SOURCE: The Buckle, Inc.

 

KEARNEY, NE--(Marketwire - May 21, 2009) - The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended May 2, 2009 increased 43.5 percent on a 24.6 percent net sales increase.

Net sales for the thirteen-week fiscal quarter ended May 2, 2009 increased 24.6 percent to $199.7 million from net sales of $160.3 million for the prior year thirteen-week fiscal quarter ended May 3, 2008. Comparable store net sales for the thirteen-week period ended May 2, 2009 increased 17.7 percent from comparable store net sales for the prior year thirteen-week period ended May 3, 2008. Online sales (which are not included in comparable store sales) increased 75.7 percent to $11.7 million for the thirteen week period ended May 2, 2009, compared to the thirteen week period ended May 3, 2008.

Net income for the first quarter of fiscal 2009 increased 43.5 percent to $26.9 million, or $0.59 per share ($0.58 per share on a diluted basis), compared with $18.7 million, or $0.42 per share ($0.40 per share on a diluted basis), for the first quarter of fiscal 2008.

Earnings per share and the weighted average shares outstanding for the prior year first quarter have been adjusted to reflect the impact of the Company's 3-for-2 stock split paid in the form of a stock dividend on October 30, 2008.

Management will hold a conference call at 11:30 a.m. EDT today to discuss first quarter results. To participate in the call, please call (800) 288-8967 and reference the conference code 100727. A replay of the call will be available for a two-week period beginning May 21, 2009 at 1:30 p.m. EDT by calling (800) 475-6701 and entering the conference code 100727.

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 393 retail stores in 40 states. As of the end of the first quarter, it operated 392 stores in 40 states compared with 374 stores in 39 states at the end of the first quarter of fiscal 2008.

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 Tables to Follow

THE BUCKLE, INC.

STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)


                                                     Thirteen Weeks Ended
                                                    -----------------------
                                                       May 2,      May 3,
                                                        2009       2008
                                                    ----------- -----------

SALES, Net of returns and allowances                $   199,697 $   160,300

COST OF SALES (Including buying,
 distribution, and occupancy costs)                     112,994      94,678
                                                    ----------- -----------

           Gross profit                                  86,703      65,622
                                                    ----------- -----------

OPERATING EXPENSES:
  Selling                                                37,597      31,559
  General and administrative                              7,378       6,695
                                                    ----------- -----------
                                                         44,975      38,254
                                                    ----------- -----------

INCOME FROM OPERATIONS                                   41,728      27,368

OTHER INCOME, Net                                           910       2,320
                                                    ----------- -----------

INCOME BEFORE INCOME TAXES                               42,638      29,688

PROVISION FOR INCOME TAXES                               15,776      10,971
                                                    ----------- -----------

NET INCOME                                          $    26,862 $    18,717
                                                    =========== ===========


EARNINGS PER SHARE:
  Basic                                             $      0.59 $      0.42
                                                    =========== ===========

  Diluted                                           $      0.58 $      0.40
                                                    =========== ===========

Basic weighted average shares                            45,529      44,806
Diluted weighted average shares                          46,521      46,250





THE BUCKLE, INC.

BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)

                                                       January
                                             May 2,      31,       May 3,
ASSETS                                        2009    2009 (1)      2008

CURRENT ASSETS:
  Cash and cash equivalents                $ 174,602  $ 162,463  $ 141,174
  Short-term investments                      17,904     19,150     38,954
  Accounts receivable, net of allowance of
   $28, $46, and $40, respectively             3,786      3,734      3,991
  Inventory                                   82,792     83,963     73,976
  Prepaid expenses and other assets           18,388     17,655     14,937
                                           ---------  ---------  ---------
           Total current assets              297,472    286,965    273,032
                                           ---------  ---------  ---------

PROPERTY AND EQUIPMENT:                      277,691    264,154    246,263
  Less accumulated depreciation and
   amortization                             (150,707)  (147,460)  (141,929)
                                           ---------  ---------  ---------
                                             126,984    116,694    104,334
                                           ---------  ---------  ---------

LONG-TERM INVESTMENTS                         56,767     56,213     78,861
OTHER ASSETS                                   5,723      5,468      5,905
                                           ---------  ---------  ---------

                                           $ 486,946  $ 465,340  $ 462,132
                                           =========  =========  =========

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
  Accounts payable                         $  39,209  $  22,472  $  27,299
  Accrued employee compensation               16,676     40,460     13,415
  Accrued store operating expenses             7,858      7,701      6,019
  Gift certificates redeemable                 7,606     10,144      6,430
  Income taxes payable                        18,812      8,649      5,286
                                           ---------  ---------  ---------
           Total current liabilities          90,161     89,426     58,449

DEFERRED COMPENSATION                          5,348      4,090      4,996
DEFERRED RENT LIABILITY                       35,310     34,602     32,750
                                           ---------  ---------  ---------
           Total liabilities                 130,819    128,118     96,195
                                           ---------  ---------  ---------

COMMITMENTS

STOCKHOLDERS’ EQUITY:
  Common stock, authorized 100,000,000
   shares of $.01 par value; issued and
   outstanding; 46,108,655 shares at
   May 2, 2009, 45,906,265 shares at
   January 31, 2009, and 30,622,601
   shares at May 3, 2008                         461        459        306
  Additional paid-in capital                  70,175     68,894     64,168
  Retained earnings                          286,429    268,789    302,151
  Accumulated other comprehensive loss          (938)      (920)      (688)
                                           ---------  ---------  ---------
           Total stockholders’ equity        356,127    337,222    365,937
                                           ---------  ---------  ---------

                                           $ 486,946  $ 465,340  $ 462,132
                                           =========  =========  =========

(1) Derived from audited financial statements.