The Buckle Inc.’s Net Sales Decline 2.2%

Net sales fell 2.2% for The Buckle, Inc., with  a 7.3% decline in comps for the 13-week fiscal quarter ended July 31, 2010, according to the company’s investor relations page.  Sales decreased 2.2% to $188.6 million from net sales of $192.9 million for the prior year 13-week fiscal quarter ended Aug. 1, 2009. Net income for the quarter was $20.7 million, or $0.45 per share ($0.44 per share on a diluted basis), compared with $25.0 million, or $0.55 per share ($0.54 per share on a diluted basis) for the second quarter of fiscal 2009.

Online sales, which are not included in comparable store sales, increased 15.7% to $11.7 million for the 13-week period ended July 31, 2010, compared to net sales of $10.1 million for the 13-week period ended Aug. 1, 2009.

The company reported cash and cash equivalents of $93.1 million at quarter’s end, down 36.1% from $145.7 million reported a year earlier. Inventory, meanwhile, edged up 2.1% to $20.3 million.
Net sales for the 26-week fiscal period ended July 31, 2010 increased 2.8% to $403.4 million from net sales of $392.6 million for the year earlier period. Comparable store net sales for the 26-week period were down 2.0% from. Online sales, however, rose 20.1 percent to $26.2 million, compared to net sales of $21.8 million for the 26-week period ended August 1, 2009.

Net income for the 26-week fiscal period ended July 31, 2010 was $50.9 million, or $1.10 per share ($1.08 per share on a diluted basis), compared with $51.9 million, or $1.14 per share ($1.11 per share on a diluted basis) for the 26-week fiscal period ended August 1, 2009.

The Buckle Inc.

The Buckle Inc.