The Buckle, Inc. reported earnings rose 23.1% to $42.1 million, or 92 cents per share, from $34.2 million, or 74 cents, a year ago. Sales increased 9.2% to $274.4 million from $251.4
million a year ago. Comparable store net sales increased 3.8%.
Online sales (which
are not included in comparable store sales) increased 35.6% to
$18.0 million.
Net sales for the 52-week fiscal year ended January 30, 2010 increased 13.4% to $898.3 million from net sales of $792.0 million for the 52-week fiscal year ended January 31, 2009. Comparable store net sales for the 52-week period ended January 30, 2010 increased 7.8% from comparable store net sales for the prior year 52-week period ended January 31, 2009. Online sales (which are not included in comparable store sales) increased 45.2% to $52.3 million for the 52-week period ended January 30, 2010, compared to the 52-week period ended January 31, 2009.
Net income for the fiscal year ended January 30, 2010 was $127.3 million, or $2.79 per share ($2.73 per share on a diluted basis), compared with $104.4 million, or $2.30 per share ($2.24 per share on a diluted basis) for the fiscal year ended January 31, 2009.
THE BUCKLE, INC.
STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended Fifty-two Weeks Ended
---------------------- ----------------------
January 30, January 31, January 30, January 31,
2010 2009 2010 2009
---------- ---------- ----------- ----------
SALES, Net of returns and
allowances $ 274,446 $ 251,414 $ 898,287 $ 792,046
COST OF SALES (Including
buying, distribution, and
occupancy costs) 144,925 135,621 497,668 448,558
---------- ---------- ----------- ----------
Gross profit 129,521 115,793 400,619 343,488
---------- ---------- ----------- ----------
OPERATING EXPENSES:
Selling 50,620 46,797 168,741 151,251
General and administrative 10,964 12,869 32,416 30,041
---------- ---------- ----------- ----------
61,584 59,666 201,157 181,292
---------- ---------- ----------- ----------
INCOME FROM OPERATIONS 67,937 56,127 199,462 162,196
OTHER INCOME, Net 1,402 1,666 3,674 7,829
GAIN (LOSS) - IMPAIRMENT OF
SECURITIES (388) (3,357) 991 (5,157)
---------- ---------- ----------- ----------
INCOME BEFORE INCOME TAXES 68,951 54,436 204,127 164,868
PROVISION FOR INCOME TAXES 26,809 20,096 76,824 60,459
---------- ---------- ----------- ----------
NET INCOME $ 42,142 $ 34,340 $ 127,303 $ 104,409
========== ========== =========== ==========
EARNINGS PER SHARE:
Basic $ 0.92 $ 0.75 $ 2.79 $ 2.30
========== ========== =========== ==========
Diluted $ 0.90 $ 0.74 $ 2.73 $ 2.24
========== ========== =========== ==========
Basic weighted average
shares 45,919 45,651 45,699 45,367
Diluted weighted average
shares 46,903 46,610 46,692 46,574