Buckle Posts 44% Growth (Updated)

Buckle(BKE) often gets lost among its big-name competitors like Gap (GPS), Abercrombie & Fitch(ANF) and American Eagle Outfitters(AEO), but the latest quarterly report from the jean and apparel retailer should stand out. Buckle is managing to thrive while its rivals are faltering.

The Kearney, Nebraska-based company posted a 44% boost in first-quarter earnings, beating expectations and sending shares up 5% in afternoon trading.

During the quarter the clothing chain earned $26.9 million, or 58 cents a share, compared with $18.7 million, or 40 cents, in the year-prior. Analysts expected a profit of 50 cents a share.

Revenue rose 25% to $199.7 million from $160.3 million, while same-store sales shot up 17.7%.

"We expect the company to benefit from the ongoing retail fallout given its strong balance sheet, which enables it to keep the stores filled with fresh and trend-right merchandise -- given that in many of its markets it is the primary 'go to' source for a lot of its brands," Elizabeth Pierce, analyst at Roth Capital Partners, wrote in a note on Thursday.

While the company does not provide guidance, Pierce said she maintains her second-quarter outlook of 50 cents a share, and based on positive results raised her 2009 and 2010 forecast to $2.67 and $2.94 a share, respectively. She previously estimated earnings of $2.59 in 2009 and $2.87 in 2010.

The company sells jeans under its BKE brand as well as Guess, Silver Jeans, Hurley and Fossil, and currently operates 393 retail stores in 40 states.

>To order reprints of this article, click here: Reprints