KEARNEY, NE — The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended January 28, 2017 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis). Net income for the fiscal year ended January 28, 2017 was $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis).
Dennis Nelson, President and Chief Executive Officer, commented:
“Thank you to each of Buckle’s 8,000+ teammates for their dedication and efforts to managing our business in what has proven to be a challenging and evolving retail environment. While overall results for both the quarter and year were below expectations, we were able to maintain merchandise margins and finish the year with an operating margin of 15.7 percent. Our focus on running a profitable business also enabled us to maintain a strong balance sheet, ending the year with $264.6 million in cash and investments and no debt.”
Net sales for the 13-week fiscal quarter ended January 28, 2017 decreased 15.7 percent to $280.0 million from net sales of $332.0 million for the prior year 13-week fiscal quarter ended January 30, 2016. Comparable store net sales for the 13-week period ended January 28, 2017 decreased 16.1 percent from comparable store net sales for the prior year 13-week period ended January 30, 2016. Online sales decreased 8.8 percent to $32.2 million for the 13-week period ended January 28, 2017, compared to net sales of $35.3 million for the 13-week period ended January 30, 2016.
Net sales for the 52-week fiscal year ended January 28, 2017 decreased 12.9 percent to $974.9 million from net sales of $1.120 billion for the 52-week fiscal year ended January 30, 2016. Comparable store net sales for the 52-week period ended January 28, 2017 decreased 13.5 percent from comparable store net sales for the prior year 52-week period ended January 30, 2016. Online sales decreased 5.4 percent to $99.8 million for the 52-week period ended January 28, 2017, compared to net sales of $105.5 million for the 52-week period ended January 30, 2016.
Net income for the fourth quarter of fiscal 2016 was $36.0 million, or $0.75 per share ($0.74 per share on a diluted basis), compared with $54.3 million, or $1.13 per share ($1.13 per share on a diluted basis) for the fourth quarter of fiscal 2015.
Net income for the fiscal year ended January 28, 2017 was $98.0 million, or $2.04 per share ($2.03 per share on a diluted basis), compared with $147.3 million, or $3.06 per share ($3.06 per share on a diluted basis) for the fiscal year ended January 30, 2016.
Please note that net sales for the 13-week and 52-week periods ended January 28, 2017 are reported net of the impact of both reward redemptions and accruals for estimated future rewards related to the Company’s new Guest Loyalty program, which launched during the fiscal quarter ended April 30, 2016.
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 465 retail stores in 44 states. As of the end of the fiscal year, it operated 467 stores in 44 states compared with 468 stores in 44 states at the end of fiscal 2015.
