Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 28, 2017 | Mar. 24, 2017 | Jul. 30, 2016 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 28, 2017 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BKE | ||
Entity Registrant Name | BUCKLE INC | ||
Entity Central Index Key | 885,245 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,848,725 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 768,354,793 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 196,536 | $ 161,185 |
Short-term investments (Notes B and C) | 49,994 | 36,465 |
Receivables | 8,210 | 9,651 |
Inventory | 125,694 | 149,566 |
Prepaid expenses and other assets (Note F) | 6,023 | 6,030 |
Total current assets | 386,457 | 362,897 |
PROPERTY AND EQUIPMENT (Note D) | 459,359 | 450,762 |
Less accumulated depreciation and amortization | (290,364) | (277,981) |
PROPERTY AND EQUIPMENT, Net | 168,995 | 172,781 |
LONG-TERM INVESTMENTS (Notes B and C) | 18,092 | 33,826 |
OTHER ASSETS (Notes F and G) | 6,303 | 3,269 |
Total assets | 579,847 | 572,773 |
CURRENT LIABILITIES: | ||
Accounts payable | 25,079 | 33,862 |
Accrued employee compensation | 26,906 | 33,126 |
Accrued store operating expenses | 14,695 | 6,639 |
Gift certificates redeemable | 21,199 | 22,858 |
Income taxes payable | 10,737 | 11,141 |
Total current liabilities | 98,616 | 107,626 |
DEFERRED COMPENSATION (Note I) | 13,092 | 12,849 |
DEFERRED RENT LIABILITY | 37,600 | 39,655 |
Total liabilities | 149,308 | 160,130 |
COMMITMENTS (Notes E and H) | ||
STOCKHOLDERS’ EQUITY (Note J): | ||
Common stock, authorized 100,000,000 shares of $.01 par value; 48,622,780 and 48,428,110 shares issued and outstanding at January 28, 2017 and January 30, 2016, respectively | 486 | 484 |
Additional paid-in capital | 139,398 | 134,864 |
Retained earnings | 290,737 | 277,626 |
Accumulated other comprehensive loss | (82) | (331) |
Total stockholders’ equity | 430,539 | 412,643 |
Total liabilities and stockholders' equity | $ 579,847 | $ 572,773 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 28, 2017 | Jan. 30, 2016 |
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) | 48,622,780 | 48,428,110 |
Common stock, shares outstanding (shares) | 48,622,780 | 48,428,110 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
SALES, Net of returns and allowances of $101,375, $113,325, and $110,793, respectively | $ 974,873 | $ 1,119,616 | $ 1,153,142 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 577,705 | 638,215 | 645,810 |
Gross profit | 397,168 | 481,401 | 507,332 |
OPERATING EXPENSES: | |||
Selling | 205,933 | 212,531 | 212,688 |
General and administrative | 38,475 | 39,282 | 37,671 |
Total selling, general and administrative expenses | 244,408 | 251,813 | 250,359 |
INCOME FROM OPERATIONS | 152,760 | 229,588 | 256,973 |
OTHER INCOME, Net | 3,511 | 5,236 | 2,723 |
INCOME BEFORE INCOME TAXES | 156,271 | 234,824 | 259,696 |
PROVISION FOR INCOME TAXES (Note F) | 58,310 | 87,541 | 97,132 |
NET INCOME | $ 97,961 | $ 147,283 | $ 162,564 |
EARNINGS PER SHARE (Note K): | |||
Basic (dollars per share) | $ 2.04 | $ 3.06 | $ 3.39 |
Diluted (dollars per share) | $ 2.03 | $ 3.06 | $ 3.38 |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
SALES, returns and allowances | $ 101,375 | $ 113,325 | $ 110,793 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
NET INCOME | $ 97,961 | $ 147,283 | $ 162,564 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||
Change in unrealized loss on investments, net of tax of $129, $59, and $240, respectively | 221 | 98 | 409 |
Reclassification adjustment for losses included in net income, net of tax of $17, $0, and $0, respectively | 28 | 0 | 0 |
Other comprehensive income | 249 | 98 | 409 |
COMPREHENSIVE INCOME | $ 98,210 | $ 147,381 | $ 162,973 |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Change in unrealized loss on investments, tax | $ 129 | $ 59 | $ 240 |
Reclassification adjustment for losses included in net income, tax | $ 17 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
BALANCE (shares) at Feb. 01, 2014 | 48,336,392 | ||||
BALANCE at Feb. 01, 2014 | $ 361,930 | $ 483 | $ 124,134 | $ 238,151 | $ (838) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 162,564 | 162,564 | |||
Dividends paid on common stock | (176,604) | (176,604) | |||
Common stock issued on exercise of stock options (shares) | 17,091 | ||||
Common stock issued on exercise of stock options | 70 | 70 | |||
Issuance of non-vested stock, net of forfeitures (shares) | 26,130 | ||||
Issuance of non-vested stock, net of forfeitures | $ 1 | (1) | |||
Amortization of non-vested stock grants, net of forfeitures | 6,013 | 6,013 | |||
Income tax benefit related to exercise of stock options and vesting of restricted shares | 896 | 896 | |||
Change in unrealized loss on investments, net of tax | 409 | 409 | |||
Reclassification adjustment for losses included in net income, net of tax | 0 | ||||
BALANCE (shares) at Jan. 31, 2015 | 48,379,613 | ||||
BALANCE at Jan. 31, 2015 | 355,278 | $ 484 | 131,112 | 224,111 | (429) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 147,283 | 147,283 | |||
Dividends paid on common stock | (93,768) | (93,768) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 152,190 | ||||
Issuance of non-vested stock, net of forfeitures | $ 1 | (1) | |||
Amortization of non-vested stock grants, net of forfeitures | 6,197 | 6,197 | |||
Income tax benefit related to exercise of stock options and vesting of restricted shares | 774 | 774 | |||
Common stock purchased and retired (shares) | (103,693) | ||||
Common stock purchased and retired | (3,219) | $ (1) | (3,218) | ||
Change in unrealized loss on investments, net of tax | 98 | 98 | |||
Reclassification adjustment for losses included in net income, net of tax | 0 | ||||
BALANCE (shares) at Jan. 30, 2016 | 48,428,110 | ||||
BALANCE at Jan. 30, 2016 | 412,643 | $ 484 | 134,864 | 277,626 | (331) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 97,961 | 97,961 | |||
Dividends paid on common stock | (84,850) | (84,850) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 194,670 | ||||
Issuance of non-vested stock, net of forfeitures | $ 2 | (2) | |||
Amortization of non-vested stock grants, net of forfeitures | 5,330 | 5,330 | |||
Income tax benefit related to exercise of stock options and vesting of restricted shares | (794) | (794) | |||
Change in unrealized loss on investments, net of tax | 221 | 221 | |||
Reclassification adjustment for losses included in net income, net of tax | 28 | 28 | |||
BALANCE (shares) at Jan. 28, 2017 | 48,622,780 | ||||
BALANCE at Jan. 28, 2017 | $ 430,539 | $ 486 | $ 139,398 | $ 290,737 | $ (82) |
CONSOLIDATED STATEMENTS OF STO9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Dividends paid on common stock, per share | $ 1.75 | $ 1.94 | $ 3.66 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 97,961 | $ 147,283 | $ 162,564 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation and amortization | 32,787 | 32,142 | 31,679 |
Amortization of non-vested stock grants, net of forfeitures | 5,330 | 6,197 | 6,013 |
Deferred income taxes | (3,260) | (1,217) | (1,675) |
Other | 1,875 | 448 | 1,163 |
Changes in operating assets and liabilities: | |||
Receivables | 3,853 | (389) | (2,134) |
Inventory | 23,872 | (19,645) | (5,780) |
Prepaid expenses and other assets | 7 | 9,722 | 3,508 |
Accounts payable | (8,314) | (182) | (2,915) |
Accrued employee compensation | (6,220) | (3,794) | (13) |
Accrued store operating expenses | 8,056 | (3,345) | 1 |
Gift certificates redeemable | (1,659) | (1,134) | 861 |
Income taxes payable | (3,610) | (4,441) | (1,970) |
Deferred rent liabilities and deferred compensation | (1,812) | (2,323) | 4,466 |
Net cash flows from operating activities | 148,866 | 159,322 | 195,768 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (31,663) | (34,578) | (45,454) |
Proceeds from sale of property and equipment | 318 | 199 | 0 |
Change in other assets | 80 | 100 | 108 |
Purchases of investments | (41,621) | (29,714) | (43,404) |
Proceeds from sales/maturities of investments | 44,221 | 29,135 | 38,131 |
Net cash flows from investing activities | (28,665) | (34,858) | (50,619) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from the exercise of stock options | 0 | 0 | 70 |
Excess tax benefit from stock option exercises | 0 | 0 | 225 |
Purchases of common stock | 0 | (3,219) | 0 |
Payment of dividends | (84,850) | (93,768) | (176,604) |
Net cash flows from financing activities | (84,850) | (96,987) | (176,309) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35,351 | 27,477 | (31,160) |
CASH AND CASH EQUIVALENTS, Beginning of year | 161,185 | 133,708 | 164,868 |
