Financial Data and Key Metrics Changes - Net income for Q1 2026 was $35.2 million or $0.70 per share, compared to $34.8 million or $0.69 per share in Q1 2025, reflecting a year-over-year increase [4] - Net sales increased by 3.7% to $272.1 million from $262.5 million in the prior year [4] - Gross margin improved to 46.7%, a 70 basis point increase from 46% in the previous year [4] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 10.5%, representing about 50% of total sales, up from 47% last year [9] - Men's merchandise sales decreased by about 2.5%, accounting for approximately 50% of total sales, down from 53% [10] - Youth business saw an increase of approximately 11.5% year-over-year [12] Market Data and Key Metrics Changes - Comparable store sales increased by 3% compared to the same period last year [4] - Online sales rose by 4.5% to $46.4 million [4] Company Strategy and Development Direction - The company plans to open seven new stores and complete 16 additional full remodel projects for the remainder of the year [7] - Focus on enhancing private label offerings, which represented 47.5% of sales, up from 46% in the prior year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing vendor relationships to mitigate tariff impacts, with some vendors maintaining stable costs [21] - Positive trends in women's business and strong sell-throughs in key categories were highlighted as encouraging signs for future performance [21] Other Important Information - Selling, general and administrative expenses were 30.7% of net sales, up from 29.8% in the previous year, driven by increases in incentive compensation and health insurance costs [5] - Inventory stood at $132.4 million, a 1.3% increase from the previous year [6] Q&A Session Summary Question: Impact of China tariffs on gross margin - Management indicated that they are managing tariffs effectively with vendors, with some costs remaining stable and others experiencing low to mid-single digit increases [16][21] Question: Increase in operating lease assets - The increase in operating lease assets was attributed to new stores and remodels over the past twelve months [17] Question: Drivers of merchandise margin increase - The increase in merchandise margin was driven by growth in private label and strong regular price selling [23] Question: Potential for SG&A leverage - Management noted that total SG&A dollars were up slightly, with store payroll flat as a percentage of sales, indicating potential for leverage if sales continue to improve [27]

Financial Data and Key Metrics Changes - Net income for Q1 2026 was $35.2 million or $0.70 per share, compared to $34.8 million or $0.69 per share in Q1 2025, reflecting a year-over-year increase [4] - Net sales increased by 3.7% to $272.1 million from $262.5 million in the prior year [4] - Gross margin improved to 46.7%, a 70 basis point increase from 46% in the previous year [4] - Selling, general and administrative (SG&A) expenses were 30.7% of net sales, up from 29.8% in the prior year [5] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 10.5%, representing about 50% of total sales, up from 47% last year [7] - Men's merchandise sales decreased by about 2.5%, accounting for approximately 50% of total sales, down from 53% [8] - Accessory sales increased by approximately 3.5%, while footwear sales decreased by about 7% [9] - Private label sales represented 47.5% of total sales, up from 46% in the prior year [10] Market Data and Key Metrics Changes - Comparable store sales increased by 3% year-over-year [4] - Online sales rose by 4.5% to $46.4 million [4] - Average unit retail (AUR) for women's denim increased from $80.85 to $84.85, while men's denim price points increased from $88.65 to $89.7 [7][8] Company Strategy and Development Direction - The company plans to open seven new stores and complete 16 additional full remodel projects for the remainder of the year [6] - Focus on enhancing private label offerings and maintaining strong relationships with key vendors to manage costs effectively [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in managing tariff impacts, with some vendors maintaining stable costs while others have low to mid-single-digit increases [14] - Positive trends in women's business and strong sell-throughs in key categories were highlighted, indicating a favorable outlook [19] Other Important Information - Inventory as of May 3, 2025, was $132.4 million, up 1.3% from the previous year [6] - The company completed five full store remodels and closed two stores during the quarter [6] Q&A Session Summary Question: Impact of China tariffs on gross margin - Management indicated that they are managing tariffs effectively with vendors, resulting in minimal cost increases [14] Question: Increase in operating lease assets - The increase was attributed to new stores and remodels recognized on the balance sheet [15] Question: Drivers of merchandise margin increase - The increase in merchandise margin was driven by growth in private label and strong regular price selling [20] Question: SG&A expense leverage opportunities - SG&A expenses were up due to increased payroll and incentive compensation, but management noted potential for leverage with continued sales growth [26]

Financial 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]

Financial Data and Key Metrics Changes - Net income for the fourth quarter was $77.2 million or $1.53 per share, a decrease from $79.6 million or $1.59 per share in the prior year [3] - Net income for the fiscal year was $195.5 million or $3.89 per share, down from $219.9 million or $4.40 per share in the previous year [3] - Net sales for the fourth quarter decreased by 0.8% to $379.2 million compared to $382.4 million in the prior year [3] - Comparable store sales increased by 3.9% for the quarter [3] - Online sales increased by 6.4% to $69.7 million compared to $65.5 million in the prior year [3] Business Line Data and Key Metrics Changes - Women's merchandise sales increased by approximately 4.5% against the prior year and represented about 43% of total sales [4] - On a comparable basis, women's merchandise sales rose approximately 11% [4] - Denim sales increased by 15%, driven by strong performance in private branded jeans, which grew over 20% [4] - Average denim price points rose from $81.25 to $83.10, while overall average women's price points increased from $51 to $51.55 [4] Market Data and Key Metrics Changes - The company is focusing on relocating stores from certain malls to higher traffic outdoor centers to enhance customer experience [2] Company Strategy and Development Direction - The company emphasizes a specialty store approach, providing great products and outstanding service [2] - There is a focus on increasing private label merchandise to improve margins [8][9] - The company is exploring improvements in online sales through a comprehensive review of its website to enhance the shopping experience [21] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in managing costs related to tariffs through strong vendor relationships [8] - There is an acknowledgment of potential economic challenges, but the company remains focused on quality and customer satisfaction [20] Other Important Information - The company continues to source predominantly from China, with some production in Vietnam and Bangladesh [19] - Management indicated that they are not focused on low pricing but rather on quality and fashion [20] Q&A Session Summary Question: How is store traffic affected by the recession? - Management acknowledged concerns but did not provide specific data on traffic changes [14] Question: Will sweat jeans be added to the product portfolio? - Management mentioned a small presence of knit denim and jogging pants but does not see sweat jeans as a significant addition [14] Question: Can you analyze inventory sourcing from overseas? - Management confirmed that sourcing is still predominantly from China, with over 200 vendors involved [19] Question: Are vendors planning to change production locations? - Management indicated that vendors would relocate if it made sense, considering costs and quality [20] Question: Any new initiatives for online sales? - Management highlighted strong online performance and ongoing improvements to the website to enhance the shopping experience [21]

Financial Performance - Net income for Q4 2024 was $77.2 million, or $1.54 per share, compared to $79.6 million, or $1.60 per share in Q4 2023[4]. - Net sales for the 13-week period ended February 1, 2025, decreased 0.8% to $379.2 million from $382.4 million in the prior year[2]. - For the fiscal year 2024, net sales decreased 3.4% to $1.218 billion from $1.261 billion in fiscal year 2023[3]. - Comparable store net sales for the fiscal year decreased by 2.7%[3]. - Online sales for the fiscal year decreased by 4.3% to $197.7 million[3]. Sales Performance - Comparable store net sales for the same period increased by 3.9%[2]. - Online sales increased by 6.4% to $69.7 million for the 13-week period ended February 1, 2025[2]. Assets and Equity - Total assets as of February 1, 2025, were $913.2 million, an increase from $889.8 million a year earlier[10]. - Stockholders' equity increased to $423.8 million from $413.2 million year-over-year[10]. Store Operations - The company operated 441 stores at the end of fiscal year 2024, down from 444 stores at the end of fiscal year 2023[6].

Summary of The Buckle (BKE) Update - February 05, 2025 Company Overview - The Buckle operates retail stores across 42 states, currently managing 440 stores, a decrease from 444 stores as of February 06, 2024 [4] Key Financial Metrics - Comparable store sales for the four-week period ended February 01, 2025, increased by 4.4% compared to the same period in the previous year [1] - Total net sales for the four-week fiscal month decreased by 18% to $59.5 million, down from $72.6 million in the prior year [1] - Men's sales decreased by 2.5% for the same four-week period [1] Sales Composition - Men's business represented approximately 46.5% of total sales, down from 50.5% in the prior year [2] - Women's business saw a 14% increase in sales, representing approximately 53.5% of total sales, up from 49.5% [2] - Accessory sales increased by approximately 10%, while footwear sales decreased by about 7.5% [3] Pricing and Transaction Metrics - Overall price points for men's products increased by about 0.5%, while women's price points rose by approximately 4.5% [2] - Average accessory price points decreased by about 1%, and average footwear price points increased by about 2.5% [3] - Units per transaction (UPT) decreased by approximately 3%, while average transaction value saw a slight increase compared to the prior year [3] Forward-Looking Statements - The company does not provide guidance on current sales or project results for the next quarter, citing material risks and uncertainties that may affect future performance [4]

