The Buckle, Inc. (NYSE:BKE) Q2 2017 Earnings Conference Call - Final Transcript
Aug 17, 2017 • 10:00 am ET
Ladies and gentlemen, thank you for standing by and welcome to the Buckle's Second Quarter Earnings Release Call. At this time, all lines are in a listen-only mode. Later we will conduct a question-and-answer session, instructions will be to you at that time. [Operator Instructions] And as a reminder, today's conference call is being recorded.
Members of the Buckle's management on the call today are Dennis Nelson, President and CEO; Tom Heacock, Vice President of Finance, Treasurer and CFO; Kelli Molczyk, Vice President of Women's Merchandising; Bob Carlberg, Senior Vice President of Men's Merchandising; and Kyle Hanson, Vice President, General Counsel and Corporate Secretary. As they review the operating results for the second quarter which ended July 29, 2017, they would like to reiterate their policy of not giving future sales or earnings guidance and have the following Safe Harbor statement.
All forward-looking statements made on the Company involve material risks and uncertainties and are subject to change based on factors which maybe beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Additionally, the Company does not authorize the reproduction or dissemination of transcripts or audio recordings of the Company's quarterly conference calls without its express written consent. Any unauthorized reproduction or recordings of the call should not be relied upon as the information maybe inaccurate.
I would now like to turn the conference over to Mr. Tom Heacock. Please go ahead.
Thomas B. Heacock
Good morning, and thanks for joining us this morning. Our August 17, 2017 press release reported that net income for the 13-week second quarter ended July 29, 2017 was $11.5 million or $0.24 per share on a diluted basis compared with net income of $15.5 million or $0.32 per share on a diluted basis for the prior-year 13-week second quarter which ended on July 30, 2016. Year-to-date net income for the 26-week period ended July 29, 2017 was $27.8 million or 57% per share on a diluted basis compared with net income of $38.6 million or $0.80 per share on a diluted basis for the prior-year, 26-week-period ended July 30, 2016.
Net sales for the 13 weeks second quarter decreased 7.8% to $195.7 million compared to net sales of $212.2 million for the prior year 13 weeks second quarter. Comparable store sales for the quarter were down 7.7% in comparison to the same 13 week period in the prior year and online sales decreased 4.5% to $19.5 million. Year-to-date net sales decreased 10.5% to $407.9 million for the 26 week fiscal [Technical Issues] 2017 compared to net sales of $455.7 million for the prior year 26 week fiscal period