Industry retail customer The Buckle reported second quarter earnings today.
– Sales rose 13.6 percent
– Same-store sales rose 8.6 percent
– Net income rose 12.1 percent to $25 million
Here’s the press release with more details.
KEARNEY, NE–(Marketwire – 08/20/09) – The Buckle, Inc. (NYSE:BKE – News) announced today that net income for the fiscal quarter ended August 1, 2009 was $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended August 1, 2009 increased 13.6 percent to $192.9 million from net sales of $169.8 million for the prior year 13-week fiscal quarter ended August 2, 2008. Comparable store net sales for the 13-week period ended August 1, 2009 increased 8.6 percent from comparable store net sales for the prior year 13-week period ended August 2, 2008. Online sales (which are not included in comparable store sales) increased 39.0 percent to $10.1 million for the 13-week period ended August 1, 2009, compared to the 13-week period ended August 2, 2008.
Net sales for the 26-week fiscal period ended August 1, 2009 increased 18.9 percent to $392.6 million from net sales of $330.1 million for the prior year 26-week fiscal period ended August 2, 2008. Comparable store net sales year-to-date for the 26-week period ended August 1, 2009 increased 13.1 percent from comparable store net sales for the 26-week period ended August 2, 2008. Online sales (which are not included in comparable store sales) increased 56.4 percent to $21.8 million for the 26-week period ended August 1, 2009, compared to the 26-week period ended August 2, 2008.
Net income for the second quarter of fiscal 2009 was $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis), compared with $22.3 million, or $0.49 per share ($0.48 per share on a diluted basis) for the second quarter of fiscal 2008.
Net income for the 26-week fiscal period ended August 1, 2009 was $51.9 million, or $1.14 per share ($1.11 per share on a diluted basis), compared with $41.0 million, or $0.91 per share ($0.88 per share on a diluted basis) for the 26-week fiscal period ended August 2, 2008.
General and administrative expenses for the prior year quarter and year-to-date periods ended August 2, 2008 are reported net of a $3.0 million gain from the involuntary conversion of one of the Company’s corporate aircrafts to a monetary asset upon receipt of the insurance proceeds. The aircraft was destroyed by a tornado that hit the airport in Kearney, Nebraska. This gain had a $0.04 per share after-tax impact on reported basic and diluted earnings per share for both the prior year quarter and year-to-date periods.
Earnings per share and the weighted average shares outstanding for the prior year quarter and year-to-date periods have been adjusted to reflect the impact of the Company’s 3-for-2 stock split paid in the form of a stock dividend on October 30, 2008.
Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (877) 531-2989 and reference the conference code 111545. A replay of the call will be available for a two-week period beginning August 20, 2009 at 12:00 p.m. EDT by calling (800) 475-6701 and entering the conference code 111545.
About Buckle
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 401 retail stores in 41 states. As of the end of the fiscal quarter, it operated 401 stores in 41 states compared with 381 stores in 39 states at the end of the second quarter of fiscal 2008.
