(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Pages | ||||||||
Part I. Financial Information (unaudited) | ||||||||
Part II. Other Information | ||||||||
ASSETS | October 30, 2021 | January 30, 2021 | |||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Receivables | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other assets | |||||||||||
Total current assets | |||||||||||
PROPERTY AND EQUIPMENT | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS | |||||||||||
LONG-TERM INVESTMENTS | |||||||||||
OTHER ASSETS | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued employee compensation | |||||||||||
Accrued store operating expenses | |||||||||||
Gift certificates redeemable | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Income taxes payable | |||||||||||
Total current liabilities | |||||||||||
DEFERRED COMPENSATION | |||||||||||
NON-CURRENT OPERATING LEASE LIABILITIES | |||||||||||
Total liabilities | |||||||||||
COMMITMENTS | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Common stock, authorized | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||
SALES, Net of returns and allowances | $ | $ | $ | $ | |||||||||||||||||||
COST OF SALES (Including buying, distribution, and occupancy costs) | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
INCOME FROM OPERATIONS | |||||||||||||||||||||||
OTHER INCOME, Net | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||||||||
INCOME TAX EXPENSE | |||||||||||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||||||||
EARNINGS PER SHARE: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Basic weighted average shares | |||||||||||||||||||||||
Diluted weighted average shares |
Number of Shares | Common Stock | Additional Paid-in Capital | Retained Earnings | Total | ||||||||||||||||||||||||||||
FISCAL 2021 | ||||||||||||||||||||||||||||||||
BALANCE, August 1, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Dividends paid on common stock, ($ | — | — | — | ( | ( | |||||||||||||||||||||||||||
Issuance of non-vested stock, net of forfeitures | — | — | ||||||||||||||||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | — | |||||||||||||||||||||||||||||
BALANCE, October 30, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
BALANCE, January 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Dividends paid on common stock, ($ | — | — | — | ( | ( | |||||||||||||||||||||||||||
Issuance of non-vested stock, net of forfeitures | ( | — | — | |||||||||||||||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | — | |||||||||||||||||||||||||||||
BALANCE, October 30, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
FISCAL 2020 | ||||||||||||||||||||||||||||||||
BALANCE, August 2, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Dividends paid on common stock, ($ | — | — | — | ( | ( | |||||||||||||||||||||||||||
Issuance of non-vested stock, net of forfeitures | — | — | ||||||||||||||||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | — | |||||||||||||||||||||||||||||
Common stock purchased and retired | — | — | ||||||||||||||||||||||||||||||
BALANCE, October 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
BALANCE, February 2, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Dividends paid on common stock, ($ | — | — | — | ( | ( | |||||||||||||||||||||||||||
Issuance of non-vested stock, net of forfeitures | ( | — | — | |||||||||||||||||||||||||||||
Amortization of non-vested stock grants, net of forfeitures | — | — | — | |||||||||||||||||||||||||||||
Common stock purchased and retired | ( | — | ( | — | ( | |||||||||||||||||||||||||||
BALANCE, October 31, 2020 | $ | $ | $ | $ |
Thirty-Nine Weeks Ended | |||||||||||
October 30, 2021 | October 31, 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of non-vested stock grants, net of forfeitures | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | ( | ||||||||||
Inventory | |||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued employee compensation | |||||||||||
Accrued store operating expenses | |||||||||||
Gift certificates redeemable | ( | ( | |||||||||
Income taxes payable | ( | ||||||||||
Other assets and liabilities | |||||||||||
Net cash flows from operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Change in other assets | |||||||||||
Purchases of investments | ( | ( | |||||||||
Proceeds from sales/maturities of investments | |||||||||||
Net cash flows from investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Purchases of common stock | ( | ||||||||||
Payment of dividends | ( | ( | |||||||||
Net cash flows from financing activities | ( | ( | |||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | |||||||||||
CASH AND CASH EQUIVALENTS, Beginning of period | |||||||||||
CASH AND CASH EQUIVALENTS, End of period | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
Merchandise Group | October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||
Denims | % | % | % | % | |||||||||||||||||||
Tops (including sweaters) | |||||||||||||||||||||||
