The Buckle, Inc. reported net sales fell 2.2% on a 7.3% decline in comps for the 13-week fiscal quarter ended July 31, 2010.
Online sales, which are not included in comparable store sales, increased 15.7% to $11.7 million for the 13-week period ended July 31, 2010, compared to net sales of $10.1 million for the 13-week period ended Aug. 1, 2009.
The company reported cash and cash equivalents of $93.1 million at quarter's end, down 36.1% from $145.7 million reported a year earlier. Inventory, meanwhile, edged up 2.1% to $20.3 million.
Net income for the 26-week fiscal period ended July 31, 2010 was $50.9 million, or $1.10 per share ($1.08 per share on a diluted basis), compared with $51.9 million, or $1.14 per share ($1.11 per share on a diluted basis) for the 26-week fiscal period ended August 1, 2009.
THE BUCKLE, INC. | ||||||||||||
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STATEMENTS OF INCOME | ||||||||||||
(Amounts in Thousands Except Per Share Amounts) | ||||||||||||
(Unaudited) | ||||||||||||
Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||
July 31, | August 1, | July 31, | August 1, | |||||||||
2010 | 2009 | 2010 | 2009 | |||||||||
SALES, Net of returns and allowances | $ | 188,639 | $ | 192,906 | $ | 403,436 | $ | 392,603 | ||||
COST OF SALES (Including buying, | ||||||||||||
distribution, and occupancy costs) | 113,251 | 110,628 | 234,597 | 223,622 | ||||||||
Gross profit | 75,388 | 82,278 | 168,839 | 168,981 | ||||||||
OPERATING EXPENSES: | ||||||||||||
Selling | 36,644 | 37,507 | 76,487 | 75,104 | ||||||||
General and administrative | 6,218 | 6,647 | 13,639 | 14,025 | ||||||||
42,862 | 44,154 | 90,126 | 89,129 | |||||||||
INCOME FROM OPERATIONS | 32,526 | 38,124 | 78,713 | 79,852 | ||||||||
OTHER INCOME, Net | 566 | 1,549 | 2,399 | 2,459 | ||||||||
INCOME BEFORE INCOME TAXES | 33,092 | 39,673 | 81,112 | 82,311 | ||||||||
PROVISION FOR INCOME TAXES | 12,345 | 14,679 | 30,255 | 30,455 | ||||||||
NET INCOME | $ | 20,747 | $ | 24,994 | $ | 50,857 | $ | 51,856 | ||||
EARNINGS PER SHARE: | ||||||||||||
Basic | $ | 0.45 | $ | 0.55 | $ | 1.10 | $ | 1.14 | ||||
Diluted | $ | 0.44 | $ | 0.54 | $ | 1.08 | $ | 1.11 |