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 Companys 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 Companys 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 Karens passion for the Company, her teamwork across all
departments, and her leadership in developing such an outstanding
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.
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 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 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)
SALES, Net of returns and allowances
COST OF SALES (Including buying, distribution, and occupancy costs)
General and administrative
INCOME FROM OPERATIONS
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
Basic weighted average shares
Diluted weighted average shares
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;
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
Additional paid-in capital
Accumulated other comprehensive loss
Total stockholders equity
Total liabilities and stockholders equity
(1) Derived from audited financial statements.
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SOURCE: The Buckle, Inc.
Karen B. Rhoads, 308-236-8491