Nebraska | 47-0366193 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Pages | ||
Part I. Financial Information (unaudited) | ||
Part II. Other Information | ||
ASSETS | August 4, 2018 | February 3, 2018 | |||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 168,949 | $ | 165,086 | |||
Short-term investments | 51,600 | 50,833 | |||||
Receivables | 12,105 | 8,588 | |||||
Inventory | 127,899 | 118,007 | |||||
Prepaid expenses and other assets | 18,855 | 18,070 | |||||
Total current assets | 379,408 | 360,584 | |||||
PROPERTY AND EQUIPMENT | 460,367 | 459,043 | |||||
Less accumulated depreciation and amortization | (319,141 | ) | (309,497 | ) | |||
141,226 | 149,546 | ||||||
LONG-TERM INVESTMENTS | 17,300 | 21,453 | |||||
OTHER ASSETS | 7,158 | 6,533 | |||||
Total assets | $ | 545,092 | $ | 538,116 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 46,217 | $ | 29,387 | |||
Accrued employee compensation | 11,852 | 22,307 | |||||
Accrued store operating expenses | 21,289 | 15,646 | |||||
Gift certificates redeemable | 14,103 | 18,202 | |||||
Income taxes payable | — | 12,364 | |||||
Total current liabilities | 93,461 | 97,906 | |||||
DEFERRED COMPENSATION | 15,784 | 15,154 | |||||
DEFERRED RENT LIABILITY | 31,740 | 33,808 | |||||
Total liabilities | 140,985 | 146,868 | |||||
COMMITMENTS | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Common stock, authorized 100,000,000 shares of $.01 par value; 49,018,195 and 48,816,170 shares issued and outstanding at August 4, 2018 and February 3, 2018, respectively | 490 | 488 | |||||
Additional paid-in capital | 147,173 | 144,279 | |||||
Retained earnings | 256,444 | 246,570 | |||||
Accumulated other comprehensive loss | — | (89 | ) | ||||
Total stockholders’ equity | 404,107 | 391,248 | |||||
Total liabilities and stockholders’ equity | $ | 545,092 | $ | 538,116 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
August 4, 2018 | July 29, 2017 | August 4, 2018 | July 29, 2017 | ||||||||||||
SALES, Net of returns and allowances | $ | 201,080 | $ | 195,650 | $ | 405,977 | $ | 407,901 | |||||||
COST OF SALES (Including buying, distribution, and occupancy costs) | 122,149 | 121,511 | 247,355 | 252,045 | |||||||||||
Gross profit | 78,931 | 74,139 | 158,622 | 155,856 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling | 47,896 | 46,679 | 93,749 | 93,597 | |||||||||||
General and administrative | 10,874 | 10,045 | 21,452 | 19,806 | |||||||||||
58,770 | 56,724 | 115,201 | 113,403 | ||||||||||||
INCOME FROM OPERATIONS | 20,161 | 17,415 | 43,421 | 42,453 | |||||||||||
OTHER INCOME, Net | 972 | 899 | 2,459 | 1,834 | |||||||||||
INCOME BEFORE INCOME TAXES | 21,133 | 18,314 | 45,880 | 44,287 | |||||||||||
PROVISION FOR INCOME TAXES | 5,474 | 6,831 | 11,883 | 16,519 | |||||||||||
NET INCOME | $ | 15,659 | $ | 11,483 | $ | 33,997 | $ | 27,768 | |||||||
EARNINGS PER SHARE: | |||||||||||||||
Basic | $ | 0.32 | $ | 0.24 | $ | 0.70 | $ | 0.58 | |||||||
Diluted | $ | 0.32 | $ | 0.24 | $ | 0.70 | $ | 0.57 | |||||||
Basic weighted average shares | 48,379 | 48,218 | 48,379 | 48,218 | |||||||||||
Diluted weighted average shares | 48,592 | 48,310 | 48,571 | 48,327 |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
August 4, 2018 | July 29, 2017 | August 4, 2018 | July 29, 2017 | ||||||||||||
NET INCOME | $ | 15,659 | $ | 11,483 | $ | 33,997 | $ | 27,768 | |||||||
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||||||||||||||
Change in unrealized loss on investments, net of tax of $31, $2, $31, and $2, respectively | 89 | 3 | 89 | 3 | |||||||||||
Other comprehensive income | 89 | 3 | 89 | 3 | |||||||||||
COMPREHENSIVE INCOME | $ | 15,748 | $ | 11,486 | $ | 34,086 | $ | 27,771 |
Number of Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||
FISCAL 2018 | |||||||||||||||||||||||
BALANCE, February 4, 2018 | 48,816,170 | $ | 488 | $ | 144,279 | $ | 246,570 | $ | (89 | ) | $ | 391,248 | |||||||||||
Net income | — | — | — | 33,997 | — | 33,997 | |||||||||||||||||
Dividends paid on common stock, ($0.50 per share) | — | — | — | (24,512 | ) | — | (24,512 | ) | |||||||||||||||
Issuance of non-vested stock, net of forfeitures | 202,025 | 2 | (2 | ) | — | — | — | ||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | 2,896 | — | — | 2,896 | |||||||||||||||||
Change in unrealized loss on investments, net of tax | — | — | — | — | 89 | 89 | |||||||||||||||||
Cumulative effect of change in accounting upon adoption of ASC Topic 606 | — | — | — | 389 | — | 389 | |||||||||||||||||
BALANCE, August 4, 2018 | 49,018,195 | $ | 490 | $ | 147,173 | $ | 256,444 | $ | — | $ | 404,107 | ||||||||||||
FISCAL 2017 | |||||||||||||||||||||||
BALANCE, January 29, 2017 | 48,622,780 | $ | 486 | $ | 139,398 | $ | 290,737 | $ | (82 | ) | $ | 430,539 | |||||||||||
Net income | — | — | — | 27,768 | — | 27,768 | |||||||||||||||||
Dividends paid on common stock, ($0.50 per share) | — | — | — | (24,423 | ) | — | (24,423 | ) | |||||||||||||||
