The Buckle, Inc. posted a mid-singles increase in net sales in the third quarter, though comps failed to pass break even after finding the same result last year. Margin gains were cancelled out by mirrored expansion in expenses, but income still managed to improve in the quarter.
Net sales increased 3.6% in the third quarter to $143.1 million from $138.1 million in the year-ago quarter. Comparable store sales declined 0.1% after slipping 0.9% last year.
Gross margins expanded 30 basis points to 41.0% of net sales from 40.7% one year ago, but SG&A expenses matched that by growing 30 basis points to 22.9% of sales.
Net income for the third quarter rose 6.5% to $17.7 million, or 89 cents per diluted share from $16.6 million, or 82 cents per diluted share in the same quarter last year.