CASH AND CASH EQUIVALENTS, End of year | $ 196,536 | $ 161,185 | $ 133,708 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fiscal Year - The Buckle, Inc. (the “Company”) has its fiscal year end on the Saturday nearest January 31. All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal 2016 represents the 52-week period ended January 28, 2017 , fiscal 2015 represents the 52-week period ended January 30, 2016 , and fiscal 2014 represents the 52-week period ended January 31, 2015 . Nature of Operations - The Company is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women operating 467 stores located in 44 states throughout the United States as of January 28, 2017 . During fiscal 2016 , the Company opened 5 new stores, substantially remodeled 19 stores, and closed 6 stores. During fiscal 2015 , the Company opened 9 new stores, substantially remodeled 14 stores, and closed 1 store. During fiscal 2014 , the Company opened 16 new stores, substantially remodeled 18 stores, and closed 6 stores. Principles of Consolidation - The consolidated financial statements include the accounts of The Buckle, Inc. and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. 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. Shipping costs were $6,880 , $7,420 , and $6,549 during fiscal 2016 , 2015 , and 2014 , respectively. Merchandise returns are estimated based upon the historical average sales return percentage and accrued at the end of the period. The reserve for merchandise returns was $669 and $834 as of January 28, 2017 and January 30, 2016 , respectively. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. The Company records the sale of gift cards and gift certificates as a current liability and recognizes a sale when a customer redeems the gift card or gift certificate. The amount of the gift certificate liability is determined using the outstanding balances from the prior three years of issuance and the gift card liability is determined using the outstanding balances from the prior four years of issuance. The Company records breakage as other income when the probability of redemption is remote, based on historical issuance and redemption patterns. Breakage recorded for the fiscal years ended January 28, 2017 , January 30, 2016 , and January 31, 2015 was $2,067 , $1,934 , and $860 , respectively. The Company recognizes a current liability for the down payment and subsequent installment payments made when merchandise is placed on layaway and recognizes layaways as a sale at the time the customer makes final payment and picks up the merchandise. In fiscal 2016, the Company launched a new Guest Loyalty program that allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase. Reported revenue for fiscal 2016 is net of both reward redemptions and accruals for estimated future rewards earned under the Guest Loyalty program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration. As of January 28, 2017 , $8,910 was included in "accrued store operating expenses" as a liability for estimated future rewards. Cash and Cash Equivalents - The Company considers all debt instruments with an original maturity of three months or less when purchased to be cash equivalents. 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. The Company reviews impairment to determine the classification of potential impairments as either temporary or other-than-temporary. A temporary impairment results in an unrealized loss being recorded in other comprehensive income. An impairment that is considered other-than-temporary would be recognized in net income. The Company considers various factors in reviewing potential impairments, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. The Company believes it has the ability and maintains its intent to hold these investments until recovery of market value occurs or until the ultimate maturity of the investments. Held-to-maturity securities are carried at amortized cost. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method. Inventory - Inventory is stated 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 to account for merchandise obsolescence and markdowns based on assumptions using calculations applied to current inventory levels by department within each different markdown level. Management also reviews the levels of inventory in each markdown group, and the overall aging of inventory, versus the estimated future demand for such product and the current market conditions. The calculation for estimated markdowns and/or obsolescence reduced the Company’s inventory valuation by $11,376 and $9,326 as of January 28, 2017 and January 30, 2016 , respectively. The amount charged to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $2,050 , $1,356 , and $555 , for fiscal years 2016 , 2015 , and 2014 , respectively. Property and Equipment - Property and equipment are stated on the basis of historical cost. Depreciation is provided using a combination of accelerated and straight-line methods based upon the estimated useful lives of the assets. The majority of property and equipment have useful lives of five to ten years with the exception of buildings, which have estimated useful lives of 31.5 to 39 years. Leasehold improvements are stated on the basis of historical cost and are amortized over the shorter of the life of the lease or the estimated economic life of the assets. When circumstances indicate the carrying values of long-lived assets may be impaired, an evaluation is performed on current net book value amounts. Judgments made by the Company related to the expected useful lives of property and equipment and the ability to realize cash flows in excess of carrying amounts of such assets are affected by factors such as changes in economic conditions and changes in operating performance. As the Company assesses the expected cash flows and carrying amounts of long-lived assets, adjustments are made to such carrying values. Pre-Opening Expenses - Costs related to opening new stores are expensed as incurred. Advertising Costs - Advertising costs are expensed as incurred and were $16,188 , $13,262 and $12,041 for fiscal years 2016 , 2015 , and 2014 , respectively. Health Care Costs - The Company is self-funded for health and dental claims up to $200 per individual per plan year. The Company’s plan covers eligible employees, and management makes estimates at period end to record a reserve for unpaid claims based upon historical claims information. The accrued liability as a reserve for unpaid health care claims was $1,295 and $765 as of January 28, 2017 and January 30, 2016 , respectively. 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 expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin expensing rent, 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. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “accrued store operating expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. Other Income - The Company’s other income is derived primarily from interest and dividends received on cash and investments. 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. 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, thus increasing net income in the period such determination was made. The Company records tax benefits only for tax positions that are more than likely to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. Financial Instruments and Credit Risk Concentrations - Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash, investments, and accounts receivable. The Company’s investments are primarily in tax-free municipal bonds, auction-rate securities, corporate bonds, or U.S. Treasury securities with short-term maturities. The majority of the Company’s cash and cash equivalents are held by Wells Fargo Bank, N.A. This amount, as well as cash and investments held by certain other financial institutions, exceeds federally insured limits. Of the Company’s $264,622 in total cash and investments as of January 28, 2017 , $1,670 was comprised of investments in auction-rate securities (“ARS”). ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of the Company’s investments in ARS. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. Concentrations of credit risk with respect to accounts receivable are limited due to the nature of the Company’s receivables, which include primarily employee receivables that can be offset against future compensation. The Company’s financial instruments have a fair value approximating the carrying value. 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. Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Recently Issued Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company does not intend to early adopt the new standard and is currently evaluating the effect that adopting this new accounting guidance will have, but does not expect it will have a material effect on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. The Company does not expect that the adoption of this ASU, in the first quarter of fiscal 2017, will have a material effect on its consolidated results of operations and financial position. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU replaces the existing guidance in ASC 840, Leases . The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position, but does expect that it will result in a significant increase in both assets and liabilities. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. The Company does not expect that the adoption of this ASU, in the first quarter of fiscal 2017, will have a material effect on its consolidated results of operations and financial position. Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2016 , 2015 , and 2014 of $469 , $1,670 , and $(1,482) , 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 year. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $647 , $1,116 , and $2,786 as of January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the 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 fiscal years 2016 , 2015 , and 2014 of $65,180 , $93,425 , and $100,551 , respectively. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Jan. 28, 2017 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | B. INVESTMENTS The following is a summary of investments as of January 28, 2017 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 1,800 $ — $ (130 ) $ — $ 1,670 Held-to-Maturity Securities: State and municipal bonds $ 53,324 $ 26 $ (34 ) $ — $ 53,316 Trading Securities: Mutual funds $ 12,701 $ 391 $ — $ — $ 13,092 The following is a summary of investments as of January 30, 2016 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 7,975 $ — $ (525 ) $ — $ 7,450 Held-to-Maturity Securities: State and municipal bonds $ 49,992 $ 163 $ (32 ) $ — $ 50,123 Trading Securities: Mutual funds $ 13,442 $ — $ (593 ) $ — $ 12,849 The auction-rate securities were invested as follows as of January 28, 2017 : Nature Underlying Collateral Par Value Municipal revenue bonds 100% insured by AAA/AA/A-rated bond insurers $ 1,750 Municipal bond funds Fixed income instruments within issuers' money market funds 50 Total par value $ 1,800 As of January 28, 2017 , the Company’s auction-rate securities portfolio was 100% AA/Aa-rated. The amortized cost and fair value of debt securities by contractual maturity as of January 28, 2017 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 49,994 $ 49,982 1 - 5 years 3,330 3,334 Total $ 53,324 $ 53,316 As of January 28, 2017 and January 30, 2016 , $1,670 and $7,450 of available-for-sale securities and $3,330 and $13,527 of held-to-maturity securities are classified in long-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments. The Company’s investments in auction-rate securities (“ARS”) are classified as available-for-sale and reported at fair market value. As of January 28, 2017 , the reported investment amount is net of $130 of temporary impairment to account for the impairment of certain securities from their stated par value. The $130 temporary impairment is reported, net of tax, as an “accumulated other comprehensive loss” of $82 in stockholders’ equity as of January 28, 2017 . For the investments considered temporarily impaired, all of which have been in loss positions for over a year, the Company believes that these ARS can be successfully redeemed or liquidated in the future at par value plus accrued interest. The Company believes it has the ability and maintains its intent to hold these investments until such recovery of market value occurs; therefore, the Company believes the current lack of liquidity has created the temporary impairment in valuation. As of January 28, 2017 , the Company had $1,800 invested in ARS, at par value, which was reported at its estimated fair value of $1,670 . As of January 30, 2016 , the Company had $7,975 invested in ARS, which was reported at its estimated fair value of $7,450 . ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of the Company’s investments in ARS. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. During fiscal years 2016 , 2015 , and 2014 , the Company was able to successfully liquidate ARS with a par value of $6,175 , $75 , and $2,925 , respectively. The Company reviews all investments for other-than-temporary impairment ("OTTI") at least quarterly or as indicators of impairment exist. Indicators of impairment include the duration and severity of decline in market value. In addition, the Company considers qualitative factors including, but not limited to, the financial condition of the investee, the credit rating of the investee, and the current and expected market and industry conditions in which the investee operates. As of both January 28, 2017 and January 30, 2016 , all of the Company’s investments in ARS were classified in long-term investments. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | C. 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. The Company has concluded that certain of its ARS represent Level 3 valuation. A discounted cash flow analysis was used to value these investments. 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 January 28, 2017 , the unobservable inputs used by the Company and its independent third-party valuation consultant in valuing its Level 3 investments in ARS included: ◦ Duration until redemption of 6.7 years. ◦ Discount rate of 3.66% . As of January 28, 2017 and January 30, 2016 , the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s available-for-sale securities include its investments in ARS, as further described in Note B. The failed auctions, beginning in February 2008, related to the Company’s investments in ARS have limited the availability of quoted market prices. The Company has determined the fair value of its ARS using Level 1 inputs for known or anticipated subsequent redemptions at par value, Level 2 inputs using observable inputs, and Level 3 using unobservable inputs where the following criteria were considered in estimating fair value: • Pricing was provided by the custodian or third-party broker for ARS; • Sales of similar securities; • Quoted prices for similar securities in active markets; • 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). In addition, the Company considers other factors including, but not limited to, the financial condition of the investee, the credit rating, insurance, guarantees, collateral, cash flows, and the current and expected market and industry conditions in which the investee operates. Management believes it has used information that was reasonably obtainable in order to complete its valuation process and determine if the Company’s investments in ARS had incurred any temporary and/or other-than-temporary impairment as of January 28, 2017 and January 30, 2016 . Future fluctuations in fair value of ARS that the Company judges to be temporary, including any recoveries of previous write-downs, would be recorded as an adjustment to “accumulated other comprehensive loss.” The value and liquidity of ARS held by the Company may be affected by continued auction-rate failures, the credit quality of each security, the amount and timing of interest payments, the amount and timing of future principal payments, and the probability of full repayment of the principal. Additional indicators of impairment include the duration and severity of the decline in market value. The interest rates on these investments will be determined by the terms of each individual ARS. The risks associated with the ARS held by the Company include those stated above as well as the current economic environment, downgrading of credit ratings on investments held, and the volatility of the entities backing each of the issues. 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 January 28, 2017 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 45 $ 1,625 $ 1,670 Trading securities (including mutual funds) 13,092 — — 13,092 Total $ 13,092 $ 45 $ 1,625 $ 14,762 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs January 30, 2016 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 185 $ 7,265 $ 7,450 Trading securities (including mutual funds) 12,849 — — 12,849 Total $ 12,849 $ 185 $ 7,265 $ 20,299 Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $125 of the Company’s recorded temporary impairment as of January 28, 2017 . The use of different assumptions would result in a different valuation and related temporary impairment charge. Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows: Fifty-two Weeks Ended January 28, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 7,265 $ — $ 7,265 Total gains and losses: Included in net income (45 ) — (45 ) Included in other comprehensive income 385 — 385 Purchases, Issuances, Sales, and Settlements: Sales (5,980 ) — (5,980 ) Balance, end of year $ 1,625 $ — $ 1,625 Fifty-two Weeks Ended January 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 7,186 $ — $ 7,186 Total gains and losses: Included in other comprehensive income 154 — 154 Purchases, Issuances, Sales, and Settlements: Sales (75 ) — (75 ) Balance, end of year $ 7,265 $ — $ 7,265 There were no transfers of securities between Levels 1, 2, or 3 during the fiscal years ended January 28, 2017 or January 30, 2016 . The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the 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 January 28, 2017 , the fair value of held-to-maturity securities was $53,316 compared to the carrying amount of $53,324 . As of January 30, 2016 , the fair value of held-to-maturity securities was $50,123 compared to the carrying amount of $49,992 . The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial as of both January 28, 2017 and January 30, 2016 . |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Jan. 28, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | D. PROPERTY AND EQUIPMENT January 28, January 30, Land $ 2,491 $ 2,491 Building and improvements 42,698 42,486 Office equipment 12,632 12,669 Transportation equipment 20,955 20,825 Leasehold improvements 166,564 161,899 Furniture and fixtures 183,046 176,761 Shipping/receiving equipment 29,507 27,891 Screenprinting equipment — 111 Construction-in-progress 1,466 5,629 Total $ 459,359 $ 450,762 |
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS | 12 Months Ended |
Jan. 28, 2017 | |
Debt Disclosure [Abstract] | |
FINANCING ARRANGEMENTS | E. FINANCING ARRANGEMENTS The Company has available an unsecured line of credit of $25,000 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, 2017 and provides that $10,000 of the $25,000 line is available for letters of credit. Borrowings under the line of credit provide for interest to be paid at a rate based on LIBOR. The Company has, from time to time, borrowed against these lines of credit. There were no bank borrowings as of January 28, 2017 and January 30, 2016 . There were no bank borrowings during fiscal 2016 , 2015 , and 2014 . The Company had outstanding letters of credit totaling $1,796 and $2,071 as of January 28, 2017 and January 30, 2016 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | F. INCOME TAXES The provision for income taxes consists of: Fiscal Years Ended January 28, January 30, January 31, Current income tax expense: Federal $ 55,541 $ 78,956 $ 87,679 State 6,029 9,802 11,128 Deferred income tax expense (benefit) (3,260 ) (1,217 ) (1,675 ) Total $ 58,310 $ 87,541 $ 97,132 Total income tax expense for the year varies from the amount which would be provided by applying the statutory income tax rate to earnings before income taxes. The primary reasons for this difference (expressed as a percent of pre-tax income) are as follows: Fiscal Years Ended January 28, January 30, January 31, Statutory rate 35.0 % 35.0 % 35.0 % State income tax effect 2.5 2.8 2.8 Tax exempt interest income (0.1 ) (0.1 ) (0.1 ) Other (0.1 ) (0.4 ) (0.3 ) Effective tax rate 37.3 % 37.3 % 37.4 % Deferred income tax assets and liabilities are comprised of the following: January 28, January 30, Deferred income tax assets (liabilities): Inventory $ 6,626 $ 6,141 Stock-based compensation 3,304 3,596 Accrued compensation 5,716 4,896 Accrued store operating costs 4,070 1,140 Realized and unrealized loss on securities 119 1,173 Gift certificates redeemable 1,887 1,784 Allowance for doubtful accounts 1 3 Deferred rent liability 13,912 14,672 Property and equipment (31,195 ) (31,561 ) Less: Valuation allowance — (518 ) Net deferred income tax asset (liability) $ 4,440 $ 1,326 As of January 28, 2017 and January 30, 2016 , respectively, the net deferred income tax assets of $4,440 and $1,326 are classified in "other assets." There were no unrecognized tax benefits recorded in the Company’s consolidated financial statements as of January 28, 2017 or January 30, 2016 . Fiscal years 2015 and 2016 remain subject to potential federal examination. Additionally, fiscal years 2013 through 2016 are subject to potential examination by various state taxing authorities. Valuation allowances are recorded to reduce the value of deferred tax assets to the amount that is more likely than not to be realized. As of January 28, 2017 , the Company had $215 in deferred tax assets for capital loss carryforwards, which expire in periods from fiscal 2017 through fiscal 2021, and a related valuation allowance of $0 . As of January 30, 2016 , the Company had a deferred tax asset of $760 for capital loss carryforwards and a related valuation allowance of $(518) . