BKE
$16.80
Buckle
($.05)
(.30%)
Earnings Details
1st Quarter April 2017
Thursday, May 18, 2017 7:00:11 AM
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Summary

Buckle Beats

Buckle (BKE) reported 1st Quarter April 2017 earnings of $0.34 per share on revenue of $212.3 million. The consensus earnings estimate was $0.32 per share on revenue of $214.5 million. The Earnings Whisper number was $0.32 per share. Revenue fell 12.8% 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
$0.34
Earnings Whisper
$0.32
Consensus Estimate
$0.32
Reported Revenue
$212.3 Mil
Revenue Estimate
$214.5 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

The Buckle, Inc. Reports First Quarter Net Income and Announces the Planned Retirement of Senior Vice President of Finance and Chief Financial Officer

The Buckle, Inc. (BKE) announced today that net income for the fiscal quarter ended April 29, 2017 was $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 29, 2017 decreased 12.8 percent to $212.3 million from net sales of $243.5 million for the prior year 13-week fiscal quarter ended April 30, 2016. Comparable store net sales for the 13-week period ended April 29, 2017 decreased 12.7 percent from comparable store net sales for the prior year 13-week period ended April 30, 2016. Online sales decreased 7.2 percent to $21.8 million for the 13-week period ended April 29, 2017, compared to net sales of $23.5 million for the 13-week period ended April 30, 2016.

Net income for the first quarter of fiscal 2017 was $16.3 million, or $0.34 per share ($0.34 per share on a diluted basis), compared with $23.1 million, or $0.48 per share ($0.48 per share on a diluted basis) for the first quarter of fiscal 2016.

The Company also announced today that Karen B. Rhoads, Senior Vice President of Finance and Chief Financial Officer, will retire from her current position with the Company later this summer. Ms. Rhoads will continue to serve as a member of the Company’s Board of Directors.

Ms. Rhoads joined the Company in 1980, working part-time in the corporate office while attending college at Kearney State College (University of Nebraska at Kearney) and, upon graduation, she worked in public accounting before returning to the corporate office in 1987 to lead the Company’s growing finance team. She was named Vice President of Finance and Chief Financial Officer in April 1991 and Senior Vice President of Finance in March 2014. Dennis H. Nelson, President and Chief Executive Officer, commented "I join with all Buckle teammates in thanking Karen for her 33 years of commitment and dedication to Buckle. We appreciate Karen’s passion for the Company, her teamwork across all departments, and her leadership in developing such an outstanding finance team."

The Board of Directors has engaged an executive search firm to assist with the search for Ms. Rhoads’ replacement. The firm will be reviewing both internal and external candidates. Ms. Rhoads will remain in her role to support the search for a new Chief Financial Officer and to assist with the transition.

Management will hold a conference call at 10:30 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1085 for domestic calls or (612) 234-9960 for international calls and reference the conference code 423611. A replay of the call will be available for a two-week period beginning today at 12:30 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 423611.

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 462 retail stores in 44 states. As of the end of the fiscal quarter, it operated 462 stores in 44 states compared with 468 stores in 44 states at the end of the first 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
April 29,
April 30,
2017
2016
SALES, Net of returns and allowances
$
212,251
$
243,543
COST OF SALES (Including buying, distribution, and occupancy costs)
130,534
148,814
Gross profit
81,717
94,729
OPERATING EXPENSES:
Selling
46,918
47,563
General and administrative
9,761
10,736
56,679
58,299
INCOME FROM OPERATIONS
25,038
36,430
OTHER INCOME, Net
935
408
INCOME BEFORE INCOME TAXES
25,973
36,838
PROVISION FOR INCOME TAXES
9,688
13,741
NET INCOME
$
16,285
$
23,097
EARNINGS PER SHARE:
Basic
$
0.34
$
0.48
Diluted
$
0.34
$
0.48
Basic weighted average shares
48,218
48,107
Diluted weighted average shares
48,344
48,203
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
April 29,
January 28,
April 30,
ASSETS
2017
2017 (1)
2016
CURRENT ASSETS:
Cash and cash equivalents
$
207,868
$
196,536
$
153,415
Short-term investments
53,389
49,994
39,453
Receivables
8,487
8,210
8,853
Inventory
119,361
125,694
138,788
Prepaid expenses and other assets
7,295
6,023
16,977
Total current assets
396,400
386,457
357,486
PROPERTY AND EQUIPMENT
460,440
459,359
455,087
Less accumulated depreciation and amortization
(295,513 )
(290,364 )
(282,694 )
164,927
168,995
172,393
LONG-TERM INVESTMENTS
15,485
18,092
30,986
OTHER ASSETS
6,912
6,303
3,954
Total assets
$
583,724
$
579,847
$
564,819
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
32,422
$
25,079
$
32,139
Accrued employee compensation
8,883
26,906
9,857
Accrued store operating expenses
17,494
14,695
11,665
Gift certificates redeemable
17,272
21,199
18,590
Income taxes payable
20,437
10,737
13,231
Total current liabilities
96,508
98,616
85,482
DEFERRED COMPENSATION
13,763
13,092
13,770
DEFERRED RENT LIABILITY
37,196
37,600
40,066
Total liabilities
147,467
149,308
139,318
COMMITMENTS
STOCKHOLDERS’ EQUITY:
488
486
486
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 48,848,555 shares at April 29, 2017,
48,622,780 shares at January 28, 2017, and 48,623,190 shares at
April 30, 2016
Additional paid-in capital
141,042
139,398
136,743
Retained earnings
294,809
290,737
288,567
Accumulated other comprehensive loss
(82 )
(82 )
(295 )
Total stockholders’ equity
436,257
430,539
425,501
Total liabilities and stockholders’ equity
$
583,724
$
579,847
$
564,819
(1) Derived from audited financial statements.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170518005296r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170518005296/en/

SOURCE: The Buckle, Inc.

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