Nebraska
|
47-0366193
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
Title of class
|
Name of Each Exchange on Which Registered
|
Common Stock, $.01 par value
|
New York Stock Exchange
|
Pages
|
||
Part I. Financial Information (unaudited) | ||
3
|
||
16
|
||
24
|
||
24
|
||
Part II. Other Information | ||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
26
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Amounts in Thousands Except Share and Per Share Amounts)
|
||||||||
(Unaudited)
|
||||||||
May 4,
|
February 2,
|
|||||||
ASSETS
|
2013
|
2013
|
||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 116,601 | $ | 117,608 | ||||
Short-term investments
|
27,566 | 26,414 | ||||||
Receivables
|
4,176 | 3,470 | ||||||
Inventory
|
105,894 | 103,853 | ||||||
Prepaid expenses and other assets
|
26,506 | 25,528 | ||||||
Total current assets
|
280,743 | 276,873 | ||||||
PROPERTY AND EQUIPMENT
|
383,901 | 373,286 | ||||||
Less accumulated depreciation and amortization
|
(217,396 | ) | (210,183 | ) | ||||
166,505 | 163,103 | |||||||
LONG-TERM INVESTMENTS
|
36,094 | 35,735 | ||||||
OTHER ASSETS
|
2,265 | 2,263 | ||||||
$ | 485,607 | $ | 477,974 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
$ | 40,746 | $ | 34,124 | ||||
Accrued employee compensation
|
13,435 | 42,183 | ||||||
Accrued store operating expenses
|
10,703 | 10,121 | ||||||
Gift certificates redeemable
|
17,674 | 22,221 | ||||||
Income taxes payable
|
21,062 | 20,307 | ||||||
Total current liabilities
|
103,620 | 128,956 | ||||||
DEFERRED COMPENSATION
|
11,890 | 10,600 | ||||||
DEFERRED RENT LIABILITY
|
38,441 | 36,947 | ||||||
OTHER LIABILITIES
|
11,331 | 11,822 | ||||||
Total liabilities
|
165,282 | 188,325 | ||||||
COMMITMENTS
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock, authorized 100,000,000 shares of $.01 par value; 48,322,955 and 48,059,269
|
||||||||
shares issued and outstanding at May 4, 2013 and February 2, 2013, respectively
|
483 | 481 | ||||||
Additional paid-in capital
|
120,170 | 117,391 | ||||||
Retained earnings
|
200,598 | 172,711 | ||||||
Accumulated other comprehensive loss
|
(926 | ) | (934 | ) | ||||
Total stockholders’ equity
|
320,325 | 289,649 | ||||||
$ | 485,607 | $ | 477,974 | |||||
See notes to unaudited condensed consolidated financial statements.
|
THE BUCKLE, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
(Amounts in Thousands Except Per Share Amounts)
|
||||||||
(Unaudited)
|
||||||||
Thirteen Weeks Ended
|
||||||||
May 4,
|
April 28,
|
|||||||
2013
|
2012
|
|||||||
SALES, Net of returns and allowances
|
$ | 269,712 | $ | 263,762 | ||||
COST OF SALES (Including buying, distribution, and occupancy costs)
|
152,705 | 149,567 | ||||||
Gross profit
|
117,007 | 114,195 | ||||||
OPERATING EXPENSES:
|
||||||||
Selling
|
47,290 | 46,270 | ||||||
General and administrative
|
10,460 | 9,903 | ||||||
57,750 | 56,173 | |||||||
INCOME FROM OPERATIONS
|
59,257 | 58,022 | ||||||
OTHER INCOME, Net
|
350 | 1,812 | ||||||
INCOME BEFORE INCOME TAXES
|
59,607 | 59,834 | ||||||
PROVISION FOR INCOME TAXES
|
22,055 | 22,025 | ||||||
NET INCOME
|
$ | 37,552 | $ | 37,809 | ||||
EARNINGS PER SHARE:
|
||||||||
Basic
|
$ | 0.79 | $ | 0.80 | ||||
Diluted
|
$ | 0.78 | $ | 0.79 | ||||
Basic weighted average shares
|
47,698 | 47,219 | ||||||
Diluted weighted average shares
|
47,933 | 47,597 | ||||||
See notes to unaudited condensed consolidated financial statements.
|
THE BUCKLE, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||
(Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
Thirteen Weeks Ended
|
||||||||
May 4,
|
April 28,
|
|||||||
2013
|
2012
|
|||||||
NET INCOME
|
$ | 37,552 | $ | 37,809 | ||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:
|
||||||||
Change in unrealized loss on investments
|
8 | (2 | ) | |||||
Other comprehensive income
|
8 | (2 | ) | |||||
COMPREHENSIVE INCOME
|
$ | 37,560 | $ | 37,807 | ||||
See notes to unaudited condensed consolidated financial statements.
