10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended April 30, 2022

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

For the Transition Period from ____________ to ____________

Commission File Number: 001-12951

THE BUCKLE, INC.

(Exact name of Registrant as specified in its charter)

Nebraska	47-0366193
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 2407 West 24th Street, Kearney, Nebraska  68845-4915

(Address of principal executive offices)     (Zip Code)

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

____________________________________________________________________

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

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	BKE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for a shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ; Accelerated filer o;

Non-accelerated filer o; Smaller reporting company o;

Emerging growth company o

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

The number of shares outstanding of the Registrant's Common Stock, $0.01 par value, as of June 3, 2022, was 50,094,851.

THE BUCKLE, INC.

FORM 10-Q

INDEX

		Pages
Part I. Financial Information (unaudited)
Item 1.	Financial Statements	3
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20
Part II. Other Information
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22
Signatures		23
Exhibit Index		24

2

THE BUCKLE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

ASSETS	April 30, 2022		January 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$	250,073	$	253,970
Short-term investments	12,895		12,926
Receivables	4,414		12,087
Inventory	121,166		102,095
Prepaid expenses and other assets	19,663		10,128
Total current assets	408,211		391,206
PROPERTY AND EQUIPMENT	457,179		453,228
Less accumulated depreciation and amortization	(353,891)		(352,724)
	103,288		100,504
OPERATING LEASE RIGHT-OF-USE ASSETS	245,784		258,914
LONG-TERM INVESTMENTS	20,136		19,352
OTHER ASSETS	11,615		10,908
Total assets	$	789,034	$	780,884
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	61,246	$	59,950
Accrued employee compensation	23,095		62,055
Accrued store operating expenses	27,549		20,264
Gift certificates redeemable	13,611		16,470
Current portion of operating lease liabilities	84,565		88,273
Income taxes payable	13,647		1,529
Total current liabilities	223,713		248,541
DEFERRED COMPENSATION	20,136		19,352
NON-CURRENT OPERATING LEASE LIABILITIES	191,592		200,067
Total liabilities	435,441		467,960
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $0.01 par value; 50,094,851 and 49,728,651 shares issued and outstanding at April 30, 2022 and January 29, 2022 respectively	501		497
Additional paid-in capital	170,272		167,328
Retained earnings	182,820		145,099
Total stockholders’ equity	353,593		312,924
Total liabilities and stockholders’ equity	$	789,034	$	780,884

See notes to unaudited condensed consolidated financial statements.

3

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands Except Per Share Amounts)

(Unaudited)

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
SALES, Net of returns and allowances	$	309,064	$	299,125
COST OF SALES (Including buying, distribution, and occupancy costs)	156,904		151,572
Gross profit	152,160		147,553
OPERATING EXPENSES:
Selling	67,246		60,000
General and administrative	11,855		11,751
	79,101		71,751
INCOME FROM OPERATIONS	73,059		75,802
OTHER INCOME, Net	125		51
INCOME BEFORE INCOME TAXES	73,184		75,853
INCOME TAX EXPENSE	17,930		18,584
NET INCOME	$	55,254	$	57,269
EARNINGS PER SHARE:
Basic	$	1.12	$	1.17
Diluted	$	1.12	$	1.16
Basic weighted average shares	49,214		48,946
Diluted weighted average shares	49,528		49,309

See notes to unaudited condensed consolidated financial statements.

4

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

	Number of Shares	Common Stock		Additional Paid-in Capital		Retained Earnings		Total
FISCAL 2022
BALANCE, January 30, 2022	49,728,651	$	497	$	167,328	$	145,099	$	312,924
Net income	—	—		—		55,254		55,254
Dividends paid on common stock, ($0.35 per share)	—	—		—		(17,533)		(17,533)
Issuance of non-vested stock, net of forfeitures	366,200	4		(4)		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		2,948		—		2,948
BALANCE, April 30, 2022	50,094,851	$	501	$	170,272	$	182,820	$	353,593
FISCAL 2021
BALANCE, January 31, 2021	49,407,731	$	494	$	158,058	$	238,077	$	396,629
Net income	—	—		—		57,269		57,269
Dividends paid on common stock, ($0.33 per share)	—	—		—		(16,430)		(16,430)
Issuance of non-vested stock, net of forfeitures	381,160	4		(4)		—		—
Amortization of non-vested stock grants, net of forfeitures	—	—		2,630		—		2,630
BALANCE, May 1, 2021	49,788,891	$	498	$	160,684	$	278,916	$	440,098

See notes to unaudited condensed consolidated financial statements.

5

THE BUCKLE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Thousands)

(Unaudited)

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	55,254	$	57,269
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	4,488		4,812
Amortization of non-vested stock grants, net of forfeitures	2,948		2,630
Deferred income taxes	(707)		(631)
Other	29		195
Changes in operating assets and liabilities:
Receivables	1,690		1,153
Inventory	(19,071)		12,046
Prepaid expenses and other assets	(9,535)		(9,425)
Accounts payable	1,109		10,242
Accrued employee compensation	(38,960)		(9,391)
Accrued store operating expenses	7,299		7,100
Gift certificates redeemable	(2,859)		(2,064)
Income taxes payable	18,101		18,986
Other assets and liabilities	1,717		613
Net cash flows from operating activities	21,503		93,535
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(7,114)		(4,636)
Purchases of investments	(5,883)		(1,579)
Proceeds from sales/maturities of investments	5,130		3,474
Net cash flows from investing activities	(7,867)		(2,741)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(17,533)		(16,430)
Net cash flows from financing activities	(17,533)		(16,430)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,897)		74,364
CASH AND CASH EQUIVALENTS, Beginning of period	253,970		318,789
CASH AND CASH EQUIVALENTS, End of period	$	250,073	$	393,153

See notes to unaudited condensed consolidated financial statements.

6

THE BUCKLE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THIRTEEN WEEKS ENDED APRIL 30, 2022 AND MAY 1, 2021

(Dollar Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited)

1.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 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 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”).

2.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 439 stores located in 42 states throughout the United States as of April 30, 2022 and 442 stores in 42 states as of May 1, 2021. During the thirteen week period ended April 30, 2022, the Company opened no new stores, substantially remodeled 6 stores, and closed 1 store. During the thirteen week period ended May 1, 2021, the Company opened no new stores, substantially remodeled 5 stores, and closed 1 store.