Issuance of non-vested stock, net of forfeitures | 221,920 | 2 | (2 | ) | — | — | — | ||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | 3,226 | — | — | 3,226 | |||||||||||||||||
Change in unrealized loss on investments, net of tax | — | — | — | — | 3 | 3 | |||||||||||||||||
BALANCE, July 29, 2017 | 48,844,700 | $ | 488 | $ | 142,622 | $ | 294,082 | $ | (79 | ) | $ | 437,113 |
Twenty-Six Weeks Ended | |||||||
August 4, 2018 | July 29, 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 33,997 | $ | 27,768 | |||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||
Depreciation and amortization | 13,917 | 15,785 | |||||
Amortization of non-vested stock grants, net of forfeitures | 2,896 | 3,226 | |||||
Deferred income taxes | (750 | ) | (1,193 | ) | |||
Other | 524 | 395 | |||||
Changes in operating assets and liabilities: | |||||||
Receivables | 993 | (145 | ) | ||||
Inventory | (10,196 | ) | 4,023 | ||||
Prepaid expenses and other assets | (785 | ) | (1,727 | ) | |||
Accounts payable | 17,499 | 14,962 | |||||
Accrued employee compensation | (10,455 | ) | (12,776 | ) | |||
Accrued store operating expenses | 5,643 | 1,633 | |||||
Gift certificates redeemable | (4,099 | ) | (5,501 | ) | |||
Income taxes payable | (16,874 | ) | (17,114 | ) | |||
Deferred rent liabilities and deferred compensation | (1,438 | ) | (289 | ) | |||
Net cash flows from operating activities | 30,872 | 29,047 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Purchases of property and equipment | (6,097 | ) | (7,167 | ) | |||
Change in other assets | 94 | 61 | |||||
Purchases of investments | (25,388 | ) | (20,655 | ) | |||
Proceeds from sales/maturities of investments | 28,894 | 22,215 | |||||
Net cash flows from investing activities | (2,497 | ) | (5,546 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Payment of dividends | (24,512 | ) | (24,423 | ) | |||
Net cash flows from financing activities | (24,512 | ) | (24,423 | ) | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,863 | (922 | ) | ||||
CASH AND CASH EQUIVALENTS, Beginning of period | 165,086 | 196,536 | |||||
CASH AND CASH EQUIVALENTS, End of period | $ | 168,949 | $ | 195,614 |
1. | Basis of Presentation |
As Reported | Adjustments | Excluding Topic 606 Adjustments | ||||||||||
Consolidated Balance Sheet Amounts | ||||||||||||
Inventory | $ | 127,899 | $ | 1,474 | $ | 126,425 | ||||||
Accrued store operating expenses | 21,289 | 1,778 | 19,511 | |||||||||
Accounts payable | 46,217 | (693 | ) | 46,910 | ||||||||
Retained earnings | 256,444 | 389 | 256,055 |
2. | Revenues |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||
Merchandise Group | August 4, 2018 | July 29, 2017 | August 4, 2018 | July 29, 2017 | |||||||
Denims | 32.3 | % | 32.2 | % | 37.6 | % | 37.3 | % | |||
Tops (including sweaters) | 34.6 | 33.9 | 32.4 | 31.9 | |||||||
Sportswear/Fashions | 13.9 | 14.4 | 11.4 | 11.9 | |||||||
Accessories | 9.7 | 10.3 | 9.0 | 9.3 | |||||||
Footwear | 6.5 | 6.3 | 6.6 | 6.3 | |||||||
Casual bottoms | 1.1 | 1.1 | 1.0 | 1.4 | |||||||
Outerwear | 0.4 | 0.5 | 0.7 | 0.8 | |||||||
Other | 1.5 | 1.3 | 1.3 | 1.1 | |||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
3. | Earnings Per Share |
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||||
August 4, 2018 | July 29, 2017 | ||||||||||||||||||||
Net Income | Weighted Average Shares (a) | Per Share Amount | Net Income | Weighted Average Shares (a) | Per Share Amount | ||||||||||||||||
Basic EPS | $ | 15,659 | 48,379 | $ | 0.32 | $ | 11,483 | 48,218 | $ | 0.24 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Non-vested shares | — | 213 | — | — | 92 | — | |||||||||||||||
Diluted EPS | $ | 15,659 | 48,592 | $ | 0.32 | $ | 11,483 | 48,310 | $ | 0.24 | |||||||||||
Twenty-Six Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||||||||
August 4, 2018 | July 29, 2017 | ||||||||||||||||||||
Net Income | Weighted Average Shares (a) | Per Share Amount | Net Income | Weighted Average Shares (a) | Per Share Amount | ||||||||||||||||
Basic EPS | $ | 33,997 | 48,379 | $ | 0.70 | $ | 27,768 | 48,218 | $ | 0.58 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Non-vested shares | — | 192 | — | — | 109 | (0.01 | ) | ||||||||||||||
Diluted EPS | $ | 33,997 | 48,571 | $ | 0.70 | $ | 27,768 | 48,327 | $ | 0.57 |
4. | Investments |
Amortized Cost or Par Value | Gross Unrealized Gains | Gross Unrealized Losses | Other-than- Temporary Impairment | Estimated Fair Value | |||||||||||||||
Held-to-Maturity Securities: | |||||||||||||||||||
State and municipal bonds | $ | 48,119 | $ | 19 | $ | (10 | ) | $ | — | $ | 48,128 | ||||||||
U.S. Treasury bonds | 4,997 | — | — | — | 4,997 | ||||||||||||||
$ | 53,116 | $ | 19 | $ | (10 | ) | $ | — | $ | 53,125 | |||||||||
Trading Securities: | |||||||||||||||||||
Mutual funds | $ | 14,279 | $ | 1,505 | $ | — | $ | — | $ | 15,784 |
Amortized Cost or Par Value | Gross Unrealized Gains | Gross Unrealized Losses | Other-than- Temporary Impairment | Estimated Fair Value | |||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||||
