KEARNEY, Neb.--The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2016 was $23.1 million, or $0.48 per share ($0.48 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended April 30, 2016 decreased 10.2 percent to $243.5 million from net sales of $271.3 million for the prior year 13-week fiscal quarter ended May 2, 2015. Comparable store net sales for the 13-week period ended April 30, 2016 decreased 11.1 percent from comparable store net sales for the prior year 13-week period ended May 2, 2015. Online sales decreased 2.8 percent to $23.5 million for the 13-week period ended April 30, 2016, compared to net sales of $24.2 million for the 13-week period ended May 2, 2015.
Net income for the first quarter of fiscal 2016 was $23.1 million, or $0.48 per share ($0.48 per share on a diluted basis), compared with $33.6 million, or $0.70 per share ($0.70 per share on a diluted basis) for the first quarter of fiscal 2015.
Please note that net sales for the 13-week fiscal quarter ended April 30, 2016 are net of a $3.0 million adjustment recorded as a reduction to revenue to accrue for estimated future rewards related to the Company’s new Guest Loyalty program, which launched during the quarter. Absent the impact of this adjustment for estimated future rewards, total net sales for the quarter were down 9.1 percent and comparable store net sales were down 10.0 percent. Despite the impact on reported sales, the Company is excited about the many potential benefits Guest Loyalty will provide to both Buckle and its guests.
Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (800) 230-1092 for domestic calls or (612) 332-0107 for international calls and reference the conference code 393064. A replay of the call will be available for a two-week period beginning today 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 393064.
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 467 retail stores in 44 states, following the closing of one store earlier this month in Phoenix, Arizona. As of the end of the fiscal quarter, it operated 468 stores in 44 states compared with 463 stores in 44 states at the end of the first quarter of fiscal 2015.
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)|
|Thirteen Weeks Ended|
|April 30,||May 2,|
|SALES, Net of returns and allowances||$||243,543||$||271,345|
|COST OF SALES (Including buying, distribution, and occupancy costs)||148,814||157,748|
|General and administrative||10,736||11,638|
|INCOME FROM OPERATIONS||36,430||52,805|
|OTHER INCOME, Net||408||736|
|INCOME BEFORE INCOME TAXES||36,838||53,541|
|PROVISION FOR INCOME TAXES||13,741||19,971|
|EARNINGS PER SHARE:|
|Basic weighted average shares||48,107||48,074|
|Diluted weighted average shares||48,203||48,188|
|THE BUCKLE, INC.|
|CONSOLIDATED BALANCE SHEETS|
|(Amounts in Thousands Except Share and Per Share Amounts)|
|April 30,||January 30,||May 2,|
|Cash and cash equivalents||$||153,415||$||161,185||$||134,632|
|Prepaid expenses and other assets||16,977||6,030||27,552|
|Total current assets||357,486||362,897||321,229|
|PROPERTY AND EQUIPMENT||455,087||450,762||436,393|
|Less accumulated depreciation and amortization||(282,694||)||(277,981||)||(260,193||)|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued employee compensation||9,857||33,126||12,037|
|Accrued store operating expenses||11,665||6,639||11,399|
|Gift certificates redeemable||18,590||22,858||19,402|
|Income taxes payable||13,231||11,141||19,265|
|Total current liabilities||85,482||107,626||100,881|
|DEFERRED RENT LIABILITY||40,066||39,655||39,940|
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 48,623,190 shares at April 30, 2016, 48,428,110 shares at January 30, 2016, and 48,532,213 shares at May 2, 2015
|Additional paid-in capital||136,743||134,864||133,446|
|Accumulated other comprehensive loss||(295||)||(331||)||(429||)|
|Total stockholders’ equity||425,501||412,643||380,021|
|Total liabilities and stockholders' equity||$||564,819||$||572,773||$||544,575|
|(1) Derived from audited financial statements.|