The Buckle continues to defy the economy

 No comments  
 E-mail Story
 Print Story
  Share

 digg it!
 Facebook
 del.icio.us
Seed Newsvine
Fark It
Reddit

Text Size: 

Tools Sponsor

By The Lincoln Journal Star

The Buckle, Inc.,  the young people’s apparel retailer based in Kearney, continued to defy the trend in the troubled retail sector as it announced third-quarter net income and sales above market expectations.

But its stock traded Thursday at a 3 1/2-year low as the stock market continued to punish companies indiscriminately. 

For the fiscal quarter ended Nov. 1 its earnings rose 31 percent on a 25.7 percent net sales increase.

Comparable store net sales for the 13-week third quarter ended November 1, 2008 rose 19.1 percent from a year ago.

Net sales for the quarter rose to $210.6 million from a uear ago.

Comparable store net sales year-to-date for the 39-week period ended Nov. 1 increased 23.7 percent from a year ago.

Net sales for the 39-week fiscal period increased 30.9 percent to $540.6 million from a year ago.

Net income for the third quarter was $29.1 million, or $0.64 per share,  $0.62 per share on a diluted basis, compared with $22.2 million, or $0.50 per share, $0.48 diluted, for the third quarter of fiscal 2007.

The quarter included a charge of $1.8 million, or 2 cents per share after taxes, related to investment losses.

Analysts surveyed by Thomson Reuters on average expected Buckle to earn 63 cents per share on sales of $209.5 million. Those estimates typically exclude one-time items.

Earnings per share and the weighted average shares outstanding for the prior year third quarter and year-to-date periods have been adjusted to reflect the impact of the company’s 3-for-2 stock split paid in the form of a stock dividend on Oct. 31.

During the third quarter of fiscal 2008, the company recorded a $1.8 million unrealized loss from impairment of certain of its investments in auction-rate securities.

The company operates 388 stores in 39 states.