Printer Friendly

THE BUCKLE, INC. REPORTS THIRD QUARTER NET PROFITS UP 2.5 PERCENT ON A 16.2 PERCENT SALES INCREASE

 KEARNEY, Neb., Nov. 11 /PRNewswire/ -- The Buckle, Inc. (NASDAQ-NMS: BKLE) today reported net income up 2.5 percent on a 16.2 percent sales increase for the third quarter ended Oct. 30, 1993.
 Net sales for the third quarter (13 weeks) ended Oct. 30, 1993, increased to 39.9 million from $34.3 million for the third quarter of the 1992 fiscal year. Comparable store sales decreased 1.7 percent. At the end of the 1993 third quarter, the company operated 128 stores versus 102 stores at the end of the 1992 period.
 Net income for the third quarter of fiscal 1993 was $2.7 million, or 39 cents per share, on 7,091,000 average weighted shares outstanding compared to $2.7 million, or 37 cents per share, on 7,184,000 average weighted shares outstanding a year earlier. Year-to-year net income comparisons were affected by record 1992 third quarter and nine month increases of 58.8 percent and 60.6 percent, respectively.
 Net sales for the first nine months of fiscal 1993 increased 15.3 percent to $90.8 million from $78.7 million in the first nine months of 1992. During this nine month period, comparable store sales decreased 3.3 percent.
 For the 39 week period ended Oct. 30, 1993, net income decreased to $4.4 million, or 61 cents per share, on 7,141,000 average weighted shares outstanding, from $4.9 million, or 76 cents per share, on 6,415,000 average weighted shares outstanding for the first nine months of 1992.
 Headquartered in Kearney, The Buckle, Inc. is a retailer of casual apparel for young men and women, currently operating 130 stores in 18 states. The company's common shares are traded on the NASDAQ National Market System under the symbol BKLE.
 THE BUCKLE, INC.
 STATEMENTS OF INCOME
 (in thousands, except per share data)
 (unaudited)
 13 Weeks Ended 39 Weeks Ended
 10/30/93 10/31/92 10/30/93 10/31/92
 Net sales $39,905 $34,342 $90,782 $78,681
 Cost of sales 27,219 22,561 63,552 52,492
 Gross profit 12,686 11,781 27,230 26,189
 Selling expenses 7,014 6,355 17,188 15,301
 General and administrative
 expenses 1,244 1,148 3,170 2,997
 Income from operations 4,427 4,278 6,872 7,891
 Other income 30 91 233 108
 Income before income taxes 4,458 4,369 7,105 7,999
 Income taxes 1,721 1,700 2,735 3,106
 Net income $2,736 $2,669 $4,370 $4,893
 Net income per share $0.39 $0.37 $0.61 $0.76
 Average number of shares
 outstanding 7,091 7,184 7,141 6,415
 From Feb. 1, 1988, to May 2, 1992, the company elected to be taxed as an S Corporation, therefore the income taxes for those periods are based on estimated corporate income tax rates that would have been applied if it had been operating as a C Corporation.
 -0- 11/11/93
 /CONTACT: Daniel J. Hirschfeld, chairman and CEO, or Karen B. Rhoads, chief financial officer of The Buckle, 308-236-8491/
 (BKLE)


CO: The Buckle, Inc. ST: Nebraska IN: REA SU: ERN

DC-SM -- DE006 -- 3117 11/11/93 09:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1993
Words:545
Previous Article:PERRIGO COMPANY ANNOUNCES RECORD FIRST QUARTER OF SALES AND EARNINGS
Next Article:GELMAN SCIENCES REPORTS HIGHEST QUARTERLY EARNINGS IN COMPANY HISTORY
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters