The Buckle, Inc. (BKE) 8-K Results of Operations and Financial Condition

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   web:  www.buckle.com

For Immediate Release:   November 17, 2011

Contact: Karen B. Rhoads, Chief Financial Officer The Buckle, Inc. 308/236-8491

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended October 29, 2011 was $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended October 29, 2011 increased 12.4 percent to $273.4 million from net sales of $243.3 million for the prior year 13-week fiscal quarter ended October 30, 2010.  Comparable store net sales for the 13-week period ended October 29, 2011 increased 9.1 percent from comparable store net sales for the prior year 13-week period ended October 30, 2010.  Online sales (which are not included in comparable store sales) increased 25.4 percent to $18.9 million for the 13-week period ended October 29, 2011, compared to net sales of $15.1 million for the 13-week period ended October 30, 2010.

Net sales for the 39-week fiscal period ended October 29, 2011 increased 12.2 percent to $725.9 million from net sales of $646.8 million for the prior year 39-week fiscal period ended October 30, 2010.  Comparable store net sales year-to-date for the 39-week period ended October 29, 2011 increased 8.7 percent from comparable store net sales for the 39-week period ended October 30, 2010.  Online sales (which are not included in comparable store sales) increased 22.0 percent to $50.3 million for the 39-week period ended October 29, 2011, compared to net sales of $41.2 million for the 39-week period ended October 30, 2010.

Net income for the third quarter of fiscal 2011 was $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis), compared with $34.4 million, or $0.75 per share ($0.73 per share on a diluted basis) for the third quarter of fiscal 2010.

Net income for the 39-week fiscal period ended October 29, 2011 was $95.4 million, or $2.04 per share ($2.02 per share on a diluted basis), compared with $85.2 million, or $1.85 per share ($1.81 per share on a diluted basis) for the 39-week fiscal period ended October 30, 2010.

During the fiscal quarter ended October 29, 2011, the Company paid a special one-time cash dividend of $2.25 per share, which was paid with the regular quarterly dividend on October 27, 2011.

Management will hold a conference call at 9:00 a.m. EST today to discuss results for the quarter.  To participate in the call, please call (800) 230-1059 and reference the conference code 222752.  A replay of the call will be available for a two–week period beginning November 17, 2011 at 11:00 a.m. EST by calling (800) 475–6701 and entering the conference code 222752.

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 431 retail stores in 43 states.   As of the end of the fiscal quarter, it operated 429 stores in 43 states compared with 421 stores in 41 states at the end of the third quarter of fiscal 2010.

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.
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
	Thirteen Weeks Ended				Thirty-nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2011		2010		2011		2010
SALES, Net of returns and allowances	$	273,400	$	243,346	$	725,870	$	646,782
COST OF SALES (Including buying,
distribution, and occupancy costs)		154,735		137,404		417,116		372,001
Gross profit		118,665		105,942		308,754		274,781
OPERATING EXPENSES:
Selling		50,144		44,063		135,303		120,550
General and administrative		8,146		7,530		24,947		21,169
		58,290		51,593		160,250		141,719
INCOME FROM OPERATIONS		60,375		54,349		148,504		133,062
OTHER INCOME, Net		313		470		2,431		2,869
INCOME BEFORE INCOME TAXES		60,688		54,819		150,935		135,931
PROVISION FOR INCOME TAXES		22,339		20,448		55,559		50,703
NET INCOME	$	38,349	$	34,371	$	95,376	$	85,228
EARNINGS PER SHARE:
Basic	$	0.82	$	0.75	$	2.04	$	1.85
Diluted	$	0.81	$	0.73	$	2.02	$	1.81
Basic weighted average shares		46,831		46,068		46,801		46,095
Diluted weighted average shares		47,342		46,916		47,306		46,989

THE BUCKLE, INC.
BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
	October 29,			January 29,			October 30,
ASSETS	2011			2011 (1)			2010
CURRENT ASSETS:
Cash and cash equivalents	$	47,956		$	116,470		$	139,180
Short-term investments		30,411			22,892			25,302
Receivables		8,469			14,363			4,609
Inventory		140,781			88,593			111,235
Prepaid expenses and other assets		15,633			14,718			14,202
Total current assets		243,250			257,036			294,528
PROPERTY AND EQUIPMENT:		359,612			342,413			341,512
Less accumulated depreciation and amortization		(184,996	)		(173,179	)		(170,177	)
		174,616			169,234			171,335
LONG-TERM INVESTMENTS		49,135			66,162			71,212
OTHER ASSETS		2,363			2,412			6,503
	$	469,364		$	494,844		$	543,578
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	41,219		$	33,489		$	35,891
Accrued employee compensation		29,857			36,018			26,082
Accrued store operating expenses		11,493			9,653			10,326
Gift certificates redeemable		11,232			17,213			9,160
Income taxes payable		9,662			-			4,997
Total current liabilities		103,463			96,373			86,456
DEFERRED COMPENSATION		8,330			7,727			7,439
DEFERRED RENT LIABILITY		37,352			37,430			37,533
OTHER LIABILITIES		6,904			7,649			-
Total liabilities		156,049			149,179			131,428
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 47,403,165 shares at October 29, 2011, 47,127,926
shares at January 29, 2011, and 46,601,528 shares at October 30, 2010		474			471			466
Additional paid-in capital		96,953			89,719			79,387
Retained earnings		216,445			256,146			332,964
Accumulated other comprehensive loss		(557	)		(671	)		(667	)
Total stockholders’ equity		313,315			345,665			412,150
	$	469,364		$	494,844		$	543,578
(1) Derived from audited financial statements.