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 28, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | G. RELATED PARTY TRANSACTIONS Included in other assets is a note receivable of $1,245 as of January 28, 2017 and $1,215 as of January 30, 2016 , respectively, from a life insurance trust fund controlled by the Company’s Chairman. The note was created over three years , beginning in July 1994, when the Company paid life insurance premiums of $200 each year for the Chairman on a personal policy. The note accrues interest at 5% of the principal balance per year and is to be paid from the life insurance proceeds. The note is secured by a life insurance policy on the Chairman. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | H. COMMITMENTS Leases - The Company conducts its operations in leased facilities under numerous non-cancelable operating leases expiring at various dates through fiscal 2026. Most of the Company’s stores have lease terms of approximately ten years and generally do not contain renewal options. 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 expenses 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. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. Operating lease base rental expense for fiscal 2016 , 2015 , and 2014 was $68,839 , $67,121 , and $65,712 , respectively. Most of the rental payments are based on a minimum annual rental plus a percentage of sales in excess of a specified amount. Percentage rents for fiscal 2016 , 2015 , and 2014 were $2,600 , $4,334 , and $4,434 , respectively. Total future minimum rental commitments under these operating leases with remaining lease terms in excess of one year as of January 28, 2017 are as follows: Minimum Rental Fiscal Year Commitments 2017 $ 68,487 2018 61,872 2019 54,088 2020 44,367 2021 35,766 Thereafter 90,722 Total minimum rental commitments $ 355,302 Litigation - From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. As of the date of these consolidated financial statements, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material effect on the Company. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Jan. 28, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFITS | I. EMPLOYEE BENEFITS The Company has a 401(k) profit sharing plan covering all eligible employees who elect to participate. Contributions to the plan are based upon the amount of the employees’ deferrals and the employer’s discretionary matching formula. The Company may contribute to the plan at its discretion. The total expense under the profit sharing plan was $1,473 , $1,396 , and $1,338 for fiscal years 2016 , 2015 , and 2014 , respectively. The Buckle, Inc. Deferred Compensation Plan covers the Company’s executive officers. The plan is funded by participant contributions and a specified annual Company matching contribution not to exceed 6% of the participant’s compensation. The Company’s contributions were $193 , $218 , and $217 for fiscal years 2016 , 2015 , and 2014 , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | J. 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 January 28, 2017 , 856,306 shares were available for grant under the Company’s various restricted stock plans, of which 781,682 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2016 , 2015 , and 2014 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: Fiscal Years Ended January 28, January 30, January 31, Stock-based compensation expense, before tax $ 5,330 $ 6,197 $ 6,013 Stock-based compensation expense, after tax $ 3,358 $ 3,904 $ 3,788 FASB ASC 718 requires the benefits of tax deductions in excess of the compensation cost recognized for stock options exercised during the period to be classified as financing cash inflows. This amount is shown as “excess tax benefit from stock option exercises” on the consolidated statements of cash flows. For fiscal 2016 , 2015 , and 2014 , the excess tax benefit realized from exercised stock options was $0 , $0 , and $225 , respectively. Non-vested shares of common stock granted during each of the past three fiscal years 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 fiscal year ended January 28, 2017 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 360,784 $ 49.28 Granted 336,600 28.42 Forfeited (141,930 ) 50.53 Vested (110,155 ) 45.75 Non-Vested - end of year 445,299 $ 33.98 As of January 28, 2017 , there was $4,730 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 1.9 years . The total fair value of shares vested during fiscal 2016 , 2015 , and 2014 was $2,713 , $4,568 , and $7,535 respectively. During the fiscal year ended January 28, 2017 , 130,400 shares (representing one-half of the "performance based" shares granted during fiscal 2015 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2015 grants. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | K. EARNINGS PER SHARE The following table provides reconciliation between basic and diluted earnings per share: Fiscal Years Ended January 28, 2017 January 30, 2016 January 31, 2015 Income Weighted Average Shares Per Share Amount Income Weighted Average Shares Per Share Amount Income Weighted Per Share Basic EPS $ 97,961 48,125 $ 2.04 $ 147,283 48,079 $ 3.06 $ 162,564 47,927 $ 3.39 Effect of Dilutive Securities: Stock options and non-vested shares — 131 (0.01 ) — 125 — — 163 (0.01 ) Diluted EPS $ 97,961 48,256 $ 2.03 $ 147,283 48,204 $ 3.06 $ 162,564 48,090 $ 3.38 No stock options were deemed anti-dilutive and excluded from the computation of diluted earnings per share for fiscal 2016 , 2015 or 2014 . |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jan. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SEGMENT INFORMATION | L. SEGMENT INFORMATION The Company is a retailer of medium to better priced casual apparel, footwear, and accessories. The Company operates its business as one reportable segment. The Company operated 467 stores located in 44 states throughout the United States as of January 28, 2017 . The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Fiscal Years Ended Merchandise Group January 28, January 30, January 31, Denims 42.2 % 42.5 % 43.7 % Tops (including sweaters) 30.8 31.0 30.8 Accessories 9.2 8.9 8.6 Sportswear/Fashions 6.5 6.4 6.2 Footwear 5.9 6.0 5.9 Outerwear 2.0 2.1 2.3 Casual bottoms 1.9 1.5 1.2 Other 1.5 1.6 1.3 Total 100.0 % 100.0 % 100.0 % |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | M. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected unaudited quarterly financial information for fiscal 2016 and 2015 are as follows: Quarter Fiscal 2016 First Second Third Fourth Net sales $ 243,543 $ 212,157 $ 239,213 $ 279,960 Gross profit $ 94,729 $ 79,882 $ 96,874 $ 125,683 Net income $ 23,097 $ 15,472 $ 23,397 $ 35,995 Basic earnings per share $ 0.48 $ 0.32 $ 0.49 $ 0.75 Diluted earnings per share $ 0.48 $ 0.32 $ 0.48 $ 0.74 Quarter Fiscal 2015 First Second Third Fourth Net sales $ 271,345 $ 236,053 $ 280,187 $ 332,031 Gross profit $ 113,597 $ 94,595 $ 117,264 $ 155,945 Net income $ 33,570 $ 23,481 $ 35,893 $ 54,339 Basic earnings per share $ 0.70 $ 0.49 $ 0.75 $ 1.13 Diluted earnings per share $ 0.70 $ 0.49 $ 0.74 $ 1.13 Basic and diluted shares outstanding are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Each of the quarters presented is a 13-week quarter. |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Jan. 28, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - Valuation and Qualifying Accounts | SCHEDULE II - Valuation and Qualifying Accounts (Amounts in Thousands) Allowance for Doubtful Accounts Reserve for Sales Returns Valuation Allowance - Deferred Tax Assets Balance, February 1, 2014 $ 11 $ 750 $ 925 Amounts charged to costs and expenses 737 — — Amounts charged to other accounts — 110,793 — Deductions (741 ) (110,600 ) (407 ) Balance, January 31, 2015 $ 7 $ 943 $ 518 Amounts charged to costs and expenses 835 — — Amounts charged to other accounts — 113,325 — Deductions (835 ) (113,434 ) — Balance, January 30, 2016 $ 7 $ 834 $ 518 Amounts charged to costs and expenses 1,350 — — Amounts charged to other accounts — 101,375 — Deductions (1,353 ) (101,540 ) (518 ) Balance, January 28, 2017 $ 4 $ 669 $ — |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 28, 2017 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year - The Buckle, Inc. (the “Company”) has its fiscal year end on the Saturday nearest January 31. All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal 2016 represents the 52-week period ended January 28, 2017 , fiscal 2015 represents the 52-week period ended January 30, 2016 , and fiscal 2014 represents the 52-week period ended January 31, 2015 . |
Nature Of Operations | Nature of Operations - The Company is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women operating 467 stores located in 44 states throughout the United States as of January 28, 2017 . During fiscal 2016 , the Company opened 5 new stores, substantially remodeled 19 stores, and closed 6 stores. During fiscal 2015 , the Company opened 9 new stores, substantially remodeled 14 stores, and closed 1 store. During fiscal 2014 , the Company opened 16 new stores, substantially remodeled 18 stores, and closed 6 stores. |