For the thirteen week periods ended April 30, 2022 and May 1, 2021, online revenues accounted for 17.6% and 18.0%, 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.

7

The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales:

	Thirteen Weeks Ended
Merchandise Group	April 30, 2022		May 1, 2021
Denims	40.0	%	42.2	%
Tops (including sweaters)	27.8		26.1
Footwear	11.9		11.0
Accessories	8.9		8.5
Sportswear/Fashions	7.3		8.9
Outerwear	0.8		0.8
Casual bottoms	1.0		0.7
Youth	2.3		1.8
Total	100.0	%	100.0	%

3.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.

	Thirteen Weeks Ended					Thirteen Weeks Ended
	April 30, 2022					May 1, 2021
	Net Income		Weighted Average Shares (a)	Per Share Amount		Net Income		Weighted Average Shares (a)	Per Share Amount
Basic EPS	$	55,254	49,214	$	1.12	$	57,269	48,946	$	1.17
Effect of Dilutive Securities:
Non-vested shares	—		314	—		—		363	(0.01)
Diluted EPS	$	55,254	49,528	$	1.12	$	57,269	49,309	$	1.16

(a)    Shares in thousands.

8

4.Investments

The following is a summary of investments as of April 30, 2022:

	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	$	12,895	$	—	$	(27)	$	—	$	12,868
Trading Securities:
Mutual funds	$	19,585	$	551	$	—	$	—	$	20,136

The following is a summary of investments as of January 29, 2022:

	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	$	12,926	$	1	$	(4)	$	—	$	12,923
Trading Securities:
Mutual funds	$	17,932	$	1,420	$	—	$	—	$	19,352

The amortized cost and fair value of debt securities by contractual maturity as of April 30, 2022 is as follows:

	Amortized Cost		Fair Value
Held-to-Maturity Securities
Less than 1 year	$	12,895	$	12,868
1 - 5 years	—		—
Total	$	12,895	$	12,868

As of April 30, 2022 and January 29, 2022, 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.

5.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.

9

As of April 30, 2022 and January 29, 2022, 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:

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
April 30, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	20,136	$	—	$	—	$	20,136

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
January 29, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	19,352	$	—	$	—	$	19,352

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 April 30, 2022, the fair value of held-to-maturity securities was $12,868 compared to the carrying amount of $12,895. As of January 29, 2022, the fair value of held-to-maturity securities was $12,923 compared to the carrying amount of $12,926.

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 for all periods presented.

10

6.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 records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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.

Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Operating lease cost	$	23,275	$	23,697
Variable lease cost (a)	6,274		4,464
Total lease cost	$	29,549	$	28,161

(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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24,206	$	24,865
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	13,916	$	27,091

The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of April 30, 2022, the weighted-average remaining lease term was 4.5 years and the weighted-average discount rate was 3.8%.

11

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 April 30, 2022:

Fiscal Year	Operating Leases (a)
2022 (remaining)	$	73,457
2023	79,097
2024	56,032
2025	34,625
2026	23,856
Thereafter	34,973
Total lease payments	302,040
Less: Imputed interest	25,883
Total operating lease liability	$	276,157

(a)     Operating lease payments exclude $28,991 of legally binding minimum lease payments for leases signed, but not yet commenced.

7.Supplemental Cash Flow Information

The Company had non-cash investing activities during the thirteen week periods ended April 30, 2022 and May 1, 2021 of ($187) and $9, 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 $1,543 and $1,356 as of April 30, 2022 and January 29, 2022, 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 thirteen week periods ended April 30, 2022 and May 1, 2021 of $536 and $230, respectively.

8.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 April 30, 2022, 644,683 shares were available for grant under the Company’s various restricted stock plans, of which 581,122 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2022 and fiscal 2021 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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Stock-based compensation expense, before tax	$	2,948	$	2,630
Stock-based compensation expense, after tax	$	2,226	$	1,986

12

Non-vested shares of common stock granted during the thirteen week periods ended April 30, 2022 and May 1, 2021 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 thirteen week period ended April 30, 2022 is as follows:

	Shares	Weighted Average Grant Date Fair Value
Non-Vested - beginning of year	590,462	$	32.20
Granted	366,300	36.52
Forfeited	(100)	39.32
Vested	(75,458)	36.95
Non-Vested - end of quarter	881,204	$	33.59

As of April 30, 2022, there was $18,477 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 2.2 years. The total fair value of shares vested during the thirteen week periods ended April 30, 2022 and May 1, 2021 was $2,810 and $3,091, respectively.

9.Recently Issued Accounting Pronouncements

The 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.

13

THE BUCKLE, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto of the Company included in this Form 10-Q. All references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The following is management’s discussion and analysis of certain significant factors which have affected the Company’s financial condition and results of operations during the periods included in the accompanying condensed consolidated financial statements.

EXECUTIVE OVERVIEW

Company management considers the following items to be key performance indicators in evaluating Company performance.

Comparable Store Sales – Stores are deemed to be comparable stores if they were open in the prior year on the first day of the fiscal period being presented. Stores which have been remodeled, expanded, and/or relocated, but would otherwise be included as comparable stores, are not excluded from the comparable store sales calculation. Online sales are included in comparable store sales. Management considers comparable store sales to be an important indicator of current Company performance, helping leverage certain fixed costs when results are positive. Negative comparable store sales results could reduce net sales and have a negative impact on operating leverage, thus reducing net earnings.

Net Merchandise Margins – Management evaluates the components of merchandise margin including initial markup and the amount of markdowns during a period. Any inability to obtain acceptable levels of initial markups or any significant increase in the Company’s use of markdowns could have an adverse effect on the Company’s gross margin and results of operations.

Operating Margin – Operating margin is a good indicator for management of the Company’s success. Operating margin can be positively or negatively affected by comparable store sales, merchandise margins, occupancy costs, and the Company’s ability to control operating costs.

Cash Flow and Liquidity (working capital) – Management reviews current cash and short-term investments along with cash flow from operating, investing, and financing activities to determine the Company’s short-term cash needs for operations and expansion. The Company believes that existing cash, short-term investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years.