|
THE BUCKLE, INC.
|
||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|
||||||||||||||||||||||||
(Amounts in Thousands Except Share and Per Share Amounts)
|
||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Number
|
Common
|
Paid-in
|
Retained
|
Comprehensive
|
||||||||||||||||||||
of Shares
|
Stock
|
Capital
|
Earnings
|
Loss
|
Total
|
|||||||||||||||||||
FISCAL 2013
|
||||||||||||||||||||||||
BALANCE, February 3, 2013
|
48,059,269 | $ | 481 | $ | 117,391 | $ | 172,711 | $ | (934 | ) | $ | 289,649 | ||||||||||||
Net income
|
- | - | - | 37,552 | - | 37,552 | ||||||||||||||||||
Dividends paid on common stock,
|
||||||||||||||||||||||||
($0.20 per share)
|
- | - | - | (9,665 | ) | - | (9,665 | ) | ||||||||||||||||
Common stock issued on exercise
|
||||||||||||||||||||||||
of stock options
|
11,863 | - | - | - | - | - | ||||||||||||||||||
Issuance of non-vested stock, net of | ||||||||||||||||||||||||
forfeitures
|
251,823 | 2 | (2 | ) | - | - | - | |||||||||||||||||
Amortization of non-vested stock grants,
|
||||||||||||||||||||||||
net of forfeitures
|
- | - | 2,584 | - | - | 2,584 | ||||||||||||||||||
Income tax benefit related to exercise of
|
||||||||||||||||||||||||
stock options
|
- | - | 197 | - | - | 197 | ||||||||||||||||||
Change in unrealized loss on investments,
|
||||||||||||||||||||||||
net of tax
|
- | - | - | - | 8 | 8 | ||||||||||||||||||
BALANCE, May 4, 2013
|
48,322,955 | $ | 483 | $ | 120,170 | $ | 200,598 | $ | (926 | ) | $ | 320,325 | ||||||||||||
FISCAL 2012
|
||||||||||||||||||||||||
BALANCE, January 29, 2012
|
47,432,089 | $ | 474 | $ | 100,333 | $ | 263,039 | $ | (699 | ) | $ | 363,147 | ||||||||||||
Net income
|
- | - | - | 37,809 | - | 37,809 | ||||||||||||||||||
Dividends paid on common stock,
|
||||||||||||||||||||||||
($0.20 per share)
|
- | - | - | (9,584 | ) | - | (9,584 | ) | ||||||||||||||||
Common stock issued on exercise
|
||||||||||||||||||||||||
of stock options
|
238,448 | 2 | 315 | - | - | 317 | ||||||||||||||||||
Issuance of non-vested stock, net of | ||||||||||||||||||||||||
forfeitures
|
250,900 | 3 | (3 | ) | - | - | - | |||||||||||||||||
Amortization of non-vested stock grants,
|
||||||||||||||||||||||||
net of forfeitures
|
- | - | 2,138 | - | - | 2,138 | ||||||||||||||||||
Income tax benefit related to exercise of
|
||||||||||||||||||||||||
stock options
|
- | - | 4,165 | - | - | 4,165 | ||||||||||||||||||
Change in unrealized loss on investments,
|
||||||||||||||||||||||||
net of tax
|
- | - | - | - | (2 | ) | (2 | ) | ||||||||||||||||
BALANCE, April 28, 2012
|
47,921,437 | $ | 479 | $ | 106,948 | $ | 291,264 | $ | (701 | ) | $ | 397,990 | ||||||||||||
See notes to unaudited condensed consolidated financial statements.
|
THE BUCKLE, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Amounts in Thousands)
|
||||||||
(Unaudited)
|
||||||||
Thirteen Weeks Ended
|
||||||||
May 4,
|
April 28,
|
|||||||
2013
|
2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 37,552 | $ | 37,809 | ||||
Adjustments to reconcile net income to net cash flows
|
||||||||
from operating activities:
|
||||||||
Depreciation and amortization
|
7,887 | 7,894 | ||||||
Amortization of non-vested stock grants, net of forfeitures
|
2,584 | 2,138 | ||||||
Deferred income taxes
|
(956 | ) | (791 | ) | ||||
Other
|
17 | 211 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Receivables
|
(847 | ) | 515 | |||||
Inventory
|
(2,041 | ) | 7,169 | |||||
Prepaid expenses and other assets
|
(519 | ) | (557 | ) | ||||
Accounts payable
|
6,471 | 4,578 | ||||||
Accrued employee compensation
|
(28,748 | ) | (26,425 | ) | ||||
Accrued store operating expenses
|
582 | (1,830 | ) | |||||
Gift certificates redeemable
|
(4,547 | ) | (4,925 | ) | ||||
Income taxes payable
|
922 | 9,555 | ||||||
Deferred rent liabilities and deferred compensation
|
2,784 | 2,422 | ||||||
Net cash flows from operating activities
|
21,141 | 37,763 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property and equipment
|
(11,157 | ) | (8,772 | ) | ||||
Purchases of investments
|
(7,118 | ) | (5,718 | ) | ||||
Proceeds from sales/maturities of investments
|
5,619 | 2,467 | ||||||
Net cash flows from investing activities
|
(12,656 | ) | (12,023 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from the exercise of stock options
|
- | 317 | ||||||
Excess tax benefit from stock option exercises
|
173 | 3,709 | ||||||
Payment of dividends
|
(9,665 | ) | (9,584 | ) | ||||
Net cash flows from financing activities
|
(9,492 | ) | (5,558 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,007 | ) | 20,182 | |||||
CASH AND CASH EQUIVALENTS, Beginning of period
|
117,608 | 166,511 | ||||||
CASH AND CASH EQUIVALENTS, End of period
|
$ | 116,601 | $ | 186,693 | ||||
See notes to unaudited condensed consolidated financial statements.