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements include the accounts of The Buckle, Inc. and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | 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. Shipping costs were $6,880 , $7,420 , and $6,549 during fiscal 2016 , 2015 , and 2014 , respectively. Merchandise returns are estimated based upon the historical average sales return percentage and accrued at the end of the period. The reserve for merchandise returns was $669 and $834 as of January 28, 2017 and January 30, 2016 , respectively. The Company recognizes revenue from sales made under its layaway program upon delivery of the merchandise to the customer. The Company records the sale of gift cards and gift certificates as a current liability and recognizes a sale when a customer redeems the gift card or gift certificate. The amount of the gift certificate liability is determined using the outstanding balances from the prior three years of issuance and the gift card liability is determined using the outstanding balances from the prior four years of issuance. The Company records breakage as other income when the probability of redemption is remote, based on historical issuance and redemption patterns. Breakage recorded for the fiscal years ended January 28, 2017 , January 30, 2016 , and January 31, 2015 was $2,067 , $1,934 , and $860 , respectively. The Company recognizes a current liability for the down payment and subsequent installment payments made when merchandise is placed on layaway and recognizes layaways as a sale at the time the customer makes final payment and picks up the merchandise. In fiscal 2016, the Company launched a new Guest Loyalty program that allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase. Reported revenue for fiscal 2016 is net of both reward redemptions and accruals for estimated future rewards earned under the Guest Loyalty program. A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration. As of January 28, 2017 , $8,910 was included in "accrued store operating expenses" as a liability for estimated future rewards. |
Cash and Cash Equivalents | Cash and Cash Equivalents - The Company considers all debt instruments with an original maturity of three months or less when purchased to be cash equivalents. |
Investments | 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. The Company reviews impairment to determine the classification of potential impairments as either temporary or other-than-temporary. A temporary impairment results in an unrealized loss being recorded in other comprehensive income. An impairment that is considered other-than-temporary would be recognized in net income. The Company considers various factors in reviewing potential impairments, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value. The Company believes it has the ability and maintains its intent to hold these investments until recovery of market value occurs or until the ultimate maturity of the investments. Held-to-maturity securities are carried at amortized cost. Trading securities are reported at fair value, with unrealized gains and losses included in earnings, using the specific identification method. |
Inventory | Inventory - Inventory is stated 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 to account for merchandise obsolescence and markdowns based on assumptions using calculations applied to current inventory levels by department within each different markdown level. Management also reviews the levels of inventory in each markdown group, and the overall aging of inventory, versus the estimated future demand for such product and the current market conditions. The calculation for estimated markdowns and/or obsolescence reduced the Company’s inventory valuation by $11,376 and $9,326 as of January 28, 2017 and January 30, 2016 , respectively. The amount charged to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $2,050 , $1,356 , and $555 , for fiscal years 2016 , 2015 , and 2014 , respectively. |
Property and Equipment | Property and Equipment - Property and equipment are stated on the basis of historical cost. Depreciation is provided using a combination of accelerated and straight-line methods based upon the estimated useful lives of the assets. The majority of property and equipment have useful lives of five to ten years with the exception of buildings, which have estimated useful lives of 31.5 to 39 years. Leasehold improvements are stated on the basis of historical cost and are amortized over the shorter of the life of the lease or the estimated economic life of the assets. When circumstances indicate the carrying values of long-lived assets may be impaired, an evaluation is performed on current net book value amounts. Judgments made by the Company related to the expected useful lives of property and equipment and the ability to realize cash flows in excess of carrying amounts of such assets are affected by factors such as changes in economic conditions and changes in operating performance. As the Company assesses the expected cash flows and carrying amounts of long-lived assets, adjustments are made to such carrying values. |
Pre-Opening Expenses | Pre-Opening Expenses - Costs related to opening new stores are expensed as incurred. |
Advertising Costs | Advertising Costs - Advertising costs are expensed as incurred and were $16,188 , $13,262 and $12,041 for fiscal years 2016 , 2015 , and 2014 , respectively. |
Health Care Costs | Health Care Costs - The Company is self-funded for health and dental claims up to $200 per individual per plan year. The Company’s plan covers eligible employees, and management makes estimates at period end to record a reserve for unpaid claims based upon historical claims information. The accrued liability as a reserve for unpaid health care claims was $1,295 and $765 as of January 28, 2017 and January 30, 2016 , respectively. |
Operating Leases | 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 expenses on a straight-line basis over the terms of the leases, the Company uses the date of initial possession to begin expensing rent, 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. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases on the consolidated statements of income. Certain leases provide for contingent rents, which are determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability in “accrued store operating expenses” on the consolidated balance sheets and the corresponding rent expense when specified levels have been achieved or are reasonably probable to be achieved. |
Other Income | Other Income - The Company’s other income is derived primarily from interest and dividends received on cash and investments. |
Income Taxes | 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. 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, thus increasing net income in the period such determination was made. The Company records tax benefits only for tax positions that are more than likely to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. |
Financial Instruments And Credit Risk Concentrations | Financial Instruments and Credit Risk Concentrations - Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash, investments, and accounts receivable. The Company’s investments are primarily in tax-free municipal bonds, auction-rate securities, corporate bonds, or U.S. Treasury securities with short-term maturities. The majority of the Company’s cash and cash equivalents are held by Wells Fargo Bank, N.A. This amount, as well as cash and investments held by certain other financial institutions, exceeds federally insured limits. Of the Company’s $264,622 in total cash and investments as of January 28, 2017 , $1,670 was comprised of investments in auction-rate securities (“ARS”). ARS have a long-term stated maturity, but are reset through a “dutch auction” process that occurs every 7 to 49 days, depending on the terms of the individual security. Until February 2008, the ARS market was highly liquid. During February 2008, however, a significant number of auctions related to these securities failed, meaning that there was not enough demand to sell the entire issue at auction. The failed auctions have limited the current liquidity of the Company’s investments in ARS. The Company does not, however, anticipate that further auction failures will have a material impact on the Company’s ability to fund its business. Concentrations of credit risk with respect to accounts receivable are limited due to the nature of the Company’s receivables, which include primarily employee receivables that can be offset against future compensation. The Company’s financial instruments have a fair value approximating the carrying value. |
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. |
Use of Estimates | Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements - In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 605, Revenue Recognition . The new revenue recognition standard requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one-year deferral of the effective date of the new revenue recognition standard. The new standard will become effective for the Company beginning with the first quarter of fiscal 2018 and can be adopted either retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption. The Company does not intend to early adopt the new standard and is currently evaluating the effect that adopting this new accounting guidance will have, but does not expect it will have a material effect on its consolidated results of operations and financial position. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . Under this ASU, inventory will be measured at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.” No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for interim and annual periods beginning after December 15, 2016. The Company does not expect that the adoption of this ASU, in the first quarter of fiscal 2017, will have a material effect on its consolidated results of operations and financial position. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This ASU replaces the existing guidance in ASC 840, Leases . The new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years and requires retrospective application. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position, but does expect that it will result in a significant increase in both assets and liabilities. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This standard is intended to simplify several aspects of the accounting for share-based payment award transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, and classifications in the statement of cash flows. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016 and early adoption is permitted. The Company does not expect that the adoption of this ASU, in the first quarter of fiscal 2017, will have a material effect on its consolidated results of operations and financial position. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2016 , 2015 , and 2014 of $469 , $1,670 , and $(1,482) , 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 year. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $647 , $1,116 , and $2,786 as of January 28, 2017 , January 30, 2016 , and January 31, 2015 , respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the 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 fiscal years 2016 , 2015 , and 2014 of $65,180 , $93,425 , and $100,551 , respectively. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Schedule of Investments [Abstract] | |
