Buckle(BKE)2025-04-02 20:01Financial Performance - Net sales for fiscal year 2024 decreased by 3.4% to $1.218 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 $619.1 million in fiscal 2023 to $592.8 million in fiscal 2024, with a gross margin of 48.7%[134] - Income from operations decreased from $271.1 million in fiscal 2023 to $241.4 million in fiscal 2024, representing 19.8% of net sales[137] - Net income for fiscal 2024 was $195.5 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 $242.0 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 $50.0 to $55.0 million[142] Dividends and Credit - The company paid total cash dividends of $198.0 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 $25.0 million, with $10.0 million available for letters of credit[153] Liabilities and Obligations - The liability for unredeemed gift certificates and gift cards was $17.0 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 $2.6 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 $9.1 million as of February 3, 2024[151] - Total contractual obligations amounted to $441.6 million as of February 1, 2025, with $108.3 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, $10.3 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 $96.4 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]