Auction-rate securities | $ | 1,725 | $ | — | $ | (120 | ) | $ | — | $ | 1,605 | ||||||||
Held-to-Maturity Securities: | |||||||||||||||||||
State and municipal bonds | $ | 55,527 | $ | 9 | $ | (76 | ) | $ | — | $ | 55,460 | ||||||||
Trading Securities: | |||||||||||||||||||
Mutual funds | $ | 13,746 | $ | 1,408 | $ | — | $ | — | $ | 15,154 |
Amortized Cost | Fair Value | ||||||
Held-to-Maturity Securities | |||||||
Less than 1 year | $ | 51,600 | $ | 51,607 | |||
1 - 5 years | 1,516 | 1,518 | |||||
$ | 53,116 | $ | 53,125 |
5. | Fair Value Measurements |
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. |
• | Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. |
• | Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
August 4, 2018 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Trading securities (including mutual funds) | $ | 15,784 | $ | — | $ | — | $ | 15,784 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||
February 3, 2018 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Available-for-sale securities: | |||||||||||||||
Auction-rate securities | $ | — | $ | 50 | $ | 1,555 | $ | 1,605 | |||||||
Trading securities (including mutual funds) | 15,154 | — | — | 15,154 | |||||||||||
Totals | $ | 15,154 | $ | 50 | $ | 1,555 | $ | 16,759 |
Twenty-Six Weeks Ended August 4, 2018 | |||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
Available-for-Sale Securities | Trading Securities | ||||||||||
Auction-rate Securities | Mutual Funds | Total | |||||||||
Balance, beginning of year | $ | 1,555 | $ | — | $ | 1,555 | |||||
Total gains and losses: | |||||||||||
Included in net income | — | — | — | ||||||||
Included in other comprehensive income | 120 | — | 120 | ||||||||
Purchases, Issuances, Sales, and Settlements: | |||||||||||
Sales | (1,675 | ) | — | (1,675 | ) | ||||||
Balance, end of quarter | $ | — | $ | — | $ | — |
Twenty-Six Weeks Ended July 29, 2017 | |||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
Available-for-Sale Securities | Trading Securities | ||||||||||
Auction-rate Securities | Mutual Funds | Total | |||||||||
Balance, beginning of year | $ | 1,625 | $ | — | $ | 1,625 | |||||
Total gains and losses: | |||||||||||
Included in net income | — | — | — | ||||||||
Included in other comprehensive income | 5 | — | 5 | ||||||||
Purchases, Issuances, Sales, and Settlements: | |||||||||||
Sales | (75 | ) | — | (75 | ) | ||||||
Balance, end of quarter | $ | 1,555 | $ | — | $ | 1,555 |
6. | Supplemental Cash Flow Information |
7. | Stock-Based Compensation |
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||||
August 4, 2018 | July 29, 2017 | August 4, 2018 | July 29, 2017 | ||||||||||||
Stock-based compensation expense, before tax | $ | 1,412 | $ | 1,580 | $ | 2,896 | $ | 3,226 | |||||||
Stock-based compensation expense, after tax | $ | 1,046 | $ | 995 | $ | 2,146 | $ | 2,032 |
Shares | Weighted Average Grant Date Fair Value | |||||
Non-Vested - beginning of year | 470,022 | $ | 24.63 | |||
Granted | 374,050 | 19.60 | ||||
Forfeited | (172,025 | ) | 20.96 | |||
Vested | (33,006 | ) | 20.44 | |||
Non-Vested - end of quarter | 639,041 | $ | 22.89 |
8. | Recently Issued Accounting Pronouncements |
9. | Commitments and Contingencies |
Percentage of Net Sales | Percentage of Net Sales | ||||||||||||||||
For Thirteen Weeks Ended | Percentage | For Twenty-Six Weeks Ended | Percentage | ||||||||||||||
August 4, 2018 | July 29, 2017 | Increase/(Decrease) | August 4, 2018 | July 29, 2017 | Increase/(Decrease) | ||||||||||||
Net sales | 100.0 | % | 100.0 | % | 2.8 | % | 100.0 | % | 100.0 | % | (0.5 | )% | |||||
Cost of sales (including buying, distribution, and occupancy costs) | 60.8 | % | 62.1 | % | 0.5 | % | 60.9 | % | 61.8 | % | (1.9 | )% | |||||
Gross profit | 39.2 | % | 37.9 | % | 6.5 | % | 39.1 | % | 38.2 | % | 1.8 | % | |||||
Selling expenses | 23.8 | % | 23.9 | % | 2.6 | % | 23.1 | % | 22.9 | % | 0.2 | % | |||||
General and administrative expenses | 5.4 | % | 5.1 | % | 8.3 | % | 5.3 | % | 4.9 | % | 8.3 | % | |||||
Income from operations | 10.0 | % | 8.9 | % | 15.8 | % | 10.7 | % | 10.4 | % | 2.3 | % | |||||
Other income, net | 0.5 | % | 0.5 | % | 8.0 | % | 0.6 | % | 0.5 | % | 34.0 | % | |||||
Income before income taxes | 10.5 | % | 9.4 | % | 15.4 | % | 11.3 | % | 10.9 | % | 3.6 | % | |||||
Provision for income taxes | 2.7 | % | 3.5 | % | (19.9 | )% | 2.9 | % | 4.1 | % | (28.1 | )% | |||||
Net income | 7.8 | % | 5.9 | % | 36.4 | % | 8.4 | % | 6.8 | % | 22.4 | % |
