BKE is actually having a pretty good year. Same-store sales for year were down only 2.2 percent, and net sales for the year, are up 2.4 percent. Stock really tanked in July and August. Chairman Daniel Hirschfeld and his management team know stock fell to levels that were unacceptable, so company bought 196,800 shares in August. If they hadn't, we might have seen this stock at 20 or less. Going forward, I expect announcement about special dividend by end of the month. I also expect same store sales in September and October to remain flat. With new stores coming on board and a growing online sales business, net sales will continue to climb, and so will earnings. P/E may reach 7 without any drop in stock price.
Here's news release:
Press Release Source: The Buckle, Inc. On Thursday September 2, 2010, 7:00 am EDT KEARNEY, Neb.--(BUSINESS WIRE)--The Buckle, Inc. (NYSE: BKE - News) announced today that comparable store net sales, for stores open at least one year, for the four-week period ended August 28, 2010 decreased 3.5 percent from comparable store net sales for the four-week period ended August 29, 2009. Net sales for the four-week fiscal month ended August 28, 2010 increased 0.9 percent to $85.2 million from net sales of $84.5 million for the prior year four-week fiscal month ended August 29, 2009.
Comparable store net sales year-to-date for the 30-week period ended August 28, 2010 decreased 2.2 percent from comparable store net sales for the 30-week period ended August 29, 2009. Net sales for the 30-week fiscal period ended August 28, 2010 increased 2.4 percent to $488.6 million from net sales of $477.1 million for the prior year 30-week fiscal period ended August 29, 2009.
During the four-week fiscal month ended August 28, 2010, the Company repurchased 196,800 shares of its common stock at an average price of $24.20 per share. The shares were purchased pursuant to the 1,000,000 share corporate stock repurchase program authorized by the Board of Directors on November 20, 2008. The Company had 602,500 shares remaining to complete this authorization as of the end of the fiscal month.