The Buckle, Inc. : Reports Third Quarter Net Income

The Buckle, Inc.

2407 W. 24th St. Kearney, NE 68845

P.O. Box 1480 Kearney, NE 68848-1480

phone: 308-236-8491

fax: 308-236-4493

For Immediate Release : November 21, 2013 web: www.buckle.com

Contact: Karen B. Rhoads, Chief Financial Officer

The Buckle, Inc.
308/236-8491

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2013 was $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended November 2, 2013 increased 0.9 percent to $286.8 million from net sales of $284.1 million for the prior year 13-week fiscal quarter ended October 27, 2012. Comparable store net sales for the 13-week period ended November 2, 2013 decreased 0.5 percent from comparable store net sales for the prior year 13-week period ended November 3, 2012. Online sales (which are not included in comparable store sales) increased 11.9 percent to $22.0 million for the 13- week period ended November 2, 2013, compared to net sales of $19.6 million for the 13-week period ended October 27, 2012.
Net sales for the 39-week fiscal period ended November 2, 2013 increased 3.4 percent to $789.0 million from net sales of $763.4 million for the prior year 39-week fiscal period ended October 27, 2012. Comparable store net sales year-to-date for the 39-week period ended November 2, 2013 increased 1.2 percent from comparable store net sales for the prior year 39-week period ended November 3, 2012. Online sales (which are not included in comparable store sales) increased 7.9 percent to $59.7 million for the 39-week period ended November 2, 2013, compared to net sales of $55.4 million for the 39-week period ended October 27, 2012.
Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 39-week periods ended November 3, 2012.
Net income for the third quarter of fiscal 2013 was $40.6 million, or $0.85 per share ($0.85 per share on a diluted basis), compared with $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis) for the third quarter of fiscal 2012.
Net income for the 39-week fiscal period ended November 2, 2013 was $103.3 million, or $2.17 per share ($2.15 per share on a diluted basis), compared with $102.9 million, or $2.18 per share ($2.16 per share on a diluted basis) for the 39-week fiscal period ended October 27, 2012.
Management will hold a conference call at 9:30 a.m. EST today to discuss results for the quarter. To participate in the call, please call (800) 230-1951 and reference the conference code 307978. A replay of the call will be available for a two-week period beginning November 21, 2013 at 11:30 a.m. EST by calling (800) 475-6701 and entering the conference code 307978.

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 452 retail stores in 43 states. As of the end of the fiscal quarter, it operated 452 stores in 43 states compared with 440 stores in
43 states at the end of the third quarter of fiscal 2012.
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.comon the Internet.

Financial Tables to Follow

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

Thirteen Weeks Ended Thirty-nine Weeks Ended

November 2, October 27, November 2, October 27,

2013 2012 2013 2012

SALES, Net of returns and allowances

$ 286,761

$ 284,147

$ 789,002

$ 763,392

COST OF SALES (Including buying,

distribution, and occupancy costs) 160,536158,732451,283437,279

Gross profit 126,225125,415337,719326,113

OPERATING EXPENSES:

Selling 51,991 49,257 144,225 137,018

General and administrative 10,1769,99530,77628,520

62,167 59,252 175,001 165,538

INCOME FROM OPERATIONS 64,058 66,163 162,718 160,575

OTHER INCOME, Net 3611721,2182,345

INCOME BEFORE INCOME TAXES 64,419 66,335 163,936 162,920

PROVISION FOR INCOME TAXES 23,83524,41860,65659,971

NET INCOME

$ 40,584

$ 41,917

$ 103,280

$ 102,949

EARNINGS PER SHARE: Basic

$ 0.85

$ 0.89

$ 2.17

$ 2.18

Diluted

$ 0.85

$ 0.88

$ 2.15

$ 2.16

Basic weighted average shares 47,707 47,358 47,703 47,307

Diluted weighted average shares 47,984 47,689 47,959 47,650

CONSOLIDATED BALANCE SHEETS

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

Totalliabilities 173,919188,325163,411

COMM1TMENTS STOCKHOLDERS' EQU1TY:

Conunon stock, authorized 100,000,000 shares of$.01 par value;

Total stockholders' equity

371,864 289,649 448,485

$545 183 ;l:Z:Z 2:Z;l $611 826

(l) Derived frorn audited financial staternents.

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