|
1.
|
Management Representation
|
2.
|
Description of the Business
|
Percentage of Net Sales
|
||||||||
Thirteen Weeks Ended
|
||||||||
Merchandise Group
|
May 4, 2013
|
April 28, 2012
|
||||||
Denims
|
44.7 | % | 44.7 | % | ||||
Tops (including sweaters)
|
28.3 | 30.2 | ||||||
Sportswear/Fashions
|
10.8 | 10.7 | ||||||
Accessories
|
7.5 | 7.0 | ||||||
Footwear
|
6.3 | 5.6 | ||||||
Outerwear
|
1.0 | 0.8 | ||||||
Casual bottoms
|
0.9 | 0.9 | ||||||
Other
|
0.5 | 0.1 | ||||||
100.0 | % | 100.0 | % |
3.
|
Earnings Per Share
|
Thirteen Weeks Ended
|
Thirteen Weeks Ended
|
|||||||||||||||||||||||
May 4, 2013
|
April 28, 2012
|
|||||||||||||||||||||||
Weighted
|
Weighted
|
|||||||||||||||||||||||
Average
|
Per Share
|
Average
|
Per Share
|
|||||||||||||||||||||
Income
|
Shares
|
Amount
|
Income
|
Shares
|
Amount
|
|||||||||||||||||||
Basic EPS
|
$ | 37,552 | 47,698 | $ | 0.79 | $ | 37,809 | 47,219 | $ | 0.80 | ||||||||||||||
Effect of Dilutive Securities:
|
||||||||||||||||||||||||
Stock options and
|
||||||||||||||||||||||||
non-vested shares
|
- | 235 | (0.01 | ) | - | 378 | (0.01 | ) | ||||||||||||||||
Diluted EPS
|
$ | 37,552 | 47,933 | $ | 0.78 | $ | 37,809 | 47,597 | $ | 0.79 |
4.
|
Investments
|
Amortized
|
Gross
|
Gross
|
Other-than-
|
Estimated
|
||||||||||||||||
Cost or
|
Unrealized
|
Unrealized
|
Temporary
|
Fair
|
||||||||||||||||
Par Value
|
Gains
|
Losses
|
Impairment
|
Value
|
||||||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||||||
Auction-rate securities
|
$ | 13,050 | $ | - | $ | (1,470 | ) | $ | (725 | ) | $ | 10,855 | ||||||||
Preferred stock
|
2,000 | - | - | (1,974 | ) | 26 | ||||||||||||||
$ | 15,050 | $ | - | $ | (1,470 | ) | $ | (2,699 | ) | $ | 10,881 | |||||||||
Held-to-Maturity Securities:
|
|
|||||||||||||||||||
State and municipal bonds
|
$ | 40,389 | $ | 75 | $ | (9 | ) | $ | - | $ | 40,455 | |||||||||
Certificates of deposit
|
500 | - | - | - | 500 | |||||||||||||||
$ | 40,889 | $ | 75 | $ | (9 | ) | $ | - | $ | 40,955 | ||||||||||
Trading Securities:
|
||||||||||||||||||||
Mutual funds
|
$ | 11,222 | $ | 668 | $ | - | $ | - | $ | 11,890 |
Amortized
|
Gross
|
Gross
|
Other-than-
|
Estimated
|
||||||||||||||||
Cost or
|
Unrealized
|
Unrealized
|
Temporary
|
Fair
|
||||||||||||||||
Par Value
|
Gains
|
Losses
|
Impairment
|
Value
|
||||||||||||||||
Available-for-Sale Securities:
|
||||||||||||||||||||
Auction-rate securities
|
$ | 13,075 | $ | - | $ | (1,482 | ) | $ | (725 | ) | $ | 10,868 | ||||||||
Preferred stock
|
2,000 | - | - | (1,974 | ) | 26 | ||||||||||||||
$ | 15,075 | $ | - | $ | (1,482 | ) | $ | (2,699 | ) | $ | 10,894 | |||||||||
Held-to-Maturity Securities:
|
|
|||||||||||||||||||
State and municipal bonds
|
$ | 40,155 | $ | 108 | $ | (15 | ) | $ | - | $ | 40,248 | |||||||||
Certificates of deposit
|
500 | 4 | - | - | 504 | |||||||||||||||
$ | 40,655 | $ | 112 | $ | (15 | ) | $ | - | $ | 40,752 | ||||||||||
Trading Securities:
|
||||||||||||||||||||
Mutual funds
|
$ | 10,257 | $ | 343 | $ | - | $ | - | $ | 10,600 |
Nature
|
Underlying Collateral
|
Par Value
|
||||
Municipal revenue bonds
|
100% insured by AAA/AA/A-rated bond insurers at May 4, 2013
|
$ | 10,050 | |||
Municipal bond funds
|
Fixed income instruments within issuers' money market funds
|
50 | ||||
Student loan bonds
|
Student loans guaranteed by state entities
|
2,950 | ||||
Preferred stock
|
Underlying investments of closed-end funds
|
2,000 | ||||
Total par value
|
$ | 15,050 |
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Held-to-Maturity Securities
|
||||||||
Less than 1 year
|
$ | 27,566 | $ | 27,598 | ||||
1 - 5 years
|
13,323 | 13,357 | ||||||
$ | 40,889 | $ | 40,955 |
5.
|
Fair Value Measurements
|
●
|
Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs.
