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Buckle Comparable store net sales rise
27
Aug '08
The Buckle Inc announced that net income for the fiscal quarter ended August 2, 2008 increased 88.9 percent on a 36.6 percent net sales increase.

Comparable store net sales for the 13-week second quarter ended August 2, 2008 increased 27.8 percent from comparable store net sales for the prior year 13-week second quarter ended August 4, 2007. Net sales for the 13-week fiscal period ended August 2, 2008 increased 36.6 percent to $169.8 million from net sales of $124.3 million for the prior year 13-week fiscal period ended August 4, 2007.

Comparable store net sales year-to-date for the 26-week period ended August 2, 2008 increased 26.7 percent from comparable store net sales for the 26-week period ended August 4, 2007. Net sales for the 26-week fiscal period ended August 2, 2008 increased 34.5 percent to $330.1 million from net sales of $245.4 million for the prior year 26-week fiscal period ended August 4, 2007.

Net income for the second quarter of fiscal 2008 was $22.3 million, or $0.74 per share ($0.72 per share on a diluted basis), compared with $11.8 million, or $0.40 per share ($0.38 per share on a diluted basis) for the second quarter of fiscal 2007.

Net income for the 26-week period ended August 2, 2008 was $41.0 million, or $1.36 per share ($1.32 per share on a diluted basis), compared with $24.0 million, or $0.81 per share ($0.78 per share on a diluted basis) for the 26-week period ended August 4, 2007.

General and administrative expenses for the 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.

As disclosed in the Company's May 30, 2008 press release, the aircraft was destroyed by a tornado that hit the airport in Kearney, Nebraska. This gain had a $0.06 per share after-tax impact on reported basic and diluted earnings per share for both the quarter and year-to-date periods.

The Buckle Inc


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