Buckle's Q2 profit soars, beats Wall Street
(Reuters) - Apparel and footwear retailer Buckle Inc (BKE.N) posted a 89 percent rise in second-quarter profit, topping market estimates, boosted by solid sales at its stores and a one-time gain.
Kearney, Nebraska-based Buckle, which currently operates 382 retail stores in 39 states, reported net income of $22.3 million, or 72 cents a share, up from $11.8 million, or 38 cents a share, a year earlier.
Net sales at the retailer, which sells clothes and accessories for young adults, rose 37 percent to $169.8 million.
Analysts on average had expected earnings of 59 cents a share, before special items, on revenue of $165.6 million, according to Reuters Estimates.
The latest second quarter included a gain of 6 cents a share related to insurance proceeds received for one of the company's corporate aircrafts destroyed in a tornado.
Unlike its rivals, who have been feeling the pinch of the weak U.S. economy, Buckle, which offers a compelling mix of third-party brands like Guess, Silver Jeans, Hurley and Fossil, has seen steady growth in its same-store sales.
Buckle, whose rivals include Gap Inc (GPS.N), Bon-Ton Stores Inc (BONT.O) and Abercrombie & Fitch Co (ANF.N), said comparable store net sales climbed 27.8 percent in the quarter.
Buckle's shares, which have risen nearly 65 percent after touching their year-low of $30.05 in January 2008, closed at $49.47 Wednesday on the New York Stock Exchange.
(Reporting by Dhanya Skariachan in Bangalore; Editing by Bernard Orr)
