Exhibit 99.1
[BUCKLE LOGO] 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: March 4, 2004 WEB: www.buckle.com
CONTACT: Karen B. Rhoads, Chief Financial Officer
The Buckle, Inc.
308/236-8491
THE BUCKLE INC. REPORTS
FEBRUARY 2004 SALES AND FOURTH QUARTER 2003 NET PROFIT
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that sales for the
four-week period ended February 28, 2004 increased 14.9 percent to $29.3 million
from sales of $25.5 million in the corresponding four-week period ended March 1,
2003. Comparable store sales, for stores open at least one year, were up 10.8
percent for the same period.
Net income for the fourth quarter of fiscal 2003 was $15.0 million, or $0.71 per
share ($0.69 per share on a diluted basis), compared with $12.4 million, or
$0.59 per share ($0.57 per share on a diluted basis) for the fourth quarter of
2002.
Net sales for the fourth quarter ended January 31, 2004, increased 8.8 percent
to $134.1 million from $123.3 million for the fourth quarter of fiscal 2002.
Comparable store net sales, for stores open at least one year, were up 4.2
percent for the 13 weeks ended January 31, 2004, compared with the 13 weeks
ended February 1, 2003.
Net sales for the 52 weeks of fiscal 2003 increased 5.4 percent to $422.8
million from $401.1 million in the 52 weeks of fiscal 2002. Comparable store net
sales were up 1.1 percent for the twelve months ended January 31, 2004 compared
with the twelve months ended February 1, 2003.
Net income for the fiscal year ended January 31, 2004 was $33.7 million or $1.60
per share ($1.56 per share on a diluted basis), compared with $32.1 million or
$1.52 per share ($1.47 per share on a diluted basis) for the fiscal year ended
February 1, 2003. As of January 31, 2004, the Company operated 316 stores versus
304 stores as of February 1, 2003.
During fiscal 2003, the Company purchased 152,300 shares of the Company's common
stock at an average price of $19.04 per share. These shares were purchased
pursuant to the corporate stock repurchase program authorized by the Board of
Directors on December 27, 2000.
Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual
apparel, footwear and accessories for young men and women. It currently operates
316 retail stores in 38 states compared with 306 stores in 37 states at this
same time a year ago. The Company's store in Liberal, Kansas
recently re-opened in its permanent space. The Liberal store had been operating
from a temporary location since July 2003 after being seriously damaged by a
tornado.
To listen to the Company's recorded quarterly earnings commentary, please call
(308) 238-2500.
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 Table to Follow
THE BUCKLE, INC. - STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
<Table>
<Caption>
Thirteen weeks ended Fifty-two weeks ended
--------------------- ---------------------
01-31-04 02-01-03 01-31-04 02-01-03
-------- -------- -------- --------
Net Sales $134,099 $123,253 $422,820 $401,060
Cost of Sales 82,292 78,890 279,901 269,533
-------- -------- -------- --------
Gross Profit 51,807 44,363 142,919 131,527
Selling Expenses 25,356 23,280 79,668 74,754
General & Administrative Expense 5,047 3,389 15,045 10,979
-------- -------- -------- --------
Income from Operations 21,404 17,694 48,206 45,794
Other Income 1,840 1,511 4,688 4,698
-------- -------- -------- --------
Income before Income Taxes 23,244 19,205 52,894 50,492
Income Tax Expense 8,264 6,772 19,149 18,428
-------- -------- -------- --------
Net Income $ 14,980 $ 12,433 $ 33,745 $ 32,064
======== ======== ======== ========
Basic Income per Share $ 0.71 $ 0.59 $ 1.60 $ 1.52
======== ======== ======== ========
Diluted Income per Share $ 0.69 $ 0.57 $ 1.56 $ 1.47
======== ======== ======== ========
Basic Weighted Avg. Shares 21,237 21,045 21,094 21,119
Diluted Weighted Avg. Shares 21,823 21,625 21,624 21,812
</Table>
<Table>
<Caption>
Selected Financial Data January 31, 2004 February 1, 2003
---------------- ----------------
Cash and Investments $ 194,502 $ 162,028
Inventory $ 61,156 $ 60,041
Property and Equipment, Net $ 66,300 $ 64,606
Accounts Payable $ 14,207 $ 13,318
</Table>