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 11, 2016 | 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 2015 NET INCOME
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 30, 2016 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis). Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 30, 2016 decreased 6.1 percent to $332.0 million from net sales of $353.5 million for the prior year 13-week fiscal quarter ended January 31, 2015. Comparable store net sales for the 13-week period ended January 30, 2016 decreased 7.2 percent from comparable store net sales for the prior year 13-week period ended January 31, 2015. Online sales increased 7.1 percent to $35.3 million for the 13-week period ended January 30, 2016, compared to net sales of $33.0 million for the 13-week period ended January 31, 2015.
Net sales for the 52-week fiscal year ended January 30, 2016 decreased 2.9 percent to $1.120 billion from net sales of $1.153 billion for the 52-week fiscal year ended January 31, 2015. Comparable store net sales for the 52-week period ended January 30, 2016 decreased 4.4 percent from comparable store net sales for the prior year 52-week period ended January 31, 2015. Online sales increased 11.8 percent to $105.5 million for the 52-week period ended January 30, 2016, compared to net sales of $94.3 million for the 52-week period ended January 31, 2015.
Net income for the fourth quarter of fiscal 2015 was $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis), compared with $60.1 million, or $1.25 per share ($1.25 per share on a diluted basis) for the fourth quarter of fiscal 2014.
Net income for the fiscal year ended January 30, 2016 was $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis), compared with $162.6 million, or $3.39 per share ($3.38 per share on a diluted basis) for the fiscal year ended January 31, 2015.
Management will hold a conference call at 10:00 a.m. EST today to discuss fourth quarter results. To participate in the call, please call (800) 230-1074 for domestic calls or (612) 234-9959 for international calls and reference the conference code 388126. A replay of the call will be available for a two-week period beginning March 11, 2016 at 12:00 p.m. EST by calling (800) 475-6701 and entering the conference code 388126.
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 468 retail stores in 44 states. As of the end of the fiscal year, it operated 468 stores in 44 states compared with 460 stores in 44 states at the end of fiscal 2014.
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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| | Thirteen Weeks Ended | | Fifty-Two Weeks Ended |
| | January 30,
2016 | | January 31,
2015 | | January 30,
2016 | | January 31,
2015 (1) |
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| SALES, Net of returns and allowances | $ | 332,031 |
| | $ | 353,541 |
| | $ | 1,119,616 |
| | $ | 1,153,142 |
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| COST OF SALES (Including buying, distribution, and occupancy costs) | 176,086 |
| | 186,126 |
| | 638,215 |
| | 645,810 |
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| Gross profit | 155,945 |
| | 167,415 |
| | 481,401 |
| | 507,332 |
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| OPERATING EXPENSES: | | | | | |
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| Selling | 64,751 |
| | 65,633 |
| | 212,531 |
| | 212,688 |
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| General and administrative | 7,883 |
| | 7,345 |
| | 39,282 |
| | 37,671 |
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| | 72,634 |
| | 72,978 |
| | 251,813 |
| | 250,359 |
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| INCOME FROM OPERATIONS | 83,311 |
| | 94,437 |
| | 229,588 |
| | 256,973 |
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| OTHER INCOME, Net | 3,277 |
| | 1,892 |
| | 5,236 |
| | 2,723 |
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| INCOME BEFORE INCOME TAXES | 86,588 |
| | 96,329 |
| | 234,824 |
| | 259,696 |
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| PROVISION FOR INCOME TAXES | 32,249 |
| | 36,196 |
| | 87,541 |
| | 97,132 |
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| NET INCOME | $ | 54,339 |
| | $ | 60,133 |
| | $ | 147,283 |
| | $ | 162,564 |
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| EARNINGS PER SHARE | | | | | |
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| Basic | $ | 1.13 |
| | $ | 1.25 |
| | $ | 3.06 |
| | $ | 3.39 |
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| Diluted | $ | 1.13 |
| | $ | 1.25 |
| | $ | 3.06 |
| | $ | 3.38 |
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| Basic weighted average shares | 48,096 |
| | 48,037 |
| | 48,079 |
| | 47,927 |
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| Diluted weighted average shares | 48,209 |
| | 48,168 |
| | 48,204 |
| | 48,090 |
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| (1) Derived from audited financial statements | | | | | | | |
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
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| ASSETS | January 30,
2016 | | January 31,
2015 (1) |
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| CURRENT ASSETS: | | | |
| Cash and cash equivalents | $ | 161,185 |
| | $ | 133,708 |
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| Short-term investments | 36,465 |
| | 25,857 |
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| Receivables | 9,651 |
| | 8,567 |
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| Inventory | 149,566 |
| | 129,921 |
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| Prepaid expenses and other assets | 6,030 |
| | 26,536 |
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| Total current assets | 362,897 |
| | 324,589 |
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| PROPERTY AND EQUIPMENT | 450,762 |
| | 427,915 |
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| Less accumulated depreciation and amortization | (277,981 | ) | | (255,252 | ) |
| | 172,781 |
| | 172,663 |
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| LONG-TERM INVESTMENTS | 33,826 |
| | 43,698 |
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| OTHER ASSETS | 3,269 |
| | 2,043 |
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| | $ | 572,773 |
| | $ | 542,993 |
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | |
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| CURRENT LIABILITIES: | |
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| Accounts payable | $ | 33,862 |
| | $ | 35,714 |
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| Accrued employee compensation | 33,126 |
| | 36,920 |
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| Accrued store operating expenses | 6,639 |
| | 9,984 |
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| Gift certificates redeemable | 22,858 |
| | 23,992 |
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| Income taxes payable | 11,141 |
| | 15,661 |
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| Total current liabilities | 107,626 |
| | 122,271 |
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| DEFERRED COMPENSATION | 12,849 |
| | 14,261 |
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| DEFERRED RENT LIABILITY | 39,655 |
| | 40,566 |
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| OTHER LIABILITIES | — |
| | 10,617 |
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| Total liabilities | 160,130 |
| | 187,715 |
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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; 48,428,110 and 48,379,613 shares issued and outstanding at January 30, 2016 and January 31, 2015, respectively | 484 |
| | 484 |
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| Additional paid-in capital | 134,864 |
| | 131,112 |
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| Retained earnings | 277,626 |
| | 224,111 |
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| Accumulated other comprehensive loss | (331 | ) | | (429 | ) |
| Total stockholders’ equity | 412,643 |
| | 355,278 |
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| | $ | 572,773 |
| | $ | 542,993 |
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| (1) Derived from audited financial statements | | | |
