Buckle, Inc. Files 2024 10-K Report

TL;DR

<b>Buckle, Inc. has filed its annual 10-K report for the fiscal year ending February 3, 2024.</b>

AI Summary

BUCKLE INC (BKE) filed a Annual Report (10-K) with the SEC on April 3, 2024. The Buckle, Inc. filed its 10-K report for the fiscal year ending February 3, 2024. The company's fiscal year ends on or about February 3rd annually. Buckle, Inc. is incorporated in Nebraska. The company operates in the Retail - Family Clothing Stores sector. The filing is dated April 3, 2024.

Why It Matters

For investors and stakeholders tracking BUCKLE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Buckle's financial performance, operational strategies, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, competitive positioning, and future outlook in the retail apparel market.

Risk Assessment

Risk Level: — BUCKLE INC shows moderate risk based on this filing. The company operates in the highly competitive retail apparel sector, which is subject to changing fashion trends and consumer preferences, potentially impacting sales and profitability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Buckle's performance and strategic direction for the upcoming fiscal year.

Key Numbers

• 50,445,186 — Common Stock (As of February 3, 2024)
• 50,092,616 — Common Stock (As of January 28, 2023)
• 3.90 — Net Income per Share (Diluted) (Fiscal Year 2023)
• 4.05 — Net Income per Share (Diluted) (Fiscal Year 2022)

Key Players & Entities

• BUCKLE INC (company) — Filer name
• BKE (company) — Ticker symbol
• 2024-02-03 (date) — Fiscal year end
• 2024-04-03 (date) — Filing date
• Nebraska (location) — State of incorporation
• 5651 (industry) — Standard Industrial Classification

FAQ

Risk Factors

• Competition [medium — market]: The company faces intense competition from other apparel retailers, including department stores, specialty stores, and online retailers, which could adversely affect its business.
• Fashion Trends [medium — market]: Changes in fashion trends and consumer preferences could negatively impact demand for the company's products.
• Supply Chain Disruptions [medium — operational]: Disruptions in the supply chain could impact the availability of merchandise and increase costs.

Industry Context

Buckle, Inc. operates within the family clothing stores segment of the retail industry, a sector characterized by its sensitivity to consumer spending, fashion trends, and competitive pressures.

Regulatory Implications

As a publicly traded company, Buckle, Inc. is subject to the reporting requirements and regulations of the U.S. Securities and Exchange Commission (SEC), including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the company's revenue and net income trends over the past few fiscal years.
2. Evaluate the competitive landscape and the company's strategies to maintain market share.
3. Assess the identified risk factors and the company's mitigation plans.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-03: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-K filing covers the fiscal year ending February 3, 2024, providing updated financial and operational information compared to the previous year's filing.

Key Financial Figures

• $21.3 m — ing In fiscal 2023, the Company spent $21.3 million, or 1.7% of net sales, on targete
• $1,000 — ier+ cardholders must purchase at least $1,000 annually using their Buckle credit card
• $1.5 m — ost of opening a store is approximately $1.5 million, including construction costs of
• $1.3 million — ing construction costs of approximately $1.3 million (prior to any construction allowance re
• $0.2 m — d) and inventory costs of approximately $0.2 million, net of accounts payable. The C
• $32.0 — pates capital spending of approximately $32.0 to $38.0 million during fiscal 2024, wh
• $38.0 million — ital spending of approximately $32.0 to $38.0 million during fiscal 2024, which includes prim

Filing Documents

• bke-20240203.htm (10-K) — 1059KB
• bke20240203-10kex21.htm (EX-21) — 1KB
• bke20240203-10kex23.htm (EX-23) — 3KB
• bke20240203-10kex31a.htm (EX-31.A) — 11KB
• bke20240203-10kex31b.htm (EX-31.B) — 10KB
• bke20240203-10kex32.htm (EX-32) — 9KB
• bke20240203-10kex971.htm (EX-97.1) — 19KB
• bke-20240203_g1.jpg (GRAPHIC) — 186KB
• 0000885245-24-000051.txt (&nbsp;) — 5930KB
• bke-20240203.xsd (EX-101.SCH) — 42KB
• bke-20240203_cal.xml (EX-101.CAL) — 69KB
• bke-20240203_def.xml (EX-101.DEF) — 171KB
• bke-20240203_lab.xml (EX-101.LAB) — 507KB
• bke-20240203_pre.xml (EX-101.PRE) — 331KB
• bke-20240203_htm.xml (XML) — 674KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 18 Item 6. Reserved 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 27 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 46 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 46 Part III Item 10. Directors, Executive Officers, and Corporate Governance 46 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 46 Item 13. Certain Relationships and Related Transactions and Director Independence 46 Item 14. Principal Accountant Fees and Services 46 Part IV Item 15. Exhibits and Financial Statement Schedule 47 Item 16. Form 10-K Summary 47 3 PART I

- BUSINESS

ITEM 1 - BUSINESS The Buckle, Inc. (the "Company") is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women. As of February 3, 2024, the Company operated 444 retail stores in 42 states throughout the United States under the names "Buckle" and "Buckle Youth." The Company markets a wide selection of mostly brand name casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear. The Company emphasizes personalized attention to its customers and provides customer services such as free hemming, free gift-packaging, easy layaways, the Buckle private label credit card, and a guest loyalty program. Most stores are located in regional shopping malls and lifestyle centers. In recent years, however, the Company has successfully relocated several of its stores in smaller and middle markets from enclosed malls into power center locations, with continued plans for pursuing more such relocation opportunities in the future. The majority of the Company's central office functions, including purchasing, pricing, accounting, advertising, and distribution, are controlled from its corporate offices and distribution center in Kearney, Nebraska. The Company's men's buying team is located in Overland Park, Kansas. Incorporated in Nebraska in 1948, the Company commenced business under the name Mills Clothing, Inc., a conventional men's clothing store with only one location. In 1967, a second store, under the trade name Brass Buckle, was purchased. In the early 1970s, the store image changed to that of a jeans store with a wide selection of denims and shirts. The first branch store was opened in Columbus, Nebraska, in 1976. In 1977, the Company began selling young women's apparel and opened its first mall store. The Company changed its corporate name to The Buckle, Inc. on April 23, 1991 and has experienced significant growth since that time, operating 444 stores in 42 stat

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