Schedule of investments, cost and fair value | The following is a summary of investments as of January 28, 2017 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 1,800 $ — $ (130 ) $ — $ 1,670 Held-to-Maturity Securities: State and municipal bonds $ 53,324 $ 26 $ (34 ) $ — $ 53,316 Trading Securities: Mutual funds $ 12,701 $ 391 $ — $ — $ 13,092 The following is a summary of investments as of January 30, 2016 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 7,975 $ — $ (525 ) $ — $ 7,450 Held-to-Maturity Securities: State and municipal bonds $ 49,992 $ 163 $ (32 ) $ — $ 50,123 Trading Securities: Mutual funds $ 13,442 $ — $ (593 ) $ — $ 12,849 |
Schedule of auction rate securities | The auction-rate securities were invested as follows as of January 28, 2017 : Nature Underlying Collateral Par Value Municipal revenue bonds 100% insured by AAA/AA/A-rated bond insurers $ 1,750 Municipal bond funds Fixed income instruments within issuers' money market funds 50 Total par value $ 1,800 |
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 January 28, 2017 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 49,994 $ 49,982 1 - 5 years 3,330 3,334 Total $ 53,324 $ 53,316 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
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 January 28, 2017 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 45 $ 1,625 $ 1,670 Trading securities (including mutual funds) 13,092 — — 13,092 Total $ 13,092 $ 45 $ 1,625 $ 14,762 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs January 30, 2016 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 185 $ 7,265 $ 7,450 Trading securities (including mutual funds) 12,849 — — 12,849 Total $ 12,849 $ 185 $ 7,265 $ 20,299 |
Financial assets measured at fair value on a recurring basis, unobservable input reconciliation | Changes in the fair value of the Company’s financial assets measured at fair value on a recurring basis are as follows: Fifty-two Weeks Ended January 28, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 7,265 $ — $ 7,265 Total gains and losses: Included in net income (45 ) — (45 ) Included in other comprehensive income 385 — 385 Purchases, Issuances, Sales, and Settlements: Sales (5,980 ) — (5,980 ) Balance, end of year $ 1,625 $ — $ 1,625 Fifty-two Weeks Ended January 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 7,186 $ — $ 7,186 Total gains and losses: Included in other comprehensive income 154 — 154 Purchases, Issuances, Sales, and Settlements: Sales (75 ) — (75 ) Balance, end of year $ 7,265 $ — $ 7,265 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | January 28, January 30, Land $ 2,491 $ 2,491 Building and improvements 42,698 42,486 Office equipment 12,632 12,669 Transportation equipment 20,955 20,825 Leasehold improvements 166,564 161,899 Furniture and fixtures 183,046 176,761 Shipping/receiving equipment 29,507 27,891 Screenprinting equipment — 111 Construction-in-progress 1,466 5,629 Total $ 459,359 $ 450,762 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The provision for income taxes consists of: Fiscal Years Ended January 28, January 30, January 31, Current income tax expense: Federal $ 55,541 $ 78,956 $ 87,679 State 6,029 9,802 11,128 Deferred income tax expense (benefit) (3,260 ) (1,217 ) (1,675 ) Total $ 58,310 $ 87,541 $ 97,132 |
Reconciliation of effective tax rate | Total income tax expense for the year varies from the amount which would be provided by applying the statutory income tax rate to earnings before income taxes. The primary reasons for this difference (expressed as a percent of pre-tax income) are as follows: Fiscal Years Ended January 28, January 30, January 31, Statutory rate 35.0 % 35.0 % 35.0 % State income tax effect 2.5 2.8 2.8 Tax exempt interest income (0.1 ) (0.1 ) (0.1 ) Other (0.1 ) (0.4 ) (0.3 ) Effective tax rate 37.3 % 37.3 % 37.4 % |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities are comprised of the following: January 28, January 30, Deferred income tax assets (liabilities): Inventory $ 6,626 $ 6,141 Stock-based compensation 3,304 3,596 Accrued compensation 5,716 4,896 Accrued store operating costs 4,070 1,140 Realized and unrealized loss on securities 119 1,173 Gift certificates redeemable 1,887 1,784 Allowance for doubtful accounts 1 3 Deferred rent liability 13,912 14,672 Property and equipment (31,195 ) (31,561 ) Less: Valuation allowance — (518 ) Net deferred income tax asset (liability) $ 4,440 $ 1,326 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum rental commitments under operating leases | Total future minimum rental commitments under these operating leases with remaining lease terms in excess of one year as of January 28, 2017 are as follows: Minimum Rental Fiscal Year Commitments 2017 $ 68,487 2018 61,872 2019 54,088 2020 44,367 2021 35,766 Thereafter 90,722 Total minimum rental commitments $ 355,302 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation expense | Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Fiscal Years Ended January 28, January 30, January 31, Stock-based compensation expense, before tax $ 5,330 $ 6,197 $ 6,013 Stock-based compensation expense, after tax $ 3,358 $ 3,904 $ 3,788 |
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 fiscal year ended January 28, 2017 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 360,784 $ 49.28 Granted 336,600 28.42 Forfeited (141,930 ) 50.53 Vested (110,155 ) 45.75 Non-Vested - end of year 445,299 $ 33.98 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table provides reconciliation between basic and diluted earnings per share: Fiscal Years Ended January 28, 2017 January 30, 2016 January 31, 2015 Income Weighted Average Shares Per Share Amount Income Weighted Average Shares Per Share Amount Income Weighted Per Share Basic EPS $ 97,961 48,125 $ 2.04 $ 147,283 48,079 $ 3.06 $ 162,564 47,927 $ 3.39 Effect of Dilutive Securities: Stock options and non-vested shares — 131 (0.01 ) — 125 — — 163 (0.01 ) Diluted EPS $ 97,961 48,256 $ 2.03 $ 147,283 48,204 $ 3.06 $ 162,564 48,090 $ 3.38 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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: Fiscal Years Ended Merchandise Group January 28, January 30, January 31, Denims 42.2 % 42.5 % 43.7 % Tops (including sweaters) 30.8 31.0 30.8 Accessories 9.2 8.9 8.6 Sportswear/Fashions 6.5 6.4 6.2 Footwear 5.9 6.0 5.9 Outerwear 2.0 2.1 2.3 Casual bottoms 1.9 1.5 1.2 Other 1.5 1.6 1.3 Total 100.0 % 100.0 % 100.0 % |
SELECTED QUARTERLY FINANCIAL 34
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Jan. 28, 2017 | |
Quarterly Financial Information [Abstract] | |
Selected quarterly financial data | Selected unaudited quarterly financial information for fiscal 2016 and 2015 are as follows: Quarter Fiscal 2016 First Second Third Fourth Net sales $ 243,543 $ 212,157 $ 239,213 $ 279,960 Gross profit $ 94,729 $ 79,882 $ 96,874 $ 125,683 Net income $ 23,097 $ 15,472 $ 23,397 $ 35,995 Basic earnings per share $ 0.48 $ 0.32 $ 0.49 $ 0.75 Diluted earnings per share $ 0.48 $ 0.32 $ 0.48 $ 0.74 Quarter Fiscal 2015 First Second Third Fourth Net sales $ 271,345 $ 236,053 $ 280,187 $ 332,031 Gross profit $ 113,597 $ 94,595 $ 117,264 $ 155,945 Net income $ 33,570 $ 23,481 $ 35,893 $ 54,339 Basic earnings per share $ 0.70 $ 0.49 $ 0.75 $ 1.13 Diluted earnings per share $ 0.70 $ 0.49 $ 0.74 $ 1.13 Basic and diluted shares outstanding are computed independently for each of the quarters presented and, therefore, may not sum to the totals for the year. Each of the quarters presented is a 13-week quarter. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) | 12 Months Ended | |||
Jan. 28, 2017USD ($)storestate | Jan. 30, 2016USD ($)store | Jan. 31, 2015USD ($)store | Feb. 01, 2014USD ($) | |
Nature of Operations | ||||
Number of stores (store) | store | 467 | |||
Number of states in which stores are located (state) | state | 44 | |||
New stores opened during the period (store) | store | 5 | 9 | 16 | |
Stores substantially remodeled during the period (store) | store | 19 | 14 | 18 | |
Stores closed during the period (store) | store | 6 | 1 | 6 | |
Revenue Recognition | ||||
Shipping costs during the period | $ 6,880,000 | $ 7,420,000 | $ 6,549,000 | |
Number of years of outstanding balances used in calculating gift certificate liability (years) | 3 years | |||
Number of years of outstanding balances used in calculating gift card liability (years) | 4 years | |||
Gift card breakage income | $ 2,067,000 | 1,934,000 | 860,000 | |
Liability for estimated future loyalty rewards | 8,910,000 | |||
Inventory | ||||
Adjustment for merchandise obsolescence and markdowns | 11,376,000 | 9,326,000 | ||
Cost of sales, effect of changes in markdown adjustment | 2,050,000 | 1,356,000 | 555,000 | |
Advertising Costs | ||||
Advertising expense | 16,188,000 | 13,262,000 | 12,041,000 | |
Health Care Costs | ||||
Self-insurance limit per employee per plan year for health and dental claims | 200,000 | |||
Reserve for self-insured employee health care claims | $ 1,295,000 | 765,000 | ||
Income Taxes | ||||
Minimum percentage needed for likely sustainment of an uncertain tax position before related tax benefits are recognized (percent) | 50.00% | |||
