The Buckle, Inc. reported net income for the third quarter of fiscal 2003 was up 8.2% to $12.2 million, or 57 cents per share (56 cents per share on a diluted basis), compared with $11.3 million, or 53 cents per share (52 cents per share on a diluted basis) for the third quarter of 2002.
Net sales for the third quarter ended November 1, 2003, increased 6.0% to $121.3 million from $114.4 million for the third quarter of fiscal 2002. Comparable store net sales, for stores open at least one year, were up 1.3 percent for the 13 weeks ended November 1, 2003, compared with the 13 weeks ended November 2, 2002.
Net sales for the first nine months of fiscal 2003 increased 3.9 percent
to $288.7 million from $277.8 million in the first nine months of fiscal 2002.
Comparable store net sales decreased 0.1 percent for the nine months ended
November 1, 2003 compared with the nine months ended November 2, 2002.
Net income for the first nine months ended November 1, 2003 was
$18.8 million or 89 cents per share (87 cents per share on a diluted basis),
compared with $19.6 million or 93 cents per share (90 cents per share on a
diluted basis) for the nine months ended November 2, 2002.
THE BUCKLE, INC. - STATEMENTS OF INCOME
(in thousands, except per share data - unaudited)
Thirteen weeks ended Thirty-nine weeks ended
Nov. 1, 2003 Nov. 2, 2002 Nov. 1, 2003 Nov. 2, 2002
Net Sales $121,325 $114,436 $288,721 $277,807
Cost of Sales 77,680 74,198 197,609 190,643
Gross Profit 43,645 40,238 91,112 87,164
Selling Expenses 21,353 20,526 54,312 51,474
General and
Administrative Exp. 3,822 2,518 9,998 7,590
Income from Operations 18,470 17,194 26,802 28,100
Other Income 776 770 2,848 3,187
Income before Income
Taxes 19,246 17,964 29,650 31,287
Income Tax Expense 7,063 6,700 10,885 11,656
Net Income $12,183 $11,264 $18,765 $19,631
Basic Income per Share $0.57 $0.53 $0.89 $0.93
Diluted Income per
Share $0.56 $0.52 $0.87 $0.90
