UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

May 22, 2020
Date of Report (date of earliest event reported)

 THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)

Nebraska
001-12951
47-0366193
(State or other jurisdiction of
(Commission
(I.R.S. Employer
incorporation or organization)
File Number)
Identification No.)

 
2407 West 24th Street, Kearney, Nebraska
68845-4915
 
 
(Address of principal executive offices)
(Zip Code)
 

Registrant's telephone number, including area code:  (308) 236-8491
__________________________________________________________

(Former name, former address and former fiscal year if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.01 par value
BKE
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            
Emerging growth company      o 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




TABLE OF CONTENTS

ITEM 2.02     Results of Operations and Financial Condition

ITEM 9.01(d)     Exhibits

SIGNATURES

EXHIBIT INDEX

EXHIBIT 99.1





ITEM 2.02.     Results of Operations and Financial Condition

On May 22, 2020, The Buckle, Inc. announced financial results for the fiscal quarter ended May 2, 2020. The full text of the press release is furnished as Exhibit 99.1 to this report.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.


ITEM 9.01(d).     Exhibits

Exhibit 99.1    Press Release Dated May 22, 2020




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
The Buckle, Inc.
 
 
Date: May 22, 2020
By: /s/  THOMAS B. HEACOCK
 
Name: Thomas B. Heacock
 
Title: Senior Vice President of Finance,
 
Treasurer and Chief Financial Officer
 





EXHIBIT INDEX
    
Press Release Dated May 22, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Exhibit 99.1
logo1811a04.jpg
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: May 22, 2020
web: www.buckle.com


Contact:
Thomas B. Heacock, Chief Financial Officer
 
The Buckle, Inc.
 
(308) 236-8491

THE BUCKLE, INC. REPORTS FIRST QUARTER FINANCIAL RESULTS

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today a net loss for the fiscal quarter ended May 2, 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended May 2, 2020 decreased 42.7 percent to $115.4 million from net sales of $201.3 million for the prior year 13-week fiscal quarter ended May 4, 2019. Online sales for the quarter increased 31.5 percent to $32.1 million for the 13-week period ended May 2, 2020, compared to net sales of $24.4 million for the 13-week period ended May 4, 2019.

As previously announced, Buckle closed all brick and mortar stores due to the COVID-19 pandemic for an indefinite period beginning March 18, 2020. The Company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of May 2, 2020, 37 stores had reopened. The Company has continued to reopen stores each week in May, with 331 total stores currently reopened. The Company’s online store has remained open without interruption. As a result of the store closures, the Company plans to only report total net sales and does not plan to separately report comparable store sales during this time.

As a result of the store closures, Buckle reported a net loss for the first quarter of fiscal 2020 of $11.8 million, or $0.24 per share ($0.24 per share on a diluted basis), compared with net income of $15.1 million, or $0.31 per share ($0.31 per share on a diluted basis) for the first quarter of fiscal 2019.

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 (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 7167680. A replay of the call will be available for a two-week period beginning today at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 8302590.

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 446 retail stores in 42 states. As of the end of the fiscal quarter, it operated 446 stores in 42 states compared with 449 stores in 42 states at the end of the first quarter of fiscal 2019.
  



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.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 
 
 
 
 
Thirteen Weeks Ended
 
May 2,
2020
 
May 4,
2019
 
 
 
 
SALES, Net of returns and allowances
$
115,413

 
$
201,313

 
 
 
 
COST OF SALES (Including buying, distribution, and occupancy costs)
88,588

 
124,660

 
 
 
 
Gross profit
26,825

 
76,653

 
 
 
 
OPERATING EXPENSES:
 
 
 
Selling
33,504

 
46,609

General and administrative
9,503

 
11,310

 
43,007

 
57,919

 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(16,182
)
 
18,734

 
 
 
 
OTHER INCOME, Net
574

 
1,255

 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(15,608
)
 
19,989

 
 
 
 
INCOME TAX EXPENSE (BENEFIT)
(3,824
)
 
4,897

 
 
 
 
NET INCOME (LOSS)
$
(11,784
)
 
$
15,092

 
 
 
 
 
 
 
 
EARNINGS (LOSS) PER SHARE:
 

 
 

Basic
$
(0.24
)
 
$
0.31

 
 
 
 
Diluted
$
(0.24
)
 
$
0.31

 
 
 
 
Basic weighted average shares
48,725

 
48,552

Diluted weighted average shares
48,922

 
48,734







THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
 
 
 
 
 
 
ASSETS
May 2,
2020
 
February 1,
2020 (1)
 
May 4,
2019
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
Cash and cash equivalents
$
185,037

 
$
220,969

 
$
183,939

Short-term investments
17,661

 
12,532

 
53,659

Receivables
1,774

 
3,136

 
5,780

Inventory
121,671

 
121,258

 
120,814

Prepaid expenses and other assets
13,438

 
20,935

 
20,406

Total current assets
339,581

 
378,830

 
384,598

 
 
 
 
 
 
PROPERTY AND EQUIPMENT
451,142

 
452,205

 
453,578

Less accumulated depreciation and amortization
(341,073
)
 
(338,357
)
 
(326,705
)
 
110,069

 
113,848

 
126,873

 
 
 
 
 
 
OPERATING LEASE RIGHT-OF-USE ASSETS
326,587

 
350,088

 
345,473

LONG-TERM INVESTMENTS
15,922

 
15,863

 
15,667

OTHER ASSETS
9,491

 
9,261

 
7,754

 
 
 
 
 
 
Total assets
$
801,650

 
$
867,890

 
$
880,365

 
 
 
 
 
 

LIABILITIES AND STOCKHOLDERS’ EQUITY
 

 
 

 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

Accounts payable
$
19,212

 
$
26,491

 
$
36,533

Accrued employee compensation
5,310

 
22,929

 
11,636

Accrued store operating expenses
15,927

 
17,837

 
22,124

Gift certificates redeemable
13,513

 
15,319

 
14,262

Current portion of operating lease liabilities
84,410

 
87,314

 
72,857

Income taxes payable
72

 
2,751

 
9,651

Total current liabilities
138,444

 
172,641

 
167,063

 
 
 
 
 
 
DEFERRED COMPENSATION
15,204

 
15,863

 
14,914

NON-CURRENT OPERATING LEASE LIABILITIES
270,053

 
290,238

 
300,430

Total liabilities
423,701

 
478,742

 
482,407

 
 
 
 
 
 
COMMITMENTS
 

 
 
 
 
 
 
 
 
 
 
STOCKHOLDERS’ EQUITY:
 

 
 

 
 

 Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 49,408,181 shares at May 2, 2020, 49,205,681 shares at February 1, 2020, and 49,231,625 shares at May 4, 2019
494

 
492

 
492

Additional paid-in capital
152,841

 
152,258

 
149,860

Retained earnings
224,614

 
236,398

 
247,606

Total stockholders’ equity
377,949

 
389,148

 
397,958

 
 
 
 
 
 
Total liabilities and stockholders’ equity
$
801,650

 
$
867,890

 
$
880,365

 
 
 
 
 
 
(1) Derived from audited financial statements.