The Buckle, Inc. reported net income down 11.7 percent on a 2.6 percent sales increase for the second quarter ended August 2, 2003.
Net income for the second quarter of fiscal 2003 was $3.6 million, or 17 cents per share (17 cents per share on a diluted basis), compared with $4.1 million, or 19 cents per share (19 cents per share on a diluted basis) for the second quarter of 2002.
Net sales for the second quarter ended August 2, 2003, increased 2.6 percent to $85.7 million from $83.5 million for the second quarter of fiscal 2002. Comparable store net sales, for stores open at least one year, were down 1.3 percent for the 13 weeks ended August 2, 2003, compared with the 13 weeks ended August 3, 2002.
Net sales for the first six months of fiscal 2003 increased 2.5 percent to $167.4 million from $163.4 million in the first six months of fiscal 2002. Comparable store net sales decreased 1.1 percent for the six months ended August 2, 2003 compared with the six months ended August 3, 2002.
Net income for the first six months ended August 2, 2003 was $6.6 million or 31 cents per share (31 cents per share on a diluted basis), compared with $8.4 million or 40 cents per share (38 cents per share on a diluted basis) for the six months ended August 3, 2002.
During the second quarter of fiscal 2003, the Company purchased 55,000 shares of the Company's common stock at an average price of $17.03 per share. These shares were purchased pursuant to the corporate stock repurchase program authorized by the Board of Directors on December 27, 2000. The Company has 219,375 shares remaining to be purchased to complete this authorization.
THE BUCKLE, INC. – STATEMENTS OF INCOME (in thousands, except per share data – unaudited)
Thirteen weeks ended Twenty-six weeks ended August 2, August 3, August 2, August 3, 2003 2002 2003 2002 Net Sales $85,683 $83,516 $167,396 $163,371 Cost of Sales 61,085 59,706 119,929 116,445 Gross Profit 24,598 23,810 47,467 46,926 Selling Expenses 16,428 15,912 32,959 30,948 General and Administrative Exp. 3,423 2,527 6,176 5,072 Income from Operations 4,747 5,371 8,332 10,906 Other Income 932 1,108 2,072 2,417 Income before Income Taxes 5,679 6,479 10,404 13,323 Income Tax Expense 2,087 2,410 3,822 4,956 Net Income $3,592 $4,069 $6,582 $8,367 Basic Income per Share $0.17 $0.19 $0.31 $0.40 Diluted Income per Share $0.17 $0.19 $0.31 $0.38