1. | Revenue Recognition. Retail store sales are recorded, net of expected returns, upon the purchase of merchandise by customers. Online sales are recorded, net of expected returns, when merchandise is tendered for delivery to the common carrier. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. Revenue is not recorded when gift cards and gift certificates are sold, but rather when a card or certificate is redeemed for merchandise. A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased. The liability recorded for unredeemed gift certificates and gift cards was $14.1 million and $18.2 million as of August 4, 2018 and February 3, 2018, respectively. Gift card and gift certificate breakage is recognized as revenue in proportion to the redemption pattern of customers by applying an estimated breakage rate. The estimated breakage rate is based on historical issuance and redemption patterns and is re-assessed by the Company on a regular basis. Sales tax collected from customers is excluded from revenue and is included as part of “accrued store operating expenses” on the Company's condensed consolidated balance sheets. |
2. | Inventory. Inventory is valued at the lower of cost or net realizable value. Cost is determined using an average cost method that approximates the first-in, first-out (FIFO) method. Management makes adjustments to inventory and cost of goods sold, based upon estimates, to account for merchandise obsolescence and markdowns that could affect net realizable value, based on assumptions using calculations applied to current inventory levels within each different markdown level. Management also reviews the levels of inventory in each markdown group and the overall aging of the inventory versus the estimated future demand for such product and the current market conditions. Such judgments could vary significantly from actual results, either favorably or unfavorably, due to fluctuations in future economic conditions, industry trends, consumer demand, and the competitive retail environment. Such changes in market conditions could negatively impact the sale of markdown inventory, causing further markdowns or inventory obsolescence, resulting in increased cost of goods sold from write-offs and reducing the Company’s net earnings. The adjustment to inventory for markdowns and/or obsolescence was $10.9 million as of August 4, 2018 and $10.0 million as of February 3, 2018. The Company is not aware of any events, conditions, or changes in demand or price that would indicate that its inventory valuation may not be materially accurate at this time. |
3. | Income Taxes. The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the Company determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. Estimating the value of these assets is based upon the Company’s judgment. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased. Adjustment would be made to increase net income in the period such determination was made. |
4. | Operating Leases. The Company leases retail stores under operating leases. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expense on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the condensed consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the condensed consolidated statements of income. |
5. | Investments. Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold. Held-to-maturity securities are reported at amortized cost. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method. |
Payments Due by Period | |||||||||||||||||||
Contractual obligations (dollar amounts in thousands): | Total | Less than 1 year | 1-3 years | 4-5 years | After 5 years | ||||||||||||||
Purchase obligations | $ | 12,984 | $ | 5,949 | $ | 4,363 | $ | 2,672 | $ | — | |||||||||
Deferred compensation | 15,784 | — | — | — | 15,784 | ||||||||||||||
Operating leases | 298,944 | 65,785 | 102,476 | 69,233 | 61,450 | ||||||||||||||
Total contractual obligations | $ | 327,712 | $ | 71,734 | $ | 106,839 | $ | 71,905 | $ | 77,234 |
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Maximum Number of Shares that May Yet Be Purchased Under Publicly Announced Plans | |||||
May 6, 2018 to June. 2, 2018 | - | - | - | 440,207 | ||||
June 3, 2018 to July 7, 2018 | - | - | - | 440,207 | ||||
July 8, 2018 to Aug. 4, 2018 | - | - | - | 440,207 | ||||
- | - | - |
Exhibit 31.1 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
Exhibit 31.2 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002) |
Exhibit 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Exhibit 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
Exhibit 101 | The following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 4, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Comprehensive Income; (iv) Condensed Consolidated Statements of Stockholders’ Equity; (v) Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. |
THE BUCKLE, INC. | |||
Date: | September 13, 2018 | By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | |||
President and CEO | |||
(principal executive officer) | |||
Date: | September 13, 2018 | By: | /s/ THOMAS B. HEACOCK |
THOMAS B. HEACOCK, | |||
Senior Vice President of Finance, Treasurer, and CFO | |||
(principal accounting officer) |
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer (Section 302 of the Sarbanes-Oxley Act of 2002) | |