14

RESULTS OF OPERATIONS

The following table sets forth certain financial data expressed as a percentage of net sales and the percentage change in the dollar amount of such items compared to the prior period:

	Percentage of Net Sales
	For Thirteen Weeks Ended				Percentage
	April 30, 2022		May 1, 2021		Increase/(Decrease)
Net sales	100.0	%	100.0	%	3.3	%
Cost of sales (including buying, distribution, and occupancy costs)	50.8	%	50.7	%	3.5	%
Gross profit	49.2	%	49.3	%	3.1	%
Selling expenses	21.8	%	20.1	%	12.1	%
General and administrative expenses	3.8	%	3.9	%	0.9	%
Income from operations	23.6	%	25.3	%	(3.6)	%
Other income, net	0.1	%	—	%	144.6	%
Income before income taxes	23.7	%	25.3	%	(3.5)	%
Income tax expense	5.8	%	6.2	%	(3.5)	%
Net income	17.9	%	19.1	%	(3.5)	%

Net sales increased from $299.1 million in the first quarter of fiscal 2021 to $309.1 million in the first quarter of fiscal 2022, a 3.3% increase. Comparable store net sales for the thirteen week quarter ended April 30, 2022 increased 3.7% from comparable store net sales for the prior year thirteen week period ended May 1, 2021. Total sales growth for the period was the result of a 3.6% increase in the number of transactions and a 1.5% increase in the average unit retail, partially offset by a 1.8% decrease in the average number of units sold per transaction. Online sales for the quarter increased 1.1% to $54.3 million for the thirteen week period ended April 30, 2022 compared to $53.7 million for the thirteen week period ended May 1, 2021.

The Company's average retail price per piece of merchandise sold increased $0.69, or 1.5%, during the first quarter of fiscal 2022 compared to the first quarter of fiscal 2021. This $0.69 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece): a 5.1% increase in average knit shirt price points ($0.47), a 7.6% increase in average woven shirt price points ($0.22), a 3.3% increase in average footwear price points ($0.18), and an increase in average price points for certain other merchandise categories ($0.11); which were partially offset by a shift in the merchandise mix (-$0.29). These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.

Gross profit after buying, distribution, and occupancy expenses was $152.2 million in the first quarter of fiscal 2022, compared to $147.6 million in the first quarter of fiscal 2021. As a percentage of net sales, gross profit was 49.2% in the first quarter of fiscal 2022, compared to 49.3% in the first quarter of fiscal 2021. The gross margin decrease was the result of a reduction in merchandise margins (0.20%, as a percentage of net sales) and an increase in store distribution freight costs (0.20%, as a percentage of net sales), partially offset by leveraged occupancy expenses (0.30%, as a percentage of net sales).

Selling expenses were $67.2 million in the first quarter of fiscal 2022, compared to $60.0 million in the first quarter of fiscal 2021. As a percentage of net sales, selling expenses were 21.8% of net sales in the first quarter of fiscal 2022, compared to 20.1% in the first quarter of fiscal 2021.

General and administrative expenses were $11.9 million in the first quarter of fiscal 2022, compared to $11.8 million in the first quarter of fiscal 2021. As a percentage of net sales, general and administrative expenses were 3.8% of net sales in the first quarter of fiscal 2022, compared to 3.9% in the first quarter of fiscal 2021.

In total, selling, general, and administrative expenses were 25.6% of net sales for the first quarter of fiscal 2022, compared to 24.0% for the first quarter of fiscal 2021. The increase was the result of increases in store labor-related expenses (1.40%, as a percentage of net sales), e-commerce freight costs (0.30%, as a percentage of net sales), and marketing and certain other expense categories (0.25%, as a percentage of net sales). These increases were partially offset by a decrease in expense related to incentive compensation accruals (0.35%, as a percentage of net sales).

15

As a result of the above changes, the Company's income from operations was $73.1 million, or 23.6% of net sales, for the first quarter of fiscal 2022, compared to income from operations of $75.8 million, or 25.3% of net sales, for the first quarter of fiscal 2021.

Income tax expense as a percentage of pre-tax income was 24.5% for the first quarter of both fiscal 2022 and fiscal 2021, bringing the Company's net income to $55.3 million in the first quarter of fiscal 2022 compared to $57.3 million in the first quarter of fiscal 2021.

LIQUIDITY AND CAPITAL RESOURCES

As of April 30, 2022, the Company had working capital of $184.5 million, including $250.1 million of cash and cash equivalents and $12.9 million of short-term investments. The Company's cash receipts are generated from retail sales and from investment income, and the Company's primary ongoing cash requirements are for inventory, payroll, occupancy costs, dividend payments, new store expansion, remodeling, and other capital expenditures. Historically, the Company's primary source of working capital has been cash flow from operations. During the first quarter of fiscal 2022 and fiscal 2021, the Company's cash flow from operations was $21.5 million and $93.5 million, respectively. Changes in operating cash flow between periods is primarily a function of changes in net income, along with changes in inventory and accounts payable based on the timing and amount of merchandise purchased in each respective period. Operating cash flow is also impacted by the timing of certain other payments, including rent, income taxes, and annual incentive bonuses. The Company's reduction in operating cash flow for the first quarter of fiscal 2022 compared to the first quarter of fiscal 2021 is primarily attributable to changes in inventory and accounts payable as the Company built its inventory back to more normalized levels during the first quarter of fiscal 2022, as well as the first quarter payment of incentive bonuses based on the Company's strong financial results in fiscal 2021.

The uses of cash for both thirteen week periods primarily include payment of annual bonuses accrued at fiscal year end, inventory purchases, dividend payments, construction costs for new and remodeled stores, other capital expenditures, and purchases of investment securities.

During the first quarter of fiscal 2022 and 2021, the Company invested $7.0 million and $4.1 million, respectively, in new store construction, store renovation, and store technology upgrades. The Company also spent $0.1 million and $0.5 million in the first quarter of fiscal 2022 and 2021, respectively, in capital expenditures for the corporate headquarters and distribution facility.

