Part I. Financial Information (unaudited) This section presents the unaudited condensed consolidated financial statements and management's analysis of financial condition and results [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and notes, highlighting growth in key financial metrics [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (Amounts in Thousands) | Metric | August 2, 2025 | February 1, 2025 | | :-------------------------------- | :------------- | :--------------- | | **ASSETS** | | | | Cash and cash equivalents | $297,811 | $266,929 | | Inventory | $142,486 | $120,789 | | Total current assets | $493,302 | $439,209 | | Total assets | $1,028,632 | $913,173 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Accounts payable | $72,630 | $45,982 | | Total current liabilities | $229,554 | $213,932 | | Total liabilities | $552,477 | $489,369 | | Total stockholders' equity | $476,155 | $423,804 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Condensed Consolidated Statements of Income Highlights (Amounts in Thousands, Except Per Share) | Metric | Thirteen Weeks Ended Aug 2, 2025 | Thirteen Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :--------------------------------- | :------------------------------- | | SALES, Net | $305,737 | $282,392 | $577,858 | $544,872 | | Gross profit | $145,009 | $132,534 | $271,985 | $253,231 | | INCOME FROM OPERATIONS | $56,341 | $48,260 | $99,887 | $90,656 | | NET INCOME | $45,006 | $39,255 | $80,199 | $74,098 | | EARNINGS PER SHARE: Basic | $0.90 | $0.79 | $1.60 | $1.49 | | EARNINGS PER SHARE: Diluted | $0.89 | $0.78 | $1.59 | $1.48 | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' Equity Changes (Amounts in Thousands) | Metric | Fiscal 2025 (26 Weeks Ended Aug 2, 2025) | Fiscal 2024 (26 Weeks Ended Aug 3, 2024) | | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Balance, Beginning of Period | $423,804 | $413,220 | | Net income | $80,199 | $74,098 | | Dividends paid on common stock | ($35,810) | ($35,543) | | Amortization of non-vested stock grants | $7,962 | $6,869 | | Balance, End of Period | $476,155 | $458,644 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights (Amounts in Thousands) | Metric | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net cash flows from operating activities | $89,412 | $77,488 | | Net cash flows from investing activities | ($22,720) | ($22,892) | | Net cash flows from financing activities | ($35,810) | ($35,543) | | NET INCREASE IN CASH AND CASH EQUIVALENTS | $30,882 | $19,053 | | CASH AND CASH EQUIVALENTS, End of period | $297,811 | $287,266 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Presentation](index=7&type=section&id=1.%20Basis%20of%20Presentation) - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and do not include all footnotes required for complete financial statements. Due to the seasonal nature of the business, interim results are not necessarily indicative of a full year's operations[13](index=13&type=chunk) [2. Revenues](index=7&type=section&id=2.%20Revenues) - The Company operates as a single reportable segment, retailing casual apparel, footwear, and accessories through 440 stores in 42 states and an e-Commerce platform[15](index=15&type=chunk) Online Revenues as Percentage of Net Sales | Period | August 2, 2025 | August 3, 2024 | | :----------------------- | :------------- | :------------- | | Thirteen Weeks Ended | 14.3% | 13.1% | | Twenty-Six Weeks Ended | 15.6% | 14.9% | Major Product Lines as Percentage of Net Sales | Merchandise Group | Thirteen Weeks Ended Aug 2, 2025 | Thirteen Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :------------------ | :------------------------------- | :------------------------------- | :--------------------------------- | :------------------------------- | | Denims | 36.1% | 35.3% | 39.7% | 39.1% | | Tops (including sweaters) | 29.5% | 29.9% | 28.4% | 28.6% | | Accessories | 11.8% | 11.7% | 11.3% | 11.3% | | Sportswear/Fashions | 11.0% | 12.2% | 9.6% | 10.2% | | Footwear | 5.0% | 5.5% | 5.1% | 5.7% | | Casual bottoms | 1.7% | 1.1% | 1.6% | 1.3% | | Outerwear | 0.4% | 0.3% | 0.6% | 0.5% | | Kids | 4.5% | 4.0% | 3.7% | 3.3% | | Total | 100.0% | 100.0% | 100.0% | 100.0% | [3. Earnings Per Share](index=8&type=section&id=3.%20Earnings%20Per%20Share) Earnings Per Share (EPS) (Amounts in Thousands, Except Per Share) | Metric | Thirteen Weeks Ended Aug 2, 2025 | Thirteen Weeks Ended Aug 3, 2024 | Twenty-Six Weeks Ended Aug 2, 2025 | Twenty-Six Weeks Ended Aug 3, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :--------------------------------- | :------------------------------- | | Basic EPS | $0.90 | $0.79 | $1.60 | $1.49 | | Diluted EPS | $0.89 | $0.78 | $1.59 | $1.48 | [4. Investments](index=9&type=section&id=4.