Financial Performance - Net sales decreased from $303.5 million in Q3 2023 to $293.6 million in Q3 2024, a 3.2% decrease [72] - Comparable store net sales for the thirteen-week period ended November 2, 2024 decreased 0.7% compared to the prior year [72] - Gross profit was $140.1 million in Q3 2024, representing 47.7% of net sales, down from 48.5% in Q3 2023 [77] - Year-to-date net sales decreased from $878.7 million in the first three quarters of fiscal 2023 to $838.5 million in fiscal 2024, a 4.6% decrease [73] - Income from operations was $54.5 million, or 18.6% of net sales, for Q3 2024, compared to $64.1 million, or 21.1% of net sales, for Q3 2023 [81] - Selling, general, and administrative expenses were 29.1% of net sales for Q3 2024, up from 27.4% in Q3 2023 [79] Cash Flow and Capital Expenditures - Cash flow from operations was $121.2 million for the first three quarters of fiscal 2024, down from $145.3 million in fiscal 2023 [83] - Total capital expenditures for fiscal 2024 are estimated to be approximately $36.0 to $40.0 million [87] Store Operations and Inventory - The company plans to complete 1 new store and 7 full store remodels during the remainder of fiscal 2024 [87] - The average retail price per piece of merchandise sold increased by $1.40, or 2.8%, in Q3 2024 compared to Q3 2023 [74] - The adjustment to inventory for markdowns and/or obsolescence was $11.2 million as of November 2, 2024, up from $9.1 million as of February 3, 2024 [95] Liabilities and Obligations - The liability for unredeemed gift cards and certificates was $12.6 million as of November 2, 2024, down from $16.7 million as of February 3, 2024 [91] - The accrued liability for sales returns was $3.6 million as of November 2, 2024, compared to $2.6 million as of February 3, 2024 [93] - Total contractual obligations amounted to $442.173 million as of November 2, 2024, with operating lease payments of $394.210 million included [103] - The Company had outstanding letters of credit totaling $3.1 million as of November 2, 2024, slightly down from $3.2 million as of February 3, 2024 [103] Seasonal Business and Interest Rates - The Company’s business is seasonal, with the holiday and back-to-school seasons historically contributing approximately 35% of annual net sales [104] - A one-quarter percent decline in interest/dividend rates would decrease the Company's net income by approximately $0.5 million [107] Credit and Borrowing - The Company has an unsecured line of credit of $25.0 million, with $10.0 million available for letters of credit, expiring on July 31, 2025 [89] - The Company has not made any bank borrowings during the first three quarters of fiscal 2024 or 2023 [89] - The Company believes it has sufficient credit available to open letters of credit for merchandise purchases [103]

Financial Performance - Net income for the third quarter of fiscal 2024 was $44.2 million, or $0.89 per share, compared to $51.8 million, or $1.05 per share in the same quarter of fiscal 2023, representing a decrease of 14.9% in net income [3][6]. - For the 39-week fiscal period ended November 2, 2024, net income was $118.3 million, or $2.37 per share, down from $140.3 million, or $2.83 per share in the prior year [7]. Sales Performance - Net sales for the 13-week fiscal quarter ended November 2, 2024, decreased by 3.2% to $293.6 million from $303.5 million in the prior year [4]. - Comparable store net sales for the 13-week fiscal quarter decreased by 0.7% compared to the same period last year [4]. - Online sales increased by 1.1% to $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to $46.1 million for the same period last year [4]. - The company reported a gross profit of $140.1 million for the 13-week fiscal quarter, down from $147.2 million in the prior year [12]. Assets and Liabilities - Total current assets as of November 2, 2024, were $504.9 million, compared to $508.9 million at the end of the previous fiscal quarter [15]. - Total assets increased to $976.3 million as of November 2, 2024, from $921.2 million at the end of the previous fiscal year [15]. - Total liabilities were $487.9 million as of November 2, 2024, compared to $447.2 million at the end of the previous fiscal year [15]. Store Operations - The company operated 445 retail stores in 42 states as of the end of the fiscal quarter, an increase from 443 stores in the same period last year [9].

The Buckle, Inc. (NYSE:BKE) Q3 2024 Earnings Conference Call November 22, 2024 10:00 AM ET Company Participants Thomas Heacock - SVP of Finance, Treasurer & CFO Adam Akerson - VP of Finance & Corporate Controller Dennis Nelson - President & CEO Conference Call Participants Mauricio Serna - UBS Nancy Frohna - 1492 Capital Management Operator Good morning. Thank you for standing by, and welcome to Buckle's Third Quarter Earnings Release Webcast. As a reminder, all participants are currently in listen-only mod ...

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 ...