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer (Section 302 of the Sarbanes-Oxley Act of 2002) | |
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Exhibit 101 | The following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended August 4, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Comprehensive Income; (iv) Condensed Consolidated Statements of Stockholders’ Equity; (v) Condensed Consolidated Statements of Cash Flows; and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. |
1. | I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended August 4, 2018; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors: |
Date: September 13, 2018 | By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | ||
President and CEO | ||
(principal executive officer) |
1. | I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended August 4, 2018; |
2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors: |
Date: September 13, 2018 | By: | /s/ THOMAS B. HEACOCK |
THOMAS B. HEACOCK, | ||
Senior Vice President of Finance, Treasurer, and CFO | ||
(principal accounting officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ DENNIS H. NELSON |
DENNIS H. NELSON, | |
President and CEO | |
(principal executive officer) | |
September 13, 2018 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ THOMAS B. HEACOCK |
THOMAS B. HEACOCK, | |
Senior Vice President of Finance, Treasurer, and CFO | |
(principal accounting officer) | |
September 13, 2018 |
Document and Entity Information - shares |
6 Months Ended | |
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Aug. 04, 2018 |
Sep. 07, 2018 |
|
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 04, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BKE | |
Entity Registrant Name | BUCKLE INC | |
Entity Central Index Key | 0000885245 | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,018,195 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Aug. 04, 2018 |
Feb. 03, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 49,018,195 | 48,816,170 |
Common stock, shares outstanding (shares) | 49,018,195 | 48,816,170 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Aug. 04, 2018 |
Jul. 29, 2017 |
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Income Statement [Abstract] | ||||
SALES, Net of returns and allowances | $ 201,080 | $ 195,650 | $ 405,977 | $ 407,901 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 122,149 | 121,511 | 247,355 | 252,045 |
Gross profit | 78,931 | 74,139 | 158,622 | 155,856 |
OPERATING EXPENSES: | ||||
Selling | 47,896 | 46,679 | 93,749 | 93,597 |
General and administrative | 10,874 | 10,045 | 21,452 | 19,806 |
Total selling, general and administrative expenses | 58,770 | 56,724 | 115,201 | 113,403 |
INCOME FROM OPERATIONS | 20,161 | 17,415 | 43,421 | 42,453 |
OTHER INCOME, Net | 972 | 899 | 2,459 | 1,834 |
INCOME BEFORE INCOME TAXES | 21,133 | 18,314 | 45,880 | 44,287 |
PROVISION FOR INCOME TAXES | 5,474 | 6,831 | 11,883 | 16,519 |
NET INCOME | $ 15,659 | $ 11,483 | $ 33,997 | $ 27,768 |
EARNINGS PER SHARE: | ||||
Basic (dollars per share) | $ 0.32 | $ 0.24 | $ 0.70 | $ 0.58 |
Diluted (dollars per share) | $ 0.32 | $ 0.24 | $ 0.70 | $ 0.57 |
Basic weighted average shares | 48,379 | 48,218 | 48,379 | 48,218 |
Diluted weighted average shares | 48,592 | 48,310 | 48,571 | 48,327 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Aug. 04, 2018 |
Jul. 29, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 15,659 | $ 11,483 | $ 33,997 | $ 27,768 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | ||||
Change in unrealized loss on investments, net of tax of $31, $2, $31, and $2, respectively | 89 | 3 | 89 | 3 |
Other comprehensive income | 89 | 3 | 89 | 3 |
COMPREHENSIVE INCOME | $ 15,748 | $ 11,486 | $ 34,086 | $ 27,771 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Aug. 04, 2018 |
Jul. 29, 2017 |
|
Statement of Comprehensive Income [Abstract] | ||||
Change in unrealized loss on investments, tax | $ 31 | $ 2 | $ 31 | $ 2 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
6 Months Ended | |
---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividends paid on common stock, per share | $ 0.5 | $ 0.5 |
