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Buckle(BKE) - 2025 Q4 - Annual Report
BKEBuckle(BKE)2025-04-02 20:01

Financial Performance - Net sales for fiscal year 2024 decreased by 3.4% to 1.218billionfrom1.218 billion from 1.261 billion in fiscal year 2023[132] - Comparable store net sales decreased by 2.7% for the fiscal year 2024 compared to the prior year[132] - Gross profit decreased from 619.1millioninfiscal2023to619.1 million in fiscal 2023 to 592.8 million in fiscal 2024, with a gross margin of 48.7%[134] - Income from operations decreased from 271.1millioninfiscal2023to271.1 million in fiscal 2023 to 241.4 million in fiscal 2024, representing 19.8% of net sales[137] - Net income for fiscal 2024 was 195.5million,downfrom195.5 million, down from 219.9 million in fiscal 2023[138] - Selling expenses increased to 24.1% of net sales in fiscal 2024 from 23.1% in fiscal 2023[135] - Cash flow from operations was 242.0millioninfiscal2024,downfrom242.0 million in fiscal 2024, down from 254.6 million in fiscal 2023[140] Future Plans - The company plans to open 7 new stores and remodel 18-22 stores in fiscal 2025, with estimated capital expenditures of 50.0to50.0 to 55.0 million[142] Dividends and Credit - The company paid total cash dividends of 198.0millioninfiscal2024,consistentwiththepreviousyear[145]−Thecompanyhasanunsecuredlineofcreditof198.0 million in fiscal 2024, consistent with the previous year[145] - The company has an unsecured line of credit of 25.0 million, with no borrowings during fiscal 2024[144] - The Company has an unsecured line of credit of 25.0million,with25.0 million, with 10.0 million available for letters of credit[153] Liabilities and Obligations - The liability for unredeemed gift certificates and gift cards was 17.0millionasofFebruary1,2025,comparedto17.0 million as of February 1, 2025, compared to 16.7 million as of February 3, 2024[147] - The accrued liability for reserve for sales returns was 2.6millionasofbothFebruary1,2025,andFebruary3,2024[151]−Theadjustmenttoinventoryformarkdownsand/orobsolescencewas2.6 million as of both February 1, 2025, and February 3, 2024[151] - The adjustment to inventory for markdowns and/or obsolescence was 9.2 million as of February 1, 2025, compared to 9.1millionasofFebruary3,2024[151]−Totalcontractualobligationsamountedto9.1 million as of February 3, 2024[151] - Total contractual obligations amounted to 441.6 million as of February 1, 2025, with 108.3millionduein2025[153]−Anotereceivableof108.3 million due in 2025[153] - A note receivable of 1.5 million from a life insurance trust fund controlled by the Company's Chairman was recorded as of both February 1, 2025, and February 3, 2024[155] - As of February 1, 2025, 10.3millionwasincludedinaccruedstoreoperatingexpensesasaliabilityforestimatedfuturerewardsundertheBuckleRewardsprogram[148]−TheCompanyrecordedoperatingleasepaymentstotaling10.3 million was included in accrued store operating expenses as a liability for estimated future rewards under the Buckle Rewards program[148] - The Company recorded operating lease payments totaling 395.2 million, with 96.4millionduein2025[153]RevenueRecognition−TheCompanyrecognizesrevenuefromsalesmadeunderitslayawayprogramupondeliveryofthemerchandisetothecustomer[146]InterestRateSensitivity−Foreachone−quarterpercentdeclineintheinterest/dividendrate,theCompany′snetincomewoulddecreaseapproximately96.4 million due in 2025[153] Revenue Recognition - The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer[146] Interest Rate Sensitivity - For each one-quarter percent decline in the interest/dividend rate, the Company's net income would decrease approximately 0.5 million[158]