The Buckle, Inc. reported net income up 42.0% on a 7.5% sales increase for the second quarter ended July 30, 2005.
Net income for the second quarter of fiscal 2005 increased 42% to $7.6 million, or 39 cents per share (38 cents per share on a diluted basis), compared to net income of $5.3 million, or 25 cents per share (24 cents per share on a diluted basis) for the second quarter of fiscal 2004.
Net sales for the second quarter ended July 30, 2005, increased 7.5% to $104.1 million compared to net sales of $96.8 million for the second quarter of fiscal 2004. Comparable store net sales, for stores open at least one year, were up 2.9% for the 13 weeks ended July 30, 2005, compared with the 13 weeks ended July 31, 2004.
Net income for the first six months ended July 30, 2005 rose 44% to $16.2 million or 81 cents per share (78 cents per share on a diluted basis), compared with $11.2 million or 52 cents per share (50 cents per share on a diluted basis) for the six months ended July 31, 2004.
Net sales for the first six months of fiscal 2005 increased 9.4% to $209.7 million compared to net sales of $191.6 million in the first six months of fiscal 2004. Comparable store net sales increased 4.6% for the six months ended July 30, 2005 compared with the six months ended July 31, 2004.
Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual apparel, footwear and accessories for young men and women. It currently operates 333 retail stores in 38 states compared with 326 stores in 38 states at this same time a year ago.
THE BUCKLE, INC. STATEMENTS OF INCOME (Dollar Amounts in Thousands Except Per Share Amounts) (Unaudited) Thirteen Weeks Ended Twenty-six Weeks Ended July 30, July 31, July 30, July 31, 2005 2004 2005 2004 NET SALES $104,130 $96,848 $209,677 $191,622 COST OF SALES (Including buying, distribution and occupancy costs) 67,883 67,054 136,181 131,166 Gross profit 36,247 29,794 73,496 60,456 OPERATING EXPENSES: Selling 21,721 18,399 42,614 36,733 General and administrative 3,850 3,853 7,978 7,750 25,571 22,252 50,592 44,483 INCOME FROM OPERATIONS 10,676 7,542 22,904 15,973 OTHER INCOME, Net 1,256 825 2,737 1,743 INCOME BEFORE INCOME TAXES 11,932 8,367 25,641 17,716 PROVISION FOR INCOME TAXES 4,379 3,050 9,467 6,511 NET INCOME $7,553 $5,317 $16,174 $11,205 EARNINGS PER SHARE: Basic $0.39 $0.25 $0.81 $0.52 Diluted $0.38 $0.24 $0.78 $0.50