The Buckle, Inc. Reports Third Quarter Net Income
Business Wire 26-Nov-2018 4:05 PM
The Buckle, Inc. (NYSE:BKE) announced today that net income for the
fiscal quarter ended November 3, 2018 was $20.5 million, or $0.42 per
share ($0.42 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended November 3, 2018
decreased 4.1 percent to $215.1 million from net sales of $224.3 million
for the prior year 13-week fiscal quarter ended October 28, 2017.
Comparable store net sales for the 13-week period ended November 3, 2018
decreased 1.4 percent from comparable store net sales for the prior year
13-week period ended November 4, 2017. Online sales increased 8.8
percent to $25.5 million for the 13-week period ended November 3, 2018,
compared to net sales of $23.4 million for the 13-week period ended
October 28, 2017.
Net sales for the 39-week fiscal period ended November 3, 2018 decreased
1.8 percent to $621.1 million from net sales of $632.2 million for the
prior year 39-week fiscal period ended October 28, 2017. Comparable
store net sales for the 39-week period ended November 3, 2018 decreased
1.1 percent from comparable store net sales for the prior year 39-week
period ended November 4, 2017. Online sales increased 7.8 percent to
$69.8 million for the 39-week period ended November 3, 2018, compared to
net sales of $64.7 million for the 39-week period ended October 28, 2017.
Due to the 53rd week in fiscal 2017, comparable store net
sales for the quarter and year-to-date periods are compared to the
13-week and 39-week periods ended November 4, 2017.
Net income for the third quarter of fiscal 2018 was $20.5 million, or
$0.42 per share ($0.42 per share on a diluted basis), compared with
$19.9 million, or $0.41 per share ($0.41 per share on a diluted basis)
for the third quarter of fiscal 2017.
Net income for the 39-week fiscal period ended November 3, 2018 was
$54.5 million, or $1.13 per share ($1.12 per share on a diluted basis),
compared with $47.7 million, or $0.99 per share ($0.99 per share on a
diluted basis) for the 39-week period ended October 28, 2017.
Management will hold a conference call at 5:00 p.m. EST today to discuss
results for the quarter. To participate in the call, please call (800)
398-9402 for domestic calls or (612) 234-9960 for international calls
and reference the conference code 456802. A replay of the call will be
available for a two-week period beginning today at 7:00 p.m. EST by
calling (800) 475-6701 for domestic calls or (320) 365-3844 for
international calls and entering the conference code 456802.
About Buckle
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 453 retail stores in 43 states. As of the end
of the fiscal quarter, it operated 453 stores in 43 states compared with
461 stores in 44 states at the end of the third quarter 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.
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THE BUCKLE, INC.
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CONSOLIDATED STATEMENTS OF INCOME
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(Amounts in Thousands Except Per Share Amounts)
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(Unaudited)
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Thirteen Weeks Ended
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Thirty-Nine Weeks Ended
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November 3, 2018
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October 28, 2017
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November 3, 2018
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October 28, 2017
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SALES, Net of returns and allowances
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$
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215,107
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$
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224,307
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$
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621,084
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$
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632,208
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COST OF SALES (Including buying, distribution, and occupancy costs)
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128,950
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133,379
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376,305
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385,424
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Gross profit
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86,157
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90,928
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244,779
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246,784
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OPERATING EXPENSES:
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Selling
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50,612
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50,684
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144,361
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144,281
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General and administrative
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9,244
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9,307
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30,696
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29,113
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59,856
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59,991
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175,057
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173,394
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INCOME FROM OPERATIONS
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26,301
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30,937
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69,722
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73,390
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OTHER INCOME, Net
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1,332
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808
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3,791
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2,642
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INCOME BEFORE INCOME TAXES
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27,633
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31,745
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73,513
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76,032
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PROVISION FOR INCOME TAXES
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7,157
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11,841
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19,040
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28,360
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NET INCOME
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$
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20,476
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$
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19,904
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$
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54,473
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$
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47,672
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EARNINGS PER SHARE:
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Basic
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$
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0.42
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$
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0.41
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$
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1.13
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$
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0.99
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Diluted
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$
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0.42
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$
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0.41
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$
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1.12
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$
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0.99
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Basic weighted average shares
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48,379
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48,218
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48,379
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48,218
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Diluted weighted average shares
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48,611
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48,339
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48,584
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48,331
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THE BUCKLE, INC.
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CONSOLIDATED BALANCE SHEETS
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(Amounts in Thousands Except Share and Per Share Amounts)
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(Unaudited)
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ASSETS
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November 3, 2018
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February 3, 2018 (1)
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October 28, 2017
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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177,918
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$
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165,086
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$
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205,247
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Short-term investments
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45,605
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50,833
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52,202
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Receivables
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8,266
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8,588
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11,247
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Inventory
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145,473
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118,007
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128,821
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Prepaid expenses and other assets
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19,862
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18,070
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8,317
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Total current assets
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397,124
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360,584
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405,834
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PROPERTY AND EQUIPMENT
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460,523
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459,043
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462,798
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Less accumulated depreciation and amortization
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(324,044
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(309,497
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(306,655
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136,479
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149,546
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156,143
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LONG-TERM INVESTMENTS
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18,322
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21,453
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18,386
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OTHER ASSETS
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7,170
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6,533
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7,760
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Total assets
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$
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559,095
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$
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538,116
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$
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588,123
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LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Accounts payable
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$
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48,400
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$
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29,387
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$
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41,294
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Accrued employee compensation
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17,996
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22,307
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14,899
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Accrued store operating expenses
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21,851
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15,646
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17,044
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Gift certificates redeemable
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13,907
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18,202
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14,853
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Income taxes payable
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—
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12,364
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4,087
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Total current liabilities
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102,154
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97,906
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92,177
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DEFERRED COMPENSATION
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13,804
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15,154
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14,581
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DEFERRED RENT LIABILITY
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30,287
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33,808
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35,452
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Total liabilities
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146,245
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146,868
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142,210
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COMMITMENTS
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STOCKHOLDERS' EQUITY:
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Common stock, authorized 100,000,000 shares of $.01 par value;
issued and outstanding; 49,017,975 shares at November 3, 2018,
48,816,170 shares at February 3, 2018, and 48,841,280 shares at
October 28, 2017
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490
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488
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488
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Additional paid-in capital
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147,584
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144,279
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143,670
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Retained earnings
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264,776
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246,570
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301,834
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Accumulated other comprehensive loss
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—
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(89
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)
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(79
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)
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Total stockholders' equity
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412,850
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391,248
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445,913
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Total liabilities and stockholders' equity
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$
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559,095
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$
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538,116
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$
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588,123
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(1) Derived from audited financial statements.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181126005701/en/
