UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended August 3, 2024 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 j ...

The insurance player, The Hartford Financial Services Group, Inc. (HIG) , continues to exhibit improving renewal written pricing in Commercial Lines. The company has seen its shares rise 42.5% in the year-to-date period, outpacing the industry's 13.2% growth. The company also outperformed the S&P 500's return of 13.3%. Moreover, the stock is trading above its 50-day and 200-day moving averages, indicating solid upward momentum. Currently priced at $114.49, the stock is just 2.5% below its 52-week high of $1 ...

[The Buckle, Inc. Second Quarter 2024 Earnings Release](index=1&type=section&id=The%20Buckle%2C%20Inc.%20Reports%20Second%20Quarter%20Net%20Income) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) The Buckle, Inc. reported a decline in financial performance for the second quarter of fiscal 2024, with net income and sales decreasing across both quarterly and year-to-date periods Q2 & YTD Net Income and EPS Comparison (Fiscal 2024 vs. 2023) | Metric | Q2 2024 (13-Week) | Q2 2023 (13-Week) | YTD 2024 (26-Week) | YTD 2023 (26-Week) | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $39.3 million | $45.6 million | $74.1 million | $88.6 million | | **EPS (Basic)** | $0.79 | $0.92 | $1.49 | $1.79 | | **EPS (Diluted)** | $0.78 | $0.92 | $1.48 | $1.78 | Q2 & YTD Sales Performance Comparison (Fiscal 2024 vs. 2023) | Sales Metric | Q2 2024 (13-Week) | Q2 2023 (13-Week) | % Change | YTD 2024 (26-Week) | YTD 2023 (26-Week) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $282.4 million | $292.4 million | -3.4% | $544.9 million | $575.3 million | -5.3% | | **Comparable Store Sales** | N/A | N/A | -6.6% | N/A | N/A | -7.7% | | **Online Sales** | $37.0 million | $43.6 million | -15.2% | $81.4 million | $94.9 million | -14.2% | [Detailed Financial Statements](index=3&type=section&id=Detailed%20Financial%20Statements) This section presents unaudited consolidated statements of income and balance sheets, detailing declines in profitability and changes in asset and liability structures [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Gross profit and income from operations decreased for both the second quarter and year-to-date periods, reflecting pressure on profitability from lower sales and higher operating expenses Consolidated Income Statement Highlights (Amounts in Thousands) | Account | Q2 2024 (13-Week) | Q2 2023 (13-Week) | YTD 2024 (26-Week) | YTD 2023 (26-Week) | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $282,392 | $292,428 | $544,872 | $575,262 | | **Gross Profit** | $132,534 | $138,412 | $253,231 | $271,669 | | **Income from Operations** | $48,260 | $56,761 | $90,656 | $110,491 | | **Net Income** | $39,255 | $45,640 | $74,098 | $88,576 | Weighted Average Shares (in Thousands) | Share Type | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Basic** | 49,854 | 49,513 | 49,854 | 49,513 | | **Diluted** | 50,221 | 49,875 | 50,197 | 49,868 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $940.3 million, driven by higher cash and property/equipment, while total liabilities also rose, primarily due to operating lease obligations Key Balance Sheet Items (Amounts in Thousands) | Account | Aug 3, 2024 | Feb 3, 2024 | Jul 29, 2023 | | :--- | :--- | :--- | :--- | | **Total Current Assets** | $469,200 | $444,256 | $455,227 | | **Total Assets** | $940,271 | $889,810 | $861,547 | | **Total Current Liabilities** | $206,219 | $221,456 | $196,775 | | **Total Liabilities** | $481,627 | $476,590 | $425,011 | | **Total Stockholders' Equity** | $458,644 | $413,220 | $436,536 | - Key current assets as of August 3, 2024, include **$287.3 million** in cash and cash equivalents and **$131.4 million** in inventory[9](index=9&type=chunk) [Company Profile and Outlook](index=3&type=section&id=Company%20Profile%20and%20Outlook) Buckle is a specialty retailer operating 440 stores in 42 states, with the release including a standard Safe Harbor statement regarding forward-looking statements - Buckle is a specialty retailer known as a denim destination, offering a mix of on-trend apparel, accessories, and footwear[5](index=5&type=chunk) - The company's retail footprint remained stable, operating **440** stores in **42** states as of the end of Q2 2024, the same number as in Q2 2023[5](index=5&type=chunk) - The release contains a Safe Harbor statement cautioning that future performance may differ materially from forward-looking statements due to various risks and uncertainties[6](index=6&type=chunk)

Lighthouse Films The Buckle, Inc. (NYSE:BKE) is another specialty retail stock that we have traded quite a few times over the years. This stock tends to trade with some volatility, making it great for quick scalp trades. That said, for the patient trader/investor, we have rated it a quality hold, as shares have slowly crept higher over time with a rising market. Today, the stock is taking a leg higher, approaching 52-week highs. All of this comes with a tough macro environment for retailers. Consumers' wall ...