Basis of Presentation |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended February 3, 2018, included in The Buckle, Inc.'s 2017 Form 10-K. The condensed consolidated balance sheet as of February 3, 2018 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification (“ASC”). There were no significant changes to the Company's significant accounting policies as disclosed in Note A to the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2018, except as set forth below. Revenue Recognition - Retail store sales are recorded, net of expected returns, upon the purchase of merchandise by customers. Online sales are recorded, net of expected returns, when the merchandise is tendered for delivery to the common carrier. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. Merchandise returns are estimated based upon the historical average sales return percentage and recognized at the transaction value. The Company also recognizes a return asset and a corresponding adjustment to cost of sales for the Company's right to recover returned merchandise, which is measured at the estimated carrying value, less any expected recovery costs. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. The Company records the sale of gift cards and gift certificates as a current liability and recognizes a sale when a customer redeems the gift card or gift certificate. Gift card and gift certificate breakage is recognized as revenue in proportion to the redemption pattern of customers by applying an estimated breakage rate. The estimated breakage rate is based on historical issuance and redemption patterns and is re-assessed by the Company on a regular basis. The Company recognizes a current liability for the down payment and subsequent installment payments made when merchandise is placed on layaway and recognizes layaways as a sale at the time the customer makes final payment and picks up the merchandise. Sales tax collected from customers is excluded from revenue and is included as part of "accrued store operating expenses" on the Company's consolidated balance sheets. The Company's Guest Loyalty program allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase. Reported revenue is net of both current period reward redemptions and accruals for estimated future rewards earned under the Guest Loyalty program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration, which is included in "accrued store operating expenses." Through partnership with Comenity Bank, the Company offers a private label credit card ("PLCC"). Customers with a PLCC are enrolled in our B-Rewards incentive program and earn points for every qualifying purchase made on their card. At the end of each rewards period, customers who have exceeded a minimum point threshold receive a reward to be redeemed on a future purchase. The B-Rewards program also provides other discount and promotional opportunities to cardholders on a routine basis. Reported revenue is net of both current period reward redemptions, current period discounts and promotions, and accruals for estimated future rewards earned under the B-Rewards program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration, which is included in "gift certificates redeemable" on the Company's consolidated balance sheets. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition. The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In preparation for the implementation of the new standard, the Company determined the adoption of Topic 606 would affect the timing of recognition and the income statement classification of gift card and gift certificate breakage, the timing of revenue recognition for sales of merchandise shipped to customers, and the presentation of the allowance for estimated sales returns. The Company adopted Topic 606 on February 4, 2018, using the modified retrospective transition method. Under this transition method, the prior period comparative information has not been adjusted and continues to be reported under Topic 605, with the cumulative effect of adopting the new standard recorded as a $389 adjustment increasing retained earnings as of February 4, 2018. The effect of the adoption of ASU 2014-09 on our consolidated balance sheet as of August 4, 2018 was as follows:
The adoption of ASU 2014-09 did not have a material impact on the Company's results of operations for either the thirteen or twenty-six week periods ended August 4, 2018. The adoption did, however, impact the income statement classification of gift card and gift certificate breakage. For the twenty-six week period ended August 4, 2018, the Company recognized $415 of gift card and gift certificate breakage as revenue. For the twenty-six week period ended July 29, 2017, the Company recognized $600 of breakage in "other income." |
Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company had 455 stores located in 43 states throughout the United States as of August 4, 2018 and 463 stores in 44 states as of July 29, 2017. During the twenty-six week period ended August 4, 2018, the Company did not open any new stores, substantially remodeled 3 stores, and closed 2 stores; which includes 3 substantial remodels and 1 closed store during the second quarter. During the twenty-six week period ended July 29, 2017, the Company opened 1 new store, substantially remodeled 7 stores, and closed 5 stores; which includes 1 new store and 5 substantial remodels during the second quarter. For the twenty-six week periods ended August 4, 2018 and July 29, 2017, online revenues accounted for 10.9% and 10.1%, respectively, of the Company's net sales. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.
