KEARNEY, Neb., Aug. 31 — The Buckle, Inc. (NYSE: BKE) announced that sales for the four-week period ended August 26, 2000 increased 2.3 percent to $49.2 million from $48.1 million in the corresponding four weeks of August 1999.
Comparable store sales, for stores open at least one year, for the four- week period ended August 26, 2000 were down 6.8 percent from sales for the same four-week period in the prior year.
Net sales year-to-date, for the 30 weeks ended August 26, 2000 decreased 0.7 percent to $204.7 million from $206.3 million for the corresponding 30 weeks in the prior year. Comparable store sales year-to-date were down 9.6 percent from sales in the same 30-week period of the previous year.
Effective at the beginning of fiscal 2000, the Company changed its revenue recognition policy related to layaway sales in accordance with the guidance and interpretations provided by the SEC’s Staff Accounting Bulletin (SAB) No. 101-Revenue Recognition. Sales for each of the four- and 30-week periods reported above have been adjusted to reflect the impact of this change.
During the four weeks ended August 26, 2000 the Company purchased 10,000 shares of the Company’s common stock at an average price of $12.25 per share. These shares were purchased pursuant to a stock repurchase program authorized on April 5, 2000 by the Company’s Board of Directors. The Company has 248,300 shares remaining to be purchased to complete this authorization.
Headquartered in Kearney, Nebraska, The Buckle, Inc. is a retailer of casual apparel, footwear and accessories for young men and women. It currently operates 272 retail stores in 36 states compared with 241 stores in 34 states at this same time a year ago.