During the remainder of fiscal 2022, the Company anticipates completing 5 new stores and an additional 10 to 15 full remodels. Management estimates that total capital expenditures during fiscal 2022 will be approximately $22.0 to $27.0 million, which includes primarily planned store projects and technology investments. The Company believes that existing cash and cash equivalents, investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years. The Company has a consistent record of generating positive cash flow from operations each year and, as of April 30, 2022, had total cash and investments of $283.1 million, including $20.1 million of long-term investments.

Future conditions, however, may reduce the availability of funds based upon factors such as a decrease in demand for the Company's product, change in product mix, competitive factors, and general economic conditions as well as other risks and uncertainties which would reduce the Company's sales, net profitability, and cash flows. Also, the Company's acceleration in store openings and/or remodels or the Company entering into a merger, acquisition, or other financial related transaction could reduce the amount of cash available for further capital expenditures and working capital requirements.

The Company has available an unsecured line of credit of $25.0 million with Wells Fargo Bank, N.A. for operating needs and letters of credit. The line of credit agreement has an expiration date of July 31, 2023 and provides that $10.0 million of the $25.0 million line is available for letters of credit. Borrowings under the line of credit provide for interest to be paid at a rate based on SOFR. The Company has, from time to time, borrowed against these lines of credit. There were no bank borrowings during the first quarter of fiscal 2022 or 2021. The Company had no bank borrowings as of April 30, 2022 and was in compliance with the terms and conditions of the line of credit agreement.

16

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Management’s Discussion and Analysis of Financial Condition and Results of Operations are based upon The Buckle, Inc.’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires that management make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the financial statement date, and the reported amounts of sales and expenses during the reporting period. The Company regularly evaluates its estimates, including those related to inventory, investments, incentive bonuses, and income taxes. Management bases its estimates on past experience and on various other factors that are thought to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Management believes that the estimates and judgments used in preparing these consolidated financial statements were the most appropriate at that time. Presented below are those critical accounting policies that management believes require subjective and/or complex judgments that could potentially affect reported results of operations. The critical accounting policies and estimates utilized by the Company in the preparation of its condensed consolidated financial statements for the period ended April 30, 2022 have not changed materially from those utilized for the fiscal year ended January 29, 2022, included in The Buckle Inc.’s 2021 Annual Report on Form 10-K.

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 cards and gift certificates was $13.6 million and $16.5 million as of April 30, 2022 and January 29, 2022, 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.

The Company establishes a liability for estimated merchandise returns, based upon the historical average sales return percentage, that is 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. Customer returns could potentially exceed the historical average, thus reducing future net sales results and potentially reducing future net earnings. The accrued liability for reserve for sales returns was $4.3 million as of April 30, 2022 and $3.0 million as of January 29, 2022.

The Company's Buckle Rewards 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. In addition, through partnership with Comenity Bank, the Company offers a private label credit card ("PLCC"). Buckle Reward members with a PLCC earn additional points under the Buckle Rewards program for every qualifying purchase on their PLCC card. Reported revenue is net of both current period reward redemptions and accruals for estimated future rewards earned under the Buckle 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. As of April 30, 2022 and January 29, 2022, $11.0 million and $10.6 million was included in "accrued store operating expenses" as a liability for estimated future rewards.

17

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 $5.3 million as of April 30, 2022 and $5.6 million as of January 29, 2022.

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.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 records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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.

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.

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.

18

OFF-BALANCE SHEET ARRANGEMENTS, CONTRACTUAL OBLIGATIONS, AND COMMERCIAL COMMITMENTS

As referenced in the table below, the Company has contractual obligations and commercial commitments that may affect the financial condition of the Company. Based on management’s review of the terms and conditions of its contractual obligations and commercial commitments, there is no known trend, demand, commitment, event, or uncertainty that is reasonably likely to occur which would have a material effect on the Company’s financial condition, results of operations, or cash flows. In addition, the commercial obligations and commitments made by the Company are customary transactions which are similar to those of other comparable retail companies.

The following table identifies the material obligations and commitments as of April 30, 2022:

	Payments Due by Fiscal Year
Contractual obligations (dollar amounts in thousands):	Total		2022 (remaining)		2023-2024		2025-2026		Thereafter
Purchase obligations	$	15,559	$	11,035	$	3,968	$	556	$	—
Deferred compensation	20,136		—		—		—		20,136
Operating lease payments (a)	302,040		73,457		135,129		58,481		34,973
Total contractual obligations	$	337,735	$	84,492	$	139,097	$	59,037	$	55,109

(a)     See Footnote 6 to the condensed consolidated financial statements.

The Company has available an unsecured line of credit of $25.0 million, which is excluded from the preceding table. The line of credit agreement has an expiration date of July 31, 2023 and provides that $10.0 million of the $25.0 million line is available for letters of credit. Certain merchandise purchase orders require that the Company open letters of credit. When the Company takes possession of the merchandise, it releases payment on the letters of credit. The amounts of outstanding letters of credit reported reflect the open letters of credit on merchandise ordered, but not yet received or funded. The Company believes it has sufficient credit available to open letters of credit for merchandise purchases. There were no bank borrowings during the first quarter of fiscal 2022 or the first quarter of fiscal 2021. The Company had outstanding letters of credit totaling $4.0 million and $2.7 million as of April 30, 2022 and January 29, 2022, respectively. The Company has no other off-balance sheet arrangements.

SEASONALITY

The Company's business is seasonal, with the holiday season (from approximately November 15 to December 30) and the back-to-school season (from approximately July 15 to September 1) historically contributing the greatest volume of net sales. For fiscal years 2021, 2020, and 2019, the holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales. Quarterly results may vary significantly depending on a variety of factors including the timing and amount of sales and costs associated with the opening of new stores, the timing and level of markdowns, the timing of store closings, the remodeling of existing stores, competitive factors, and general economic conditions.

FORWARD LOOKING STATEMENTS

Information in this report, other than historical information, may be considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “1995 Act”). Such statements are made in good faith by the Company pursuant to the safe-harbor provisions of the 1995 Act. In connection with these safe-harbor provisions, this management’s discussion and analysis contains certain forward-looking statements, which reflect management’s current views and estimates of future economic conditions, Company performance, and financial results. The statements are based on many assumptions and factors that could cause future results to differ materially. Such factors include, but are not limited to, changes in product mix, changes in fashion trends, competitive factors, and general economic conditions, economic conditions in the retail apparel industry, as well as other risks and uncertainties inherent in the Company’s business and the retail industry in general. Any changes in these factors could result in significantly different results for the Company. The Company further cautions that the forward-looking information contained herein is not exhaustive or exclusive. The Company does not undertake to update any forward-looking statements, which may be made from time to time by or on behalf of the Company.

