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
WEB: www.buckle.com
FOR IMMEDIATE RELEASE: November 11, 2004
CONTACT: Karen B. Rhoads, Chief Financial Officer
The Buckle, Inc.
308/236-8491
THE BUCKLE, INC. REPORTS THIRD QUARTER NET PROFITS
KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) reported net income up 22.4 percent
on a 10.2 percent sales increase for the third quarter ended October 30, 2004.
Net income for the third quarter of fiscal 2004 was $14.9 million, or 70 cents
per share (67 cents per share on a diluted basis), compared with $12.2 million,
or 57 cents per share (56 cents per share on a diluted basis) for the third
quarter of 2003.
Net sales for the third quarter ended October 30, 2004, increased 10.2 percent
to $133.7 million from $121.3 million for the third quarter of fiscal 2003.
Comparable store net sales, for stores open at least one year, were up 5.1
percent for the 13 weeks ended October 30, 2004, compared with the 13 weeks
ended November 1, 2003.
Net sales for the first nine months of fiscal 2004 increased 12.7 percent to
$325.3 million from $288.7 million in the first nine months of fiscal 2003.
Comparable store net sales increased 7.5 percent for the nine months ended
October 30, 2004 compared with the nine months ended November 1, 2003.
Net income for the first nine months ended October 30, 2004 was $26.2 million or
$1.22 per share ($1.18 per share on a diluted basis), compared with $18.8
million or 89 cents per share (87 cents per share on a diluted basis) for the
nine months ended November 1, 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.
During the third quarter of fiscal 2004, the Company purchased 85,000 shares of
the Company's common stock at an average price of $26.39 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 18,675 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. The Company ended the
third quarter with 327 retail stores in
38 states. It currently operates 329 retail stores in 38 states compared with
319 stores in 38 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 Thirty-nine weeks ended
------------------------- -------------------------
Oct. 30, Nov. 1, Oct. 30, Nov. 1,
2004 2003 2004 2003
-------- -------- -------- --------
Net Sales $133,722 $121,325 $325,344 $288,721
Cost of Sales 81,480 77,680 212,545 197,609
-------- -------- -------- --------
Gross Profit 52,242 43,645 112,799 91,112
Selling Expenses 24,785 21,353 61,518 54,312
General and Administrative Exp. 4,814 3,822 12,564 9,998
-------- -------- -------- --------
Income from Operations 22,643 18,470 38,717 26,802
Other Income 910 776 2,653 2,848
-------- -------- -------- --------
Income before Income Taxes 23,553 19,246 41,370 29,650
Income Tax Expense 8,643 7,063 15,190 10,885
-------- -------- -------- --------
Net Income $ 14,910 $ 12,183 $ 26,180 $ 18,765
======== ======== ======== ========
Basic Income per Share $ 0.70 $ 0.57 $ 1.22 $ 0.89
======== ======== ======== ========
Diluted Income per Share $ 0.67 $ 0.56 $ 1.18 $ 0.87
======== ======== ======== ========
Basic Weighted Avg. Shares 21,357 21,207 21,377 21,091
Diluted Weighted Avg. Shares 22,132 21,682 22,177 21,603
Selected Financial Data October 30, November 1,
2004 2003
-------- --------
Cash and Investments $194,883 $157,828
Inventory $ 94,719 $ 84,081
Property and Equipment, Net $ 66,310 $ 66,196
Accounts Payable $ 16,145 $ 18,086