The Buckle, Inc. (NYSE:BKE) Q2 2024 Earnings Conference Call August 23, 2024 10:00 AM ET Company Participants Tom Heacock - Senior Vice President of Finance, Treasurer and Chief Financial Officer Adam Akerson - Vice President of Finance and Corporate Controller Dennis Nelson - President and Chief Executive Officer Conference Call Participants Mauricio Serna - UBS Alan Glenn - Concord & Main Ltd Operator Good morning and thank you for standing by. Welcome to Buckle's Second Quarter Earnings Release Webcast. ...

Group 1 - The electric vehicle (EV) industry has faced significant challenges over the past 12 months, with Lucid Group experiencing particularly severe difficulties, as its stock price fell from over $50 in 2021 to $3.18 by July 9, 2024 [1] - Lucid Group's delivery expectations for 2024 were set at 90,000 vehicles, but actual deliveries in the first half of 2024 were only 4,361, representing a 91.11% underperformance compared to initial forecasts [1] - Despite weak delivery numbers compared to 2021 predictions, Lucid Group achieved a record delivery of 2,394 EVs in Q2 2024, surpassing its previous record of 1,967 vehicles in Q1 2023, indicating a potential return of optimism [2] Group 2 - Lucid Group's stock performance has shown improvement recently, with a 16.48% increase over the last 30 days and a 10.10% surge in the last full week of trading, although it remains down year-to-date [3]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q1 2024 detail balance sheets, income, equity, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$906.1 million** as of May 4, 2024, with stockholders' equity growing to **$433.8 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | May 4, 2024 | February 3, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $267,427 | $268,213 | | Inventory | $130,661 | $126,290 | | Total current assets | $446,829 | $444,256 | | Total assets | $906,070 | $889,810 | | Accounts payable | $54,811 | $45,958 | | Total current liabilities | $205,280 | $221,456 | | Total liabilities | $472,255 | $476,590 | | Total stockholders' equity | $433,815 | $413,220 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net sales decreased to **$262.5 million** for Q1 2024, with net income declining to **$34.8 million** Condensed Consolidated Statement of Income (in thousands, except per share data) | Metric | Thirteen Weeks Ended May 4, 2024 | Thirteen Weeks Ended April 29, 2023 | | :--- | :--- | :--- | | Net Sales | $262,480 | $282,834 | | Gross Profit | $120,697 | $133,257 | | Income from Operations | $42,396 | $53,730 | | Net Income | $34,843 | $42,936 | | Diluted EPS | $0.69 | $0.86 | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased to **$433.8 million** as of May 4, 2024, driven by net income and offset by dividends - Dividends paid on common stock were **$0.35** per share for the first quarter of both fiscal **2024** and **2023**, totaling **$17.8 million** and **$17.7 million**, respectively[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$29.9 million** for Q1 2024, resulting in a slight decrease in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Thirteen Weeks Ended May 4, 2024 | Thirteen Weeks Ended April 29, 2023 | | :--- | :--- | :--- | | Net cash flows from operating activities | $29,884 | $33,295 | | Net cash flows from investing activities | ($12,896) | ($13,279) | | Net cash flows from financing activities | ($17,774) | ($17,660) | | Net (decrease) increase in cash | ($786) | $2,356 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide details on accounting policies, including revenue recognition, lease obligations, and stock-based compensation, with online sales at **16.9%** - The company operates as a single reportable segment with **440** stores in **42** states as of May 4, 2024. During the quarter, the company opened no new stores, remodeled **5**, and closed **4**[26](index=26&type=chunk) - Online revenues accounted for **16.9%** of net sales for the thirteen weeks ended May 4, 2024, down from **18.1%** in the same period of the prior year[46](index=46&type=chunk) Net Sales by Merchandise Group (Q1 2024 vs Q1 2023) | Merchandise Group | % of Net Sales (Q1 2024) | % of Net Sales (Q1 2023) | | :--- | :--- | :--- | | Denims | 43.2% | 41.7% | | Tops | 27.3% | 27.1% | | Accessories | 10.8% | 10.8% | | Footwear | 5.8% | 8.1% | - As of May 4, 2024, the company had **$21.3 million** of unrecognized compensation expense related to non-vested shares, expected to be recognized over a weighted average period of approximately **2.2 years**[90](index=90&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 net sales decrease of **7.2%**, gross profit margin decline, and **$241.5 million** in working capital [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Net sales for Q1 2024 decreased by **7.2%** to **$262.5 million**, with gross profit margin falling to **46.0%** Key Operational Metrics (% of Net Sales) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net sales | 100.0% | 100.0% | | Gross profit | 46.0% | 47.1% | | Income from operations | 16.2% | 19.0% | | Net income | 13.3% | 15.2% | - The decrease in total sales was caused by an **8.0%** drop in transactions and a **5.5%** decrease in units per transaction, partially offset by a **6.0%** increase in average unit retail price[96](index=96&type=chunk) - Online sales decreased **13.4%** to **$44.4 million** for the quarter[96](index=96&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$241.5 million** working capital, planning **$32.0 to $38.0 million** in capital expenditures - As of May 4, 2024, the Company had working capital of **$241.5 million**, including **$267.4 million** of cash and cash equivalents[73](index=73&type=chunk) - Capital expenditures for fiscal **2024** are estimated to be between **$32.0 to $38.0 million**, covering planned store projects and technology investments[126](index=126&type=chunk) - The company has an available unsecured line of credit of **$25.0 million**, with no borrowings during the first quarter of fiscal **2024** or **2023**[100](index=100&type=chunk) [Critical Accounting Policies and Estimates](index=18&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting policies and estimates, including revenue recognition and inventory valuation, remain materially unchanged from the **2023** Form 10-K - The liability for unredeemed gift cards was **$14.4 million** as of May 4, 2024[102](index=102&type=chunk) - The liability for estimated future rewards under the Buckle Rewards program was **$10.4 million** as of May 4, 2024[103](index=103&type=chunk) - The adjustment to inventory for markdowns and/or obsolescence was **$10.4 million** as of May 4, 2024, up from **$9.1 million** as of February 3, 2024[104](index=104&type=chunk) [Seasonality](index=20&type=section&id=Seasonality) The company's business is seasonal, with holiday and back-to-school periods driving significant sales - The holiday and back-to-school seasons historically accounted for approximately **35%** of the Company's annual net sales in fiscal years **2023**, **2022**, and **2021**[1](index=1&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk, with a **0.25%** decline potentially decreasing net income by **$0.5 million** - A one-quarter percent (**0.25%**) decline in the interest/dividend rate earned on cash and investments would decrease the Company's net income by approximately **$0.5 million**[111](index=111&type=chunk) [Item 4. Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[112](index=112&type=chunk) - No changes occurred in the Company's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[113](index=113&type=chunk) [Part II. Other Information](index=22&type=section&id=Part%20II.%20Other%20Information) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported from the risk factors disclosed in the Company's fiscal **2024** Annual Report on Form 10-K - No material changes from the risk factors disclosed in the Annual Report on Form 10-K for the fiscal year ended February 3, 2024, were reported[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase common stock during Q1 2024, with **410,655** shares remaining under authorization - The Company has **410,655** shares remaining to be repurchased under its **1,000,000** share repurchase plan authorized in **2008**[143](index=143&type=chunk) Share Repurchase Activity (Quarter Ended May 4, 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Remaining Under Plan | | :--- | :--- | :--- | :--- | | Feb 4 - Mar 2, 2024 | - | - | 410,655 | | Mar 3 - Apr 6, 2024 | - | - | 410,655 | | Apr 7 - May 4, 2024 | - | - | 410,655 | [Item 5. Other Information](index=22&type=section&id=Item%205.%20Other%20Information) CEO Dennis H. Nelson adopted a Rule 10b5-1 trading plan to sell up to **450,000** shares starting July **2024** - President and CEO Dennis H. Nelson adopted a **10b5-1** Trading Plan on April 24, 2024, for the sale of up to **450,000** shares of Company stock, with sales to begin in July **2024**[115](index=115&type=chunk) [Item 6. Exhibits](index=23&type=section&id=Item%206.