(a) Shares in thousands. |
Investments |
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Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following is a summary of investments as of August 4, 2018:
The following is a summary of investments as of February 3, 2018:
The amortized cost and fair value of debt securities by contractual maturity as of August 4, 2018 is as follows:
As of February 3, 2018, $1,605 of available-for-sale securities are classified as long-term investments. As of August 4, 2018 and February 3, 2018 $1,516 and $4,694 of held-to-maturity securities are classified in long-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments. The Company’s investments in auction-rate securities (“ARS”) are classified as available-for-sale and reported at fair market value. As of February 3, 2018, the reported investment amount is net of $120 of temporary impairment to account for the impairment of certain securities from their stated par value. The $120 temporary impairment is reported, net of tax, as an “accumulated other comprehensive loss” of $89 in stockholders’ equity as February 3, 2018. The investments considered temporarily impaired, all of which had been in loss positions for over a year, were successfully redeemed during fiscal 2018 at par value plus accrued interest. As of February 3, 2018, all of the Company’s investments in ARS were classified in long-term investments. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:
As of August 4, 2018 and February 3, 2018, the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows:
Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $120 of the Company’s recorded temporary impairment as of February 3, 2018. The use of different assumptions would have resulted in a different valuation and related temporary impairment charge. Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows:
There were no transfers of securities between Levels 1, 2, or 3 during the twenty-six week periods ended August 4, 2018 or July 29, 2017. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of August 4, 2018, the fair value of held-to-maturity securities was $53,125 compared to the carrying amount of $53,116. As of February 3, 2018, the fair value of held-to-maturity securities was $55,460 compared to the carrying amount of $55,527. The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial as of both August 4, 2018 and February 3, 2018. |
Supplemental Cash Flow Information |
6 Months Ended |
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Aug. 04, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company had non-cash investing activities during the twenty-six week periods ended August 4, 2018 and July 29, 2017 of ($24) and $151, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $395 and $371 as of August 4, 2018 and February 3, 2018, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid. Additional cash flow information for the Company includes cash paid for income taxes during the twenty-six week periods ended August 4, 2018 and July 29, 2017 of $29,506 and $34,826, respectively. |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of August 4, 2018, 1,060,891 shares were available for grant under the Company’s various restricted stock plans, of which 1,015,517 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2018 and fiscal 2017 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:
Non-vested shares of common stock granted during the twenty-six week periods ended August 4, 2018 and July 29, 2017 were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended August 4, 2018 is as follows:
As of August 4, 2018, there was $7,644 of unrecognized compensation expense related to grants of non-vested shares. It is expected that this expense will be recognized over a weighted average period of approximately 2.1 years. The total fair value of shares vested during the twenty-six week periods ended August 4, 2018 and July 29, 2017 was $698 and $776, respectively. During the twenty-six week period ended August 4, 2018, 145,325 shares (representing one-half of the "performance based" shares granted during fiscal 2017 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2017 grants. |
Recently Issued Accounting Pronouncements |
6 Months Ended |
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Aug. 04, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). This ASU replaces the existing guidance in ASC 840, Leases. The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position, but does expect that it will result in a significant increase in both assets and liabilities related to the Company's leases for retail store locations. |
Commitments and Contingencies |
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Aug. 04, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Data Security Incident On June 16, 2017, the Company announced that it had become aware that it was a victim of a data security incident in which a criminal entity accessed certain guest credit card information following purchases at some of the Company's retail stores between October 28, 2016 and April 14, 2017. The Company immediately launched a thorough investigation and engaged leading third-party forensic experts to review its systems and secure the affected part of its network. Through that investigation, the Company learned that its store payment data systems were infected with a form of malicious code, which was quickly removed. The Company has taken actions that it believes have contained the issue and has implemented additional security enhancements, and will continue to work vigilantly to pursue this matter to resolution. Based on the forensic investigation, the Company believes that no social security numbers, email addresses, or physical addresses were obtained by those criminally responsible. There is also no evidence that the buckle.com website or buckle.com guests were impacted. Buckle self-reported the issue to the payment card brands and cooperated fully with the card brands, their forensic experts, and law enforcement during the investigation. At this time, it is not possible to reasonably estimate the amount of any potential assessments, fines, penalties, or other liabilities in connection with this incident. |
Basis of Presentation (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Adoption of ASU 2014-09 | The effect of the adoption of ASU 2014-09 on our consolidated balance sheet as of August 4, 2018 was as follows:
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Revenues (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Information | The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares.
