The Buckle, Inc. reported sales and net income grew in lock step in fiscal second quarter ended Aug. 3.
Net sales increased 7.9 percent to $232.5 million from net sales of $215.5 million for the prior year 13-week fiscal quarter ended July 28, 2012. Comparable store net sales increased 3.2 percent from comparable store net sales for the prior year 13-week period ended Aug. 4, 2012. Online sales (which are not included in comparable store sales) increased 5.7 percent to $37.7 million for the 26-week period ended Aug. 3, 2013, compared to net sales of $35.7 million for the 26-week period ended July 28, 2012.
Net income grew 8.1 percent to $25.1 million, or $0.53 per share ($0.52 per share on a diluted basis), compared with $23.2 million, or $0.49 per share ($0.49 per share on a diluted basis) for the second quarter of fiscal 2012.
For the 26-week fiscal period ended Aug. 3, 2013 net sales increased 4.8 percent to $502.2 million from net sales of $479.2 million for the prior year 26-week fiscal period ended July 28, 2012. Comparable store net sales year-to-date for the 26-week period ended Aug. 3, 2013 increased 2.2 percent from comparable store net sales for the prior year 26-week period ended Aug. 4, 2012. Online sales (which are not included in comparable store sales) increased 5.7 percent to $37.7 million for the 26-week period ended Aug. 3, 2013, compared to net sales of $35.7 million for the 26-week period ended July 28, 2012.
Due to the 53rd week in fiscal 2012, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 26-week periods ended Aug. 4, 2012.
Net income for the 26-week fiscal period ended Aug. 3, 2013 was $62.7 million, or $1.31 per share ($1.31 per share on a diluted basis), compared with $61.0 million, or $1.29 per share ($1.28 per share on a diluted basis) for the 26-week fiscal period ended July 28
THE BUCKLE, INC. | ||||||||||||||||
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CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Amounts in Thousands Except Per Share Amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
| Thirteen Weeks Ended | Twenty-six Weeks Ended | |||||||||||||||
| August 3, | July 28, | August 3, | July 28, | |||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| SALES, Net of returns and allowances | $ | 232,529 | $ | 215,483 | $ | 502,241 | $ | 479,245 | ||||||||
| COST OF SALES (Including buying, | ||||||||||||||||
| distribution, and occupancy costs) | 138,042 | 128,980 | 290,747 | 278,547 | ||||||||||||
| Gross profit | 94,487 | 86,503 | 211,494 | 200,698 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Selling | 44,944 | 41,491 | 92,234 | 87,761 | ||||||||||||
| General and administrative | 10,140 | 8,622 | 20,600 | 18,525 | ||||||||||||
| 55,084 | 50,113 | 112,834 | 106,286 | |||||||||||||
| INCOME FROM OPERATIONS | 39,403 | 36,390 | 98,660 | 94,412 | ||||||||||||
| OTHER INCOME, Net | 507 | 361 | 857 | 2,173 | ||||||||||||
| INCOME BEFORE INCOME TAXES | 39,910 | 36,751 | 99,517 | 96,585 | ||||||||||||
| PROVISION FOR INCOME TAXES | 14,766 | 13,528 | 36,821 | 35,553 | ||||||||||||
| NET INCOME | $ | 25,144 | $ | 23,223 | $ | 62,696 | $ | 61,032 | ||||||||
| EARNINGS PER SHARE: | ||||||||||||||||
| Basic | $ | 0.53 | $ | 0.49 | $ | 1.31 | $ | 1.29 | ||||||||
