Published: March 10, 2011
The Buckle, Inc. Reports Fourth Quarter and Fiscal Year 2010 Net Income
KEARNEY, Neb. - (BUSINESS WIRE) - The Buckle, Inc. (NYSE:BKE) announced today that net income for the
fiscal quarter ended January 29, 2011 was $49.5 million, or $1.06 per
share ($1.05 per share on a diluted basis). Net income for the fiscal
year ended January 29, 2011 was $134.7 million, or $2.92 per share
($2.86 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended January 29, 2011
increased 10.4 percent to $303.1 million from net sales of $274.4
million for the prior year 13-week fiscal quarter ended January 30,
2010. Comparable store net sales for the 13-week period ended January
29, 2011 increased 6.3 percent from comparable store net sales for the
prior year 13-week period ended January 30, 2010. Online sales (which
are not included in comparable store sales) increased 17.3 percent to
$21.1 million for the 13-week period ended January 29, 2011, compared to
the 13-week period ended January 30, 2010.
Net sales for the 52-week fiscal year ended January 29, 2011 increased
5.7 percent to $949.8 million from net sales of $898.3 million for the
52-week fiscal year ended January 30, 2010. Comparable store net sales
for the 52-week period ended January 29, 2011 increased 1.2 percent from
comparable store net sales for the prior year 52-week period ended
January 30, 2010. Online sales (which are not included in comparable
store sales) increased 19.3 percent to $62.4 million for the 52-week
period ended January 29, 2011, compared to the 52-week period ended
January 30, 2010.
Net income for the fourth quarter of fiscal 2010 was $49.5 million, or
$1.06 per share ($1.05 per share on a diluted basis), compared with
$42.1 million, or $0.92 per share ($0.90 per share on a diluted basis)
for the fourth quarter of fiscal 2009.
Net income for the fiscal year ended January 29, 2011 was $134.7
million, or $2.92 per share ($2.86 per share on a diluted basis),
compared with $127.3 million, or $2.79 per share ($2.73 per share on a
diluted basis) for the fiscal year ended January 30, 2010.
Management will hold a conference call at 10:00 a.m. EST today to
discuss fourth quarter results. To participate in the call, please call
800-230-1085 and reference the conference code 194716. A replay of the
call will be available for a two-week period beginning March 10, 2011 at
12:00 p.m. EST by calling 800-475-6701 and entering the conference code
194716.
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 420 retail stores in 41 states. As of the end
of the fiscal year, it operated 420 stores in 41 states compared with
401 stores in 41 states at the end of fiscal 2009.
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
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THE BUCKLE, INC.
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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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Fifty-two Weeks Ended
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January 29,
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January 30,
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January 29,
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January 30,
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2011
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2010
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2011
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2010
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SALES, Net of returns and allowances
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$
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303,056
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$
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274,446
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$
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949,838
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$
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898,287
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COST OF SALES (Including buying, distribution, and occupancy costs)
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158,708
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144,925
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530,709
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497,668
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Gross profit
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144,348
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129,521
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419,129
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400,619
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OPERATING EXPENSES:
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Selling
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57,060
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50,620
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177,610
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168,741
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General and administrative
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9,583
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10,964
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30,752
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32,416
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66,643
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61,584
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208,362
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201,157
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INCOME FROM OPERATIONS
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77,705
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67,937
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210,767
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199,462
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OTHER INCOME, Net
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1,042
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1,402
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3,911
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3,674
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GAIN (LOSS) - IMPAIRMENT OF SECURITIES
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-
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(388
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)
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-
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991
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INCOME BEFORE INCOME TAXES
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78,747
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68,951
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214,678
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204,127
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PROVISION FOR INCOME TAXES
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29,293
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26,809
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79,996
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76,824
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NET INCOME
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$
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49,454
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$
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42,142
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$
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134,682
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$
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127,303
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EARNINGS PER SHARE:
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Basic
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$
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1.06
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$
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0.92
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$
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2.92
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$
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2.79
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Diluted
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$
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1.05
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$
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0.90
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$
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2.86
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$
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2.73
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Basic weighted average shares
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46,446
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45,919
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46,183
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45,699
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Diluted weighted average shares
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47,133
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46,903
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47,025
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46,692
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THE BUCKLE, INC.
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BALANCE SHEETS
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(Amounts in Thousands Except Share and Per Share Amounts)
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(Unaudited)
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January 29,
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January 30,
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ASSETS
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2011
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2010 (1)
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CURRENT ASSETS:
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Cash and cash equivalents
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$
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116,470
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$
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135,340
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Short-term investments
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22,892
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22,687
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Receivables
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14,363
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6,911
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Inventory
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88,593
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88,187
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Prepaid expenses and other assets
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14,718
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11,684
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Total current assets
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257,036
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264,809
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PROPERTY AND EQUIPMENT:
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342,413
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305,974
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Less accumulated depreciation and amortization
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(173,179
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)
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(159,392
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)
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169,234
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146,582
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LONG-TERM INVESTMENTS
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66,162
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72,770
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OTHER ASSETS
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2,412
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4,742
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$
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494,844
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$
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488,903
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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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33,489
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$
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24,364
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Accrued employee compensation
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36,018
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41,463
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Accrued store operating expenses
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9,653
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8,866
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Gift certificates redeemable
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17,213
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13,507
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Income taxes payable
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-
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3,830
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Total current liabilities
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96,373
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92,030
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DEFERRED COMPENSATION
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7,727
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5,957
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DEFERRED RENT LIABILITY
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37,430
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36,657
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OTHER LIABILITIES
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7,649
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-
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Total liabilities
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149,179
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134,644
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COMMITMENTS
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STOCKHOLDERS' EQUITY:
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Common stock, authorized 100,000,000 shares of $.01 par value;
47,127,926 and 46,381,263 shares issued and outstanding at January
29, 2011 and January 30, 2010, respectively
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471
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464
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Additional paid-in capital
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89,719
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78,837
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Retained earnings
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256,146
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275,751
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Accumulated other comprehensive loss
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(671
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(793
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Total stockholders' equity
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345,665
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354,259
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$
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494,844
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$
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488,903
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(1) Derived from audited financial statements.
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The Buckle, Inc.
Karen B. Rhoads, Chief Financial Officer,
308-236-8491
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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