%20Exhibits) Exhibits filed with Form 10-Q include CEO and CFO certifications and financial statements in XBRL format - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections **302** and **906**, and financial data in XBRL format[12](index=12&type=chunk)[145](index=145&type=chunk) [Signatures](index=24&type=section&id=Signatures) [Signatures](index=24&type=section&id=Signatures_summary) The report was signed on June **13**, **2024**, by the President and CEO, and the CFO - The Form 10-Q was signed on June **13**, **2024**, by the company's principal executive officer and principal accounting officer[146](index=146&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)

[The Buckle, Inc. First Quarter 2024 Earnings Release](index=1&type=section&id=The%20Buckle%2C%20Inc.%20First%20Quarter%202024%20Earnings%20Release) This report details The Buckle, Inc.'s financial performance for the first quarter of fiscal 2024, highlighting declines in profitability and sales, alongside a stable operational footprint and key financial statement data [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Buckle, Inc. reported a decline in profitability for the first quarter of fiscal 2024, with net income decreasing to $34.8 million from $42.9 million in the prior year, leading to a fall in diluted earnings per share to $0.69 from $0.86 year-over-year Q1 2024 vs Q1 2023 Profitability | Metric | Q1 Fiscal 2024 (ended May 4, 2024) | Q1 Fiscal 2023 (ended April 29, 2023) | Change | | :--- | :--- | :--- | :--- | | Net Income | $34.8 million | $42.9 million | -18.9% | | Basic EPS | $0.70 | $0.87 | -19.5% | | Diluted EPS | $0.69 | $0.86 | -19.8% | [Sales Performance](index=1&type=section&id=Sales%20Performance) The company experienced a broad-based sales decline in the first quarter of fiscal 2024, with total net sales decreasing by 7.2% to $262.5 million, and comparable store sales falling by 9.0% while online sales dropped by 13.4% Q1 2024 Sales Performance (YoY) | Sales Metric | Q1 Fiscal 2024 | YoY Change | | :--- | :--- | :--- | | Net Sales | $262.5 million | -7.2% | | Comparable Store Net Sales | N/A | -9.0% | | Online Sales | $44.4 million | -13.4% | - Due to a 53rd week in fiscal 2023, comparable store net sales for the quarter are compared against the 13-week period ended May 6, 2023[3](index=3&type=chunk) [Company Profile and Store Operations](index=1&type=section&id=Company%20Profile%20and%20Store%20Operations) The Buckle is a specialty retailer focused on on-trend apparel, accessories, and footwear, with a particular strength in denim, maintaining a stable retail footprint of 440 stores across 42 states at the end of the first quarter - The company operates as a specialty retailer known as a **denim destination**, offering leading brands and its exclusive BKE brand[5](index=5&type=chunk) - As of the end of the fiscal quarter, the company operated **440 retail stores** in **42 states**, the same number as the prior year's first quarter[5](index=5&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) The financial statements for the first quarter of fiscal 2024 reflect a decline in profitability and sales, while the balance sheet indicates a healthy asset position and increased stockholders' equity [Consolidated Statements of Income](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) The unaudited income statement for the first quarter shows a decline in gross profit to $120.7 million from $133.3 million year-over-year, with income from operations falling to $42.4 million from $53.7 million due to lower sales Q1 Income Statement Highlights (in thousands) | Account | Thirteen Weeks Ended May 4, 2024 | Thirteen Weeks Ended April 29, 2023 | | :--- | :--- | :--- | | Net Sales | $262,480 | $282,834 | | Gross Profit | $120,697 | $133,257 | | Income from Operations | $42,396 | $53,730 | | Net Income | $34,843 | $42,936 | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of May 4, 2024, The Buckle's balance sheet remained healthy with total assets of $906.1 million, cash and cash equivalents at $267.4 million, and total stockholders' equity increasing to $433.8 million from $405.2 million year-over-year Key Balance Sheet Items (in thousands) | Account | May 4, 2024 | February 3, 2024 | April 29, 2023 | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $267,427 | $268,213 | $254,433 | | Inventory | $130,661 | $126,290 | $137,735 | | Total current assets | $446,829 | $444,256 | $433,915 | | Total assets | $906,070 | $889,810 | $848,860 | | Total current liabilities | $205,280 | $221,456 | $206,804 | | Total liabilities | $472,255 | $476,590 | $443,686 | | Total stockholders' equity | $433,815 | $413,220 | $405,174 | [Additional Information](index=1&type=section&id=Additional%20Information) This section provides details on the investor webcast for quarterly results and includes a standard safe harbor statement regarding forward-looking information [Investor Webcast](index=1&type=section&id=Investor%20Webcast) The company announced it would hold a live audio webcast for investors at 10:00 a.m. EDT on the day of the earnings release to discuss the quarterly results, with a replay made available on its investor relations website - Management scheduled a live audio webcast to discuss the quarterly results, with a replay to be made available within twenty-four hours after its conclusion[4](index=4&type=chunk) [Safe Harbor Statement](index=2&type=section&id=SAFE%20HARBOR%20STATEMENT) The report includes a standard Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, cautioning that forward-looking statements involve material risks and uncertainties and that future performance may differ materially from what is expressed - The company's forward-looking statements are subject to material risks and uncertainties, and actual financial results may differ materially from those expressed[15](index=15&type=chunk)

Financial Data and Key Metrics Changes - Net income for the first quarter ended May 4, 2024, was $34.8 million or $0.69 per share, down from $42.9 million or $0.86 per share in the prior year [13] - Net sales decreased by 7.2% to $262.5 million compared to $282.8 million in the prior year [13] - Gross margin for the quarter was 46%, down 110 basis points from 47.1% in the first quarter of 2023 [27] - Operating margin for the quarter was 16.2%, compared to 19% for the first quarter of fiscal 2023 [28] Business Line Data and Key Metrics Changes - Men's merchandise sales were down about 5.5%, representing approximately 53% of total sales [17] - Women's merchandise sales decreased by about 8.5%, accounting for approximately 47% of sales [30] - Average denim price points for men's decreased slightly from $88.80 to $88.65, while women's increased from $79.80 to $80.85 [17][30] - Private label sales represented 46% of total sales, up from 44% in the first quarter of 2023 [8] Market Data and Key Metrics Changes - Comparable store sales for the 13-week fiscal quarter decreased by 9% compared to the same period last year [3] - Online sales decreased by 13.4% to $44.4 million, down from $51.3 million in the prior year [3] Company Strategy and Development Direction - The company plans to open seven new stores and complete 14 additional full remodeling projects for the remainder of the year [29] - The strategy includes relocating stores from mid-market malls to power centers or better locations [24] - The company continues to focus on developing private brands and introducing new labels to its assortment [8] Management's Comments on Operating Environment and Future Outlook - Management reiterated a policy of not providing future sales or earnings guidance, citing material risks and uncertainties [11] - The management expressed satisfaction with merchandise margin growth despite challenging top-line results [8] - The company is managing inventory levels effectively and is optimistic about the response to new product offerings [39] Other Important Information - Selling, general, and administrative expenses for the quarter were 29.8% of net sales, up from 28.1% in the prior year [14] - Inventory was reported at $130.7 million, down 5.1% from the same time a year ago [15] Q&A Session Summary Question: What is driving the expansion in merchandise margins? - Management noted that the BKE brand is strong, and newness in key brands is contributing positively to margins [21] Question: What is the outlook for the denim category? - Management highlighted a variety of styles and strong sell-through in private brands, indicating a positive response to new trends [38] Question: What is driving the increase in general and administrative expenses despite declining sales? - The increase was attributed to accruals for additional paid time off, which is more of a timing issue rather than a permanent increase in expenses [41] Question: Any updates on store plans for the rest of the year? - Management confirmed plans for 19 remodels and seven new stores, continuing to evaluate real estate opportunities [24]

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