Financial Instruments and Credit Risk Concentrations | ||||
Cash and investments | $ 264,622,000 | |||
Available-for-sale securities | 1,670,000 | |||
Supplemental Cash Flow Information | ||||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | 469,000 | 1,670,000 | (1,482,000) | |
Current liability for unpaid purchases of property, plant and equipment | 647,000 | 1,116,000 | 2,786,000 | |
Cash paid for income taxes | $ 65,180,000 | 93,425,000 | 100,551,000 | |
Minimum [Member] | ||||
Financial Instruments and Credit Risk Concentrations | ||||
Dutch auction, reset interval (days) | 7 days | |||
Maximum [Member] | ||||
Financial Instruments and Credit Risk Concentrations | ||||
Dutch auction, reset interval (days) | 49 days | |||
Property And Equipment Excluding Buildings [Member] | Minimum [Member] | ||||
Property and Equipment | ||||
Estimated useful life of property and equipment (years) | 5 years | |||
Property And Equipment Excluding Buildings [Member] | Maximum [Member] | ||||
Property and Equipment | ||||
Estimated useful life of property and equipment (years) | 10 years | |||
Building [Member] | Minimum [Member] | ||||
Property and Equipment | ||||
Estimated useful life of property and equipment (years) | 31 years 6 months | |||
Building [Member] | Maximum [Member] | ||||
Property and Equipment | ||||
Estimated useful life of property and equipment (years) | 39 years | |||
Allowance for Sales Returns [Member] | ||||
Revenue Recognition | ||||
Reserve for merchandise returns | $ 669,000 | $ 834,000 | $ 943,000 | $ 750,000 |
INVESTMENTS (Schedule of Invest
INVESTMENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities, Estimated Fair Value | $ 1,670 | |
Auction-rate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities, Amortized Cost or Par Value | 1,800 | $ 7,975 |
Available-for-Sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-Sale Securities, Gross Unrealized Losses | (130) | (525) |
Available-for-Sale Securities, Other-than-Temporary Impairment | 0 | 0 |
Available-for-Sale Securities, Estimated Fair Value | 1,670 | 7,450 |
State and municipal bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | 53,324 | 49,992 |
Held-to-Maturity Securities, Gross Unrealized Gains | 26 | 163 |
Held-to-Maturity Securities, Gross Unrealized Losses | (34) | (32) |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 53,316 | 50,123 |
Mutual funds [Member] | ||
Trading Securities [Abstract] | ||
Trading Securities, Amortized Cost or Par Value | 12,701 | 13,442 |
Trading Securities, Gross Unrealized Gains | 391 | 0 |
Trading Securities, Gross Unrealized Losses | 0 | (593) |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $ 13,092 | $ 12,849 |
INVESTMENTS (Par Value) (Detail
INVESTMENTS (Par Value) (Details) - Auction-rate securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Investment Holdings [Line Items] | ||
Available-for-sale securities, par value | $ 1,800 | $ 7,975 |
Municipal revenue bonds [Member] | ||
Investment Holdings [Line Items] | ||
Underlying Collateral | 100% insured by AAA/AA/A-rated bond insurers | |
Available-for-sale securities, par value | $ 1,750 | |
Percentage of bond insured by AAA/AA/A-rated bond insurers (percent) | 100.00% | |
Municipal bond funds [Member] | ||
Investment Holdings [Line Items] | ||
Underlying Collateral | Fixed income instruments within issuers' money market funds | |
Available-for-sale securities, par value | $ 50 |
INVESTMENTS (Held-To-Maturity S
INVESTMENTS (Held-To-Maturity Securities) (Details) - State and municipal bonds [Member] - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 49,994 | |
1 - 5 years, Amortized Cost | 3,330 | |
Held-to-Maturity Securities, Amortized Cost | 53,324 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 49,982 | |
1 - 5 years, Fair Value | 3,334 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 53,316 | $ 50,123 |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Available-for-sale securities classified as noncurrent | $ 1,670 | $ 7,450 | |
Long-term investment, held-to-maturity securities | 3,330 | 13,527 | |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | 82 | 331 | |
Available-for-Sale Securities, Estimated Fair Value | $ 1,670 | ||
Minimum [Member] | |||
Schedule of Investments [Line Items] | |||
Dutch auction, reset interval (days) | 7 days | ||
Maximum [Member] | |||
Schedule of Investments [Line Items] | |||
Dutch auction, reset interval (days) | 49 days | ||
Auction-rate securities [Member] | |||
Schedule of Investments [Line Items] | |||
Temporary impairment | $ 130 | 525 | |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | 82 | ||
Available-for-sale securities, par value | 1,800 | 7,975 | |
Available-for-Sale Securities, Estimated Fair Value | 1,670 | 7,450 | |
Par value of securities liquidated | $ 6,175 | $ 75 | $ 2,925 |
Auction-rate securities [Member] | AA/Aa-rated [Member] | |||
Schedule of Investments [Line Items] | |||
Securities by credit rating (percent) | 100.00% |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value Inputs) (Details) - Significant Unobservable Inputs (Level 3) [Member] - Auction-rate securities [Member] - Fair Value Measurements, Recurring [Member] | 12 Months Ended |
Jan. 28, 2017 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Durations until redemption (years) | 6 years 8 months 12 days |
Discount rates (percent) | 3.66% |
FAIR VALUE MEASUREMENTS (Recurr
FAIR VALUE MEASUREMENTS (Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | $ 1,670 | |
Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 1,670 | $ 7,450 |
Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 13,092 | 12,849 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 14,762 | 20,299 |
Fair Value Measurements, Recurring [Member] | Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 1,670 | 7,450 |
Fair Value Measurements, Recurring [Member] | Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 13,092 | 12,849 |
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] | ||
Totals | 13,092 | 12,849 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 0 | 0 |
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 13,092 | 12,849 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 45 | 185 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 45 | 185 |
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Mutual funds [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] | ||
Totals | 1,625 | 7,265 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | 1,625 | 7,265 |
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Temporary impairment | $ 130 | $ 525 |
Auction-rate securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Temporary impairment | 125 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Held-to-maturity securities, fair value | 53,316 | 50,123 |
Held-to-maturity securities, carrying value | $ 53,324 | $ 49,992 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Changes in Fair Value) (Details) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Level 3 securities, beginning of year | $ 7,265 | $ 7,186 |
Realized gains (losses) on Level 3 securities included in net income | (45) | |
Unrealized gains (losses) on Level 3 securities included in other comprehensive income | 385 | 154 |
Sales of Level 3 securities | (5,980) | (75) |
Balance, Level 3 securities, end of year | 1,625 | 7,265 |
Auction-rate securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Level 3 securities, beginning of year | 7,265 | 7,186 |
Realized gains (losses) on Level 3 securities included in net income | (45) | |
Unrealized gains (losses) on Level 3 securities included in other comprehensive income | 385 | 154 |
Sales of Level 3 securities | (5,980) | (75) |
Balance, Level 3 securities, end of year | 1,625 | 7,265 |
Mutual funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Level 3 securities, beginning of year | 0 | 0 |
Realized gains (losses) on Level 3 securities included in net income | 0 | |
Unrealized gains (losses) on Level 3 securities included in other comprehensive income | 0 | 0 |
Sales of Level 3 securities | 0 | 0 |
Balance, Level 3 securities, end of year | $ 0 | $ 0 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Jan. 28, 2017 | Jan. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 459,359 | $ 450,762 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,491 | 2,491 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 42,698 | 42,486 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 12,632 | 12,669 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 20,955 | 20,825 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 166,564 | 161,899 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 183,046 | 176,761 |
Shipping And Receiving Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 29,507 | 27,891 |
Screenprinting Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 0 | 111 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,466 | $ 5,629 |
FINANCING ARRANGEMENTS (Narrati
FINANCING ARRANGEMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Line of Credit Facility [Line Items] | ||
Unsecured line of credit, maximum borrowing capacity | $ 25,000 | |
Line of credit, expiration date | Jul. 31, 2017 | |
Unsecured line of credit, portion available for letters of credit | $ 10,000 | |
Line of credit, description of interest agreement | Borrowings under the line of credit provide for interest to be paid at a rate based on LIBOR. | |
Letters of credit outstanding, amount | $ 1,796 | $ 2,071 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Provision for income taxes: | |||
Current federal income tax expense | $ 55,541 | $ 78,956 | $ 87,679 |
Current state income tax expense | 6,029 | 9,802 | 11,128 |
Deferred income tax expense (benefit) | (3,260) | (1,217) | (1,675) |
Total | $ 58,310 | $ 87,541 | $ 97,132 |
Reconciliation of effective tax rate to statutory rate: | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State income tax effect | 2.50% | 2.80% | 2.80% |
Tax exempt interest income | (0.10%) | (0.10%) | (0.10%) |
Other | (0.10%) | (0.40%) | (0.30%) |
Effective tax rate | 37.30% | 37.30% | 37.40% |
Deferred income tax assets (liabilities): | |||
Inventory | $ 6,626 | $ 6,141 | |