%20Investments) Summary of Investments as of August 2, 2025 (Amounts in Thousands) | Investment Type | Amortized Cost or Par Value | Estimated Fair Value | | :------------------------ | :-------------------------- | :------------------- | | Held-to-Maturity Securities (State and municipal bonds) | $22,118 | $22,151 | | Trading Securities (Mutual funds) | $26,480 | $29,630 | - All held-to-maturity securities are classified as short-term investments, while trading securities, held in a Rabbi Trust for the deferred compensation plan, are classified as long-term investments[21](index=21&type=chunk) [5. Fair Value Measurements](index=10&type=section&id=5.%20Fair%20Value%20Measurements) - The Company's trading securities (mutual funds) are measured at fair value on a recurring basis and are classified as **Level 1**, indicating publicly traded quoted prices in active markets[23](index=23&type=chunk)[25](index=25&type=chunk) - Held-to-maturity securities, primarily state and municipal bonds, are not carried at fair value on the balance sheet but have fair values based on **Level 2** inputs (quoted market prices and yields for similar securities)[24](index=24&type=chunk)[25](index=25&type=chunk) [6. Leases](index=11&type=section&id=6.%20Leases) - The Company's lease portfolio primarily consists of retail store locations, with new store leases typically having a 10-year initial term and renewal options[27](index=27&type=chunk) Total Lease Cost (Amounts in Thousands) | Period | August 2, 2025 | August 3, 2024 | | :----------------------- | :------------- | :------------- | | Thirteen Weeks Ended | $30,702 | $29,721 | | Twenty-Six Weeks Ended | $62,561 | $60,944 | - As of August 2, 2025, the weighted-average remaining lease term was **6.2 years**, and the weighted-average discount rate was **6.4%**. The total operating lease liability was **$375.8 million**[31](index=31&type=chunk)[32](index=32&type=chunk) [7. Supplemental Cash Flow Information](index=12&type=section&id=7.%20Supplemental%20Cash%20Flow%20Information) - Cash paid for income taxes during the twenty-six week period ended August 2, 2025, was **$31.1 million**, compared to **$30.5 million** in the prior year[34](index=34&type=chunk) [8. Stock-Based Compensation](index=13&type=section&id=8.%20Stock-Based%20Compensation) - The Company has restricted stock plans for employees, executives, and non-employee directors, with **2,574,780 shares** available for grant as of August 2, 2025[35](index=35&type=chunk) Stock-Based Compensation Expense (Amounts in Thousands) | Period | August 2, 2025 | August 3, 2024 | | :------------------------------------ | :------------- | :------------- | | Stock-based compensation expense, before tax (13 weeks) | $3,780 | $3,343 | | Stock-based compensation expense, before tax (26 weeks) | $7,962 | $6,869 | - As of August 2, 2025, there was **$20.3 million** of unrecognized compensation expense related to non-vested shares, expected to be recognized over approximately **2.0 years**[41](index=41&type=chunk) [9. Recently Issued Accounting Pronouncements](index=14&type=section&id=9.%20Recently%20Issued%20Accounting%20Pronouncements) - The Company plans to adopt ASU 2023-09 (Income Taxes) effective for fiscal 2025, with no material impact anticipated on its consolidated financial statements[42](index=42&type=chunk) - The Company is evaluating ASU 2024-03/2025-01 (Expense Disaggregation Disclosures), effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027[43](index=43&type=chunk) [10. Segment Reporting](index=14&type=section&id=10.%20Segment%20Reporting) - The Company operates as a single operating and reporting segment, with its President and CEO serving as the Chief Operating Decision Maker (CODM)[44](index=44&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Company's financial condition, operational results, liquidity, and critical accounting policies [Executive Overview](index=15&type=section&id=EXECUTIVE%20OVERVIEW) - Management considers comparable store sales, merchandise margin, operating margin, and cash flow and liquidity as key performance indicators[48](index=48&type=chunk) - The Company believes existing cash, short-term investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years[52](index=52&type=chunk) [Results of Operations](index=16&type=section&id=RESULTS%20OF%20OPERATIONS) Key Financial Performance Metrics (Percentage of Net Sales and YoY Change) | Metric | 13 Weeks Ended Aug 2, 2025 (% of Net Sales) | 13 Weeks Ended Aug 3, 2024 (% of Net Sales) | 13 Weeks YoY Change | 26 Weeks Ended Aug 2, 2025 (% of Net Sales) | 26 Weeks Ended Aug 3, 2024 (% of Net Sales) | 26 Weeks YoY Change | | :-------------------------------------------------- | :----------------------------------------- | :----------------------------------------- | :------------------ | :----------------------------------------- | :----------------------------------------- | :------------------ | | Net sales | 100.0% | 100.0% | 8.3% | 100.0% | 100.0% | 6.1% | | Cost of sales | 52.6% | 53.1% | 7.3% | 52.9% | 53.5% | 4.9% | | Gross profit | 47.4% | 46.9% | 9.4% | 47.1% | 46.5% | 7.4% | | Selling expenses | 24.2% | 25.0% | 4.5% | 24.4% | 24.7% | 4.9% | | General and administrative expenses | 4.8% | 4.8% | 9.1% | 5.4% | 5.2% | 10.3% | | Income from operations | 18.4% | 17.1% | 16.7% | 17.3% | 16.6% | 10.2% | | Net income | 14.7% | 13.9% | 14.6% | 13.9% | 13.6% | 8.2% | - Net sales for the second quarter of fiscal 2025 increased by **8.3%** to **$305.7 million**, with comparable store net sales up **7.3%** and online sales up **17.7%**[53](index=53&type=chunk) - Year-to-date net sales increased by **6.1%** to **$577.9 million**, with comparable store net sales up **5.2%** and online sales up **10.5%**[54](index=54&type=chunk) - Gross profit as a percentage of net sales increased to **47.4%** for the second quarter and **47.1%** year-to-date, driven by higher merchandise margins and leveraged buying, distribution, and occupancy expenses[58](index=58&type=chunk)[59](index=59&type=chunk) - Selling, general, and administrative expenses decreased as a percentage of net sales due to reductions in non-recurring digital commerce investments and store labor expenses, partially offset by increased incentive compensation accruals[60](index=60&type=chunk)[61](index=61&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - As of August 2, 2025, the Company had working capital of **$263.7 million**, including **$297.8 million** in cash and cash equivalents and **$22.1 million** in short-term investments[64](index=64&type=chunk) - Cash flow from operations for the first two quarters of fiscal 2025 was **$89.4 million**, an increase from **$77.5 million** in the prior year[64](index=64&type=chunk) - Total capital expenditures for fiscal 2025 are estimated to be **$50.0 million to $55.0 million**, primarily for planned store projects and technology investments[67](index=67&type=chunk) - The Company has an available unsecured line of credit of **$25.0 million** with Wells Fargo Bank, N.A., which was not utilized during the first two quarters of fiscal 2025 or 2024[69](index=69&type=chunk) [Critical Accounting Policies and Estimates](index=19&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES) - Key accounting policies and estimates include revenue recognition (net of returns, gift cards, and rewards), inventory valuation (lower of cost or net realizable value), income taxes (deferred tax assets/liabilities), leases (right-of-use assets and liabilities), and investments (held-to-maturity and trading securities)[70](index=70&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - The adjustment to inventory for markdowns and/or obsolescence was **$9.4 million** as of August 2, 2025[74](index=74&type=chunk) - The Company is currently evaluating the impact of the One Big Beautiful Bill Act (OBBBA) on its consolidated financial statements[73](index=73&type=chunk) [Off-Balance Sheet Arrangements, Contractual Obligations, and Commercial Commitments](index=21&type=section&id=OFF-BALANCE%20SHEET%20ARRANGEMENTS,%20CONTRACTUAL%20OBLIGATIONS,%20AND%20COMMERCIAL%20COMMITMENTS) Material Contractual Obligations as of August 2, 2025 (Amounts in Thousands) | Contractual Obligations | Total | 2025 (remaining) | 2026-2027 | 2028-2029 | Thereafter | | :------------------------ | :---- | :--------------- | :-------- | :-------- | :--------- | | Purchase obligations | $20,588 | $9,615 | $9,652 | $1,321 | $— | | Deferred compensation | $29,630 | $— | $— | $— | $29,630 | | Operating lease payments | $461,146 | $54,920 | $168,308 | $97,831 | $140,087 | | Total contractual obligations | $511,364 | $64,535 | $177,960 | $99,152 | $169,717 | - The Company had outstanding letters of credit totaling **$3.8 million** as of August 2, 2025, and has no other off-balance sheet arrangements[77](index=77&type=chunk) [Seasonality](index=21&type=section&id=SEASONALITY) - The Company's business is seasonal, with the holiday season (November 15 to December 30) and back-to-school season (July 15 to September 1) historically contributing approximately **35%** of the Company's fiscal year net sales[78](index=78&type=chunk) [Forward Looking Statements](index=22&type=section&id=FORWARD%20LOOKING%20STATEMENTS) - This section contains forward-looking statements subject to various risks and uncertainties, including changes in product mix, fashion trends, competitive factors, and general economic conditions. The Company does not undertake to update these statements[79](index=79&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=22&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk primarily relates to interest rate fluctuations on cash and investments, with declines negatively impacting income - For each **one-quarter percent decline** in the interest/dividend rate earned on cash and investments, the Company's net income would decrease approximately **$0.5 million**, or less than **$0.01 per share**[80](index=80&type=chunk) [Item 4. Controls and Procedures](index=22&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective as of August 2, 2025, with no material changes to internal control over financial reporting - The Company's disclosure controls and procedures were effective as of August 2, 2025, providing reasonable assurance that material information is accumulated and communicated to management in a timely manner[81](index=81&type=chunk)[82](index=82&type=chunk) - There were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, internal control over financial reporting during the last fiscal quarter[83](index=83&type=chunk) Part II. Other Information This section covers legal proceedings, risk factors, equity security sales, defaults, mine safety, and other disclosures [Item 1. Legal Proceedings](index=23&type=section&id=Item%201.%20Legal%20Proceedings) The Company reported no legal proceedings - No legal proceedings were reported[85](index=85&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Company's Annual Report on Form 10-K were reported - No material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025[85](index=85&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=23&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock repurchases occurred, 410,655 shares remain under the plan, and no Rule 10b5-1 arrangements were modified - The Company did not purchase any shares of its common stock during the fiscal quarter ended August 2, 2025[86](index=86&type=chunk) - There are **410,655 shares** remaining to complete the **1,000,000 share** repurchase plan authorized on November 20, 2008[86](index=86&type=chunk) - No Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during the quarter[87](index=87&type=chunk) [Item 3. Defaults Upon Senior Securities](index=23&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities - No defaults upon senior securities were reported[88](index=88&type=chunk) [Item 4. Mine Safety Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The Company reported no mine safety disclosures - No mine safety disclosures were reported[88](index=88&type=chunk) [Item 5. Other Information](index=23&type=section&id=Item%205.%20Other%20Information) No other information was reported under this item - No other information was reported under this item[88](index=88&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including the Revolving Line of Credit Note, CEO/CFO certifications, and XBRL financials - Key exhibits include the Amended and Restated Revolving Line of Credit Note (Exhibit 10.1), CEO and CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2), and XBRL formatted financial statements (Exhibit 101)[89](index=89&type=chunk)[95](index=95&type=chunk) [Signatures](index=25&type=section&id=SIGNATURES) This section provides the official signatures for the report, confirming its submission - The report was signed on September 11, 2025, by Dennis H. Nelson, President and CEO, and Thomas B. Heacock, Senior Vice President of Finance, Treasurer, and CFO[93](index=93&type=chunk)

Sales Performance - Comparable store sales for stores opened at least 1 full year increased by 12.2% for the 4-week period ended August 30, 2025, compared to the prior year [1] - Total net sales for the 4-week fiscal month rose by 13.4% to $119.2 million, up from $105.1 million in the same period last year [2] - Men's sales increased by 4% for the same period, representing approximately 49.5% of total sales, down from 54% a year ago [2] Women's Sales - Women's sales surged by 25.5% for the 4-week fiscal period ended August 30, 2025, compared to the prior year [3] - The women's business accounted for approximately 50.5% of total sales, up from 46% in the same period last year [3] - Overall price points for women's products increased by about 7% during the fiscal month [3] Accessories Sales - Accessory sales for the fiscal month increased approximately 10% compared to the prior year [4]

The Buckle (BKE) Update / Briefing September 03, 2025 08:00 PM ET Company ParticipantsAdam Akerson - VP - Finance & Corporate ControllerAdam AkersonHi. This is Adam Macerson with Buckle. This is a recording of Buckle's commentary regarding the company's August 2025 sales press release. Our 09/04/2025 press release reported a comparable store sales for stores open at least one full year for the four week period ended 08/30/2025 increased 12.2% in comparison to the prior year four week period ended 08/31/2024 ...

