2025 Q1 - Quarterly Report

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSIONWASHINGTON,D.C.20549 FORM10-Q þQUARTERLYREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FortheQuarterlyPeriodEndedMay4,2024 oTRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 FortheTransitionPeriodfromto CommissionFileNumber:001-12951 THEBUCKLE,INC. (ExactnameofRegistrantasspecifiedinitscharter) Nebraska47-0366193 (Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.) 2407West24thStreet,Kearney,Nebraska68845-4915 (Addressofprincipalexecutiveoffices)(ZipCode)Registrant'stelephonenumber,includingareacode:(308)236-8491 (Formername,formeraddress,andformerfiscalyearifchangedsincelastreport) SecuritiesregisteredpursuanttoSection12(b)oftheAct: TitleofEachClass TradingSymbol(s) NameofEachExchangeonWhichRegistered CommonStock,$0.01parvalue BKE NewYorkStockExchange Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheRegistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YesþNoo IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-Tduringthepreceding12months(orforashorterperiodthattheregistrantwasrequiredtosubmitsuchfiles).YesþNoo Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and"emerginggrowthcompany"inRule12b-2oftheExchangeAct. Largeacceleratedfilerþ;Acceleratedfilero; Non-acceleratedfilero;Smallerreportingcompanyo;Emerginggrowthcompanyo Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.o Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).YesoNoþ ThenumberofsharesoutstandingoftheRegistrant'sCommonStock,$0.01parvalue,asofJune7,2024,was50,778,536. THEBUCKLE,INC. FORM10-QINDEX Pages PartI.FinancialInformation(unaudited) Item1. FinancialStatements 3 Item2. Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations 15 Item3. QuantitativeandQualitativeDisclosuresAboutMarketRisk 21 Item4. ControlsandProcedures PartII.OtherInformation 21 Item1. LegalProceedings 22 Item1A. RiskFactors 22 Item2. UnregisteredSalesofEquitySecuritiesandUseofProceeds 22 Item3. DefaultsUponSeniorSecurities 22 Item4. MineSafetyDisclosures 22 Item5. OtherInformation 22 Item6. Exhibits 23 Signatures 24 ExhibitIndex 25 2 THEBUCKLE,INC.CONDENSEDCONSOLIDATEDBALANCESHEETS(AmountsinThousandsExceptShareandPerShareAmounts)(Unaudited) ASSETS May4,2024 February3,2024 CURRENTASSETS: Cashandcashequivalents $267,427 $268,213 Short-terminvestments 23,052 22,210 Receivables 6,139 8,697 Inventory 130,661 126,290 Prepaidexpensesandotherassets 19,550 18,846 Totalcurrentassets 446,829 444,256 PROPERTYANDEQUIPMENT 493,025 489,037 Lessaccumulateddepreciationandamortization (360,950) (360,200) 132,075 128,837 OPERATINGLEASERIGHT-OF-USEASSETS 288,646 280,813 LONG-TERMINVESTMENTS 26,763 24,993 OTHERASSETS 11,757 10,911 Totalassets $906,070 $889,810 LIABILITIESANDSTOCKHOLDERS’EQUITY CURRENTLIABILITIES: Accountspayable $54,811 $45,958 Accruedemployeecompensation 13,767 49,827 Accruedstoreoperatingexpenses 23,477 19,067 Giftcertificatesredeemable 14,370 16,667 Currentportionofoperatingleaseliabilities 83,645 85,265 Incometaxespayable 15,210 4,672 Totalcurrentliabilities 205,280 221,456 DEFERREDCOMPENSATION 26,763 24,993 NON-CURRENTOPERATINGLEASELIABILITIES 240,212 230,141 Totalliabilities 472,255 476,590 COMMITMENTS STOCKHOLDERS’EQUITY: Commonstock,authorized100,000,000sharesof$0.01parvalue;50,778,536and50,445,186sharesissuedandoutstandingatMay4,2024andFebruary3,2024respectively 508 504 Additionalpaid-incapital 196,208 192,686 Retainedearnings 237,099 220,030 Totalstockholders’equity 433,815 413,220 Totalliabilitiesandstockholders’equity $906,070 $889,810 Seenotestounauditedcondensedconsolidatedfinancialstatements. 3 THEBUCKLE,INC. CONDENSEDCONSOLIDATEDSTATEMENTSOFINCOME (AmountsinThousandsExceptPerShareAmounts)(Unaudited) ThirteenWeeksEnded May4,2024 April29,2023 SALES,Netofreturnsandallowances $262,480 $282,834 COSTOFSALES(Includingbuying,distribution,andoccupancycosts) 141,783 149,577 Grossprofit 120,697 133,257 OPERATINGEXPENSES: Selling 63,726 66,102 Generalandadministrative 14,575 13,425 78,301 79,527 INCOMEFROMOPERATIONS 42,396 53,730 OTHERINCOME,Net 3,754 3,139 INCOMEBEFOREINCOMETAXES 46,150 56,869 INCOMETAXEXPENSE 11,307 13,933 NETINCOME $34,843 $42,936 EARNINGSPERSHARE: Basic $0.70 $0.87 Diluted $0.69 $0.86 Basicweightedaverageshares 49,854 49,513 Dilutedw