|
●
|
Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data.
|
●
|
Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. The Company has concluded that certain of its ARS represent Level 3 valuation and should be valued using a discounted cash flow analysis. The assumptions used in preparing the discounted cash flow model include estimates for interest rates, timing and amount of cash flows, and expected holding periods of the ARS. As of May 4, 2013, the unobservable inputs used by the Company and its independent third-party valuation consultant in valuing its Level 3 investments in ARS included:
|
o
|
Durations until redemption ranging from 0.5 to 29.0 years, with a weighted average of 6.4 years.
|
o
|
Discount rates ranging from 0.88% to 5.80%, with a weighted average of 2.28%.
|
o
|
Loss severities ranging from 0% to 25% of par value, with a weighted average of 2.66%.
|
●
|
Pricing was provided by the custodian of ARS;
|
●
|
Pricing was provided by a third-party broker for ARS;
|
●
|
Sales of similar securities;
|
●
|
Quoted prices for similar securities in active markets;
|
●
|
Quoted prices for publicly traded preferred securities;
|
●
|
Quoted prices for similar assets in markets that are not active - including markets where there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly;
|
●
|
Pricing was provided by a third-party valuation consultant (using Level 3 inputs).
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets
|
Significant
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
May 4, 2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Auction-rate securities
|
$ | - | $ | 178 | $ | 10,677 | $ | 10,855 | ||||||||
Preferred stock
|
26 | - | - | 26 | ||||||||||||
Trading securities (including mutual funds)
|
11,890 | - | - | 11,890 | ||||||||||||
Totals
|
$ | 11,916 | $ | 178 | $ | 10,677 | $ | 22,771 |
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets
|
Significant
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
February 2, 2013
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Available-for-sale securities:
|
||||||||||||||||
Auction-rate securities
|
$ | - | $ | 178 | $ | 10,690 | $ | 10,868 | ||||||||
Preferred stock
|
26 | - | - | 26 | ||||||||||||
Trading securities (including mutual funds)
|
10,600 | - | - | 10,600 | ||||||||||||
Totals
|
$ | 10,626 | $ | 178 | $ | 10,690 | $ | 21,494 |
Thirteen Weeks Ended May 4, 2013
|
||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||
Available-for-Sale Securities
|
Trading Securities
|
|||||||||||||||
Auction-rate
|
Preferred
|
Mutual
|
||||||||||||||
Securities
|
Stock
|
Funds
|
Total
|
|||||||||||||
Balance, beginning of year
|
$ | 10,690 | $ | - | $ | - | $ | 10,690 | ||||||||
Total gains and losses:
|
||||||||||||||||
Included in other
|
||||||||||||||||
comprehensive income
|
12 | - | - | 12 | ||||||||||||
Purchases, Issuances,
|
||||||||||||||||
Sales, and Settlements:
|
||||||||||||||||
Sales
|
(25 | ) | - | - | (25 | ) | ||||||||||
Balance, end of quarter
|
$ | 10,677 | $ | - | $ | - | $ | 10,677 |
Thirteen Weeks Ended April 28, 2012
|
||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||
Available-for-Sale Securities
|
Trading Securities
|
|||||||||||||||
Auction-rate
|
Preferred
|
Mutual
|
||||||||||||||
Securities
|
Stock
|
Funds
|
Total
|
|||||||||||||
Balance, beginning of year
|
$ | 11,220 | $ | - | $ | - | $ | 11,220 | ||||||||
Total gains and losses:
|
||||||||||||||||
Included in other
|
||||||||||||||||
comprehensive income
|
- | - | - | - | ||||||||||||
Purchases, Issuances,
|
||||||||||||||||
Sales, and Settlements:
|
||||||||||||||||
Sales
|
(25 | ) | - | - | (25 | ) | ||||||||||
Balance, end of quarter
|
$ | 11,195 | $ | - | $ | - | $ | 11,195 |
6.