19

ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest Rate Risk - The Company is exposed to market risk related to interest rate risk on the cash and investments in interest-bearing securities. These investments have carrying values that are subject to interest rate changes that could impact earnings to the extent that the Company did not hold the investments to maturity. If there are changes in interest rates, those changes would also affect the investment income the Company earns on its cash and investments. For each one-quarter percent decline in the interest/dividend rate earned on cash and investments, the Company’s net income would decrease approximately $0.5 million, or less than $0.01 per share. This amount could vary based upon the number of shares of the Company’s stock outstanding and the level of cash and investments held by the Company.

ITEM 4 – CONTROLS AND PROCEDURES

The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that material information, which is required to be timely disclosed, is accumulated and communicated to management in a timely manner. An evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) was performed as of the end of the period covered by this report. This evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer.

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this report were effective to provide reasonable assurance that information required to be disclosed by the Company in the Company’s reports that it files or submits under the Exchange Act is accumulated and communicated to management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms.

Change in Internal Control Over Financial Reporting

There were no changes in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

20

THE BUCKLE, INC.

PART II -- OTHER INFORMATION

Item 1.    Legal Proceedings:    None

Item 1A. Risk Factors:

There have been no material changes from the risk factors disclosed under “Item 1A - Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds:

The following table sets forth information concerning purchases made by the Company of its common stock for each of the months in the fiscal quarter ended April 30, 2022:

	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
Jan. 30, 2022 to Feb. 26, 2022	-	-	-	410,655
Feb. 27, 2022 to Apr. 2, 2022	-	-	-	410,655
Apr. 3, 2022 to Apr. 30, 2022	-	-	-	410,655
	-	-	-

The Board of Directors authorized a 1,000,000 share repurchase plan on November 20, 2008. The Company has 410,655 shares remaining to complete this authorization.

Item 3.    Defaults Upon Senior Securities:        None

Item 4.    Mine Safety Disclosures:        None

Item 5.    Other Information:    None

21

Item 6.    Exhibits:

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 April 30, 2022, 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

22

SIGNATURES

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

			THE BUCKLE, INC.
Date:	June 9, 2022	By:	/s/ DENNIS H. NELSON
			DENNIS H. NELSON,
			President and CEO
			(principal executive officer)
Date:	June 9, 2022	By:	/s/ THOMAS B. HEACOCK
			THOMAS B. HEACOCK,
			Senior Vice President of Finance, Treasurer, and CFO
			(principal accounting officer)

23

EXHIBIT INDEX

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 April 30, 2022, 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

24

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Dennis H. Nelson, certify that:

1.I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended April 30, 2022;

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:

a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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:

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: June 9, 2022	By:	/s/  DENNIS H. NELSON
		DENNIS H. NELSON,
		President and CEO
		(principal executive officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Thomas B. Heacock, certify that:

1.I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended April 30, 2022;

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:

a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report, based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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:

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: June 9, 2022	By:	/s/  THOMAS B. HEACOCK
		THOMAS B. HEACOCK,
		Senior Vice President of Finance, Treasurer, and CFO
		(principal accounting officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Buckle, Inc. (the “Company”) on Form 10-Q for the period ended April 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dennis H. Nelson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(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)
	June 9, 2022

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Buckle, Inc. (the “Company”) on Form 10-Q for the period ended April 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas B. Heacock, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(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)
	June 9, 2022

XML

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2022	Jun. 03, 2022
Document Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2022
Document Transition Report	false
Entity File Number	001-12951
Entity Registrant Name	BUCKLE, INC
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	47-0366193
Entity Address, Address Line One	2407 West 24th Street
Entity Address, City or Town	Kearney
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68845-4915
City Area Code	308
Local Phone Number	236-8491
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,094,851
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000885245
Current Fiscal Year End Date	--01-28
Amendment Flag	false

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 250,073	$ 253,970
Short-term investments	12,895	12,926
Receivables	4,414	12,087
Inventory	121,166	102,095
Prepaid expenses and other assets	19,663	10,128
Total current assets	408,211	391,206
PROPERTY AND EQUIPMENT	457,179	453,228
Less accumulated depreciation and amortization	(353,891)	(352,724)
PROPERTY AND EQUIPMENT, Net	103,288	100,504
OPERATING LEASE RIGHT-OF-USE ASSETS	245,784	258,914
LONG-TERM INVESTMENTS	20,136	19,352
OTHER ASSETS	11,615	10,908
Total assets	789,034	780,884
CURRENT LIABILITIES:
Accounts payable	61,246	59,950
Accrued employee compensation	23,095	62,055
Accrued store operating expenses	27,549	20,264
Gift certificates redeemable	13,611	16,470
Current portion of operating lease liabilities	84,565	88,273
Income taxes payable	13,647	1,529
Total current liabilities	223,713	248,541
DEFERRED COMPENSATION	20,136	19,352
NON-CURRENT OPERATING LEASE LIABILITIES	191,592	200,067
Total liabilities	435,441	467,960
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $0.01 par value; 50,094,851 and 49,728,651 shares issued and outstanding at April 30, 2022 and January 29, 2022 respectively	501	497
Additional paid-in capital	170,272	167,328
Retained earnings	182,820	145,099
Total stockholders’ equity	353,593	312,924
Total liabilities and stockholders' equity	$ 789,034	$ 780,884

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2022	Jan. 29, 2022
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)	50,094,851	49,728,651
Common stock, shares outstanding (shares)	50,094,851	49,728,651

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income Statement [Abstract]
SALES, Net of returns and allowances	$ 309,064	$ 299,125
COST OF SALES (Including buying, distribution, and occupancy costs)	156,904	151,572
Gross profit	152,160	147,553
OPERATING EXPENSES:
Selling	67,246	60,000
General and administrative	11,855	11,751
Total selling, general and administrative expenses	79,101	71,751
INCOME FROM OPERATIONS	73,059	75,802
OTHER INCOME, Net	125	51
INCOME BEFORE INCOME TAXES	73,184	75,853
INCOME TAX EXPENSE	17,930	18,584
NET INCOME	$ 55,254	$ 57,269
EARNINGS PER SHARE:
Basic (dollars per share)	$ 1.12	$ 1.17
Diluted (dollars per share)	$ 1.12	$ 1.16
Basic weighted average shares	49,214	48,946
Diluted weighted average shares	49,528	49,309

