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: August 11, 2005 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 42.0 percent
on a 7.5 percent sales increase for the second quarter ended July 30, 2005.
Net income for the second quarter of fiscal 2005 increased 42% to $7.6 million,
or 39 cents per share (38 cents per share on a diluted basis), compared to net
income of $5.3 million, or 25 cents per share (24 cents per share on a diluted
basis) for the second quarter of fiscal 2004.
Net sales for the second quarter ended July 30, 2005, increased 7.5 percent to
$104.1 million compared to net sales of $96.8 million for the second quarter of
fiscal 2004. Comparable store net sales, for stores open at least one year, were
up 2.9 percent for the 13 weeks ended July 30, 2005, compared with the 13 weeks
ended July 31, 2004.
Net income for the first six months ended July 30, 2005 rose 44% to $16.2
million or 81 cents per share (78 cents per share on a diluted basis), compared
with $11.2 million or 52 cents per share (50 cents per share on a diluted basis)
for the six months ended July 31, 2004.
Net sales for the first six months of fiscal 2005 increased 9.4 percent to
$209.7 million compared to net sales of $191.6 million in the first six months
of fiscal 2004. Comparable store net sales increased 4.6 percent for the six
months ended July 30, 2005 compared with the six months ended July 31, 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
333 retail stores in 38 states compared with 326 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)
(UNAUDITED)
THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED
----------------------------- -----------------------------
JULY 30, JULY 31, JULY 30, JULY 31,
2005 2004 2005 2004
NET SALES $ 104,130 $ 96,848 $ 209,677 $ 191,622
COST OF SALES (Including buying,
distribution and occupancy costs) 67,883 67,054 136,181 131,166
--------- -------- --------- ---------
Gross profit 36,247 29,794 73,496 60,456
--------- -------- --------- ---------
OPERATING EXPENSES:
Selling 21,721 18,399 42,614 36,733
General and administrative 3,850 3,853 7,978 7,750
--------- -------- --------- ---------
25,571 22,252 50,592 44,483
--------- -------- --------- ---------
INCOME FROM OPERATIONS 10,676 7,542 22,904 15,973
OTHER INCOME, Net 1,256 825 2,737 1,743
--------- -------- --------- ---------
INCOME BEFORE INCOME TAXES 11,932 8,367 25,641 17,716
PROVISION FOR INCOME TAXES 4,379 3,050 9,467 6,511
--------- -------- --------- ---------
NET INCOME $ 7,553 $ 5,317 $ 16,174 $ 11,205
========= ======== ========= =========
EARNINGS PER SHARE:
Basic $ 0.39 $ 0.25 $ 0.81 $ 0.52
========= ======== ========= =========
Diluted $ 0.38 $ 0.24 $ 0.78 $ 0.50
========= ======== ========= =========
JULY 30, JULY 31,
SELECTED FINANCIAL DATA 2005 2004
----------- -----------
Cash and investments $ 147,232 $ 182,053
Inventory $ 100,867 $ 100,997
Property and equipment, net $ 89,239 $ 84,947
Accounts payable $ 32,397 $ 31,921
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