(a) Shares in thousands. |
Investments (Tables) |
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Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments, cost and fair value | The following is a summary of investments as of August 4, 2018:
The following is a summary of investments as of February 3, 2018:
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Schedule of amortized cost and fair value of debt securities by contractual maturity | The amortized cost and fair value of debt securities by contractual maturity as of August 4, 2018 is as follows:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets measured at fair value on a recurring basis | The Company’s financial assets measured at fair value on a recurring basis are as follows:
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Financial assets measured at fair value on a recurring basis, unobservable input reconciliation | Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows:
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Stock-Based Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows:
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Summary of stock-based compensation activity related to grants of non-vested shares of common stock | A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the twenty-six week period ended August 4, 2018 is as follows:
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Revenues (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018
store
state
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Jul. 29, 2017
store
state
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Aug. 04, 2018
store
state
segment
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Jul. 29, 2017
store
state
|
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Product Information [Line Items] | ||||
Percentage of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Number of reportable segments (segment) | segment | 1 | |||
Number of stores (store) | 455 | 463 | 455 | 463 |
Number of states in which stores are located (state) | state | 43 | 44 | 43 | 44 |
New stores opened during the period (store) | 0 | 1 | 0 | 1 |
Stores substantially remodeled during the period (store) | 3 | 5 | 3 | 7 |
Stores closed during the period (store) | 1 | 0 | 2 | 5 |
Revenue [Member] | Online revenues [Member] | ||||
Product Information [Line Items] | ||||
Revenue segment greater than 10 percent | 10.90% | 10.10% |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Aug. 04, 2018 |
Jul. 29, 2017 |
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Income | ||||
Basic EPS, Income | $ 15,659 | $ 11,483 | $ 33,997 | $ 27,768 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | 0 |
Diluted EPS, Income | $ 15,659 | $ 11,483 | $ 33,997 | $ 27,768 |
Weighted Average Shares | ||||
Basic EPS, Weighted Average Shares (shares) | 48,379 | 48,218 | 48,379 | 48,218 |
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 213 | 92 | 192 | 109 |
Diluted EPS, Weighted Average Shares (shares) | 48,592 | 48,310 | 48,571 | 48,327 |
Per Share Amount | ||||
Basic EPS, Per Share Amount (dollars per share) | $ 0.32 | $ 0.24 | $ 0.70 | $ 0.58 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | 0.00 | 0.00 | 0.00 | (0.01) |
Diluted EPS, Per Share Amount (dollars per share) | $ 0.32 | $ 0.24 | $ 0.70 | $ 0.57 |
Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands |
Aug. 04, 2018 |
Feb. 03, 2018 |
---|---|---|
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 51,600 | |
1 - 5 years, Amortized Cost | 1,516 | |
Held-to-Maturity Securities, Amortized Cost | 53,116 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 51,607 | |
1 - 5 years, Fair Value | 1,518 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 53,125 | $ 55,460 |
Investments (Narrative) (Details) - USD ($) $ in Thousands |
Aug. 04, 2018 |
Feb. 03, 2018 |
---|---|---|
Schedule of Investments [Line Items] | ||
Available-for-sale securities classified as noncurrent | $ 1,605 | |
Long-term investment, held-to-maturity securities | $ 1,516 | 4,694 |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | $ 0 | 89 |
Auction-rate securities [Member] | ||
Schedule of Investments [Line Items] | ||
Temporary impairment | 120 | |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | $ 89 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Feb. 03, 2018 |
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Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ (24) | $ 151 | |
Current liability for unpaid purchases of property, plant and equipment | 395 | $ 371 | |
Cash paid for income taxes | $ 29,506 | $ 34,826 |
Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Aug. 04, 2018 |
Jul. 29, 2017 |
Aug. 04, 2018 |
Jul. 29, 2017 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before tax | $ 1,412 | $ 1,580 | $ 2,896 | $ 3,226 |
Stock-based compensation expense, after tax | $ 1,046 | $ 995 | $ 2,146 | $ 2,032 |
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