BKE
$24.20
Buckle
($.55)
(2.22%)
Earnings Details
1st Quarter April 2018
Friday, May 25, 2018 6:50:00 AM
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Summary

Buckle (BKE) Recent Earnings

Buckle (BKE) reported 1st Quarter April 2018 earnings of $0.38 per share on revenue of $204.9 million. The consensus earnings estimate was $0.35 per share on revenue of $204.9 million. Revenue fell 3.5% 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
$0.38
Earnings Whisper
-
Consensus Estimate
$0.35
Reported Revenue
$204.9 Mil
Revenue Estimate
$204.9 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports First Quarter Net Income

KEARNEY, Neb.--(BUSINESS WIRE)-- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 5, 2018 was $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 5, 2018 decreased 3.5 percent to $204.9 million from net sales of $212.3 million for the prior year 13-week fiscal quarter ended April 29, 2017. Comparable store net sales for the 13-week period ended May 5, 2018 decreased 3.1 percent from comparable store net sales for the prior year 13-week period ended May 6, 2017. Online sales increased 6.1 percent to $23.1 million for the 13-week period ended May 5, 2018, compared to net sales of $21.8 million for the 13-week period ended April 29, 2017.

Due to the 53rd week in fiscal 2017, comparable store net sales for the quarter are compared to the prior year 13-week period ended May 6, 2017.

Net income for the first quarter of fiscal 2018 was $18.3 million, or $0.38 per share ($0.38 per share on a diluted basis), compared with $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis) for the first quarter of fiscal 2017.

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) 230-1074 for domestic calls or (612) 234-9960 for international calls and reference the conference code 449137. 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 449137.

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 455 retail stores in 43 states, which includes the closing of one store during fiscal May. As of the end of the fiscal quarter, it operated 456 stores in 43 states compared with 462 stores in 44 states at the end of the first quarter of fiscal 2017.

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
May 5,     April 29,
2018 2017
 
SALES, Net of returns and allowances $ 204,897 $ 212,251
 
COST OF SALES (Including buying, distribution, and occupancy costs)   125,206   130,534
 
Gross profit   79,691   81,717
 
OPERATING EXPENSES:
Selling 45,853 46,918
General and administrative   10,578   9,761
  56,431   56,679
 
INCOME FROM OPERATIONS 23,260 25,038
 
OTHER INCOME, Net   1,487   935
 
INCOME BEFORE INCOME TAXES 24,747 25,973
 
PROVISION FOR INCOME TAXES   6,409   9,688
 
NET INCOME $ 18,338 $ 16,285
 
 
EARNINGS PER SHARE:
Basic $ 0.38 $ 0.34
 
Diluted $ 0.38 $ 0.34
 
Basic weighted average shares 48,379 48,218
Diluted weighted average shares 48,550 48,344
 
 
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
                 
May 5,     February 3,     April 29,
ASSETS 2018

2018 (1)

2017
 
CURRENT ASSETS:
Cash and cash equivalents $ 168,387 $ 165,086 $ 207,868
Short-term investments 54,700 50,833 53,389
Receivables 7,061 8,588 8,487
Inventory 118,181 118,007 119,361
Prepaid expenses and other assets   19,182     18,070     7,295  
Total current assets   367,511     360,584     396,400  
 
PROPERTY AND EQUIPMENT 460,869 459,043 460,440
Less accumulated depreciation and amortization   (315,018 )   (309,497 )   (295,513 )
  145,851     149,546     164,927  
 
LONG-TERM INVESTMENTS 17,876 21,453 15,485
OTHER ASSETS   6,918     6,533     6,912  
 
Total assets $ 538,156   $ 538,116   $ 583,724  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 25,818 $ 29,387 $ 32,422
Accrued employee compensation 11,893 22,307 8,883
Accrued store operating expenses 19,699 15,646 17,494
Gift certificates redeemable 15,305 18,202 17,272
Income taxes payable   17,945     12,364     20,437  
Total current liabilities   90,660     97,906     96,508  
 
DEFERRED COMPENSATION 15,337 15,154 13,763
DEFERRED RENT LIABILITY   32,961     33,808     37,196  
Total liabilities   138,958     146,868     147,467  
 
COMMITMENTS
 
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,044,895 shares at May 5, 2018, 48,816,170 shares at February 3, 2018, and 48,848,555 shares at April 29, 2017 490 488 488
Additional paid-in capital 145,761 144,279 141,042
Retained earnings 253,036 246,570 294,809
Accumulated other comprehensive loss   (89 )   (89 )   (82 )
Total stockholders’ equity   399,198     391,248     436,257  
 
Total liabilities and stockholders’ equity $ 538,156   $ 538,116   $ 583,724  
 
(1) Derived from audited financial statements.

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

Source: The Buckle, Inc.