|
Supplemental Cash Flow Information
|
7.
|
Stock-Based Compensation
|
Thirteen Weeks Ended
|
||||||||
May 4, 2013
|
April 28, 2012
|
|||||||
Stock-based compensation expense, before tax
|
$ | 2,584 | $ | 2,138 | ||||
Stock-based compensation expense, after tax
|
$ | 1,628 | $ | 1,347 |
Weighted
|
|||||||||||||||||
Weighted
|
Average
|
||||||||||||||||
Average
|
Remaining
|
Aggregate
|
|||||||||||||||
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||||||
Shares
|
Price
|
Life
|
Value
|
||||||||||||||
Outstanding - beginning of year
|
42,808 | $ | 1.79 | ||||||||||||||
Granted
|
- | - | |||||||||||||||
Expired/forfeited
|
- | - | |||||||||||||||
Exercised
|
(11,863 | ) | 0.01 | ||||||||||||||
Outstanding - end of quarter
|
30,945 | $ | 2.47 | 1.47 |
years
|
$ | 1,443 | ||||||||||
Exercisable - end of quarter
|
30,945 | $ | 2.47 | 1.47 |
years
|
$ | 1,443 |
Weighted Average
|
||||||||
Grant Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Non-Vested - beginning of year
|
419,261 | $ | 39.52 | |||||
Granted
|
254,400 | 47.03 | ||||||
Forfeited
|
(2,577 | ) | 40.33 | |||||
Vested
|
(50,728 | ) | 43.60 | |||||
Non-Vested - end of quarter
|
620,356 | $ | 42.26 |
8.
|
Recently Issued Accounting Pronouncements
|
Percentage of Net Sales
|
||||||||||||
Thirteen Weeks Ended
|
Percentage
|
|||||||||||
May 4, 2013
|
April 28, 2012
|
Increase/(Decrease)
|
||||||||||
Net sales
|
100.0 | % | 100.0 | % | 2.3 | % | ||||||
Cost of sales (including buying,
|
||||||||||||
distribution, and occupancy costs)
|
56.6 | % | 56.7 | % | 2.1 | % | ||||||
Gross profit
|
43.4 | % | 43.3 | % | 2.5 | % | ||||||
Selling expenses
|
17.5 | % | 17.5 | % | 2.2 | % | ||||||
General and administrative expenses
|
3.9 | % | 3.8 | % | 5.6 | % | ||||||
Income from operations
|
22.0 | % | 22.0 | % | 2.1 | % | ||||||
Other income, net
|
0.1 | % | 0.7 | % | -80.7 | % | ||||||
Income before income taxes
|
22.1 | % | 22.7 | % | -0.4 | % | ||||||
Provision for income taxes
|
8.2 | % | 8.4 | % | 0.1 | % | ||||||
Net income
|
13.9 | % | 14.3 | % | -0.7 | % |
1.
|
Revenue Recognition. Retail store sales are recorded upon the purchase of merchandise by customers. Online sales are recorded when merchandise is delivered to the customer, with the time of delivery being based on estimated shipping time from the Company’s distribution center to the customer. Shipping fees charged to customers are included in revenue and shipping costs are included in selling expenses. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. Revenue is not recorded when gift cards and gift certificates are sold, but rather when a card or certificate is redeemed for merchandise. A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased. The liability recorded for unredeemed gift certificates and gift cards was $17.7 million and $22.2 million as of May 4, 2013 and February 2, 2013, respectively. The amounts of the gift certificate and gift card liabilities are determined using the outstanding balances from the prior three and four years of issuance, respectively. The Company records breakage as other income when the probability of redemption, which is based on historical redemption patterns, is remote.
|
2.
|
Inventory. Inventory is valued at the lower of cost or market. 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 reserve for merchandise obsolescence and markdowns that could affect market 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 liability recorded as a reserve for markdowns and/or obsolescence was $5.7 million and $6.3 million as of May 4, 2013 and February 2, 2013, respectively. The Company is not aware of any events, conditions, or changes in demand or price that would indicate that its inventory valuation may not be materially accurate at this time.
