The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2016 Net Income
The Buckle, Inc. (BKE) announced today that net income for the
fiscal quarter ended January 28, 2017 was $36.0 million, or $0.75 per
share ($0.74 per share on a diluted basis). Net income for the fiscal
year ended January 28, 2017 was $98.0 million, or $2.04 per share ($2.03
per share on a diluted basis).
Dennis Nelson, President and Chief Executive Officer, commented:
"Thank you to each of Buckles 8,000+ teammates for their dedication and
efforts to managing our business in what has proven to be a challenging
and evolving retail environment. While overall results for both the
quarter and year were below expectations, we were able to maintain
merchandise margins and finish the year with an operating margin of 15.7
percent. Our focus on running a profitable business also enabled us to
maintain a strong balance sheet, ending the year with $264.6 million in
cash and investments and no debt."
Net sales for the 13-week fiscal quarter ended January 28, 2017
decreased 15.7 percent to $280.0 million from net sales of $332.0
million for the prior year 13-week fiscal quarter ended January 30,
2016. Comparable store net sales for the 13-week period ended
January 28, 2017 decreased 16.1 percent from comparable store net sales
for the prior year 13-week period ended January 30, 2016. Online sales
decreased 8.8 percent to $32.2 million for the 13-week period ended
January 28, 2017, compared to net sales of $35.3 million for the 13-week
period ended January 30, 2016.
Net sales for the 52-week fiscal year ended January 28, 2017 decreased
12.9 percent to $974.9 million from net sales of $1.120 billion for the
52-week fiscal year ended January 30, 2016. Comparable store net sales
for the 52-week period ended January 28, 2017 decreased 13.5 percent
from comparable store net sales for the prior year 52-week period ended
January 30, 2016. Online sales decreased 5.4 percent to $99.8 million
for the 52-week period ended January 28, 2017, compared to net sales of
$105.5 million for the 52-week period ended January 30, 2016.
Net income for the fourth quarter of fiscal 2016 was $36.0 million, or
$0.75 per share ($0.74 per share on a diluted basis), compared with
$54.3 million, or $1.13 per share ($1.13 per share on a diluted basis)
for the fourth quarter of fiscal 2015.
Net income for the fiscal year ended January 28, 2017 was $98.0 million,
or $2.04 per share ($2.03 per share on a diluted basis), compared with
$147.3 million, or $3.06 per share ($3.06 per share on a diluted basis)
for the fiscal year ended January 30, 2016.
Please note that net sales for the 13-week and 52-week periods ended
January 28, 2017 are reported net of the impact of both reward
redemptions and accruals for estimated future rewards related to the
Companys new Guest Loyalty program, which launched during the fiscal
quarter ended April 30, 2016.
Management will hold a conference call at 9:00 a.m. EST today to discuss
fourth quarter results. To participate in the call, please call (800)
230-1059 for domestic calls or (612) 234-9960 for international calls
and reference the conference code 419676. A replay of the call will be
available for a two-week period beginning March 10, 2017 at 11:00 a.m.
EST by calling (800) 475-6701 for domestic calls or (320) 365-3844 for
international calls and entering the conference code 419676.
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
Companys exclusive brand, BKE. Headquartered in Kearney, Nebraska,
Buckle currently operates 465 retail stores in 44 states. As of the end
of the fiscal year, it operated 467 stores in 44 states compared with
468 stores in 44 states at the end of fiscal 2015.
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 Companys control. Accordingly, the
Companys 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
Companys 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
Note: News releases and other information on The Buckle, Inc.
can be accessed at www.buckle.com on
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
SALES, Net of returns and allowances
COST OF SALES (Including buying, distribution, and occupancy costs)
General and administrative
INCOME FROM OPERATIONS
OTHER INCOME, Net
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
Basic weighted average shares
Diluted weighted average shares
(1) Derived from audited financial statements
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
Cash and cash equivalents
Prepaid expenses and other assets
Total current assets
PROPERTY AND EQUIPMENT
Less accumulated depreciation and amortization
LIABILITIES AND STOCKHOLDERS EQUITY
Accrued employee compensation
Accrued store operating expenses
Gift certificates redeemable
Income taxes payable
Total current liabilities
DEFERRED RENT LIABILITY
Common stock, authorized 100,000,000 shares of $.01 par value;
48,622,780 and 48,428,110 shares issued and outstanding at January
28, 2017 and January 30, 2016, respectively
Additional paid-in capital
Accumulated other comprehensive loss
Total stockholders equity
Total liabilities and stockholders equity
(1) Derived from audited financial statements
View source version on businesswire.com: http://www.businesswire.com/news/home/20170310005126/en/
SOURCE: The Buckle, Inc.
Karen B. Rhoads, 308-236-8491