Exhibit 99.1
[THE BUCKLE, INC. 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: August 12, 2004 WEB: www.buckle.com
CONTACT: Karen B. Rhoads, Chief Financial Officer
The Buckle, Inc.
308/236-8491
THE BUCKLE, INC. REPORTS SECOND QUARTER NET PROFITS
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) reported net income up 48.9 percent
on a 13.0 percent sales increase for the second quarter ended July 31, 2004.
Net income for the second quarter of fiscal 2004 was $5.3 million, or 25 cents
per share (24 cents per share on a diluted basis), compared with $3.6 million,
or 17 cents per share (17 cents per share on a diluted basis) for the second
quarter of 2003.
Net sales for the second quarter ended July 31, 2004, increased 13.0 percent to
$96.8 million from $85.7 million for the second quarter of fiscal 2003.
Comparable store net sales, for stores open at least one year, were up 6.8
percent for the 13 weeks ended July 31, 2004, compared with the 13 weeks ended
August 2, 2003.
Net sales for the first six months of fiscal 2004 increased 14.5 percent to
$191.6 million from $167.4 million in the first six months of fiscal 2003.
Comparable store net sales increased 9.3 percent for the six months ended July
31, 2004 compared with the six months ended August 2, 2003.
Net income for the first six months ended July 31, 2004 was $11.3 million or 53
cents per share (51 cents per share on a diluted basis), compared with $6.6
million or 31 cents per share (31 cents per share on a diluted basis) for the
six months ended August 2, 2003.
Beginning with the four-week period ended May 1, 2004, the Company changed its
method of reporting comparable store sales to exclude Internet sales. Comparable
store sales reported above for the thirteen and twenty-six week periods ended
July 31, 2004 reflect the impact of this change.
During the second quarter of fiscal 2004, the Company purchased 45,700 shares of
the Company's common stock at an average price of $26.10 per share. These shares
were purchased pursuant to the corporate stock repurchase program authorized by
the Board of Directors on December 27, 2000. The Company has 103,675 shares
remaining to be purchased to complete this authorization.
Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual
apparel, footwear and accessories for young men and women. It currently operates
326 retail stores in 38 states which includes the opening of one new store
yesterday in Knoxville, Tennessee. The Company operated 313 stores in 37 states
at this same time a year ago.
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)
Thirteen weeks ended Twenty-six weeks ended
-------------------- ----------------------
July 31, 2004 August 2, 2003 July 31, 2004 August 2, 2003
------------- -------------- ------------- --------------
Net Sales $ 96,848 $ 85,683 $191,622 $167,396
Cost of Sales 67,003 61,085 131,065 119,929
-------- -------- -------- --------
Gross Profit 29,845 24,598 60,557 47,467
Selling Expenses 18,399 16,428 36,733 32,959
General and Administrative Exp. 3,853 3,423 7,750 6,176
-------- -------- -------- --------
Income from Operations 7,593 4,747 16,074 8,332
Other Income 825 932 1,743 2,072
-------- -------- -------- --------
Income before Income Taxes 8,418 5,679 17,817 10,404
Income Tax Expense 3,069 2,087 6,547 3,822
-------- -------- -------- --------
Net Income $ 5,349 $ 3,592 $ 11,270 $ 6,582
======== ======== ======== ========
Basic Income per Share $ 0.25 $ 0.17 $ 0.53 $ 0.31
======== ======== ======== ========
Diluted Income per Share $ 0.24 $ 0.17 $ 0.51 $ 0.31
======== ======== ======== ========
Basic Weighted Avg. Shares 21,406 21,006 21,388 21,014
Diluted Weighted Avg. Shares 22,225 21,521 22,200 21,545
Selected Financial Data July 31, 2004 August 2, 2003
------------- --------------
Cash and Investments $182,053 $148,262
Inventory $100,997 $ 86,813
Property and Equipment, Net $ 67,404 $ 66,971
Accounts Payable $ 31,921 $ 28,971