Footwear | |||||||||||||||||||||||
Accessories | |||||||||||||||||||||||
Sportswear/Fashions | |||||||||||||||||||||||
Outerwear | |||||||||||||||||||||||
Casual bottoms | |||||||||||||||||||||||
Youth | |||||||||||||||||||||||
% | % | % | % |
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||||||||||||
Net Income | Weighted Average Shares (a) | Per Share Amount | Net Income | Weighted Average Shares (a) | Per Share Amount | ||||||||||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Non-vested shares | ( | ||||||||||||||||||||||||||||||||||
Diluted EPS | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | ||||||||||||||||||||||||||||||||||
Net Income | Weighted Average Shares (a) | Per Share Amount | Net Income | Weighted Average Shares (a) | Per Share Amount | ||||||||||||||||||||||||||||||
Basic EPS | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||||||||||||||
Non-vested shares | ( | ||||||||||||||||||||||||||||||||||
Diluted EPS | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trading Securities: | |||||||||||||||||||||||||||||
Mutual funds | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trading Securities: | |||||||||||||||||||||||||||||
Mutual funds | $ | $ | $ | $ | $ |
Amortized Cost | Fair Value | ||||||||||
Held-to-Maturity Securities | |||||||||||
Less than 1 year | $ | $ | |||||||||
1 - 5 years | |||||||||||
$ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
October 30, 2021 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||||||||
Trading securities (including mutual funds) | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
January 30, 2021 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||||||||
Trading securities (including mutual funds) | $ | $ | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost (a) | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | |||||||||||||||||||
Right-of-use assets obtained in exchange for new lease obligations: | |||||||||||||||||||||||
Operating leases | $ | $ | $ | $ |
Fiscal Year | Operating Leases (a) | |||||||
2021 (remaining) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: Imputed interest | ||||||||
Total operating lease liability | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||
Stock-based compensation expense, before tax | $ | $ | $ | $ | |||||||||||||||||||
Stock-based compensation expense, after tax | $ | $ | $ | $ |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-Vested - beginning of year | $ | ||||||||||
Granted | |||||||||||
Forfeited | ( | ||||||||||
Vested | ( | ||||||||||
Non-Vested - end of quarter | $ |
Percentage of Net Sales | Percentage of Net Sales | ||||||||||||||||||||||||||||||||||
For Thirteen Weeks Ended | Percentage | For Thirty-Nine Weeks Ended | Percentage | ||||||||||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | Increase/(Decrease) | October 30, 2021 | October 31, 2020 | Increase/(Decrease) | ||||||||||||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 27.3 | % | 100.0 | % | 100.0 | % | 56.9 | % | |||||||||||||||||||||||
Cost of sales (including buying, distribution, and occupancy costs) | 49.6 | % | 53.4 | % | 18.1 | % | 50.7 | % | 59.3 | % | 34.1 | % | |||||||||||||||||||||||
Gross profit | 50.4 | % | 46.6 | % | 37.7 | % | 49.3 | % | 40.7 | % | 90.0 | % | |||||||||||||||||||||||
Selling expenses | 21.2 | % | 21.1 | % | 28.1 | % | 20.9 | % | 21.4 | % | 53.1 | % | |||||||||||||||||||||||
General and administrative expenses | 3.5 | % | 3.9 | % | 11.6 | % | 3.7 | % | 5.0 | % | 16.8 | % | |||||||||||||||||||||||
Income from operations | 25.7 | % | 21.6 | % | 51.9 | % | 24.7 | % | 14.3 | % | 170.6 | % | |||||||||||||||||||||||
Other income, net | 0.1 | % | 0.4 | % | (81.1) | % | 0.1 | % | 0.4 | % | (76.7) | % | |||||||||||||||||||||||
Income before income taxes | 25.8 | % | 22.0 | % | 49.4 | % | 24.8 | % | 14.7 | % | 164.8 | % | |||||||||||||||||||||||
Income tax expense | 6.3 | % | 5.4 | % | 49.4 | % | 6.1 | % | 3.6 | % | 164.8 | % | |||||||||||||||||||||||
Net income | 19.5 | % | 16.6 | % | 49.4 | % | 18.7 | % | 11.1 | % | 164.8 | % |
Payments Due by Fiscal Year | |||||||||||||||||||||||||||||
Contractual obligations (dollar amounts in thousands): | Total | 2021 (remaining) | 2022-2023 | 2024-2025 | Thereafter | ||||||||||||||||||||||||
Purchase obligations | $ | 13,590 | $ | 6,502 | $ | 5,654 | $ | 1,434 | $ | — | |||||||||||||||||||
Deferred compensation | 20,024 | — | — | — | 20,024 | ||||||||||||||||||||||||
Operating lease payments (a) | 318,501 | 24,501 | 165,800 | 84,754 | 43,446 | ||||||||||||||||||||||||
Total contractual obligations | $ | 352,115 | $ | 31,003 | $ | 171,454 | $ | 86,188 | $ | 63,470 |
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 | ||||||||||||||||||||
Aug. 1, 2021 to Aug. 28, 2021 | - | - | - | 410,655 | |||||||||||||||||||
Aug. 29, 2021 to Oct. 2, 2021 | - | - | - | 410,655 | |||||||||||||||||||
Oct. 3, 2021 to Oct. 30, 2021 | - | - | - | 410,655 | |||||||||||||||||||
- | - | - |
