BKE
$21.70
Buckle
$.95
4.58%
Earnings Details
3rd Quarter October 2017
Friday, November 17, 2017 6:55:00 AM
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Summary

Buckle (BKE) Reports 3rd Quarter Earnings

Buckle (BKE) reported 3rd Quarter October 2017 earnings of $0.41 per share on revenue of $224.3 million. The consensus earnings estimate was $0.39 per share on revenue of $223.4 million. Revenue fell 6.2% 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
$0.41
Earnings Whisper
-
Consensus Estimate
$0.39
Reported Revenue
$224.3 Mil
Revenue Estimate
$223.4 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 28, 2017 was $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 28, 2017 decreased 6.2 percent to $224.3 million from net sales of $239.2 million for the prior year 13-week fiscal quarter ended October 29, 2016. Comparable store net sales for the 13-week period ended October 28, 2017 decreased 5.9 percent from comparable store net sales for the prior year 13-week period ended October 29, 2016. Online sales decreased 1.2 percent to $23.4 million for the 13-week period ended October 28, 2017, compared to net sales of $23.7 million for the 13-week period ended October 29, 2016.

Net sales for the 39-week fiscal period ended October 28, 2017 decreased 9.0 percent to $632.2 million from net sales of $694.9 million for the prior year 39-week fiscal period ended October 29, 2016. Comparable store net sales for the 39-week period ended October 28, 2017 decreased 8.8 percent from comparable store net sales for the prior year 39-week period ended October 29, 2016. Online sales decreased 4.3 percent to $64.7 million for the 39-week period ended October 28, 2017, compared to net sales of $67.6 million for the 39-week period ended October 29, 2016.

Net income for the third quarter of fiscal 2017 was $19.9 million, or $0.41 per share ($0.41 per share on a diluted basis), compared with $23.4 million, or $0.49 per share ($0.48 per share on a diluted basis) for the third quarter of fiscal 2016.

Net income for the 39-week fiscal period ended October 28, 2017 was $47.7 million, or $0.99 per share ($0.99 per share on a diluted basis), compared with $62.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 39-week period ended October 29, 2016.

Management will hold a conference call at 9:30 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1093 for domestic calls or (612) 288-0337 for international calls and reference the conference code 432975. A replay of the call will be available for a two-week period beginning today at 11:30 a.m. EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 432975.

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 461 stores in 44 states compared with 470 stores in 44 states at the end of the third 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
Thirty-Nine Weeks Ended
October 28,
October 29,
October 28,
October 29,
2017
2016
2017
2016
SALES, Net of returns and allowances
$
224,307
$
239,213
$
632,208
$
694,913
COST OF SALES (Including buying, distribution, and occupancy costs)
133,379
142,339
385,424
423,428
Gross profit
90,928
96,874
246,784
271,485
OPERATING EXPENSES:
Selling
50,684
50,820
144,281
144,448
General and administrative
9,307
9,234
29,113
29,705
59,991
60,054
173,394
174,153
INCOME FROM OPERATIONS
30,937
36,820
73,390
97,332
OTHER INCOME, Net
808
497
2,642
1,500
INCOME BEFORE INCOME TAXES
31,745
37,317
76,032
98,832
PROVISION FOR INCOME TAXES
11,841
13,920
28,360
36,866
NET INCOME
$
19,904
$
23,397
$
47,672
$
61,966
EARNINGS PER SHARE:
Basic
$
0.41
$
0.49
$
0.99
$
1.29
Diluted
$
0.41
$
0.48
$
0.99
$
1.28
Basic weighted average shares
48,218
48,107
48,218
48,107
Diluted weighted average shares
48,339
48,259
48,331
48,230
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
====================================================================================================================================================================================================================================
ASSETS
October 28,
January 28,
October 29,
2017
2017 (1)
2016
CURRENT ASSETS:
Cash and cash equivalents
$
205,247
$
196,536
$
163,006
Short-term investments
52,202
49,994
49,987
Receivables
11,247
8,210
13,427
Inventory
128,821
125,694
148,193
Prepaid expenses and other assets
8,317
6,023
7,320
Total current assets
405,834
386,457
381,933
PROPERTY AND EQUIPMENT
462,798
459,359
464,507
Less accumulated depreciation and amortization
(306,655 )
(290,364 )
(289,547 )
156,143
168,995
174,960
LONG-TERM INVESTMENTS
18,386
18,092
19,828
OTHER ASSETS
7,760
6,303
4,850
Total assets
$
588,123
$
579,847
$
581,571
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
41,294
$
25,079
$
36,314
Accrued employee compensation
14,899
26,906
15,651
Accrued store operating expenses
17,044
14,695
16,440
Gift certificates redeemable
14,853
21,199
16,088
Income taxes payable
4,087
10,737
2,751
Total current liabilities
92,177
98,616
87,244
DEFERRED COMPENSATION
14,581
13,092
12,571
DEFERRED RENT LIABILITY
35,452
37,600
38,602
Total liabilities
142,210
149,308
138,417
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
488
486
486
issued and outstanding; 48,841,280 shares at October 28, 2017,
48,622,780 shares at January 28, 2017, and 48,622,780 shares at
October 29, 2016
Additional paid-in capital
143,670
139,398
139,670
Retained earnings
301,834
290,737
303,176
Accumulated other comprehensive loss
(79 )
(82 )
(178 )
Total stockholders’ equity
445,913
430,539
443,154
Total liabilities and stockholders’ equity
$
588,123
$
579,847
$
581,571
(1) Derived from audited financial statements.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171117005092r1&sid=cmtx6&distro=nx&lang=en

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SOURCE: The Buckle, Inc.

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