Buckle Inc. Reports Q1 2024 Financials

TL;DR

Buckle's Q1 2024 10-Q shows $507.8M in assets and equity. Stable financials.

AI Summary

Buckle, Inc. filed its 10-Q for the period ending May 4, 2024, reporting total assets of $507.8 million and total equity of $507.8 million. The company's fiscal year ends on February 1st. Key financial figures include common stock, additional paid-in capital, and retained earnings, with specific values for the periods ending January 28, 2023, and May 4, 2024.

Why It Matters

This filing provides insight into Buckle's financial health and performance for the first quarter of 2024, which can influence investor decisions and market perception.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments indicated.

Key Numbers

• $50.8B — Total Assets (As of May 4, 2024, indicating the company's total resources.)
• $50.8B — Total Equity (As of May 4, 2024, representing the net worth of the company.)
• 0.35 — Earnings Per Share (Diluted) (For the period ending May 4, 2024, reflecting profitability.)

Key Players & Entities

• BUCKLE INC (company) — Filer of the 10-Q report
• 20240504 (date) — End of the reporting period
• $507,785,536 (dollar_amount) — Total assets as of May 4, 2024
• $507,785,536 (dollar_amount) — Total equity as of May 4, 2024
• 2024-02-03 (date) — Beginning of the reporting period

FAQ

Key Financial Figures

• $0.01 — ange on Which Registered Common Stock, $0.01 par value BKE New York Stock Exchange

Filing Documents

• bke-20240504.htm (10-Q) — 569KB
• bke20240504-10qex311.htm (EX-31.1) — 11KB
• bke20240504-10qex312.htm (EX-31.2) — 11KB
• bke20240504-10qex321.htm (EX-32.1) — 6KB
• bke20240504-10qex322.htm (EX-32.2) — 6KB
• 0000885245-24-000067.txt ( ) — 3850KB
• bke-20240504.xsd (EX-101.SCH) — 26KB
• bke-20240504_cal.xml (EX-101.CAL) — 57KB
• bke-20240504_def.xml (EX-101.DEF) — 103KB
• bke-20240504_lab.xml (EX-101.LAB) — 431KB
• bke-20240504_pre.xml (EX-101.PRE) — 273KB
• bke-20240504_htm.xml (XML) — 420KB

Financial Information (unaudited)

Part I. Financial Information (unaudited) Item 1.

Financial Statements

Financial Statements 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

Signatures

Signatures 24 Exhibit Index 25 2 THE BUCKLE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in Thousands Except Share and Per Share Amounts) (Unaudited) ASSETS May 4, 2024 February 3, 2024 CURRENT ASSETS: Cash and cash equivalents $ 267,427 $ 268,213 Short-term investments 23,052 22,210 Receivables 6,139 8,697 Inventory 130,661 126,290 Prepaid expenses and other assets 19,550 18,846 Total current assets 446,829 444,256 PROPERTY AND EQUIPMENT 493,025 489,037 Less accumulated depreciation and amortization ( 360,950 ) ( 360,200 ) 132,075 128,837 OPERATING LEASE RIGHT-OF-USE ASSETS 288,646 280,813 LONG-TERM INVESTMENTS 26,763 24,993 OTHER ASSETS 11,757 10,911 Total assets $ 906,070 $ 889,810 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 54,811 $ 45,958 Accrued employee compensation 13,767 49,827 Accrued store operating expenses 23,477 19,067 Gift certificates redeemable 14,370 16,667 Current portion of operating lease liabilities 83,645 85,265 Income taxes payable 15,210 4,672 Total current liabilities 205,280 221,456 DEFERRED COMPENSATION 26,763 24,993 NON-CURRENT OPERATING LEASE LIABILITIES 240,212 230,141 Total liabilities 472,255 476,590 COMMITMENTS STOCKHOLDERS' EQUITY: Common stock, authorized 100,000,000 shares of $ 0.01 par value; 50,778,536 and 50,445,186 shares issued and outstanding at May 4, 2024 and February 3, 2024 respectively 508 504 Additional paid-in capital 196,208 192,686 Retained earnings 237,099 220,030 Total stockholders' equity 433,815 413,220 Total liabilities and stockholders' equity $ 906,070 $ 889,810 See notes to unaudited condensed consolidated financial statements. 3 THE BUCKLE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands Except Per Share Amounts) (Unaudited) Thirteen Weeks Ended May 4, 2024 April 29, 2023 SALES, Net of returns and allowances $ 262,480 $ 282,834 COST OF SALES (Including buying, distributi

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto of the Company included in this Form 10-Q. All references herein to the "Company," "Buckle," "we," "us," or similar terms refer to The Buckle, Inc. and its subsidiary. The following is management's discussion and analysis of certain significant factors which have affected the Company's financial condition and results of operations during the periods included in the accompanying condensed consolidated financial statements. EXECUTIVE OVERVIEW Company management considers the following items to be key performance indicators in evaluating Company performance. Comparable Store Sales – Stores are deemed to be comparable stores if they were open in the prior year on the first day of the fiscal period being presented. Stores which have been remodeled, expanded, and/or relocated, but would otherwise be included as comparable stores, are not excluded from the comparable store sales calculation. Online sales are included in comparable store sales. Management considers comparable store sales to be an important indicator of current Company performance, helping leverage certain fixed costs when results are positive. Negative comparable store sales results could reduce net sales and have a negative impact on operating leverage, thus reducing net earnings. Net Merchandise Margins – Management evaluates the components of merchandise margin including initial markup and the amount of markdowns during a period. Any inability to obtain acceptable levels of initial markups or any significant increase in the Company's use of markdowns could have an adverse effect on the Company's gross margin and results of operations. Operating Margin – Operating margin is a good indicator for management of the Company's success. Operating margin can be positively or negatively affec

View Full Filing

View this 10-Q filing on SEC EDGAR