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 October 30, 2021, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. | ||||
Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |
THE BUCKLE, INC. | |||||||||||
Date: | December 9, 2021 | By: | /s/ DENNIS H. NELSON | ||||||||
DENNIS H. NELSON, | |||||||||||
President and CEO | |||||||||||
(principal executive officer) | |||||||||||
Date: | December 9, 2021 | 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 October 30, 2021, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income; (iii) Condensed Consolidated Statements of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and in detail. | ||||
Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |
Date: December 9, 2021 | By: | /s/ DENNIS H. NELSON | ||||||
DENNIS H. NELSON, | ||||||||
President and CEO | ||||||||
(principal executive officer) |
Date: December 9, 2021 | By: | /s/ THOMAS B. HEACOCK | ||||||
THOMAS B. HEACOCK, | ||||||||
Senior Vice President of Finance, Treasurer, and CFO | ||||||||
(principal accounting officer) |
By: | /s/ DENNIS H. NELSON | ||||
DENNIS H. NELSON, | |||||
President and CEO | |||||
(principal executive officer) | |||||
December 9, 2021 |
By: | /s/ THOMAS B. HEACOCK | ||||
THOMAS B. HEACOCK, | |||||
Senior Vice President of Finance, Treasurer, and CFO | |||||
(principal accounting officer) | |||||
December 9, 2021 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
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) | 49,783,381 | 49,407,731 |
Common stock, shares outstanding (shares) | 49,783,381 | 49,407,731 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Income Statement [Abstract] | ||||
SALES, Net of returns and allowances | $ 319,432 | $ 251,005 | $ 913,677 | $ 582,443 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 158,366 | 134,055 | 463,039 | 345,286 |
Gross profit | 161,066 | 116,950 | 450,638 | 237,157 |
OPERATING EXPENSES: | ||||
Selling | 67,771 | 52,894 | 190,827 | 124,655 |
General and administrative | 11,080 | 9,930 | 33,912 | 29,026 |
Total selling, general and administrative expenses | 78,851 | 62,824 | 224,739 | 153,681 |
INCOME FROM OPERATIONS | 82,215 | 54,126 | 225,899 | 83,476 |
OTHER INCOME, Net | 192 | 1,020 | 465 | 1,998 |
INCOME BEFORE INCOME TAXES | 82,407 | 55,146 | 226,364 | 85,474 |
INCOME TAX EXPENSE | 20,190 | 13,511 | 55,459 | 20,941 |
NET INCOME | $ 62,217 | $ 41,635 | $ 170,905 | $ 64,533 |
EARNINGS PER SHARE: | ||||
Basic (dollars per share) | $ 1.27 | $ 0.85 | $ 3.49 | $ 1.32 |
Diluted (dollars per share) | $ 1.26 | $ 0.85 | $ 3.46 | $ 1.32 |
Basic weighted average shares | 48,946 | 48,714 | 48,946 | 48,718 |
Diluted weighted average shares | 49,362 | 48,987 | 49,338 | 48,941 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid on common stock, per share | $ 0.33 | $ 0.30 | $ 0.99 | $ 0.30 |
Basis of Presentation |
9 Months Ended |
---|---|
Oct. 30, 2021 | |
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 January 30, 2021, included in The Buckle, Inc.'s 2020 Form 10-K. The condensed consolidated balance sheet as of January 30, 2021 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”).
|
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 441 stores located in 42 states throughout the United States as of October 30, 2021 and 446 stores in 42 states as of October 31, 2020. During the thirty-nine week period ended October 30, 2021, the Company opened 1 new store, substantially remodeled 10 stores, and closed 3 stores, which includes no new stores, 3 substantially remodeled stores, and 1 closed store for the third quarter. During the thirty-nine week period ended October 31, 2020, the Company opened 3 new stores, substantially remodeled 3 stores, and closed 5 stores, which includes no new stores, 2 substantially remodeled stores, and no closed stores for the third quarter. Revenue for fiscal 2020 was significantly affected by the impacts of COVID-19. The Company temporarily closed all of its brick and mortar stores beginning March 18, 2020 to protect the health and welfare of its guests, teammates, and communities. The Company began the process of reopening certain stores the week of April 26, 2020, following all appropriate federal, state, and local reopening guidelines. The store closings had a significant impact on the Company's revenue for the thirty-nine week period ended October 31, 2020, which was down $46,808 or 7.4% from the same thirty-nine week period in the prior year. The Company's online store remained open without interruption and experienced significant growth during the thirty-nine week period ended October 31, 2020, growing $50,046 or 67.3% compared to the same thirty-nine week period in the prior year. For the thirteen week periods ended October 30, 2021 and October 31, 2020, online revenues accounted for 15.8% and 18.5%, respectively, of the Company's net sales. For the thirty-nine week periods ended October 30, 2021 and October 31, 2020, online revenues accounted for 16.2% and 21.4%, respectively. 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.
