The Buckle, Inc. reported a 31.7% rise in net income for the first quarter to $29.1 million, or 98 per cents share (94 cents per share on a diluted basis), compared with $22.1 million, or 77 cents per share (73 cents per share on a diluted basis) for the fourth quarter of fiscal 2006. The company's net income for the fiscal year ended February 2, 2008 increased 35.0% on a 16.9% net sales increase.
 
Net income for the fourth quarter of fiscal 2007 was Net income for the fiscal year ended February 2, 2008 was $75.2 million or $2.53 per share ($2.44 per share on a diluted basis), compared with $55.7 million or $1.93 per share ($1.86 per share on a diluted basis) for the fiscal year ended February 3, 2007.


Comparable store net sales for the 13-week fourth quarter ended February 2, 2008 increased 18.7% from comparable store net sales for the 13-week period ended February 3, 2007. Net sales for the 13-week fourth quarter ended February 2, 2008 were up 25.2% compared to the 13-week period ended February 3, 2007. Net sales for the 13-week fourth quarter ended February 2, 2008 increased 18.3% to $207.0 million compared to net sales of $175.0 million for the prior year 14-week fourth quarter ended February 3, 2007.


Comparable store net sales for the 52-week fiscal year ended February 2, 2008 increased 13.2% from comparable store net sales for the 52-week period ended February 3, 2007. Net sales were up 18.7% compared to the 52-week period ended February 3, 2007. Net sales for the 52-week fiscal year ended February 2, 2008 increased 16.9% to $619.9 million from net sales of $530.1 million for the prior year 53-week fiscal year ended February 3, 2007.


 
THE BUCKLE, INC.


    STATEMENTS OF INCOME

    (Amounts in Thousands Except Per Share Amounts)

    (Unaudited)


                             Thirteen     Fourteen     Fifty-two   Fifty-three

                                   Weeks Ended               Weeks Ended

                            February 2,  February 3,  February 2,  February 3,

                                2008        2007         2008       2007 (1)


    SALES, Net of returns

     and allowances           $206,961    $174,986      $619,888    $530,074


    COST OF SALES (Including

     buying, distribution

     and occupancy costs)      115,088      99,416      365,350      322,760

               Gross profit     91,873      75,570      254,538      207,314


    OPERATING EXPENSES:

      Selling                   38,346      35,490      118,699      107,592

      General and

       administrative           10,595       8,447       26,212       20,701

                                48,941      43,937      144,911      128,293


    INCOME FROM OPERATIONS      42,932      31,633      109,627       79,021


    OTHER INCOME, Net            2,623       2,973        9,183        9,032


    INCOME BEFORE INCOME TAXES  45,555      34,606      118,810       88,053


    PROVISION FOR INCOME TAXES  16,491      12,534       43,563       32,327


    NET INCOME                 $29,064     $22,072      $75,247      $55,726


    EARNINGS PER SHARE:

      Basic                      $0.98       $0.77        $2.53        $1.93


      Diluted                    $0.94       $0.73        $2.44        $1.86


    Basic weighted average

     shares                     29,767      28,847       29,701       28,902

    Diluted weighted average

     shares                     30,817      30,232       30,836       30,014


    (1) Derived from audited financial statements.