The Buckle, Inc. 8K Reports Second Quarter Net Income | BKE 20 Aug 09

The Buckle, Inc. (BKE) 8-KThe Buckle, Inc. Reports Second Quarter Net Income

Exhibit 99.1

	The Buckle, Inc.

	2407 W. 24th St. Kearney, NE 68845

	P.O. Box 1480 Kearney, NE 68848-1480

	phone: 308-236-8491

	fax: 308-236-4493

For Immediate Release: August 20, 2009	web: www.buckle.com

Contact

Karen B. Rhoads, Chief Financial Officer

The Buckle, Inc.

308/236-8491

THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended August 1, 2009 was $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended August 1, 2009 increased 13.6 percent to $192.9 million from net sales of $169.8 million for the prior year 13-week fiscal quarter ended August 2, 2008. Comparable store net sales for the 13-week period ended August 1, 2009 increased 8.6 percent from comparable store net sales for the prior year 13-week period ended August 2, 2008. Online sales (which are not included in comparable store sales) increased 39.0 percent to $10.1 million for the 13-week period ended August 1, 2009, compared to the 13-week period ended August 2, 2008.

Net sales for the 26-week fiscal period ended August 1, 2009 increased 18.9 percent to $392.6 million from net sales of $330.1 million for the prior year 26-week fiscal period ended August 2, 2008. Comparable store net sales year-to-date for the 26-week period ended August 1, 2009 increased 13.1 percent from comparable store net sales for the 26-week period ended August 2, 2008. Online sales (which are not included in comparable store sales) increased 56.4 percent to $21.8 million for the 26-week period ended August 1, 2009, compared to the 26-week period ended August 2, 2008.

Net income for the second quarter of fiscal 2009 was $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis), compared with $22.3 million, or $0.49 per share ($0.48 per share on a diluted basis) for the second quarter of fiscal 2008.

Net income for the 26-week fiscal period ended August 1, 2009 was $51.9 million, or $1.14 per share ($1.11 per share on a diluted basis), compared with $41.0 million, or $0.91 per share ($0.88 per share on a diluted basis) for the 26-week fiscal period ended August 2, 2008.

General and administrative expenses for the prior year quarter and year-to-date periods ended August 2, 2008 are reported net of a $3.0 million gain from the involuntary conversion of one of the Company’s corporate aircrafts to a monetary asset upon receipt of the insurance proceeds. The aircraft was destroyed by a tornado that hit the airport in Kearney, Nebraska. This gain had a $0.04 per share after-tax impact on reported basic and diluted earnings per share for both the prior year quarter and year-to-date periods.

Earnings per share and the weighted average shares outstanding for the prior year quarter and year-to-date periods have been adjusted to reflect the impact of the Company’s 3-for-2 stock split paid in the form of a stock dividend on October 30, 2008.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (877) 531-2989 and reference the conference code 111545. A replay of the call will be available for a two–week period beginning August 20, 2009 at 12:00 p.m. EDT by calling (800) 475–6701 and entering the conference code 111545.

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 401 retail stores in 41 states. As of the end of the fiscal quarter, it operated 401 stores in 41 states compared with 381 stores in 39 states at the end of the second quarter of fiscal 2008.

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

	Thirteen Weeks Ended				Twenty-six Weeks Ended
	August 1,		August 2,		August 1,		August 2,
	2009		2008		2009		2008

SALES, Net of returns and allowances	$	192,906	$	169,765	$	392,603	$	330,065

COST OF SALES (Including buying,
distribution, and occupancy costs)		110,628		99,497		223,622		194,175

Gross profit		82,278		70,268		168,981		135,890

OPERATING EXPENSES:
Selling		37,507		33,480		75,104		65,039
General and administrative		6,647		3,477		14,025		10,172
		44,154		36,957		89,129		75,211

INCOME FROM OPERATIONS		38,124		33,311		79,852		60,679

OTHER INCOME, Net		1,549		2,049		2,459		4,369

INCOME BEFORE INCOME TAXES		39,673		35,360		82,311		65,048

PROVISION FOR INCOME TAXES		14,679		13,084		30,455		24,055

NET INCOME	$	24,994	$	22,276	$	51,856	$	40,993


EARNINGS PER SHARE:
Basic	$	0.55	$	0.49	$	1.14	$	0.91

Diluted	$	0.54	$	0.48	$	1.11	$	0.88

Basic weighted average shares		45,640		45,346		45,585		45,076
Diluted weighted average shares		46,623		46,587		46,572		46,418

	August 1,			January 31,			August 2,
ASSETS	2009			2009 (1)			2008

CURRENT ASSETS:
Cash and cash equivalents	$	145,736		$	162,463		$	184,144
Short-term investments		17,288			19,150			22,760
Accounts receivable, net of allowance of $28, $46, and $24, respectively		6,719			3,734			5,012
Inventory		106,523			83,963			103,432
Prepaid expenses and other assets		18,865			17,655			16,486
Total current assets		295,131			286,965			331,834

PROPERTY AND EQUIPMENT:		286,136			264,154			239,639
Less accumulated depreciation and amortization		(154,023	)		(147,460	)		(141,840	)
		132,113			116,694			97,799

LONG-TERM INVESTMENTS		65,448			56,213			71,880
OTHER ASSETS		4,650			5,468			4,930

	$	497,342		$	465,340		$	506,443

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	42,546		$	22,472		$	48,218
Accrued employee compensation		19,748			40,460			16,501
Accrued store operating expenses		8,397			7,701			7,004
Gift certificates redeemable		6,986			10,144			5,814
Income taxes payable		2,042			8,649			7,097
Total current liabilities		79,719			89,426			84,634

DEFERRED COMPENSATION		5,761			4,090			4,830
DEFERRED RENT LIABILITY		35,886			34,602			34,607
Total liabilities		121,366			128,118			124,071

COMMITMENTS

STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 46,277,205 shares at August 1, 2009, 45,906,265
shares at January 31, 2009, and 30,651,343 shares at August 2, 2008		463			459			307
Additional paid-in capital		74,359			68,894			66,272
Retained earnings		302,169			268,789			316,769
Accumulated other comprehensive loss		(1,015	)		(920	)		(976	)
Total stockholders’ equity		375,976			337,222			382,372

	$	497,342		$	465,340		$	506,443

(1) Derived from audited financial statements.

THE BUCKLE, INC.

STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)