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.


The retailer said sales decreased 2.2% to $188.6 million from net sales of $192.9 million for the prior year 13-week fiscal quarter ended Aug. 1, 2009. Net income for the quarter was $20.7 million, or $0.45 per share ($0.44 per share on a diluted basis), compared with $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis) for the second quarter of fiscal 2009..

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 sales for the 26-week fiscal period ended July 31, 2010 increased 2.8% to $403.4 million from net sales of $392.6 million for the year earlier period. Comparable store net sales for the 26-week period were down 2.0% from. Online sales, however, rose 20.1 percent to $26.2 million, compared to net sales of $21.8 million for the 26-week period ended August 1, 2009.

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.


 


 


 


 


 


 


 


 


 


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