Part I. Financial Information This section details the company's financial statements, management's analysis, market risks, and internal controls for the period [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Net sales and income decreased, while assets and liabilities significantly increased due to the adoption of the new lease accounting standard (Topic 842) [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities significantly increased due to the adoption of Topic 842, recognizing right-of-use assets and lease liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | May 4, 2019 | February 2, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$880,365** | **$527,302** | | Cash and cash equivalents | $183,939 | $168,471 | | Inventory | $120,814 | $125,190 | | Operating Lease Right-of-Use Assets | $345,473 | $— | | **Total Liabilities** | **$482,407** | **$133,425** | | Current portion of operating lease liabilities | $72,857 | $— | | Non-current operating lease liabilities | $300,430 | $— | | **Total Stockholders' Equity** | **$397,958** | **$393,877** | - The adoption of the new lease accounting standard (Topic 842) resulted in the recognition of approximately **$362.6 million** in Right-of-Use (ROU) assets and **$389.8 million** in operating lease liabilities as of February 3, 2019[28](index=28&type=chunk) [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales decreased by **1.7%** and net income declined by **17.7%** for the thirteen weeks ended May 4, 2019 Q1 2019 vs Q1 2018 Income Statement (in thousands, except per share data) | Metric | Thirteen Weeks Ended May 4, 2019 | Thirteen Weeks Ended May 5, 2018 | | :--- | :--- | :--- | | Net Sales | $201,313 | $204,897 | | Gross Profit | $76,653 | $79,691 | | Income from Operations | $18,734 | $23,260 | | Net Income | $15,092 | $18,338 | | Diluted EPS | $0.31 | $0.38 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$29.3 million**, contributing to a **$15.5 million** net increase in cash and cash equivalents Cash Flow Summary (in thousands) | Cash Flow Activity | Thirteen Weeks Ended May 4, 2019 | Thirteen Weeks Ended May 5, 2018 | | :--- | :--- | :--- | | Net cash flows from operating activities | $29,274 | $19,331 | | Net cash flows from investing activities | $(1,497) | $(3,769) | | Net cash flows from financing activities | $(12,309) | $(12,261) | | **Net increase in cash** | **$15,468** | **$3,301** | | **Cash and cash equivalents, End of period** | **$183,939** | **$168,387** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the adoption of Topic 842, online sales growth to **12.1%**, and a non-material data security incident - The Company adopted lease accounting standard Topic 842 on February 3, 2019, using the modified retrospective transition method, which did not require adjusting prior period information[27](index=27&type=chunk) - Online revenues increased to **12.1%** of net sales for the thirteen weeks ended May 4, 2019, up from **11.3%** in the same period of 2018[31](index=31&type=chunk) - Management does not expect any potential assessments or fines from the 2016-2017 data security incident to have a material effect on the company's financial position[62](index=62&type=chunk)[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **1.7%** net sales decrease, gross margin contraction, and the company's strong liquidity position [Results of Operations](index=18&type=section&id=Results%20of%20Operations) Net sales decreased by **1.7%** due to lower comparable store sales and average retail price, leading to a **19.5%** drop in operating income Results of Operations as a Percentage of Net Sales | Line Item | Q1 2019 (% of Net Sales) | Q1 2018 (% of Net Sales) | % Change in Dollar Amount | | :--- | :--- | :--- | :--- | | Net sales | 100.0% | 100.0% | (1.7)% | | Gross profit | 38.1% | 38.9% | (3.8)% | | Income from operations | 9.3% | 11.4% | (19.5)% | | Net income | 7.5% | 9.0% | (17.7)% | - Comparable store net sales for the quarter decreased by **1.3%** compared to the prior year period[74](index=74&type=chunk) - Online sales grew **5.6%** to **$24.4 million** for the quarter[74](index=74&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$217.5 million** in working capital and projects **$8.0 to $12.0 million** in fiscal 2019 capital expenditures - As of May 4, 2019, the Company had working capital of **$217.5 million**, including **$183.9 million** of cash and cash equivalents