The Buckle's net income for the third quarter inched up 3.3% to $34.4 million, or 73 cents per share, from $33.3 million, or 73 cents, a year ago. Sales climbed 5.2% to $243.3 million from $231.2 million.
Comparable store net sales for the 13-week period ended Oct. 30, 2010 increased 0.5% from comparable store net sales for the prior year 13-week period ended Oct. 31, 2009. Online sales (which are not included in comparable store sales) increased 20.8% to $15.1 million.
Net sales for the 39-week fiscal period increased 3.7% to $646.8 million from net sales of $623.8 million. Comparable store net sales year-to-date decreased 1.0%. Online sales (which are not included in comparable store sales) increased 20.4%.
Net income for the 39-week fiscal period was $85.2 million, $1.81 per share on a diluted basis, compared with $85.2 million, or $1.83, a year ago.
The Buckle also announced that at a meeting of the board of directors, held on Nov. 17, the board authorized a $2.50 per share special one-time cash dividend to be paid to shareholders of record at the close of business on Dec. 3, 2010, with a payment date of Dec. 21, 2010.
| THE BUCKLE, INC. | ||||||||||||||||
| STATEMENTS OF INCOME | ||||||||||||||||
| (Amounts in Thousands Except Per Share Amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
| October 30, | October 31, | October 30, | October 31, | |||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| SALES, Net of returns and allowances | $ | 243,346 | $ | 231,238 | $ | 646,782 | $ | 623,841 | ||||||||
| COST OF SALES (Including buying, | ||||||||||||||||
| distribution, and occupancy costs) | 137,404 | 129,121 | 372,001 | 352,743 | ||||||||||||
| Gross profit | 105,942 | 102,117 | 274,781 | 271,098 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Selling | 44,063 | 43,017 | 120,550 | 118,121 | ||||||||||||
| General and administrative | 7,530 | 7,427 | 21,169 | 21,452 | ||||||||||||
| 51,593 | 50,444 | 141,719 | 139,573 | |||||||||||||
| INCOME FROM OPERATIONS | 54,349 | 51,673 | 133,062 | 131,525 | ||||||||||||
| OTHER INCOME, Net | 470 | 1,192 | 2,869 | 3,651 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 54,819 | 52,865 | 135,931 | 135,176 | ||||||||||||
| PROVISION FOR INCOME TAXES | 20,448 | 19,560 | 50,703 | 50,015 | ||||||||||||
| NET INCOME | $ | 34,371 | $ | 33,305 | $ | 85,228 | $ | 85,161 | ||||||||
| EARNINGS PER SHARE: | ||||||||||||||||
| Basic | $ | 0.75 | $ | 0.73 | $ | 1.85 | $ | 1.87 | ||||||||
| Diluted | $ | 0.73 | $ | 0.71 | $ | 1.81 | $ | 1.83 | ||||||||
