The Buckle Inc. reported net income for the second quarter of fiscal 2020 was $34.7 million, or 71 cents a share, compared with $16.4 million, or 34 cents per share, for the second quarter of fiscal 2019.
Net sales for the 13-week fiscal quarter ended August 1, 2020 increased 6.0 percent to $216.0 million from net sales of $203.8 million for the prior year 13-week fiscal quarter ended August 3, 2019. Online sales catapulted 99.0 percent to $46.0 million for the 13-week period ended August 1, 2020, compared to net sales of $23.1 million for the 13-week period ended August 3, 2019.
Net sales for the 26-week fiscal period ended August 1, 2020 decreased 18.2 percent to $331.4 million from net sales of $405.1 million for the prior year 26-week fiscal period ended August 3, 2019. Online sales increased 64.3 percent to $78.1 million for the 26-week period ended August 1, 2020, compared to net sales of $47.5 million for the 26-week period ended August 3, 2019.
Net income for the 26-week fiscal period ended August 1, 2020 was $22.9 million, or 47 cents per share, compared with $31.5 million, or 65 cents, for the 26-week period ended August 3, 2019.
As previously announced, Buckle temporarily closed all brick & mortar stores due to COVID-19 beginning March 18, 2020. The company began the process of reopening certain stores the week of April 26, 2020, following state and local reopening guidelines. As of August 1, 2020, 431 of Buckle’s 446 stores were open. Of the 15 stores which were closed, two have not yet reopened due to damage sustained during the closure period. The remaining 13 stores are located in California and had previously reopened but were subsequently closed again during July in accordance with state guidelines. The company’s online store has remained open without interruption.
Photo courtesy Buckle