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Group 1 - The investment strategy is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]

Group 1 - The core investment strategy of Quipus Capital focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective rather than market-driven dynamics [1] - Quipus Capital emphasizes understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - The majority of recommendations from Quipus Capital will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles produced by Quipus Capital aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1]

The Buckle, Inc. Reports Second Quarter Net Income [Key Financial Highlights (Q2 & YTD Fiscal 2025)](index=1&type=section&id=Key%20Financial%20Highlights%20%28Q2%20%26%20YTD%20Fiscal%202025%29) The Buckle, Inc. reported strong financial performance for both the second fiscal quarter and the first 26-week period of fiscal 2025, with notable year-over-year growth across key metrics including net income, net sales, comparable store sales, and online sales Q2 Fiscal 2025 vs. Q2 Fiscal 2024 Performance | Metric | Q2 FY25 | Q2 FY24 | Change (%) | | :-------------------------- | :-------- | :-------- | :--------- | | Net Income | $45.0 million | $39.3 million | +14.5% | | Basic EPS | $0.90 | $0.79 | +13.9% | | Diluted EPS | $0.89 | $0.78 | +14.1% | | Net Sales | $305.7 million | $282.4 million | +8.3% | | Comparable Store Net Sales | +7.3% | N/A | N/A | | Online Sales | $43.6 million | $37.0 million | +17.7% | - Net income for the fiscal quarter ended August 2, 2025, was **$45.0 million**, or **$0.90** per share (**$0.89** diluted), compared to **$39.3 million**, or **$0.79** per share (**$0.78** diluted) for the prior year's second quarter[3](index=3&type=chunk)[6](index=6&type=chunk) - Net sales for the 13-week fiscal quarter increased **8.3 percent** to **$305.7 million**, with comparable store net sales up **7.3 percent** and online sales up **17.7 percent** to **$43.6 million**[4](index=4&type=chunk) YTD Fiscal 2025 (26-week) vs. YTD Fiscal 2024 Performance | Metric | YTD FY25 | YTD FY24 | Change (%) | | :-------------------------- | :-------- | :-------- | :--------- | | Net Income | $80.2 million | $74.1 million | +8.2% | | Basic EPS | $1.60 | $1.49 | +7.4% | | Diluted EPS | $1.59 | $1.48 | +7.4% | | Net Sales | $577.9 million | $544.9 million | +6.1% | | Comparable Store Net Sales | +5.2% | N/A | N/A | | Online Sales | $90.0 million | $81.4 million | +10.5% | - Net income for the 26-week fiscal period ended August 2, 2025, was **$80.2 million**, or **$1.60** per share (**$1.59** diluted), up from **$74.1 million**, or **$1.49** per share (**$1.48** diluted) in the prior year[7](index=7&type=chunk) - Net sales for the 26-week period increased **6.1 percent** to **$577.9 million**, with comparable store net sales up **5.2 percent** and online sales up **10.5 percent** to **$90.0 million**[5](index=5&type=chunk) [Investor Webcast Information](index=1&type=section&id=Investor%20Webcast%20Information) Management will host a live audio webcast to discuss the quarter's results, with registration details provided and a replay available on the investor relations website - A live audio webcast was scheduled for August 22, 2025, at 10:00 a.m. EDT to discuss the quarter's results, with a replay accessible through Buckle's investor relations website[8](index=8&type=chunk) [About Buckle](index=1&type=section&id=About%20Buckle) Buckle is a specialty retailer offering a curated mix of apparel, accessories, and footwear, known for its denim selection and operating 440 retail stores across 42 states - Buckle is a specialty retailer focused on delivering exceptional service and style through a curated mix of high-quality, on-trend apparel, accessories, and footwear[9](index=9&type=chunk) - The company is known as a denim destination, carrying a wide selection from leading brands, including its exclusive brand, BKE[9](index=9&type=chunk) - Buckle currently operates **440 retail stores** in **42 states**, maintaining the same store count as the end of the second quarter of fiscal 2024[9](index=9&type=chunk) [Safe Harbor Statement](index=2&type=section&id=SAFE%20HARBOR%20STATEMENT%20UNDER%20THE%20PRIVATE%20SECURITIES%20LITIGATION%20REFORM%20ACT%20OF%201995) The