World News: 10:50 GMT Friday 15th March 2019. [The Buckle, Inc. via Businesswire via SPi World News]
The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 2, 2019 was $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis). Net income for the fiscal year ended February 2, 2019 was $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended February 2, 2019 decreased 6.0 percent to $264.4 million from net sales of $281.2 million for the prior year 14-week fiscal quarter ended February 3, 2018. Comparable store net sales for the 13-week period ended February 2, 2019 decreased 0.6 percent from comparable store net sales for the prior year 13-week period ended February 3, 2018. Online sales increased 1.3 percent to $33.9 million for the 13-week period ended February 2, 2019, compared to net sales of $33.5 million for the 14-week period ended February 3, 2018.
Net sales for the 52-week fiscal year ended February 2, 2019 decreased 3.1 percent to $885.5 million from net sales of $913.4 million for the 53-week fiscal year ended February 3, 2018. Comparable store net sales for the 52-week period ended February 2, 2019 decreased 0.9 percent from comparable store net sales for the prior year 52-week period ended February 3, 2018. Online sales increased 5.6 percent to $103.7 million for the 52-week period ended February 2, 2019, compared to net sales of $98.2 million for the 53-week period ended February 3, 2018.
Net income for the fourth quarter of fiscal 2018 was $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis), compared with $42.0 million, or $0.87 per share ($0.87 per share on a diluted basis) for the fourth quarter of fiscal 2017.
Net income for the fiscal year ended February 2, 2019 was $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis), compared with $89.7 million, or $1.86 per share ($1.85 per share on a diluted basis) for the fiscal year ended February 3, 2018.
Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (800) 230-1085 for domestic calls or (612) 234-9960 for international calls and reference the conference code 465115. A replay of the call will be available for a two-week period beginning March 15, 2019 at 12:00 p.m. EDT by calling (800) 475-6701 for domestic calls or (320) 365-3844 for international calls and entering the conference code 465115.
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 450 retail stores in 42 states. As of the end of the fiscal year, it operated 450 stores in 42 states compared with 457 stores in 44 states at the end of fiscal 2017.
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.
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
|13-Weeks Ended||14-Weeks Ended||52-Weeks Ended||53-Weeks Ended|
|February 2, 2019||February 3, 2018||February 2, 2019||February 3, 2018 (1)|
|SALES, Net of returns and allowances||$||264,412||$||281,172||$||885,496||$||913,380|
|COST OF SALES (Including buying, distribution, and occupancy costs)||143,118||147,933||519,423||533,357|
|General and administrative||12,417||10,764||43,113||39,877|
|INCOME FROM OPERATIONS||51,206||60,688||120,928||134,078|
|OTHER INCOME, Net||1,925||2,765||5,716||5,407|
|INCOME BEFORE INCOME TAXES||53,131||63,453||126,644||139,485|
|PROVISION FOR INCOME TAXES||11,996||21,418||31,036||49,778|
|EARNINGS PER SHARE|
|Basic weighted average shares||48,514||48,346||48,413||48,250|
|Diluted weighted average shares||48,703||48,498||48,614||48,373|
(1) Derived from audited financial statements
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
|February 2,||February 3,|
|Cash and cash equivalents||$||168,471||$||165,086|
|Prepaid expenses and other assets||18,136||18,070|
|Total current assets||370,432||360,584|
|PROPERTY AND EQUIPMENT||452,187||459,043|
|Less accumulated depreciation and amortization||(321,505||)||(309,497||)|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued employee compensation||21,452||22,307|
|Accrued store operating expenses||17,982||15,646|
|Gift certificates redeemable||16,634||18,202|
|Income taxes payable||5,142||12,364|
|Total current liabilities||90,218||97,906|
|DEFERRED RENT LIABILITY||29,229||33,808|
|Common stock, authorized 100,000,000 shares of $.01 par value; 49,017,395 and 48,816,170 shares issued and outstanding at February 2, 2019 and February 3, 2018, respectively||490||488|
|Additional paid-in capital||148,564||144,279|
|Accumulated other comprehensive loss||—||(89||)|
|Total stockholders’ equity||393,877||391,248|
|Total liabilities and stockholders’ equity||$||527,302||$||538,116|
(1) Derived from audited financial statements
Business Wire: 10:50 GMT Friday 15th March 2019
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