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
BALANCE (shares) at Jan. 30, 2021		49,407,731
BALANCE at Jan. 30, 2021	$ 396,629	$ 494	$ 158,058	$ 238,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME	57,269			57,269
Dividends paid on common stock	(16,430)			(16,430)
Issuance of non-vested stock, net of forfeitures (shares)		381,160
Issuance of non-vested stock, net of forfeitures		$ 4	(4)
Amortization of non-vested stock grants, net of forfeitures	2,630		2,630
BALANCE (shares) at May. 01, 2021		49,788,891
BALANCE at May. 01, 2021	440,098	$ 498	160,684	278,916
BALANCE (shares) at Jan. 29, 2022		49,728,651
BALANCE at Jan. 29, 2022	312,924	$ 497	167,328	145,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME	55,254			55,254
Dividends paid on common stock	(17,533)			(17,533)
Issuance of non-vested stock, net of forfeitures (shares)		366,200
Issuance of non-vested stock, net of forfeitures		$ 4	(4)
Amortization of non-vested stock grants, net of forfeitures	2,948		2,948
BALANCE (shares) at Apr. 30, 2022		50,094,851
BALANCE at Apr. 30, 2022	$ 353,593	$ 501	$ 170,272	$ 182,820

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock, per share	$ 0.35	$ 0.33

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 55,254	$ 57,269
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	4,488	4,812
Amortization of non-vested stock grants, net of forfeitures	2,948	2,630
Deferred income taxes	(707)	(631)
Other	29	195
Changes in operating assets and liabilities:
Receivables	1,690	1,153
Inventory	(19,071)	12,046
Prepaid expenses and other assets	(9,535)	(9,425)
Accounts payable	1,109	10,242
Accrued employee compensation	(38,960)	(9,391)
Accrued store operating expenses	7,299	7,100
Gift certificates redeemable	(2,859)	(2,064)
Income taxes payable	18,101	18,986
Other assets and liabilities	1,717	613
Net cash flows from operating activities	21,503	93,535
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(7,114)	(4,636)
Purchases of investments	(5,883)	(1,579)
Proceeds from sales/maturities of investments	5,130	3,474
Net cash flows from investing activities	(7,867)	(2,741)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(17,533)	(16,430)
Net cash flows from financing activities	(17,533)	(16,430)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,897)	74,364
CASH AND CASH EQUIVALENTS, Beginning of period	253,970	318,789
CASH AND CASH EQUIVALENTS, End of period	$ 250,073	$ 393,153

XML

Basis of Presentation

3 Months Ended

Apr. 30, 2022

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 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 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”).

XML

Revenues

3 Months Ended

Apr. 30, 2022

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 439 stores located in 42 states throughout the United States as of April 30, 2022 and 442 stores in 42 states as of May 1, 2021. During the thirteen week period ended April 30, 2022, the Company opened no new stores, substantially remodeled 6 stores, and closed 1 store. During the thirteen week period ended May 1, 2021, the Company opened no new stores, substantially remodeled 5 stores, and closed 1 store.

For the thirteen week periods ended April 30, 2022 and May 1, 2021, online revenues accounted for 17.6% and 18.0%, 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:

	Thirteen Weeks Ended
Merchandise Group	April 30, 2022		May 1, 2021
Denims	40.0	%	42.2	%
Tops (including sweaters)	27.8		26.1
Footwear	11.9		11.0
Accessories	8.9		8.5
Sportswear/Fashions	7.3		8.9
Outerwear	0.8		0.8
Casual bottoms	1.0		0.7
Youth	2.3		1.8
Total	100.0	%	100.0	%

XML

Earnings Per Share

3 Months Ended

Apr. 30, 2022

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.

	Thirteen Weeks Ended					Thirteen Weeks Ended
	April 30, 2022					May 1, 2021
	Net Income		Weighted Average Shares (a)	Per Share Amount		Net Income		Weighted Average Shares (a)	Per Share Amount
Basic EPS	$	55,254	49,214	$	1.12	$	57,269	48,946	$	1.17
Effect of Dilutive Securities:
Non-vested shares	—		314	—		—		363	(0.01)
Diluted EPS	$	55,254	49,528	$	1.12	$	57,269	49,309	$	1.16

(a)    Shares in thousands.

XML

Investments

3 Months Ended

Apr. 30, 2022

Schedule of Investments [Abstract]

Investments

Investments

The following is a summary of investments as of April 30, 2022:

	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	$	12,895	$	—	$	(27)	$	—	$	12,868
Trading Securities:
Mutual funds	$	19,585	$	551	$	—	$	—	$	20,136

The following is a summary of investments as of January 29, 2022:

	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	$	12,926	$	1	$	(4)	$	—	$	12,923
Trading Securities:
Mutual funds	$	17,932	$	1,420	$	—	$	—	$	19,352

The amortized cost and fair value of debt securities by contractual maturity as of April 30, 2022 is as follows:

	Amortized Cost		Fair Value
Held-to-Maturity Securities
Less than 1 year	$	12,895	$	12,868
1 - 5 years	—		—
Total	$	12,895	$	12,868

As of April 30, 2022 and January 29, 2022, 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.

XML

Fair Value Measurements

3 Months Ended

Apr. 30, 2022

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 April 30, 2022 and January 29, 2022, 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:

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
April 30, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	20,136	$	—	$	—	$	20,136

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
January 29, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	19,352	$	—	$	—	$	19,352

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 April 30, 2022, the fair value of held-to-maturity securities was $12,868 compared to the carrying amount of $12,895. As of January 29, 2022, the fair value of held-to-maturity securities was $12,923 compared to the carrying amount of $12,926.

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 for all periods presented.

XML

Leases

3 Months Ended

Apr. 30, 2022

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 records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

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.

Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Operating lease cost	$	23,275	$	23,697
Variable lease cost (a)	6,274		4,464
Total lease cost	$	29,549	$	28,161

(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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24,206	$	24,865
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	13,916	$	27,091

The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of April 30, 2022, the weighted-average remaining lease term was 4.5 years and the weighted-average discount rate was 3.8%.

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 April 30, 2022:

Fiscal Year	Operating Leases (a)
2022 (remaining)	$	73,457
2023	79,097
2024	56,032
2025	34,625
2026	23,856
Thereafter	34,973
Total lease payments	302,040
Less: Imputed interest	25,883
Total operating lease liability	$	276,157

(a)     Operating lease payments exclude $28,991 of legally binding minimum lease payments for leases signed, but not yet commenced.

XML

Supplemental Cash Flow Information

3 Months Ended

Apr. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

The Company had non-cash investing activities during the thirteen week periods ended April 30, 2022 and May 1, 2021 of ($187) and $9, 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 $1,543 and $1,356 as of April 30, 2022 and January 29, 2022, 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 thirteen week periods ended April 30, 2022 and May 1, 2021 of $536 and $230, respectively.

XML

Stock-Based Compensation

3 Months Ended

Apr. 30, 2022

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 April 30, 2022, 644,683 shares were available for grant under the Company’s various restricted stock plans, of which 581,122 shares were available for grant to executive officers.

Compensation expense was recognized during fiscal 2022 and fiscal 2021 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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Stock-based compensation expense, before tax	$	2,948	$	2,630
Stock-based compensation expense, after tax	$	2,226	$	1,986

Non-vested shares of common stock granted during the thirteen week periods ended April 30, 2022 and May 1, 2021 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 thirteen week period ended April 30, 2022 is as follows:

	Shares	Weighted Average Grant Date Fair Value
Non-Vested - beginning of year	590,462	$	32.20
Granted	366,300	36.52
Forfeited	(100)	39.32
Vested	(75,458)	36.95
Non-Vested - end of quarter	881,204	$	33.59

As of April 30, 2022, there was $18,477 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 2.2 years. The total fair value of shares vested during the thirteen week periods ended April 30, 2022 and May 1, 2021 was $2,810 and $3,091, respectively.

XML

Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 30, 2022
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.

XML

Basis of Presentation (Policies)

3 Months Ended

Apr. 30, 2022

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 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 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”).

XML

Revenues (Tables)

3 Months Ended

Apr. 30, 2022

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:

	Thirteen Weeks Ended
Merchandise Group	April 30, 2022		May 1, 2021
Denims	40.0	%	42.2	%
Tops (including sweaters)	27.8		26.1
Footwear	11.9		11.0
Accessories	8.9		8.5
Sportswear/Fashions	7.3		8.9
Outerwear	0.8		0.8
Casual bottoms	1.0		0.7
Youth	2.3		1.8
Total	100.0	%	100.0	%

XML

Earnings Per Share (Tables)

3 Months Ended

Apr. 30, 2022

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.

	Thirteen Weeks Ended					Thirteen Weeks Ended
	April 30, 2022					May 1, 2021
	Net Income		Weighted Average Shares (a)	Per Share Amount		Net Income		Weighted Average Shares (a)	Per Share Amount
Basic EPS	$	55,254	49,214	$	1.12	$	57,269	48,946	$	1.17
Effect of Dilutive Securities:
Non-vested shares	—		314	—		—		363	(0.01)
Diluted EPS	$	55,254	49,528	$	1.12	$	57,269	49,309	$	1.16

(a)    Shares in thousands.

XML

Investments (Tables)

3 Months Ended

Apr. 30, 2022

Schedule of Investments [Abstract]

Schedule of investments, cost and fair value

The following is a summary of investments as of April 30, 2022:

	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	$	12,895	$	—	$	(27)	$	—	$	12,868
Trading Securities:
Mutual funds	$	19,585	$	551	$	—	$	—	$	20,136

The following is a summary of investments as of January 29, 2022:

	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	$	12,926	$	1	$	(4)	$	—	$	12,923
Trading Securities:
Mutual funds	$	17,932	$	1,420	$	—	$	—	$	19,352

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 April 30, 2022 is as follows:

	Amortized Cost		Fair Value
Held-to-Maturity Securities
Less than 1 year	$	12,895	$	12,868
1 - 5 years	—		—
Total	$	12,895	$	12,868

XML

Fair Value Measurements (Tables)

3 Months Ended

Apr. 30, 2022

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:

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
April 30, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	20,136	$	—	$	—	$	20,136

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
January 29, 2022	(Level 1)		(Level 2)		(Level 3)		Total
Trading securities (including mutual funds)	$	19,352	$	—	$	—	$	19,352

XML

Leases (Tables)

3 Months Ended

Apr. 30, 2022

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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Operating lease cost	$	23,275	$	23,697
Variable lease cost (a)	6,274		4,464
Total lease cost	$	29,549	$	28,161

(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

Supplemental cash flow information related to leases is as follows:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24,206	$	24,865
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	13,916	$	27,091

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 April 30, 2022:

Fiscal Year	Operating Leases (a)
2022 (remaining)	$	73,457
2023	79,097
2024	56,032
2025	34,625
2026	23,856
Thereafter	34,973
Total lease payments	302,040
Less: Imputed interest	25,883
Total operating lease liability	$	276,157

(a)     Operating lease payments exclude $28,991 of legally binding minimum lease payments for leases signed, but not yet commenced.

