The Buckle, Inc. reported net income for the third quarter was $41.9 million, or 89 cents per share, up from $38.3 million, or 81 cents a share.
Net sales for the 13-week fiscal quarter ended October 27, 2012 increased 3.9 percent to $284.1 million from net sales of $273.4 million for the prior year 13-week fiscal quarter ended October 29, 2011. Comparable store net sales for the 13-week period ended October 27, 2012 increased 2.4 percent from comparable store net sales for the prior year 13-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 3.8 percent to $19.6 million for the 13-week period ended October 27, 2012, compared to net sales of $18.9 million for the 13-week period ended October 29, 2011.
Net sales for the 39-week fiscal period ended October 27, 2012 increased 5.2 percent to $763.4 million from net sales of $725.9 million for the prior year 39-week fiscal period ended October 29, 2011. Comparable store net sales year-to-date for the 39-week period ended October 27, 2012 increased 3.2 percent from comparable store net sales for the 39-week period ended October 29, 2011. Online sales (which are not included in comparable store sales) increased 10.0 percent to $55.4 million for the 39-week period ended October 27, 2012, compared to net sales of $50.3 million for the 39-week period ended October 29, 2011.
Net income for the third quarter of fiscal 2012 was $41.9 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with $38.3 million, or $0.82 per share ($0.81 per share on a diluted basis) for the third quarter of fiscal 2011.
Net income for the 39-week fiscal period ended October 27, 2012 was $102.9 million, or $2.18 per share ($2.16 per share on a diluted basis), compared with $95.4 million, or $2.04 per share ($2.02 per share on a diluted basis) for the 39-week fiscal period ended October 29, 2011.
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THE BUCKLE, INC.
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CONSOLIDATED BALANCE SHEETS
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(Amounts in Thousands Except Share and Per Share Amounts)
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(Unaudited)
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Thirteen Weeks Ended |
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Thirty-nine Weeks Ended | ||||||||||
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October 27, | October 29, |
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October 27, | October 29, | ||||||||
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2012 |
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2011 |
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2012 |
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2011 | ||||
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SALES, Net of returns and allowances |
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$ |
284,147 |
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$ |
273,400 |
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$ |
763,392 |
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$ |
725,870 |
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COST OF SALES (Including buying, |
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distribution, and occupancy costs) |
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158,732 |
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154,735 |
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437,279 |
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417,116 | ||||
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Gross profit |
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125,415 |
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118,665 |
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326,113 |
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308,754 | ||||
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OPERATING EXPENSES: |
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Selling |
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49,257 |
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50,144 |
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137,018 |
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135,303 |
General and administrative |
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9,995 |
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8,146 |
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28,520 |
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24,947 | ||||
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59,252 |
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58,290 |
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165,538 |
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160,250 | ||||
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INCOME FROM OPERATIONS |
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66,163 |
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60,375 |
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160,575 |
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148,504 |
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OTHER INCOME, Net |
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172 |
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313 |
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2,345 |
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2,431 | ||||
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INCOME BEFORE INCOME TAXES |
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66,335 |
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60,688 |
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162,920 |
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150,935 |
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PROVISION FOR INCOME TAXES |
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24,418 |
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22,339 |
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59,971 |
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55,559 | ||||
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NET INCOME |
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$ | 41,917 |
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$ | 38,349 |
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$ | 102,949 |
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$ | 95,376 |
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EARNINGS PER SHARE: | ||||||||||||||||