statement advises that all forward-looking statements are subject to material risks and uncertainties beyond the Company's control, and future performance may differ materially from projections. The Company does not commit to publicly update or revise these statements - All forward-looking statements involve material risks and uncertainties and are subject to change based on factors beyond the Company's control[10](index=10&type=chunk) - The Company's future performance and financial results may differ materially from those expressed or implied in any forward-looking statements[10](index=10&type=chunk) - The Company does not undertake to publicly update or revise any forward-looking statements, even if experience or future changes indicate that projected results will not be realized[10](index=10&type=chunk) Consolidated Financial Statements [Consolidated Statements of Income](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) The consolidated statements of income show an increase in net sales, gross profit, and net income for both the second quarter and the 26-week period of fiscal 2025 compared to the prior year, despite higher operating expenses Consolidated Statements of Income - Key Figures (Thirteen Weeks Ended, Thousands) | Metric | August 2, 2025 | August 3, 2024 | | :----------------- | :------------- | :------------- | | SALES, Net | $305,737 | $282,392 | | COST OF SALES | $160,728 | $149,858 | | Gross profit | $145,009 | $132,534 | | OPERATING EXPENSES | $88,668 | $84,274 | | INCOME FROM OPERATIONS | $56,341 | $48,260 | | NET INCOME | $45,006 | $39,255 | | Basic EPS | $0.90 | $0.79 | | Diluted EPS | $0.89 | $0.78 | Consolidated Statements of Income - Key Figures (Twenty-Six Weeks Ended, Thousands) | Metric | August 2, 2025 | August 3, 2024 | | :----------------- | :------------- | :------------- | | SALES, Net | $577,858 | $544,872 | | COST OF SALES | $305,873 | $291,641 | | Gross profit | $271,985 | $253,231 | | OPERATING EXPENSES | $172,098 | $162,575 | | INCOME FROM OPERATIONS | $99,887 | $90,656 | | NET INCOME | $80,199 | $74,098 | | Basic EPS | $1.60 | $1.49 | | Diluted EPS | $1.59 | $1.48 | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet shows an increase in total assets, driven by higher cash and cash equivalents, inventory, and operating lease right-of-use assets, alongside an increase in total liabilities and stockholders' equity as of August 2, 2025, compared to both February 1, 2025, and August 3, 2024 Consolidated Balance Sheets - Key Assets (Thousands) | Asset | August 2, 2025 | February 1, 2025 | August 3, 2024 | | :------------------------ | :------------- | :--------------- | :------------- | | Cash and cash equivalents | $297,811 | $266,929 | $287,266 | | Short-term investments | $22,118 | $23,801 | $21,856 | | Inventory | $142,486 | $120,789 | $131,418 | | Total current assets | $493,302 | $439,209 | $469,200 | | Property and equipment, net | $158,783 | $145,752 | $139,333 | | Operating lease right-of-use assets | $334,703 | $289,793 | $292,194 | | Total assets | $1,028,632 | $913,173 | $940,271 | Consolidated Balance Sheets - Key Liabilities & Equity (Thousands) | Liability/Equity | August 2, 2025 | February 1, 2025 | August 3, 2024 | | :--------------------------- | :------------- | :--------------- | :------------- | | Accounts payable | $72,630 | $45,982 | $62,820 | | Total current liabilities | $229,554 | $213,932 | $206,219 | | Non-current operating lease liabilities | $293,293 | $247,321 | $248,424 | | Total liabilities | $552,477 | $489,369 | $481,627 | | Total stockholders' equity | $476,155 | $423,804 | $458,644 | | Total liabilities and stockholders' equity | $1,028,632 | $913,173 | $940,271 |