Stock-based compensation | 3,304 | 3,596 | |
Accrued compensation | 5,716 | 4,896 | |
Accrued store operating costs | 4,070 | 1,140 | |
Realized and unrealized loss on securities | 119 | 1,173 | |
Gift certificates redeemable | 1,887 | 1,784 | |
Allowance for doubtful accounts | 1 | 3 | |
Deferred rent liability | 13,912 | 14,672 | |
Property and equipment | (31,195) | (31,561) | |
Less: Valuation allowance | 0 | (518) | |
Net deferred income tax asset (liability) | $ 4,440 | $ 1,326 |
INCOME TAXES Narrative (Details
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Income Taxes [Line Items] | ||
Gross deferred income tax asset, capital loss carryforward | $ 215 | $ 760 |
Deferred tax asset valuation allowance, capital loss carryforward | $ 0 | (518) |
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ||
Income Taxes [Line Items] | ||
Year open to tax examination | 2,015 | |
Internal Revenue Service (IRS) [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ||
Year open to tax examination | 2,016 | |
State and Local Jurisdiction [Member] | Minimum [Member] | ||
Income Taxes [Line Items] | ||
Year open to tax examination | 2,013 | |
State and Local Jurisdiction [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ||
Year open to tax examination | 2,016 | |
Other Noncurrent Assets [Member] | ||
Income Taxes [Line Items] | ||
Net non-current deferred income tax assets | $ 4,440 | $ 1,326 |
RELATED PARTY TRANSACTIONS Narr
RELATED PARTY TRANSACTIONS Narrative (Details) - Other Noncurrent Assets [Member] - Debtor Life Insurance Trust Fund Controlled By Entity Chairman [Member] - Notes Receivable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 28, 2017 | Jan. 30, 2016 | |
Related Party Transaction [Line Items] | ||
Related party note receivable | $ 1,245 | $ 1,215 |
Description of related party receivable | The note receivable is from a life insurance trust fund controlled by the Company's Chairman. The note was created over three years, when the Company paid life insurance premiums each year for the Chairman on a personal policy. The note is to be paid from the life insurance proceeds, and is secured by a life insurance policy on the Chairman. | |
Frequency of annual payments | 3 years | |
Annual life insurance premiums paid on behalf of related party | $ 200 | |
Interest rate on related party note receivable | 5.00% |
COMMITMENTS Narrative (Details)
COMMITMENTS Narrative (Details) - Retail Site [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating leases base rental expense | $ 68,839 | $ 67,121 | $ 65,712 |
Operating leases rental expense based upon percentage of sales in excess of a specified amount | $ 2,600 | $ 4,334 | $ 4,434 |
COMMITMENTS (Details)
COMMITMENTS (Details) - Retail Site [Member] $ in Thousands | Jan. 28, 2017USD ($) |
Operating Leased Assets [Line Items] | |
Minimum rental commitments - 2017 | $ 68,487 |
Minimum rental commitments - 2018 | 61,872 |
Minimum rental commitments - 2019 | 54,088 |
Minimum rental commitments - 2020 | 44,367 |
Minimum rental commitments - 2021 | 35,766 |
Minimum rental commitments - After 2021 | 90,722 |
Total minimum rental commitments | $ 355,302 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
401(K) Profit Sharing Plan [Member] | |||
Schedule Of Deferred Compensation Plans [Line Items] | |||
Description of deferred compensation plan | The Company has a 401(k) profit sharing plan covering all eligible employees who elect to participate. Contributions to the plan are based upon the amount of the employees’ deferrals and the employer’s discretionary matching formula. The Company may contribute to the plan at its discretion. | ||
Plan expense for the period | $ 1,473 | $ 1,396 | $ 1,338 |
Deferred Compensation Plan for Executives [Member] | |||
Schedule Of Deferred Compensation Plans [Line Items] | |||
Description of deferred compensation plan | The Buckle, Inc. Deferred Compensation Plan covers the Company’s executive officers. The plan is funded by participant contributions and a specified annual Company matching contribution not to exceed 6% of the participant’s compensation. | ||
Annual maximum percentage limitation based on participant's contribution | 6.00% | ||
Employer contributions during the period | $ 193 | $ 218 | $ 217 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefit realized from exercised stock options | $ 0 | $ 0 | $ 225 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (shares) | 856,306 | ||
Unrecognized compensation expense | $ 4,730 | ||
Expected weighted average period of unrecognized compensation expense recognition (years) | 1 year 10 months 24 days | ||
Total fair value of shares vested | $ 2,713 | 4,568 | 7,535 |
Forfeited (shares) | 141,930 | ||
Restricted Stock [Member] | 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% | ||
Restricted Stock [Member] | Executive Officers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (shares) | 781,682 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Excess tax benefit realized from exercised stock options | $ 0 | $ 0 | $ 225 |
Performance Based Grant [Member] | Restricted Stock [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 | ||
Forfeited (shares) | 130,400 | ||
Non-Performance Based Grant [Member] | Restricted Stock [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 |
STOCK-BASED COMPENSATION (Compe
STOCK-BASED COMPENSATION (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before tax | $ 5,330 | $ 6,197 | $ 6,013 |
Stock-based compensation expense, after tax | $ 3,358 | $ 3,904 | $ 3,788 |
STOCK-BASED COMPENSATION (Non-v
STOCK-BASED COMPENSATION (Non-vested Shares) (Details) - Restricted Stock [Member] | 12 Months Ended |
Jan. 28, 2017$ / sharesshares | |
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 | 360,784 |
Granted (shares) | shares | 336,600 |
Forfeited (shares) | shares | (141,930) |
Vested (shares) | shares | (110,155) |
Non-Vested - end of year (shares) | shares | 445,299 |
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 | $ 49.28 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 28.42 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 50.53 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 45.75 |
Non-Vested - end of year, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | $ 33.98 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Income | |||||||||||
Basic EPS, Income | $ 35,995 | $ 23,397 | $ 15,472 | $ 23,097 | $ 54,339 | $ 35,893 | $ 23,481 | $ 33,570 | $ 97,961 | $ 147,283 | $ 162,564 |
Effect of dilutive stock options and non-vested shares, Income | 0 | 0 | 0 | ||||||||
Diluted EPS, Income | $ 97,961 | $ 147,283 | $ 162,564 | ||||||||
Weighted Average Shares | |||||||||||
Basic EPS, Weighted Average Shares (shares) | 48,125 | 48,079 | 47,927 | ||||||||
Effect of dilutive stock options and non-vested shares, Weighted Average Shares (shares) | 131 | 125 | 163 | ||||||||
Diluted EPS, Weighted Average Shares (shares) | 48,256 | 48,204 | 48,090 | ||||||||
Per Share Amount | |||||||||||
Basic EPS, Per Share Amount (dollars per share) | $ 0.75 | $ 0.49 | $ 0.32 | $ 0.48 | $ 1.13 | $ 0.75 | $ 0.49 | $ 0.70 | $ 2.04 | $ 3.06 | $ 3.39 |
Effect of dilutive stock options and non-vested shares, Per Share Amount (dollars per share) | (0.01) | 0 | (0.01) | ||||||||
Diluted EPS, Per Share Amount (dollars per share) | $ 0.74 | $ 0.48 | $ 0.32 | $ 0.48 | $ 1.13 | $ 0.74 | $ 0.49 | $ 0.70 | $ 2.03 | $ 3.06 | $ 3.38 |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) | 12 Months Ended |
Jan. 28, 2017storestatesegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments (segment) | segment | 1 |
Number of stores (store) | store | 467 |
Number of states in which stores are located (state) | state | 44 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Product Information [Line Items] | |||
Percentage of net sales | 100.00% | 100.00% | 100.00% |
Denims [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 42.20% | 42.50% | 43.70% |
Tops (including sweaters) [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 30.80% | 31.00% | 30.80% |
Accessories [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 9.20% | 8.90% | 8.60% |
Sportswear / Fashions [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 6.50% | 6.40% | 6.20% |
Footwear [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 5.90% | 6.00% | 5.90% |
Outerwear [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 2.00% | 2.10% | 2.30% |
Casual bottoms [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 1.90% | 1.50% | 1.20% |
Other [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 1.50% | 1.60% | 1.30% |
SELECTED QUARTERLY FINANCIAL 58
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | May 02, 2015 | Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 279,960 | $ 239,213 | $ 212,157 | $ 243,543 | $ 332,031 | $ 280,187 | $ 236,053 | $ 271,345 | $ 974,873 | $ 1,119,616 | $ 1,153,142 |
Gross profit | 125,683 | 96,874 | 79,882 | 94,729 | 155,945 | 117,264 | 94,595 | 113,597 | 397,168 | 481,401 | 507,332 |
Net income | $ 35,995 | $ 23,397 | $ 15,472 | $ 23,097 | $ 54,339 | $ 35,893 | $ 23,481 | $ 33,570 | $ 97,961 | $ 147,283 | $ 162,564 |
Basic earnings per share | $ 0.75 | $ 0.49 | $ 0.32 | $ 0.48 | $ 1.13 | $ 0.75 | $ 0.49 | $ 0.70 | $ 2.04 | $ 3.06 | $ 3.39 |
Diluted earnings per share | $ 0.74 | $ 0.48 | $ 0.32 | $ 0.48 | $ 1.13 | $ 0.74 | $ 0.49 | $ 0.70 | $ 2.03 | $ 3.06 | $ 3.38 |
SCHEDULE II - Valuation and Q59
SCHEDULE II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 28, 2017 | Jan. 30, 2016 | Jan. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 7 | $ 7 | $ 11 |
Amounts charged to costs and expenses | 1,350 | 835 | 737 |
Deductions | (1,353) | (835) | (741) |
Ending balance | 4 | 7 | 7 |
Allowance for Sales Returns [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 834 | 943 | 750 |
Amounts charged to other accounts | 101,375 | 113,325 | 110,793 |
Deductions | (101,540) | (113,434) | (110,600) |
Ending balance | 669 | 834 | 943 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 518 | 518 | 925 |
Amounts charged to costs and expenses | 0 | 0 | 0 |
Deductions | (518) | 0 | (407) |
Ending balance | $ 0 | $ 518 | $ 518 |