Apparel Stores chain The Buckle, Inc. (BKE), Thursday said its third quarter profit rose surpassing estimates by a penny, helped by higher quarterly sales. Sales reflects a 4.3% increase in comparable store and 41.9% increase in online sales.
For the third quarter, net income of Kearney, Nebraska-based Buckle improved to $33.3 million or $0.71 per share from $29.1 million or $0.62 per share from the same quarter a year ago.
On average, fifteen analysts polled by Thomson Reuters expected earnings of $0.70 per share for the quarter. Analysts' estimate typically excludes one-time items.
Net sales for the quarter increased 9.8% to $231.24 million from $210.57 million in the prior-year quarter, roughly in line with Street estimates of $231.07 million.
Comparable store net sales for the 13-week period ended October 31, 2009 increased 4.3% from the prior year 13-week period ended November 1, 2008. Online sales for the period, which are not included in comparable store sales, jumped 41.9% to $12.5 million.
Income from operations was $51.67 million, compared to $46.42 million in the year-earlier quarter. Operating expenses increased to $50.44 million from $46.42 million in the same quarter last year.
For the nine-month period, net income was $85.2 million, or $1.83 per share, up from $70.1 million or $1.50 per share in the year-ago period. Net sales for the period rose 15.4% to $623.8 million from $540.6 million in the year-ago period. Comparable store net sales increased 9.7%.
BKE closed Wednesday's regular trading at $29.06, down $0.05, on a volume of 0.63 million shares.
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