The Buckle, Inc. reported net income was down 30.4 percent on a 2.3 percent sales increase for the first quarter ended May 3, 2003.
Net income for the first quarter of fiscal 2003 was $3.0 million, or $0.14 per share ($0.14 per share on a diluted basis), compared with $4.3 million, or $0.20 per share ($0.20 per share on a diluted basis) for the first quarter of 2002.
Net sales for the first quarter (13 weeks) ended May 3, 2003, increased 2.3 percent to $81.7 million from $79.9 million for the first quarter (13 weeks) of fiscal 2002. Comparable store net sales, for stores open at least one year, were down 0.7 percent for the 13 weeks ended May 3, 2003, compared with the 13 weeks ended May 4, 2002.
During the first quarter of fiscal 2003, the Company purchased 27,300 shares of the Company’s common stock at an average price of $16.87 per share. These shares were purchased pursuant to the corporate stock repurchase program authorized by the Board of Directors on December 27, 2000.
