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
WEB: www.buckle.com
FOR IMMEDIATE RELEASE: May 12, 2005
CONTACT: Karen B. Rhoads, Chief Financial Officer
The Buckle, Inc.
308/236-8491
THE BUCKLE INC. REPORTS FIRST QUARTER NET PROFITS
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KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) reported net income up 46.4 percent
on an 11.4 percent sales increase for the first quarter ended April 30, 2005.
Net income for the first quarter of fiscal 2005 was $8.6 million, or $0.42 per
share ($0.40 per share on a diluted basis), compared with $5.9 million, or $0.28
per share ($0.27 per share on a diluted basis) for the first quarter of 2004.
Net sales for the first quarter (13 weeks) ended April 30, 2005, increased 11.4
percent to $105.5 million from $94.8 million for the first quarter (13 weeks) of
fiscal 2004. Comparable store net sales, for stores open at least one year, were
up 6.4 percent for the 13 weeks ended April 30, 2005, compared with the 13 weeks
ended May 1, 2004.
Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual
apparel, footwear and accessories for young men and women. It currently operates
330 retail stores in 38 states which includes the opening of one new store
yesterday in Brandon, Florida. The Company operated 322 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
(DOLLAR AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
THIRTEEN WEEKS ENDED
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APRIL 30, MAY 1,
2005 2004
NET SALES $105,547 $ 94,774
COST OF SALES (Including buying, distribution
and occupancy costs) 68,298 64,112
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Gross profit 37,249 30,662
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OPERATING EXPENSES:
Selling 20,893 18,334
General and administrative 4,128 3,897
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25,021 22,231
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INCOME FROM OPERATIONS 12,228 8,431
OTHER INCOME, Net 1,481 918
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INCOME BEFORE INCOME TAXES 13,709 9,349
PROVISION FOR INCOME TAXES 5,088 3,461
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NET INCOME $ 8,621 $ 5,888
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EARNINGS PER SHARE:
Basic $ 0.42 $ 0.28
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Diluted $ 0.40 $ 0.27
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Basic weighted average shares 20,665 21,370
Diluted weighted average shares 21,508 22,175
SELECTED FINANCIAL DATA
Cash and cash equivalents $ 86,278 $116,903
Inventory $ 73,030 $ 72,758
Property and equipment, net $ 86,759 $ 85,691
Accounts payable $ 25,993 $ 19,053