The Buckle, Inc.'s net sales for the second quarter ended July 30 increased 12.6 percent to $212.4 million from net sales of $188.6 million in the quarter ended ended July 31, 2010. Comparable store net sales rose 8.9 percent from the second quarter of 2010.
Online sales, which are not included in comparable store sales, increased 21.8 percent to $14.3 million , compared to net sales of $11.7 million.
Net income for the second quarter of fiscal 2011 was $23.6 million, or $0.50 per share ($0.50 per share on a diluted basis), compared with $20.7 million, or $0.45 per share ($0.44 per share on a diluted basis) for the second quarter of fiscal 2010.
The Buckle, Inc. also announced that Karen B. Rhoads will not step down from her position with the Company effective February 1, 2012 and plans to remain with the Company as Vice President of Finance and Chief Financial Officer.
| THE BUCKLE, INC. | ||||||||||||||||
| STATEMENTS OF INCOME | ||||||||||||||||
| (Amounts in Thousands Except Per Share Amounts) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
| July 30, | July 31, | July 30, | July 31, | |||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| SALES, Net of returns and allowances | $ | 212,378 | $ | 188,639 | $ | 452,470 | $ | 403,436 | ||||||||
| COST OF SALES (Including buying, | ||||||||||||||||
| distribution, and occupancy costs) | 125,233 | 113,251 | 262,381 | 234,597 | ||||||||||||
| Gross profit | 87,145 | 75,388 | 190,089 | 168,839 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Selling | 42,428 | 36,644 | 85,159 | 76,487 | ||||||||||||
| General and administrative | 7,942 | 6,218 | 16,801 | 13,639 | ||||||||||||
| 50,370 | 42,862 | 101,960 | 90,126 | |||||||||||||
| INCOME FROM OPERATIONS | 36,775 | 32,526 | 88,129 | 78,713 | ||||||||||||
| OTHER INCOME, Net | 506 | 566 | 2,118 | 2,399 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 37,281 | 33,092 | 90,247 | 81,112 | ||||||||||||
| PROVISION FOR INCOME TAXES | 13,723 | 12,345 | 33,220 | 30,255 | ||||||||||||
| NET INCOME | $ | 23,558 | $ | 20,747 | $ | 57,027 | $ | 50,857 | ||||||||
| EARNINGS PER SHARE: | ||||||||||||||||
| Basic | $ | 0.50 | $ | 0.45 | $ | 1.22 | $ | 1.10 | ||||||||
| Diluted | $ | 0.50 | $ | 0.44 | $ | 1.21 | $ | 1.08 | ||||||||
