Leading apparel retailer Buckle Inc reported net income up 11.5 percent on a 3.2 percent net sales increase for the third quarter ended October 29, 2005.
Net income for the third quarter of fiscal 2005 increased 11.5 percent to $16.6 million, or 85 cents per share (82 cents per share on a diluted basis), compared to net income of $14.9 million, or 70 cents per share (67 cents per share on a diluted basis) for the third quarter of fiscal 2004.
Net sales for the third quarter ended October 29, 2005, increased 3.2 percent to $138.1 million compared to net sales of $133.7 million for the third quarter of fiscal 2004. Comparable store net sales, for stores open at least one year, were down 0.9 percent for the 13 weeks ended October 29, 2005, compared with the 13 weeks ended October 30, 2004.
Net income for the first nine months ended October 29, 2005 rose 25.6 percent to $32.8 million or $1.66 per share ($1.59 per share on a diluted basis), compared with $26.1 million or $1.22 per share ($1.18 per share on a diluted basis) for the nine months ended October 30, 2004.
Net sales for the first nine months of fiscal 2005 increased 6.9 percent to $347.7 million compared to net sales of $325.3 million in the first nine months of fiscal 2004. Comparable store net sales increased 2.3 percent for the nine months ended October 29, 2005, compared with the nine months ended October 30, 2004.
During the quarter ended October 29, 2005, the Company repurchased 18,875 shares of its common stock at an average purchase price of $34.00 per share. During September 2005, the Company completed its 500,000 share corporate stock repurchase authorization. The Board of Directors authorized an additional 500,000 share corporate stock repurchase program on October 12, 2005.
Headquartered in Kearney, Nebraska, Buckle Inc is a retailer of casual apparel, footwear and accessories for young men and women. It currently operates 336 retail stores in 38 states compared to 327 stores in 38 states at this same time a year ago. The Company will open one new store later this month in Collierville, Tennessee.
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