|
3.
|
Income Taxes. The Company records a deferred tax asset and liability for expected future tax consequences resulting from temporary differences between financial reporting and tax bases of assets and liabilities. The Company considers future taxable income and ongoing tax planning in assessing the value of its deferred tax assets. If the Company determines that it is more than likely that these assets will not be realized, the Company would reduce the value of these assets to their expected realizable value, thereby decreasing net income. Estimating the value of these assets is based upon the Company’s judgment. If the Company subsequently determined that the deferred tax assets, which had been written down, would be realized in the future, such value would be increased. Adjustment would be made to increase net income in the period such determination was made. As of May 4, 2013 and February 2, 2013, the Company’s non-current deferred tax liability includes a $0.2 million valuation allowance recorded to reduce the value of the Company’s capital loss carryforward to its expected realizable amount prior to expiration.
|
4.
|
Operating Leases. The Company leases retail stores under operating leases. Most lease agreements contain tenant improvement allowances, rent holidays, rent escalation clauses, and/or contingent rent provisions. For purposes of recognizing lease incentives and minimum rental expense on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin amortization, which is generally when the Company enters the space and begins to make improvements in preparation of intended use. For tenant improvement allowances and rent holidays, the Company records a deferred rent liability on the consolidated balance sheets and amortizes the deferred rent over the terms of the leases as reductions to rent expense on the consolidated statements of income.
|
5.
|
Investments. Investments classified as short-term investments include securities with a maturity of greater than three months and less than one year. Available-for-sale securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity (net of the effect of income taxes), using the specific identification method, until they are sold.
|
●
|
Pricing was provided by the custodian of ARS;
|
●
|
Pricing was provided by a third-party broker for ARS;
|
●
|
Sales of similar securities;
|
●
|
Quoted prices for similar securities in active markets;
|
●
|
Quoted prices for publicly traded preferred securities;
|
●
|
Quoted prices for similar assets in markets that are not active - including markets where there are few transactions for the asset, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly;
|
●
|
Pricing was provided by a third-party valuation consultant (using Level 3 inputs).
|
●
|
Durations until redemption ranging from 0.5 to 29.0 years, with a weighted average of 6.4 years.
|
●
|
Discount rates ranging from 0.88% to 5.80%, with a weighted average of 2.28%.
|
●
|
Loss severities ranging from 0% to 25% of par value, with a weighted average of 2.66%.
|
Payments Due by Period
|
||||||||||||||||||||
Contractual obligations (dollar amounts in thousands):
|
Total
|
Less than 1
year
|
1-3 years
|
4-5 years
|
After 5
years
|
|||||||||||||||
Purchase obligations
|
$ | 8,982 | $ | 6,480 | $ | 1,972 | $ | 530 | $ | - | ||||||||||
Deferred compensation
|
11,890 | - | - | - | 11,890 | |||||||||||||||
Operating leases
|
367,534 | 60,939 | 106,320 | 89,292 | 110,983 | |||||||||||||||
Total contractual obligations
|
$ | 388,406 | $ | 67,419 | $ | 108,292 | $ | 89,822 | $ | 122,873 |
Amount of Commitment Expiration Per Period
|
||||||||||||||||||||
Other commercial commitments (dollar amounts in thousands):
|
Total
Amounts
Committed
|
Less than 1
year
|
1-3 years
|
4-5 years
|
After 5
years
|
|||||||||||||||
Lines of credit
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total commercial commitments
|
$ | - | $ | - | $ | - | $ | - | $ | - |
Total Number of
|
Maximum Number of Shares
|
|||
Total Number
|
Average
|
Shares Purchased
|
that May Yet Be Purchased | |
of Shares
|
Price Paid
|
as Part of Publicly
|
Under Publicly
|
|
Purchased |
Per Share
|
Announced Plans
|
Announced Plans
|
|
Feb. 3, 2013 to Mar. 2, 2013
|
-
|
- |
-
|
543,900 |
Mar. 3, 2013 to Apr. 6, 2013
|
-
|
- |
-
|
543,900 |
Apr. 7, 2013 to May 4, 2013
|
-
|
- |
-
|
543,900 |
- | - | - |
a.
|
Exhibits 31.1 and 31.2 certifications, as well as Exhibits 32.1 and 32.2 Certifications Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
b.
|
Exhibits 10.1, 10.2, 10.3, 10.4, and 10.5 to The Buckle, Inc.’s Annual Report on Form 10-K for the fiscal year ended February 2, 2013, filed on April 3, 2013, are incorporated herein by this reference.
|
c.
