BKE
$26.40
Buckle
($.86)
(3.15%)
Earnings Details
3rd Quarter October 2019
Friday, November 22, 2019 6:50:00 AM
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Summary

Buckle (BKE) Recent Earnings

Buckle (BKE) reported 3rd Quarter October 2019 earnings of $0.53 per share on revenue of $224.1 million. The consensus earnings estimate was $0.47 per share on revenue of $224.1 million. Revenue grew 4.2% on a year-over-year basis.

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
$0.53
Earnings Whisper
-
Consensus Estimate
$0.47
Reported Revenue
$224.1 Mil
Revenue Estimate
$224.1 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports Third Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2019 increased 4.2 percent to $224.1 million from net sales of $215.1 million for the prior year 13-week fiscal quarter ended November 3, 2018. Comparable store net sales for the 13-week period ended November 2, 2019 increased 4.7 percent from comparable store net sales for the prior year 13-week period ended November 3, 2018. Online sales increased 5.4 percent to $26.9 million for the 13-week period ended November 2, 2019, compared to net sales of $25.5 million for the 13-week period ended November 3, 2018.

Net sales for the 39-week fiscal period ended November 2, 2019 increased 1.3 percent to $629.3 million from net sales of $621.1 million for the prior year 39-week fiscal period ended November 3, 2018. Comparable store net sales for the 39-week period ended November 2, 2019 increased 1.8 percent from comparable store net sales for the prior year 39-week period ended November 3, 2018. Online sales increased 6.6 percent to $74.4 million for the 39-week period ended November 2, 2019, compared to net sales of $69.8 million for the 39-week period ended November 3, 2018.

Net income for the third quarter of fiscal 2019 was $26.0 million, or $0.54 per share ($0.53 per share on a diluted basis), compared with $20.5 million, or $0.42 per share ($0.42 per share on a diluted basis) for the third quarter of fiscal 2018.

Net income for the 39-week fiscal period ended November 2, 2019 was $57.5 million, or $1.18 per share ($1.18 per share on a diluted basis), compared with $54.5 million, or $1.13 per share ($1.12 per share on a diluted basis) for the 39-week period ended November 3, 2018.

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) 230-1059 for domestic calls or (612) 234-9959 for international calls and reference the conference code 473856. 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 473856.

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 453 stores in 43 states at the end of the third 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

 

Thirty-Nine Weeks Ended

 

November 2,

 

November 3,

 

November 2,

 

November 3,

2019

2018

2019

2018

 

 

 

 

 

 

 

 

SALES, Net of returns and allowances

$

224,121

 

 

$

215,107

 

 

$

629,251

 

 

$

621,084

 

 

 

 

 

 

 

 

 

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

130,587

 

 

128,950

 

 

380,367

 

 

376,305

 

 

 

 

 

 

 

 

 

Gross profit

93,534

 

 

86,157

 

 

248,884

 

 

244,779

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

Selling

51,282

 

 

50,612

 

 

146,426

 

 

144,361

 

General and administrative

8,942

 

 

9,244

 

 

30,812

 

 

30,696

 

 

60,224

 

 

59,856

 

 

177,238

 

 

175,057

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

33,310

 

 

26,301

 

 

71,646

 

 

69,722

 

 

 

 

 

 

 

 

 

OTHER INCOME, Net

1,105

 

 

1,332

 

 

4,446

 

 

3,791

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

34,415

 

 

27,633

 

 

76,092

 

 

73,513

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

8,431

 

 

7,157

 

 

18,642

 

 

19,040

 

 

 

 

 

 

 

 

 

NET INCOME

$

25,984

 

 

$

20,476

 

 

$

57,450

 

 

$

54,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.54

 

 

$

0.42

 

 

$

1.18

 

 

$

1.13

 

 

 

 

 

 

 

 

 

Diluted

$

0.53

 

 

$

0.42

 

 

$

1.18

 

 

$

1.12

 

 

 

 

 

 

 

 

 

Basic weighted average shares

48,549

 

 

48,379

 

 

48,550

 

 

48,379

 

Diluted weighted average shares

48,809

 

 

48,611

 

 

48,768

 

 

48,584

 

THE BUCKLE, INC.

 

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

ASSETS

November 2,

 

February 2,

 

November 3,

2019

2019 (1)

2018

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

$

213,836

 

 

$

168,471

 

 

$

177,918

 

Short-term investments

31,946

 

 

51,546

 

 

45,605

 

Receivables

9,432

 

 

7,089

 

 

8,266

 

Inventory

138,879

 

 

125,190

 

 

145,473

 

Prepaid expenses and other assets

22,195

 

 

18,136

 

 

19,862

 

Total current assets

416,288

 

 

370,432

 

 

397,124

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT

453,859

 

 

452,187

 

 

460,523

 

Less accumulated depreciation and amortization

(336,098

)

 

(321,505

)

 

(324,044

)

 

117,761

 

 

130,682

 

 

136,479

 

 

 

 

 

 

 

OPERATING LEASE RIGHT-OF-USE ASSETS

340,417

 

 

 

 

 

LONG-TERM INVESTMENTS

15,710

 

 

18,745

 

 

18,322

 

OTHER ASSETS

7,939

 

 

7,443

 

 

7,170

 

 

 

 

 

 

 

Total assets

$

898,115

 

 

$

527,302

 

 

$

559,095

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

$

44,771

 

 

$

29,008

 

 

$

48,400

 

Accrued employee compensation

18,122

 

 

21,452

 

 

17,996

 

Accrued store operating expenses

21,539

 

 

17,982

 

 

21,851

 

Gift certificates redeemable

12,688

 

 

16,634

 

 

13,907

 

Current portion of operating lease liabilities

81,541

 

 

 

 

 

Income taxes payable

 

 

5,142

 

 

 

Total current liabilities

178,661

 

 

90,218

 

 

102,154

 

 

 

 

 

 

 

DEFERRED COMPENSATION

15,410

 

 

13,978

 

 

13,804

 

NON-CURRENT OPERATING LEASE LIABILITIES

286,706

 

 

 

 

 

DEFERRED RENT LIABILITY

 

 

29,229

 

 

30,287

 

Total liabilities

480,777

 

 

133,425

 

 

146,245

 

 

 

 

 

 

 

COMMITMENTS

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,223,811 shares at November 2, 2019, 49,017,395 shares at February 2, 2019, and 49,017,975 shares at November 3, 2018

492

 

 

490

 

 

490

 

Additional paid-in capital

151,383

 

 

148,564

 

 

147,584

 

Retained earnings

265,463

 

 

244,823

 

 

264,776

 

Total stockholders’ equity

417,338

 

 

393,877

 

 

412,850

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$

898,115

 

 

$

527,302

 

 

$

559,095

 

 

 

 

 

 

 

(1) Derived from audited financial statements.

 

 

 

 

 

 

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

Source: The Buckle, Inc.