Financial Data and Key Metrics Changes - Net income for the second quarter was $45 million or $0.89 per share, compared to $39.3 million or $0.78 per share in the prior year [4] - Year-to-date net income was $80.2 million or $1.59 per share, up from $74.1 million or $1.48 per share in the prior year [4] - Net sales for the second quarter increased by 8.3% to $305.7 million, compared to $282.4 million in the prior year [4] - Year-to-date net sales increased by 6.1% to $577.9 million, compared to $544.9 million in the prior year [4] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 18.5%, representing about 47.5% of total sales, up from 43.5% last year [11] - Men's merchandise sales grew by about 1.5%, representing approximately 52.5% of total sales, down from 56.5% in the prior year [12] - Kids business increased approximately 23% year-over-year, growing to about 4.5% of total business for the quarter [14] - Overall average accessory sales increased by approximately 9.5%, while footwear sales were down about 0.5% [13] Market Data and Key Metrics Changes - Comparable store sales for the quarter increased by 7.3% compared to the same period last year [4] - Online sales increased by 17.7% to $43.6 million for the quarter [4] - Year-to-date comparable store sales increased by 5.2% compared to the same period last year [5] Company Strategy and Development Direction - The company continues to focus on customer-centric buying strategies, leading to double-digit growth in most categories [12] - There is an ongoing strategy to enhance the online shopping experience, with investments in digital commerce expected to continue benefiting future quarters [29] - The company plans to open four additional new stores and complete 12 more full remodeling projects for the remainder of the year [9] Management's Comments on Operating Environment and Future Outlook - Management noted that merchandise margin growth was strong, although the rate of growth decelerated compared to the previous quarter [20] - Tariff impacts on costs are currently low to mid-single digits, with some vendors experiencing higher costs [22] - The company is experiencing increased occupancy expenses due to new store openings and remodels, which is expected to continue [24] Other Important Information - Gross margin for the quarter was 47.4%, a 50 basis point increase from the previous year [5] - Selling, general, and administrative expenses for the quarter were 29% of sales, down from 29.8% in the prior year [6][7] - The company ended the quarter with $142.5 million in inventory, up 8.4% from the same time last year [8] Q&A Session Summary Question: Can you elaborate on the merchandise margin expansion? - Management indicated that the growth in merchandise margins was strong, but the rate of growth decelerated due to a decrease in private label mix [20][21] Question: What are the drivers behind the gross margin leverage? - The increase in occupancy expenses was identified as a key driver, with a 5.5% increase in Q2 compared to Q1 [24] Question: Is the 65 basis points from nonrecurring digital investments just for Q2? - Management confirmed that the impact of digital investments will also flow into Q3 [29]

Financial Data and Key Metrics Changes - Net income for Q2 2025 was $45 million or $0.89 per share, compared to $39.3 million or $0.78 per share in Q2 2024, representing a year-over-year increase of 14.3% in net income [4] - Year-to-date net income for the 26-week period ended August 2, 2025, was $80.2 million or $1.59 per share, up from $74.1 million or $1.48 per share in the prior year [4] - Net sales for Q2 2025 increased by 8.3% to $305.7 million compared to $282.4 million in Q2 2024 [4] - Year-to-date net sales increased by 6.1% to $577.9 million compared to $544.9 million in the prior year [4] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 18.5%, representing about 47.5% of total sales, up from 43.5% last year [11] - Men's merchandise sales grew by about 1.5%, accounting for approximately 52.5% of total sales, down from 56.5% in the prior year [12] - Kids' business saw a significant increase of approximately 23% year-over-year, growing to about 4.5% of total business for the quarter [14] - Private label sales represented 43.5% of total sales, up from 43% in the prior year [14] Market Data and Key Metrics Changes - Online sales increased by 17.7% to $43.6 million in Q2 2025 [4] - Comparable store sales for the quarter increased by 7.3% compared to the same period last year [4] - Average unit retail (AUR) for women's products increased by about 5% from $43.15 to $45.35 [12] Company Strategy and Development Direction - The company continues to focus on customer-centric buying strategies, which have resulted in strong guest responses and double-digit growth in most categories [12] - The strategy includes