|
Exhibit 101 includes the following materials from The Buckle, Inc.’s Quarterly Report on Form 10-Q for the quarter ended May 4, 2013, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Income; (iii) Consolidated Statements of Comprehensive Income; (iv) Consolidated Statements of Stockholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
|
THE BUCKLE, INC.
|
|||
Dated: |
June 12,
|
2013 |
/s/ DENNIS H. NELSON
|
DENNIS H. NELSON, President and CEO
|
|||
(principal executive officer)
|
|||
Dated: |
June 12,
|
2013 |
/s/ KAREN B. RHOADS
|
KAREN B. RHOADS, Vice President
|
|||
of Finance and CFO | |||
(principal accounting officer)
|
1.
|
I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended May 4, 2013;
|
2.
|
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:
|
Date: June 12, 2013
|
/s/ DENNIS H. NELSON
|
Dennis H. Nelson
|
|
Chief Executive Officer
|
|
(principal executive officer)
|
1.
|
I have reviewed this report of The Buckle, Inc. on Form 10-Q for the quarterly period ended May 4, 2013;
|
2.
|
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors:
|
Date: June 12, 2013
|
/s/ KAREN B. RHOADS
|
Karen B. Rhoads
|
|
Chief Financial Officer
|
|
(principal accounting officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ DENNIS H. NELSON
|
|
Dennis H. Nelson
|
|
Chief Executive Officer
|
|
(principal executive officer)
|
|
June 12, 2013
|
(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.
|
/s/ KAREN B. RHOADS
|
|
Karen B. Rhoads
|
|
Chief Financial Officer
|
|
(principal accounting officer)
|
|
June 12, 2013
|
Recently Issued Accounting Pronouncements (Policies)
|
3 Months Ended |
---|---|
May 04, 2013
|
|
Recently Issued Accounting Pronouncements |
In
February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts
Reclassified Out of Accumulated Other Comprehensive Income,
which adds additional disclosure requirements for items
reclassified out of accumulated other comprehensive income. The
additional disclosure requirements are effective for interim and
annual reporting periods beginning after December 15, 2012. The
adoption of ASU 2013-02 did not have a material impact on the
Company’s financial position or results of
operations. |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
May 04, 2013
|
Apr. 28, 2012
|
|
SALES, Net of returns and allowances | $ 269,712 | $ 263,762 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 152,705 | 149,567 |
Gross profit | 117,007 | 114,195 |
OPERATING EXPENSES: | ||
Selling | 47,290 | 46,270 |
General and administrative | 10,460 | 9,903 |
Total selling, general and administrative expenses | 57,750 | 56,173 |
INCOME FROM OPERATIONS | 59,257 | 58,022 |
OTHER INCOME, Net | 350 | 1,812 |
INCOME BEFORE INCOME TAXES | 59,607 | 59,834 |
PROVISION FOR INCOME TAXES | 22,055 | 22,025 |
NET INCOME | $ 37,552 | $ 37,809 |
EARNINGS PER SHARE: | ||
Basic | $ 0.79 | $ 0.80 |
Diluted | $ 0.78 | $ 0.79 |
Basic weighted average shares | 47,698 | 47,219 |
Diluted weighted average shares | 47,933 | 47,597 |
Description of the Business
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of the Business |
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 had 443 stores located in 43 states throughout the
continental United States as of May 4, 2013 and 431 stores in 43
states as of April 28, 2012. During the thirteen week period ended
May 4, 2013, the Company opened three new stores and substantially
remodeled one store. During the thirteen week period ended April
28, 2012, the Company did not open any new stores, but did
substantially remodel six stores.
