Exhibit 99.1
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| The Buckle, Inc. |
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2407 W. 24th St. Kearney, NE 68845 |
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| P.O. Box 1480 Kearney, NE 68848-1480 |
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phone: 308-236-8491 |
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fax: 308-236-4493 |
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For Immediate Release: March 14, 2014 | web: www.buckle.com |
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| Contact: | Karen B. Rhoads, Chief Financial Officer |
| | The Buckle, Inc. |
| | (308) 236-8491 |
THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2013 NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2014 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis). Net income for the fiscal year February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended February 1, 2014 decreased 6.0 percent to $339.0 million from net sales of $360.6 million for the prior year 14-week fiscal quarter ended February 2, 2013. Comparable store net sales for the 13-week period ended February 1, 2014 decreased 2.8 percent from comparable store net sales for the prior year 13-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 0.4 percent to $29.3 million for the 13-week period ended February 1, 2014, compared to net sales of $29.1 million for the 14-week period ended February 2, 2013.
Net sales for the 52-week fiscal year ended February 1, 2014 increased 0.4 percent to $1.128 billion from net sales of $1.124 billion for the 53-week fiscal year ended February 2, 2013. Comparable store net sales for the 52-week period ended February 1, 2014 were flat in comparison to the prior year 52-week period ended February 2, 2013. Online sales (which are not included in comparable store sales) increased 5.3 percent to $89.0 million for the 52-week period ended February 1, 2014, compared to net sales of $84.5 million for the 53-week period ended February 2, 2013.
The fourth quarter of fiscal 2013 was a 13-week fiscal period, ending The Buckle, Inc.’s 52-week fiscal year. The fourth quarter of fiscal 2012 was a 14-week fiscal period, ending a 53-week fiscal year. Comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 52-week periods ended February 2, 2013.
Net income for the fourth quarter of fiscal 2013 was $59.3 million, or $1.24 per share ($1.23 per share on a diluted basis), compared with $61.4 million, or $1.29 per share ($1.28 per share on a diluted basis) for the fourth quarter of fiscal 2012.
Net income for the fiscal year ended February 1, 2014 was $162.6 million, or $3.41 per share ($3.39 per share on a diluted basis), compared with $164.3 million, or $3.47 per share ($3.44 per share on a diluted basis) for the fiscal year ended February 2, 2013.
Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (888) 276-0005 and reference the conference code 321394. A replay of the call will be available for a two-week period beginning March 14, 2014 at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 321394.
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 450 retail stores in 43 states. As of the end of the fiscal year, it operated 450 stores in 43 states compared with 440 stores in 43 states at the end of fiscal 2012.
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.
Financial Tables to Follow
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
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| | 13-Weeks Ended | | 14-Weeks Ended | | 52-Weeks Ended | | 53-Weeks Ended |
| | February 1, 2014 | | February 2, 2013 | | February 1, 2014 | | February 2, 2013 |
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| SALES, Net of returns and allowances | $ | 338,999 |
| | $ | 360,615 |
| | $ | 1,128,001 |
| | $ | 1,124,007 |
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| COST OF SALES (Including buying, distribution, and occupancy costs) | 177,573 |
| | 187,413 |
| | 628,856 |
| | 624,692 |
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| Gross profit | 161,426 |
| | 173,202 |
| | 499,145 |
| | 499,315 |
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| OPERATING EXPENSES: | | | |
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| Selling | 62,668 |
| | 64,945 |
| | 206,893 |
| | 201,963 |
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| General and administrative | 4,482 |
| | 10,657 |
| | 35,258 |
| | 39,177 |
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| | 67,150 |
| | 75,602 |
| | 242,151 |
| | 241,140 |
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| INCOME FROM OPERATIONS | 94,276 |
| | 97,600 |
| | 256,994 |
| | 258,175 |
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| OTHER INCOME, Net | 2,244 |
| | 1,179 |
| | 3,462 |
| | 3,524 |
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| INCOME BEFORE INCOME TAXES | 96,520 |
| | 98,779 |
| | 260,456 |
| | 261,699 |
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| PROVISION FOR INCOME TAXES | 37,216 |
| | 37,423 |
| | 97,872 |
| | 97,394 |
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| NET INCOME | $ | 59,304 |
| | $ | 61,356 |
| | $ | 162,584 |
| | $ | 164,305 |
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| EARNINGS PER SHARE | | | |
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| Basic | $ | 1.24 |
| | $ | 1.29 |
| | $ | 3.41 |
| | $ | 3.47 |
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| Diluted | $ | 1.23 |
| | $ | 1.28 |
| | $ | 3.39 |
| | $ | 3.44 |
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| Basic weighted average shares | 47,868 |
| | 47,613 |
| | 47,744 |
| | 47,383 |
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| Diluted weighted average shares | 48,026 |
| | 47,893 |
| | 47,976 |
| | 47,710 |
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THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
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| ASSETS | February 1,
2014 | | February 2, 2013(1) |
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| CURRENT ASSETS: | | | |
| Cash and cash equivalents | $ | 164,868 |
| | $ | 117,608 |
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| Short-term investments | 20,197 |
| | 26,414 |
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| Receivables | 4,318 |
| | 3,470 |
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| Inventory | 124,141 |
| | 103,853 |
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| Prepaid expenses and other assets | 28,613 |
| | 25,528 |
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| Total current assets | 342,137 |
| | 276,873 |
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| PROPERTY AND EQUIPMENT | 393,656 |
| | 373,286 |
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| Less accumulated depreciation and amortization | (235,087 | ) | | (210,183 | ) |
| | 158,569 |
| | 163,103 |
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| LONG-TERM INVESTMENTS | 43,436 |
| | 35,735 |
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| OTHER ASSETS | 2,151 |
| | 2,263 |
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| | $ | 546,293 |
| | $ | 477,974 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
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| CURRENT LIABILITIES: | |
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| Accounts payable | $ | 37,147 |
| | $ | 34,124 |
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| Accrued employee compensation | 36,933 |
| | 42,183 |
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| Accrued store operating expenses | 9,983 |
| | 10,121 |
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| Gift certificates redeemable | 23,131 |
| | 22,221 |
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| Income taxes payable | 16,187 |
| | 20,307 |
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| Total current liabilities | 123,381 |
| | 128,956 |
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| DEFERRED COMPENSATION | 12,797 |
| | 10,600 |
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| DEFERRED RENT LIABILITY | 37,564 |
| | 36,947 |
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| OTHER LIABILITIES | 10,621 |
| | 11,822 |
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| Total liabilities | 184,363 |
| | 188,325 |
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| COMMITMENTS | | | |
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| STOCKHOLDERS’ EQUITY: | |
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| Common stock, authorized 100,000,000 shares of $.01 par value; 48,336,392 and 48,059,269 shares issued and outstanding at February 1, 2014 and February 2, 2013, respectively | 483 |
| | 481 |
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| Additional paid-in capital | 124,134 |
| | 117,391 |
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| Retained earnings | 238,151 |
| | 172,711 |
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| Accumulated other comprehensive loss | (838 | ) | | (934 | ) |
| Total stockholders’ equity | 361,930 |
| | 289,649 |
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| | $ | 546,293 |
| | $ | 477,974 |
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| (1) Derived from audited financial statements | | | |