XML

Stock-Based Compensation (Tables)

3 Months Ended

Apr. 30, 2022

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:

	Thirteen Weeks Ended
	April 30, 2022		May 1, 2021
Stock-based compensation expense, before tax	$	2,948	$	2,630
Stock-based compensation expense, after tax	$	2,226	$	1,986

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 thirteen week period ended April 30, 2022 is as follows:

	Shares	Weighted Average Grant Date Fair Value
Non-Vested - beginning of year	590,462	$	32.20
Granted	366,300	36.52
Forfeited	(100)	39.32
Vested	(75,458)	36.95
Non-Vested - end of quarter	881,204	$	33.59

XML

Revenues (Narrative) (Details)	3 Months Ended
	Apr. 30, 2022 store segment state	May 01, 2021 state store
Product Information [Line Items]
Number of stores (store)	439	442
Number of reportable segments (segment) | segment	1
Number of states in which stores are located (state) | state	42	42
New stores opened during the period (store)	0	0
Stores substantially remodeled during the period (store)	6	5
Stores closed during the period (store)	1	1
Revenue [Member] | Risk [Member] | Online revenues [Member]
Product Information [Line Items]
Revenue segment greater than 10 percent	17.60%	18.00%

XML

Revenues (Information Regarding Major Product Lines) (Details)	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%
Denims [Member]
Product Information [Line Items]
Percentage of net sales	40.00%	42.20%
Tops (including sweaters) [Member]
Product Information [Line Items]
Percentage of net sales	27.80%	26.10%
Footwear [Member]
Product Information [Line Items]
Percentage of net sales	11.90%	11.00%
Accessories [Member]
Product Information [Line Items]
Percentage of net sales	8.90%	8.50%
Sportswear / Fashions [Member]
Product Information [Line Items]
Percentage of net sales	7.30%	8.90%
Outerwear [Member]
Product Information [Line Items]
Percentage of net sales	0.80%	0.80%
Casual Bottoms [Member]
Product Information [Line Items]
Percentage of net sales	1.00%	0.70%
Youth [Member]
Product Information [Line Items]
Percentage of net sales	2.30%	1.80%

XML

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Income
Basic EPS, Income	$ 55,254	$ 57,269
Effect of dilutive non-vested shares, Income	0	0
Diluted EPS, Income	$ 55,254	$ 57,269
Weighted Average Shares
Basic EPS, Weighted Average Shares (shares)	49,214	48,946
Effect of dilutive non-vested shares, Weighted Average Shares (shares)	314	363
Diluted EPS, Weighted Average Shares (shares)	49,528	49,309
Per Share Amount
Basic EPS, Per Share Amount (dollars per share)	$ 1.12	$ 1.17
Effect of dilutive non-vested shares, Per Share Amount (dollars per share)	0	(0.01)
Diluted EPS, Per Share Amount (dollars per share)	$ 1.12	$ 1.16

XML

Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	$ 12,895	$ 12,926
Held-to-Maturity Securities, Estimated Fair Value	12,868	12,923
State and municipal bonds [Member]
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	12,895	12,926
Held-to-Maturity Securities, Gross Unrealized Gains	0	1
Held-to-Maturity Securities, Gross Unrealized Losses	(27)	(4)
Held-to-Maturity Securities, Other-than-Temporary Impairment	0	0
Held-to-Maturity Securities, Estimated Fair Value	12,868	12,923
Mutual funds [Member]
Trading Securities [Abstract]
Trading Securities, Amortized Cost or Par Value	19,585	17,932
Trading Securities, Gross Unrealized Gains	551	1,420
Trading Securities, Gross Unrealized Losses	0	0
Trading Securities, Other-than-Temporary Impairment	0	0
Trading Securities, Estimated Fair Value	$ 20,136	$ 19,352

XML

Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Contractual maturities of held-to-maturity securities, at amortized cost:
Less than 1 year, Amortized Cost	$ 12,895
1 - 5 years, Amortized Cost	0
Held-to-Maturity Securities, Amortized Cost	12,895
Contractual maturities of held-to-maturity securities, at fair values:
Less than 1 year, Fair Value	12,868
1 - 5 years, Fair Value	0
Held-to-Maturity Securities, Estimated Fair Value	$ 12,868	$ 12,923

XML

Fair Value Measurements (Recurring Basis) (Details) - Mutual funds [Member] - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	$ 20,136	$ 19,352
Fair Value Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	20,136	19,352
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	20,136	19,352
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	0	0
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	$ 0	$ 0

XML

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Jan. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity securities, fair value	$ 12,868	$ 12,923
Held-to-maturity securities, carrying value	$ 12,895	$ 12,926

XML

Leases (Narrative) (Details)	Apr. 30, 2022
Lessee, Lease, Description [Line Items]
Store lease, typical initial term	10 years
Operating lease, weighted average remaining lease term	4 years 6 months
Operating lease, weighted average discount rate	3.80%
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

XML

Leases (Components of total lease cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Leases [Abstract]
Operating lease cost	$ 23,275	$ 23,697
Variable lease cost	6,274	4,464
Total lease cost	$ 29,549	$ 28,161

XML

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 24,206	$ 24,865
Right-of-use assets obtained in exchange for operating lease liability	$ 13,916	$ 27,091

XML

Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands	Apr. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Payments due remainder of fiscal year	$ 73,457
Payments due year one	79,097
Payments due year two	56,032
Payments due year three	34,625
Payments due year four	23,856
Payments due after year four	34,973
Total lease payments	302,040
Less: Imputed interest	25,883
Total operating lease liability	276,157
Total lease payments, leases signed not commenced	$ 28,991

XML

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021	Jan. 29, 2022
Supplemental Cash Flow Elements [Abstract]
Non-cash investing activities - change in unpaid purchases of property, plant and equipment	$ (187)	$ 9
Current liability for unpaid purchases of property, plant and equipment	1,543		$ 1,356
Cash paid for income taxes	$ 536	$ 230

XML

Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	644,683
Unrecognized compensation expense	$ 18,477
Expected weighted average period of unrecognized compensation expense recognition (years)	2 years 2 months 12 days
Total fair value of shares vested	$ 2,810	$ 3,091
Director Restricted Stock Plan 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	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.
Vesting period (years)	3 years
Percentage of shares vesting annually (percent)	25.00%
Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	581,122
Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	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.
Vesting period (years)	4 years
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	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.
Vesting period (years)	4 years

XML

Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before tax	$ 2,948	$ 2,630
Stock-based compensation expense, after tax	$ 2,226	$ 1,986

XML

Stock-Based Compensation (Non-vested Shares) (Details) - Restricted Stock [Member]	3 Months Ended
	Apr. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-Vested - beginning of year (shares) | shares	590,462
Granted (shares) | shares	366,300
Forfeited (shares) | shares	(100)
Vested (shares) | shares	(75,458)
Non-Vested - end of quarter (shares) | shares	881,204
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-Vested - beginning of year, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	$ 32.20
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	36.52
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	39.32
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	36.95
Non-Vested - end of quarter, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	$ 33.59