The Buckle, Inc. reported net income for the first quarter ended May 1 increased 98% to $5.9 million, or 27 cents per diluted share, compared with $3.0 million, or 14 per diluted share, for the first quarter of 2003.
Net sales for the first quarter increased 16.0% to $94.8 million from $81.7 million for Q1 2003. Comparable store net sales were up 11.6% in the quarter.
Beginning with the four-week period ended May 1, 2004, the Company changed its method of reporting comparable store sales to exclude Internet sales. Comparable store sales reported above for the thirteen week period ended May 1, 2004 reflect the impact of this change.
THE BUCKLE, INC. - STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Thirteen weeks ended
May 1, 2004 May 3, 2003
Net Sales $94,774 $81,713
Cost of Sales 64,062 58,844
Gross Profit 30,712 22,869
Selling Expenses 18,334 16,531
General and Administrative Expenses 3,897 2,753
Income from Operations 8,481 3,585
Other Income 918 1,140
Income before Income Taxes 9,399 4,725
Income Tax Expense 3,478 1,734
Net Income $5,921 $2,991
Basic Income Per Share $0.28 $0.14
Diluted Income Per Share $0.27 $0.14
Basic Weighted Avg. Shares 21,370 21,048
Diluted Weighted Avg. Shares 22,175 21,594
Selected Financial Data May 1, 2004 May 3, 2003
Cash and Investments $186,741 $156,806
Inventory $72,758 $61,779
Property and Equipment, Net $68,079 $65,139
Accounts Payable $19,053 $15,190
