
OTHER LIABILITIES
--
--
9,821
Total liabilities
138,417
160,130
171,289
COMMITMENTS
STOCKHOLDERS’ EQUITY:
486
484
485
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 48,622,780 shares at October 29, 2016,
48,428,110 shares at January 30, 2016, and 48,511,876 shares at
October 31, 2015
Additional paid-in capital
139,670
134,864
134,886
Retained earnings
303,176
277,626
283,658
Accumulated other comprehensive loss
(178 )
(331 )
(425 )
Total stockholders’ equity
443,154
412,643
418,604
Total liabilities and stockholders’ equity
$
581,571
$
572,773
$
589,893
(1) Derived from audited financial statements.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161118005085r1&sid=cmtx6&distro=nx&lang=en

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SOURCE: The Buckle, Inc.

The Buckle, Inc.
Karen B. Rhoads, 308-236-8491
Chief Financial Officer