BKE
$15.95
Buckle
$.35
2.24%
Earnings Details
2nd Quarter July 2017
Thursday, August 17, 2017 6:55:00 AM
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Summary

Buckle (BKE) Recent Earnings

Buckle (BKE) reported 2nd Quarter July 2017 earnings of $0.24 per share on revenue of $195.7 million. The consensus earnings estimate was $0.22 per share on revenue of $198.1 million. Revenue fell 7.8% 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
$0.24
Earnings Whisper
-
Consensus Estimate
$0.22
Reported Revenue
$195.7 Mil
Revenue Estimate
$198.1 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports Second Quarter Net Income

The Buckle, Inc. (BKE) announced today that net income for the fiscal quarter ended July 29, 2017 was $11.5 million, or $0.24 per share ($0.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 29, 2017 decreased 7.8 percent to $195.7 million from net sales of $212.2 million for the prior year 13-week fiscal quarter ended July 30, 2016. Comparable store net sales for the 13-week period ended July 29, 2017 decreased 7.7 percent from comparable store net sales for the prior year 13-week period ended July 30, 2016. Online sales decreased 4.5 percent to $19.5 million for the 13-week period ended July 29, 2017, compared to net sales of $20.4 million for the 13-week period ended July 30, 2016.

Net sales for the 26-week fiscal period ended July 29, 2017 decreased 10.5 percent to $407.9 million from net sales of $455.7 million for the prior year 26-week fiscal period ended July 30, 2016. Comparable store net sales for the 26-week period ended July 29, 2017 decreased 10.3 percent from comparable store net sales for the prior year 26-week period ended July 30, 2016. Online sales decreased 6.0 percent to $41.3 million for the 26-week period ended July 29, 2017, compared to net sales of $43.9 million for the 26-week period ended July 30, 2016.

Net income for the second quarter of fiscal 2017 was $11.5 million, or $0.24 per share ($0.24 per share on a diluted basis), compared with $15.5 million, or $0.32 per share ($0.32 per share on a diluted basis) for the second quarter of fiscal 2016.

Net income for the 26-week fiscal period ended July 29, 2017 was $27.8 million, or $0.58 per share ($0.57 per share on a diluted basis), compared with $38.6 million, or $0.80 per share ($0.80 per share on a diluted basis) for the 26-week period ended July 30, 2016.

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) 234-9959 for international calls and reference the conference code 428167. 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 428167.

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 463 retail stores in 44 states. As of the end of the fiscal quarter, it operated 463 stores in 44 states compared with 470 stores in 44 states at the end of the second quarter of fiscal 2016.

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
July 29,
July 30,
July 29,
July 30,
2017
2016
2017
2016
SALES, Net of returns and allowances
$
195,650
$
212,157
$
407,901
$
455,700
COST OF SALES (Including buying, distribution, and occupancy costs)
121,511
132,275
252,045
281,089
Gross profit
74,139
79,882
155,856
174,611
OPERATING EXPENSES:
Selling
46,679
46,065
93,597
93,628
General and administrative
10,045
9,735
19,806
20,471
56,724
55,800
113,403
114,099
INCOME FROM OPERATIONS
17,415
24,082
42,453
60,512
OTHER INCOME, Net
899
595
1,834
1,003
INCOME BEFORE INCOME TAXES
18,314
24,677
44,287
61,515
PROVISION FOR INCOME TAXES
6,831
9,205
16,519
22,946
NET INCOME
$
11,483
$
15,472
$
27,768
$
38,569
EARNINGS PER SHARE:
Basic
$
0.24
$
0.32
$
0.58
$
0.80
Diluted
$
0.24
$
0.32
$
0.57
$
0.80
Basic weighted average shares
48,218
48,107
48,218
48,107
Diluted weighted average shares
48,310
48,227
48,327
48,215
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
July 29,
January 28,
July 30,
ASSETS
2017
2017 (1)
2016
CURRENT ASSETS:
Cash and cash equivalents
$
195,614
$
196,536
$
168,173
Short-term investments
48,237
49,994
38,612
Receivables
14,732
8,210
16,954
Inventory
121,671
125,694
144,267
Prepaid expenses and other assets
7,750
6,023
5,864
Total current assets
388,004
386,457
373,870
PROPERTY AND EQUIPMENT
460,250
459,359
459,228
Less accumulated depreciation and amortization
(300,419 )
(290,364 )
(285,701 )
159,831
168,995
173,527
LONG-TERM INVESTMENTS
18,294
18,092
28,080
OTHER ASSETS
7,433
6,303
4,490
Total assets
$
573,562
$
579,847
$
579,967
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
39,890
$
25,079
$
48,764
Accrued employee compensation
14,130
26,906
15,289
Accrued store operating expenses
16,328
14,695
14,294
Gift certificates redeemable
15,698
21,199
16,883
Income taxes payable
--
10,737
--
Total current liabilities
86,046
98,616
95,230
DEFERRED COMPENSATION
14,167
13,092
14,186
DEFERRED RENT LIABILITY
36,236
37,600
39,825
Total liabilities
136,449
149,308
149,241
COMMITMENTS
STOCKHOLDERS’ EQUITY:
488
486
486
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 48,844,700 shares at July 29, 2017,
48,622,780 shares at January 28, 2017, and 48,623,080 shares at
July 30, 2016
Additional paid-in capital
142,622
139,398
138,535
Retained earnings
294,082
290,737
291,883
Accumulated other comprehensive loss
(79 )
(82 )
(178 )
Total stockholders’ equity
437,113
430,539
430,726
Total liabilities and stockholders’ equity
$
573,562
$
579,847
$
579,967
(1) Derived from audited financial statements.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170817005221r1&sid=cmtx6&distro=nx&

View source version on businesswire.com: http://www.businesswire.com/news/home/20170817005221/en/

SOURCE: The Buckle, Inc.

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