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Investments |
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Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The following is a summary of investments as of October 30, 2021:
The following is a summary of investments as of January 30, 2021:
The amortized cost and fair value of debt securities by contractual maturity as of October 30, 2021 is as follows:
As of October 30, 2021 and January 30, 2021, all of the Company's investments in held-to-maturity securities are classified in short-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.
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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: •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. As of October 30, 2021 and January 30, 2021, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in 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 publicly traded quoted prices. 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 October 30, 2021, the fair value of held-to-maturity securities was $11,308 compared to the carrying amount of $11,302. As of January 30, 2021, the fair value of held-to-maturity securities was $3,366 compared to the carrying amount of $3,359. 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. Given the substantial reduction in the Company's sales (and the related impact on cash flow projections) as a result of store closures due to the COVID-19 pandemic, an impairment assessment was triggered for certain stores as of May 2, 2020. This analysis resulted in $1,000 of store-related asset impairment charges in the fiscal quarter ended May 2, 2020. There was no impairment related to long-lived assets for all other periods presented.
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements. During the period of store closures in fiscal 2020 in response to the COVID-19 pandemic, the Company paid essentially full rent for the month of April but was then able to negotiate substantial rent deferrals for May and June. Consistent with guidance in the FASB Staff Q&A regarding lease concessions related to the effects of the COVID-19 pandemic, the Company made the election to treat all lease concessions as though the enforceable rights and obligations existed in each contract and, therefore, did not apply the lease modification guidance in ASC 842. As such, these deferrals had no impact on rent expense. Amounts deferred and payable in future periods have been included in "accounts payable" on the Company's condensed consolidated balance sheets. Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:
(a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months. Supplemental cash flow information related to leases is as follows:
The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of October 30, 2021, the weighted-average remaining lease term was 4.4 years and the weighted-average discount rate was 3.7%. The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of October 30, 2021:
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Supplemental Cash Flow Information |
9 Months Ended |
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Oct. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The Company had non-cash investing activities during the thirty-nine week periods ended October 30, 2021 and October 31, 2020 of ($1,155) and $297, 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 $1,874 and $719 as of October 30, 2021 and January 30, 2021, 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 thirty-nine week periods ended October 30, 2021 and October 31, 2020 of $68,882 and $16,632, respectively.
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Stock-Based Compensation |
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Share-based Payment Arrangement [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 October 30, 2021, 956,153 shares were available for grant under the Company’s various restricted stock plans, of which 874,592 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2021 and fiscal 2020 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 thirty-nine week periods ended October 30, 2021 and October 31, 2020 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 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 thirty-nine week period ended October 30, 2021 is as follows:
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Recently Issued Accounting Pronouncements |
9 Months Ended |
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Oct. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsThe Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on the Company's consolidated financial statements, based on current information. |
Basis of Presentation (Policies) |
9 Months Ended |
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Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
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 January 30, 2021, included in The Buckle, Inc.'s 2020 Form 10-K. The condensed consolidated balance sheet as of January 30, 2021 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”).
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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.
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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 October 30, 2021:
The following is a summary of investments as of January 30, 2021:
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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 October 30, 2021 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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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of total lease cost | Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:
(a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months.
