Buckle Inc. Q2 Earnings Show Solid Financials

Ticker: BKE · Form: 10-Q · Filed: Sep 12, 2024 · CIK: 885245

Sentiment: neutral

Topics: earnings, financials, retail

TL;DR

Buckle's Q2 2024: Assets $507.7M, Liabilities $50.4M, EPS $0.35. Solid.

AI Summary

The Buckle, Inc. filed its 10-Q for the period ending August 3, 2024. The company reported total assets of $507.7 million and total liabilities of $50.4 million as of August 3, 2024. For the second quarter of fiscal year 2024, the company's net income was $0.35 per diluted share.

Why It Matters

This filing provides investors with a detailed look at Buckle's financial health and performance for the second quarter, impacting investment decisions.

Risk Assessment

Risk Level: low — The filing appears to be a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

Key Players & Entities

FAQ

What were Buckle's total revenues for the reported period?

The filing does not explicitly state total revenues in the provided snippet, but it does mention diluted EPS of $0.35 for Q2 FY2024.

What is the company's fiscal year end date?

The company's fiscal year ends on February 1st (0201).

What is the company's primary business segment?

The company's Standard Industrial Classification (SIC) code indicates it operates in 'RETAIL-FAMILY CLOTHING STORES [5651]'.

What was the company's cash and cash equivalents balance?

The provided snippet does not explicitly detail the cash and cash equivalents balance.

How many stores does Buckle operate?

The filing indicates '10' stores in the context of segments or store counts, but a precise total number of operating stores is not explicitly stated in this snippet.

Filing Stats: 4,682 words · 19 min read · ~16 pages · Grade level 12 · Accepted 2024-09-12 16:09:35

Key Financial Figures

Filing Documents

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 August 3, 2024 February 3, 2024 CURRENT ASSETS: Cash and cash equivalents $ 287,266 $ 268,213 Short-term investments 21,856 22,210 Receivables 7,698 8,697 Inventory 131,418 126,290 Prepaid expenses and other assets 20,962 18,846 Total current assets 469,200 444,256 PROPERTY AND EQUIPMENT 500,236 489,037 Less accumulated depreciation and amortization ( 360,903 ) ( 360,200 ) 139,333 128,837 OPERATING LEASE RIGHT-OF-USE ASSETS 292,194 280,813 LONG-TERM INVESTMENTS 26,984 24,993 OTHER ASSETS 12,560 10,911 Total assets $ 940,271 $ 889,810 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 62,820 $ 45,958 Accrued employee compensation 24,478 49,827 Accrued store operating expenses 26,124 19,067 Gift certificates redeemable 13,214 16,667 Current portion of operating lease liabilities 79,583 85,265 Income taxes payable — 4,672 Total current liabilities 206,219 221,456 DEFERRED COMPENSATION 26,984 24,993 NON-CURRENT OPERATING LEASE LIABILITIES 248,424 230,141 Total liabilities 481,627 476,590 COMMITMENTS STOCKHOLDERS' EQUITY: Common stock, authorized 100,000,000 shares of $ 0.01 par value; 50,773,796 and 50,445,186 shares issued and outstanding at August 3, 2024 and February 3, 2024 respectively 508 504 Additional paid-in capital 199,551 192,686 Retained earnings 258,585 220,030 Total stockholders' equity 458,644 413,220 Total liabilities and stockholders' equity $ 940,271 $ 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 Twenty-Six Weeks Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 SALES, Net of returns and allowances $ 282,392

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

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