The Buckle, Inc. reported net income for the third quarter ended October 30 increased 22.4% to $14.9 million, or 67 cents per diluted share, compared with $12.2 million, or 56 cents per diluted share, for the third quarter of 2003.
Net sales increased 10.2% to $133.7 million from $121.3 million for the third quarter of fiscal 2003. Comparable store net sales, for stores open at least one year, were up 5.1% for the 13 weeks ended October 30, 2004, compared with the 13 weeks ended November 1, 2003.
Net sales for the first nine months of fiscal 2004 increased 12.7 percent to $325.3 million from $288.7 million in the first nine months of fiscal 2003. Comparable store net sales increased 7.5 percent for the nine months ended October 30, 2004 compared with the nine months ended November 1, 2003.
Net income for the first nine months ended October 30, 2004 was $26.2 million or $1.22 per share ($1.18 per share on a diluted basis), compared with $18.8 million or 89 cents per share (87 cents per share on a diluted basis) for the nine months ended November 1, 2003.
Beginning with the four-week period ended May 1, 2004, the Company changed its method of reporting comparable store sales to exclude Internet sales.
THE BUCKLE, INC. - STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Thirteen weeks Thirty-nine weeks
ended ended
Oct. 30, Nov. 1, Oct. 30, Nov. 1,
2004 2003 2004 2003
Net Sales $133,722 $121,325 $325,344 $288,721
Cost of Sales 81,480 77,680 212,545 197,609
Gross Profit 52,242 43,645 112,799 91,112
Selling Expenses 24,785 21,353 61,518 54,312
General and
Administrative Exp. 4,814 3,822 12,564 9,998
Income from Operations 22,643 18,470 38,717 26,802
Other Income 910 776 2,653 2,848
Income before Income Taxes 23,553 19,246 41,370 29,650
Income Tax Expense 8,643 7,063 15,190 10,885
Net Income $14,910 $12,183 $26,180 $18,765
Basic Income per Share $0.70 $0.57 $1.22 $0.89
Diluted Income per Share $0.67 $0.56 $1.18 $0.87
