Buckle Comparable store net sales rise
Fashion
Buckle Comparable store net sales rise
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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