false000088524500008852452024-11-222024-11-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

November 22, 2024
Date of Report (date of earliest event reported)

 THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)

Nebraska001-1295147-0366193
(State or other jurisdiction of(Commission(I.R.S. Employer
incorporation or organization)File Number)Identification No.)

2407 West 24th Street,
Kearney,Nebraska68845-4915
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code:  (308) 236-8491
__________________________________________________________

(Former name, former address and former fiscal year if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueBKENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            
                                     Emerging growth company      o 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


ITEM 2.02.     Results of Operations and Financial Condition

On November 22, 2024, The Buckle, Inc. announced financial results for the fiscal quarter ended November 2, 2024. The full text of the press release is furnished as Exhibit 99.1 to this report.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.


ITEM 9.01(d).     Exhibits

Exhibit 99.1    Press Release Dated November 22, 2024
Exhibit 104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Buckle, Inc.
Date: November 22, 2024By: /s/  THOMAS B. HEACOCK
 Name: Thomas B. Heacock
 Title: Senior Vice President of Finance,
 Treasurer and Chief Financial Officer



EXHIBIT INDEX
         
Press Release Dated November 22, 2024
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)



Exhibit 99.1
buckle_logox2.jpg
The Buckle, Inc.
2407 W. 24th St. Kearney, NE 68845
P.O. Box 1480 Kearney, NE 68848-1480
phone: 308-236-8491
fax: 308-236-4493
For Immediate Release: November 22, 2024
web: www.buckle.com


Contact:Thomas B. Heacock, Chief Financial Officer
 The Buckle, Inc.
 (308) 236-8491

THE BUCKLE, INC. REPORTS THIRD QUARTER NET INCOME

KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended November 2, 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 3.2 percent to $293.6 million from net sales of $303.5 million for the prior year 13-week fiscal quarter ended October 28, 2023. Comparable store net sales for the 13-week fiscal quarter ended November 2, 2024 decreased 0.7 percent from comparable store net sales for the prior year 13-week period ended November 4, 2023. Online sales increased 1.1 percent to $46.6 million for the 13-week fiscal quarter ended November 2, 2024, compared to net sales of $46.1 million for the 13-week fiscal quarter ended October 28, 2023.

Net sales for the 39-week fiscal period ended November 2, 2024 decreased 4.6 percent to $838.5 million from net sales of $878.7 million for the prior year 39-week fiscal period ended October 28, 2023. Comparable store net sales for the 39-week period ended November 2, 2024 decreased 5.4 percent from comparable store net sales for the prior year 39-week period ended November 4, 2023. Online sales decreased 9.2 percent to $128.0 million for the 39-week period ended November 2, 2024, compared to net sales of $141.0 million for the 39-week period ended October 28, 2023.

Due to the 53rd week in fiscal 2023, comparable store net sales for the quarter and year-to-date periods are compared to the 13-week and 39-week periods ended November 4, 2023.

Net income for the third quarter of fiscal 2024 was $44.2 million, or $0.89 per share ($0.88 per share on a diluted basis), compared with net income of $51.8 million, or $1.05 per share ($1.04 per share on a diluted basis) for the third quarter of fiscal 2023.

Net income for the 39-week fiscal period ended November 2, 2024 was $118.3 million, or $2.37 per share ($2.35 per share on a diluted basis), compared with net income of $140.3 million, or $2.83 per share ($2.81 per share on a diluted basis) for the 39-week period ended October 28, 2023.

Management will hold a live audio webcast at 10:00 a.m. EST today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_ZagNJtIfQImjiUbr7g6zdw. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).










About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 445 retail stores in 42 states. As of the end of the fiscal quarter, it operated 445 stores in 42 states compared with 443 stores in 42 states at the end of the third quarter of fiscal 2023.


SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 

Note:  News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com.
Financial Tables to Follow 


THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 Thirteen Weeks EndedThirty-Nine Weeks Ended
 November 2,
2024		October 28,
2023		November 2,
2024		October 28,
2023
SALES, Net of returns and allowances$293,618 $303,457 $838,490 $878,719 
COST OF SALES (Including buying, distribution, and occupancy costs)
153,547 156,242 445,188 459,835 
Gross profit140,071 147,215 393,302 418,884 
OPERATING EXPENSES: 
Selling71,986 70,242 206,454 205,081 
General and administrative13,602 12,908 41,709 39,247 
 85,588 83,150 248,163 244,328 
INCOME FROM OPERATIONS54,483 64,065 145,139 174,556 
OTHER INCOME, Net4,023 4,490 11,510 11,322 
INCOME BEFORE INCOME TAXES58,506 68,555 156,649 185,878 
INCOME TAX EXPENSE14,334 16,793 38,379 45,540 
NET INCOME$44,172 $51,762 $118,270 $140,338 
EARNINGS PER SHARE:  
Basic$0.89 $1.05 $2.37 $2.83 
Diluted$0.88 $1.04 $2.35 $2.81 
Basic weighted average shares49,854 49,513 49,854 49,513 
Diluted weighted average shares50,297 49,937 50,230 49,891 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSNovember 2,
2024		February 3,
2024 (1)		October 28,
2023
CURRENT ASSETS:   
Cash and cash equivalents$301,958 $268,213 $311,657 
Short-term investments23,482 22,210 23,446 
Receivables7,901 8,697 10,341 
Inventory149,351 126,290 152,289 
Prepaid expenses and other assets22,236 18,846 11,206 
Total current assets504,928 444,256 508,939 
PROPERTY AND EQUIPMENT508,273 489,037 483,435 
Less accumulated depreciation and amortization(365,241)(360,200)(359,367)
143,032 128,837 124,068 
OPERATING LEASE RIGHT-OF-USE ASSETS287,687 280,813 253,418 
LONG-TERM INVESTMENTS27,261 24,993 22,508 
OTHER ASSETS13,362 10,911 12,274 
Total assets$976,270 $889,810 $921,207 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$67,701 $45,958 $63,320 
Accrued employee compensation27,095 49,827 34,784 
Accrued store operating expenses25,921 19,067 26,335 
Gift certificates redeemable12,571 16,667 12,305 
Current portion of operating lease liabilities76,963 85,265 78,884 
Income taxes payable2,519 4,672 536 
Total current liabilities212,770 221,456 216,164 
DEFERRED COMPENSATION27,261 24,993 22,508 
NON-CURRENT OPERATING LEASE LIABILITIES247,850 230,141 208,517 
Total liabilities487,881 476,590 447,189 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,773,796 shares at November 2, 2024, 50,445,186 shares at February 3, 2024, and 50,445,386 shares at October 28, 2023508 504 504 
Additional paid-in capital202,895 192,686 189,297 
Retained earnings284,986 220,030 284,217 
Total stockholders’ equity488,389 413,220 474,018 
Total liabilities and stockholders’ equity$976,270 $889,810 $921,207 
(1) Derived from audited financial statements.



v3.24.3
Document and Entity Information
Nov. 22, 2024
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Nov. 22, 2024
Entity Registrant Name BUCKLE, INC
Entity Incorporation, State or Country Code NE
Entity File Number 001-12951
Entity Tax Identification Number 47-0366193
Entity Address, Address Line One 2407 West 24th Street
Entity Address, City or Town Kearney
Entity Address, State or Province NE
Entity Address, Postal Zip Code 68845-4915
City Area Code 308
Local Phone Number 236-8491
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BKE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000885245
Amendment Flag false
Buckle (NYSE:BKE)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Buckle Charts.
Buckle (NYSE:BKE)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Buckle Charts.