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Supplemental cash flow information related to leases | Supplemental cash flow information related to leases is as follows:
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Undiscounted future lease payment liabilities | The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of October 30, 2021:
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Stock-Based Compensation (Tables) |
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [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 thirty-nine week period ended October 30, 2021 is as follows:
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Revenues (Narrative) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Product Information [Line Items] | ||||
Number of stores (store) | 441 | 446 | 441 | 446 |
Number of reportable segments (segment) | segment | 1 | |||
Number of states in which stores are located (state) | state | 42 | 42 | 42 | 42 |
New stores opened during the period (store) | 0 | 0 | 1 | 3 |
Stores substantially remodeled during the period (store) | 3 | 2 | 10 | 3 |
Stores closed during the period (store) | 1 | 0 | 3 | 5 |
Online revenues [Member] | ||||
Product Information [Line Items] | ||||
Impact on revenue | $ | $ 50,046 | |||
Impact on revenue, percentage | 67.30% | |||
Revenue [Member] | Risk [Member] | Online revenues [Member] | ||||
Product Information [Line Items] | ||||
Revenue segment greater than 10 percent | 15.80% | 18.50% | 16.20% | 21.40% |
Covid-19 [Member] | ||||
Product Information [Line Items] | ||||
Impact on revenue | $ | $ (46,808) | |||
Impact on revenue, percentage | (7.40%) |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Income | ||||
Basic EPS, Income | $ 62,217 | $ 41,635 | $ 170,905 | $ 64,533 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | 0 |
Diluted EPS, Income | $ 62,217 | $ 41,635 | $ 170,905 | $ 64,533 |
Weighted Average Shares | ||||
Basic EPS, Weighted Average Shares (shares) | 48,946 | 48,714 | 48,946 | 48,718 |
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 416 | 273 | 392 | 223 |
Diluted EPS, Weighted Average Shares (shares) | 49,362 | 48,987 | 49,338 | 48,941 |
Per Share Amount | ||||
Basic EPS, Per Share Amount (dollars per share) | $ 1.27 | $ 0.85 | $ 3.49 | $ 1.32 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | (0.01) | 0 | (0.03) | 0 |
Diluted EPS, Per Share Amount (dollars per share) | $ 1.26 | $ 0.85 | $ 3.46 | $ 1.32 |
Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | $ 11,302 | $ 3,359 |
Held-to-Maturity Securities, Estimated Fair Value | 11,308 | 3,366 |
State and municipal bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | 11,302 | 3,359 |
Held-to-Maturity Securities, Gross Unrealized Gains | 6 | 7 |
Held-to-Maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 11,308 | 3,366 |
Mutual funds [Member] | ||
Trading Securities [Abstract] | ||
Trading Securities, Amortized Cost or Par Value | 16,205 | 16,121 |
Trading Securities, Gross Unrealized Gains | 3,819 | 2,199 |
Trading Securities, Gross Unrealized Losses | 0 | 0 |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $ 20,024 | $ 18,320 |
Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 11,302 | |
1 - 5 years, Amortized Cost | 0 | |
Held-to-Maturity Securities, Amortized Cost | 11,302 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 11,308 | |
1 - 5 years, Fair Value | 0 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 11,308 | $ 3,366 |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
May 02, 2020 |
Oct. 30, 2021 |
Jan. 30, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Held-to-maturity securities, fair value | $ 11,308 | $ 3,366 | |
Held-to-maturity securities, carrying value | $ 11,302 | $ 3,359 | |
Covid-19 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed asset impairment charges | $ 1,000 |
Leases (Narrative) (Details) |
Oct. 30, 2021 |
---|---|
Lessee, Lease, Description [Line Items] | |
Store lease, typical initial term | 10 years |
Operating lease, weighted average remaining lease term | 4 years 4 months 24 days |
Operating lease, weighted average discount rate | 3.70% |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Store lease, typical renewal term | 5 years |
Leases (Components of total lease cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 23,614 | $ 24,322 | $ 70,941 | $ 73,343 |
Variable lease cost | 5,552 | 6,908 | 14,560 | 13,064 |
Total lease cost | $ 29,166 | $ 31,230 | $ 85,501 | $ 86,407 |
Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 26,166 | $ 25,070 | $ 75,390 | $ 65,280 |
Right-of-use assets obtained in exchange for operating lease liability | $ 25,436 | $ 7,659 | $ 62,178 | $ 13,629 |
Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands |
Oct. 30, 2021
USD ($)
|
---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
Payments due remainder of fiscal year | $ 24,501 |
Payments due year one | 92,186 |
Payments due year two | 73,614 |
Payments due year three | 52,457 |
Payments due year four | 32,297 |
Payments due after year four | 43,446 |
Total lease payments | 318,501 |
Less: Imputed interest | 25,429 |
Total operating lease liability | 293,072 |
Total lease payments, leases signed not commenced | $ 17,602 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Jan. 30, 2021 |
|
Supplemental Cash Flow Elements [Abstract] | |||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ (1,155) | $ 297 | |
Current liability for unpaid purchases of property, plant and equipment | 1,874 | $ 719 | |
Cash paid for income taxes | $ 68,882 | $ 16,632 |
Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, before tax | $ 2,464 | $ 1,261 | $ 7,558 | $ 3,894 |
Stock-based compensation expense, after tax | $ 1,860 | $ 952 | $ 5,706 | $ 2,940 |
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