For the second quarter ended Aug. 1, the Kearney, Neb., retailer earned $34.7 million, or 71 cents a share, up from $16.4 million, or 34 cents, in the year-earlier quarter.
Revenue gained 6% to $216 million from $203.8 million a year earlier. Online sales in the latest quarter doubled to $46 million.
Buckle shares recently traded at $18.90, up 16%. They had slumped 39% year to date through Thursday.
The report comes as many retailers have struggled, and filed for protection from creditors under the bankruptcy laws, during the pandemic.
Buckle on March 18 temporarily shuttered all brick-and-mortar stores in response to the pandemic.
The company began reopening stores the week of April 26. As of Aug. 1, 431 of Buckle’s 446 stores in 42 states were open.
Of the remaining 15, two are shut because of damage. The other 13, all in California, had reopened but then closed again in July to accord with state guidelines, Buckle said.
“We expect to raise our $111 per share valuation for wide-moat Walmart by a mid-single-digit percentage after it posted strong second-quarter top-line growth in its U.S. businesses,” Morningstar analyst Zain Akbari wrote in a commentary Tuesday
The move reflects “continued heightened shopper activity in response to the pandemic and economic stimulus programs,” he said.
But Akbari is a bit more subdued about Walmart’s long-term outlook.
“Despite the uptick, our long-term forecast still calls for low-single-digit annual percentage sales growth and 4% adjusted operating margins, on average,” he said. “We suggest investors await a more attractive entry point.”
Shares of Walmart, the Bentonville, Ark., retail giant, at last check were little changed at $130.50.