The Buckle Net Income Off 2.5% on 3.5% Sales Increase

The Buckle reported net income for the fourth quarter of fiscal 2002 was $12.4 million, or $0.59 per share ($0.57 per share on a diluted basis), compared with $13.7 million, or $0.65 per share ($0.63 per share on a diluted basis) for the fourth quarter of 2001.

Net sales for the fourth quarter ended February 1, 2003, increased 1.5 percent to $123.3 million from $121.5 million for the fourth quarter of fiscal 2001. Comparable store net sales, for stores open at least one year, were down 1.3 percent for the 13 weeks ended February 1, 2003, compared with the 13 weeks ended February 2, 2002.

Net sales for the 52 weeks of fiscal 2002 increased 3.5 percent to $401.1 million from $387.6 million in the 52 weeks of fiscal 2001. Comparable store net sales were down 0.5 percent for the twelve months ended February 1, 2003 compared with the twelve months ended February 2, 2002.

Net income for the fiscal year ended February 1, 2003 was $32.1 million or $1.52 per share ($1.47 per share on a diluted basis), compared with $32.9 million or $1.59 per share ($1.52 per share on a diluted basis) for the fiscal year ended February 2, 2002. As of February 1, 2003, the Company operated 304 stores versus 295 stores as of February 2, 2002.

During fiscal 2002, the Company purchased 119,125 shares of the Company’s common stock at an average price of $16.64 per share. These shares were purchased pursuant to the corporate stock repurchase program authorized by the Board of Directors on December 27, 2000.

    
THE BUCKLE, INC. - STATEMENTS OF INCOME                 (in thousands, except per share data - unaudited)
Thirteen weeks ended      Fifty-two weeks ended                            2-01-03      02-02-02     02-01-03      02-02-02
Net Sales             $123,253      $121,461     $401,060      $387,638
Cost of Sales           78,890        77,236      269,533       259,645
Gross Profit            44,363        44,225      131,527       127,993
Selling Expenses        23,280        21,432       74,754        69,786
General & Administrative
Expense                 3,389         2,873       10,979        10,939

Income from Operations  17,694        19,920       45,794        47,268

Other Income             1,511         1,568        4,698         4,820

Income before
 Income Taxes           19,205        21,488       50,492        52,088

Income Tax Expense       6,772         7,795       18,428        19,226

Net Income             $12,433       $13,693      $32,064       $32,862