The
following is information regarding the Company’s major
product lines, stated as a percentage of the Company’s net
sales:
|
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Description of the Business (Detail)
|
3 Months Ended | |
---|---|---|
May 04, 2013
|
Apr. 28, 2012
|
|
Product Information [Line Items] | ||
Percentage of net sales | 100.00% | 100.00% |
Denims [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 44.70% | 44.70% |
Tops (including sweaters) [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 28.30% | 30.20% |
Sportswear / Fashions [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 10.80% | 10.70% |
Accessories [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 7.50% | 7.00% |
Footwear [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 6.30% | 5.60% |
Outerwear [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 1.00% | 0.80% |
Casual bottoms [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 0.90% | 0.90% |
Other [Member]
|
||
Product Information [Line Items] | ||
Percentage of net sales | 0.50% | 0.10% |
Description of the Business (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Investments - Par Value (Detail) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
May 04, 2013
|
Feb. 02, 2013
|
|
Investment Holdings [Line Items] | ||
Amortized Cost or Par Value | $ 15,050 | $ 15,075 |
Auction-rate securities [Member]
|
||
Investment Holdings [Line Items] | ||
Amortized Cost or Par Value | 13,050 | 13,075 |
Auction-rate securities [Member] | Municipal Revenue Bonds [Member]
|
||
Investment Holdings [Line Items] | ||
Underlying Collateral | 100% insured by AAA/AA/A-rated bond insurers at May 4, 2013 | |
Amortized Cost or Par Value | 10,050 | |
Auction-rate securities [Member] | Municipal Bond Funds [Member]
|
||
Investment Holdings [Line Items] | ||
Underlying Collateral | Fixed income instruments within issuers' money market funds | |
Amortized Cost or Par Value | 50 | |
Auction-rate securities [Member] | Student Loan Bonds [Member]
|
||
Investment Holdings [Line Items] | ||
Underlying Collateral | Student loans guaranteed by state entities | |
Amortized Cost or Par Value | 2,950 | |
Preferred stock [Member]
|
||
Investment Holdings [Line Items] | ||
Underlying Collateral | Underlying investments of closed-end funds | |
Amortized Cost or Par Value | $ 2,000 | $ 2,000 |
Fair Value Measurements - Changes in Fair Value (Detail) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
May 04, 2013
|
Apr. 28, 2012
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, Level 3 securities, beginning of year | $ 10,690 | $ 11,220 |
Unrealized gains on Level 3 securities included in other comprehensive income | 12 | 0 |
Sales of Level 3 securities | (25) | (25) |
Balance, Level 3 securities, end of quarter | 10,677 | 11,195 |
Auction-rate securities [Member]
|
||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Balance, Level 3 securities, beginning of year | 10,690 | 11,220 |
Unrealized gains on Level 3 securities included in other comprehensive income | 12 | 0 |
Sales of Level 3 securities | (25) | (25) |
Balance, Level 3 securities, end of quarter | $ 10,677 | $ 11,195 |
Fair Value - Inputs - Narrative (Detail) (Significant Unobservable Inputs (Level 3) [Member], Auction-rate securities [Member], Fair Value, Measurements, Recurring [Member])
|
3 Months Ended |
---|---|
May 04, 2013
|
|
Minimum [Member]
|
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption | 6 months |
Discount rates | 0.88% |
Loss severities | 0.00% |
Maximum [Member]
|
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption | 29 years |
Discount rates | 5.80% |
Loss severities | 25.00% |
Weighted Average [Member]
|
|
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption | 6 years 4 months 24 days |
Discount rates | 2.28% |
Loss severities | 2.66% |
Earnings Per Share (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | |
---|---|---|
May 04, 2013
|
Apr. 28, 2012
|
|
Weighted Average Shares | ||
Basic EPS, weighted average shares | 47,698 | 47,219 |
Effect of dilutive stock options and non-vested shares, weighted average shares | 235 | 378 |
Diluted EPS, weighted average shares | 47,933 | 47,597 |
Per Share Amount | ||
Basic EPS, per share | $ 0.79 | $ 0.80 |
Effect of dilutive stock options and non-vested shares, per share | $ (0.01) | $ (0.01) |
Diluted EPS, per share | $ 0.78 | $ 0.79 |
Income | ||
Basic EPS, Income | $ 37,552 | $ 37,809 |
Effect of dilutive stock options and non-vested shares, Income | 0 | 0 |
Diluted EPS, Income | $ 37,552 | $ 37,809 |
Earnings Per Share
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2013
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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,
including stock options.
|
Management Representation
|
3 Months Ended | ||
---|---|---|---|
May 04, 2013
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Management Representation |
The
accompanying unaudited consolidated financial statements have been
prepared in accordance with accounting principles generally
accepted in the United States of America for interim financial
information. Accordingly, they do not include all of the
information and footnotes required by accounting principles
generally accepted in the United States of America for complete
financial statements. In the opinion of management, all adjustments
necessary for the fair presentation of the results of operations
for the interim periods have been included. All such adjustments
are of a normal recurring nature. Because of the seasonal nature of
the business, results for interim periods are not necessarily
indicative of a full year's operations. The accounting policies
followed by the Company and additional footnotes are reflected in
the consolidated financial statements for the fiscal year ended
February 2, 2013, included in The Buckle, Inc.'s 2012 Form
10-K.
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”).
|
Investments - Par Value (Parenthetical) (Detail) (Municipal Revenue Bonds [Member], Auction-rate securities [Member])
|
May 04, 2013
|
---|---|
Municipal Revenue Bonds [Member] | Auction-rate securities [Member]
|
|
Investment Holdings [Line Items] | |
Percentage of bond insured by AAA/AA/A-rated bond insurers | 100.00% |
Stock-Based Compensation (Detail) (Restricted Stock [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
May 04, 2013
|
Apr. 28, 2012
|
|
Restricted Stock [Member]
|
||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense, before tax | $ 2,584 | $ 2,138 |
Stock-based compensation expense, after tax | $ 1,628 | $ 1,347 |
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