evolving the denim category, which has been a significant driver of sales growth [11] - The company plans to open four additional new stores and complete 12 more full remodeling projects for the remainder of the year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the growth in merchandise margins despite a deceleration compared to the previous quarter, attributing it to strong full-price selling [20] - The company is experiencing low to mid-single-digit cost increases due to tariffs, with some vendors showing no increase at all [22] - Management noted that occupancy expenses increased due to new store openings and remodels, impacting overall margins [24] Other Important Information - Gross margin for Q2 2025 was 47.4%, a 50 basis point increase from 46.9% in Q2 2024 [5] - Selling, general, and administrative expenses for the quarter were 29% of sales, down from 29.8% in the prior year [6] - The company ended the quarter with $142.5 million in inventory, up 8.4% from the same time last year [8] Q&A Session Summary Question: Can you elaborate on the merchandise margin expansion? - Management indicated that the growth in merchandise margins was due to strong full-price selling, although the rate of growth decelerated compared to Q1 [20] Question: What are the drivers behind the occupancy expense increase? - The increase in occupancy expense was attributed to new store openings and remodels, which led to higher base rent and percentage rent due to strong sales performance [24] Question: Is the 65 basis points from nonrecurring digital investments just a one-time effect? - Management confirmed that the impact from nonrecurring digital investments will also flow into Q3, as efforts to improve the online experience began in Q1 and continued into Q2 [29]

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Financial Performance - Net sales increased from $262.5 million in Q1 2024 to $272.1 million in Q1 2025, a 3.7% increase [55] - Comparable store net sales for the thirteen-week period ended May 3, 2025, increased by 3.0% compared to the prior year [55] - Gross profit was $127.0 million in Q1 2025, representing 46.7% of net sales, up from 46.0% in Q1 2024 [57] - Income from operations was $43.5 million, or 16.0% of net sales, for Q1 2025, compared to $42.4 million, or 16.2% of net sales, for Q1 2024 [59] - Cash flow from operations was $31.0 million in Q1 2025, compared to $29.9 million in Q1 2024 [60] Capital Expenditures and Investments - Total capital expenditures for fiscal 2025 are estimated to be approximately $50.0 to $55.0 million [63] - The company had total cash and investments of $320.0 million as of May 3, 2025 [63] - The company has an unsecured line of credit of $25.0 million with Wells Fargo Bank, N.A., expiring on July 31, 2025 [65] - The Company has an unsecured line of credit of $25.0 million, with $10.0 million available for letters of credit [73] Inventory and Obligations - As of May 3, 2025, the adjustment to inventory for markdowns and/or obsolescence was $9.7 million, compared to $9.2 million as of February 1, 2025 [71] - The total contractual obligations as of May 3, 2025, amounted to $499.486 million, with operating lease payments contributing $452.013 million [73] - The Company had outstanding letters of credit totaling $1.1 million as of May 3, 2025, down from $2.2 million as of February 1, 2025 [73] Business Strategy and Operations - The company plans to open 7 new stores and complete 16 full store remodels during fiscal 2025 [63] - The holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales for fiscal years 2024, 2023, and 2022 [74] - Store leases typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years [71] - Management reviews inventory levels against estimated future demand and current market conditions, which could significantly impact net earnings [71] Financial Risks and Trends - A one-quarter percent decline in the interest/dividend rate earned on cash and investments would decrease the Company's net income by approximately $0.5 million [76] - The Company has no known trends or uncertainties that would materially affect its financial condition or results of operations [72] - The Company does not undertake to update any forward-looking statements made from time to time [75]