and **$53.7 million** of short-term investments[83](index=83&type=chunk) - Management estimates total capital expenditures for fiscal 2019 will be approximately **$8.0 to $12.0 million**, primarily for store projects and technology investments[86](index=86&type=chunk) - The Company has an available **$25.0 million** unsecured line of credit, with no borrowings during the first quarter of fiscal 2019 or 2018[88](index=88&type=chunk) [Critical Accounting Policies and Estimates](index=20&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical policies include revenue recognition, inventory valuation, and income taxes, with Topic 842 adoption being a key change in Q1 2019 - The liability for unredeemed gift cards and certificates was **$14.3 million** as of May 4, 2019[91](index=91&type=chunk) - The adjustment to inventory for markdowns and/or obsolescence was **$11.3 million** as of May 4, 2019[96](index=96&type=chunk) - The adoption of lease standard ASU 2016-02 (Topic 842) in Q1 2019 resulted in the recognition of net ROU assets of approximately **$362.6 million** and lease liabilities of **$389.8 million**[98](index=98&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on cash and investments, with a **0.25%** rate decline impacting net income by **$0.5 million** - The primary market risk is interest rate risk on cash and investments; a **0.25%** decline in interest rates would reduce net income by about **$0.5 million**[106](index=106&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were effective, and new internal controls were implemented to support the adoption of the new lease accounting standard (Topic 842) - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[108](index=108&type=chunk) - New internal controls were implemented in Q1 2019 to support the adoption of the new lease accounting standard, ASU No 2016-02, Leases (Topic 842)[109](index=109&type=chunk) Part II. Other Information This section covers legal proceedings, risk factors, equity security sales, and a list of filed exhibits [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported during the period - None[112](index=112&type=chunk) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported from the risk factors previously disclosed in the 2018 Annual Report on Form 10-K - No material changes from the risk factors disclosed in the 2018 Form 10-K[112](index=112&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No common stock was repurchased during the quarter, with **440,207 shares** remaining available under the existing authorization - No shares of common stock were repurchased during the quarter[113](index=113&type=chunk) - There are **440,207 shares** remaining for repurchase under the existing authorization[113](index=113&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) The report includes required certifications from the CEO and CFO, along with financial data presented in XBRL format - Exhibits filed include certifications from the CEO and CFO as required by the Sarbanes-Oxley Act, and financial data in XBRL format[114](index=114&type=chunk)

The Buckle, Inc. (NYSE:BKE) Q1 2019 Earnings Conference Call May 24, 2019 10:00 AM ET Company Participants Tom Heacock – Senior Vice President of Finance, Treasurer and Chief Financial Officer Kelli Molczyk – Vice President-Women's Merchandising Bob Carlberg – Senior Vice President of Men's Merchandising Dennis Nelson – President and Chief Executive Officer Conference Call Participants Tiffany Kanaga – Deutsche Bank Steve Marotta – C.L. King & Associates John Deysher – Pinnacle Operator Ladies and gentlemen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended February 2, 2019 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____________ to ____________ Commission File Number: 001-12951 THE BUCKLE, INC. (Exact name of Registrant as specified in its charter) Nebraska 47-0366193 (State or other jurisdi ...

The Buckle, Inc. (NYSE:BKE) Q4 2018 Results Conference Call March 15, 2019 10:00 AM ET Company Participants Dennis Nelson - President and CEO Tom Heacock - SVP, Finance, Treasurer and CFO Kelli Molczyk - VP, WomenÂ's Merchandising Bob Carlberg - SVP, MenÂ's Merchandising Conference Call Participants Tiffany Kanaga - Deutsche Bank Steve Marotta - C.L. King John Deysher - Pinnacle Operator Ladies and gentlemen, thank you for standing by. And welcome to The Buckle, Inc. Fourth Quarter Earnings Release. At this ...