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Buckle Management Discusses Q2 2012 Results - Earnings Call Transcript

For the year-to-date period, gross margin was 41.9%, down approximately 10 basis points from 42.0% for the same period last year. The decline was driven by a slight reduction in merchandise margins.

Selling expense for the quarter was 19.2% of net sales, which was a reduction of approximately 80 basis points from the second quarter of fiscal 2011. The reduction was driven by decreases as a percentage of sales in expense related to the incentive bonus accrual and bank card fees. For the year-to-date period, selling expense was 18.3% of net sales, which was a reduction of approximately 50 basis points from the same period last year. The reduction was driven by decreases as a percentage of net sales in expense related to the incentive bonus accrual and bank card fees.

General and administrative expense for the quarter was 4% of net sales, up approximately 30 basis points from the second quarter of fiscal 2011. Increases in expense related to our accrued vacation pay and equity compensation expense were partially offset by a reduction as a percentage of net sales in expense related to the incentive bonus accrual and certain other general and administrative expenses. For the year-to-date period, general and administrative expenses were 3.9% of net sales, up approximately 20 basis points from the same period last year. Increases in expense related to accrued vacation pay and equity compensation expense, and these expenses were partially offset by reductions as a percentage of net sales in expense related to our incentive bonus accrual and, again, certain other general and administrative expenses.

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