Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 03, 2018 | Mar. 29, 2018 | Jul. 29, 2017 | |
Document Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 3, 2018 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | BKE | ||
Entity Registrant Name | BUCKLE INC | ||
Entity Central Index Key | 885,245 | ||
Current Fiscal Year End Date | --02-03 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 49,044,895 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 473,130,936 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 165,086 | $ 196,536 |
Short-term investments (Notes B and C) | 50,833 | 49,994 |
Receivables | 8,588 | 8,210 |
Inventory | 118,007 | 125,694 |
Prepaid expenses and other assets (Note F) | 18,070 | 6,023 |
Total current assets | 360,584 | 386,457 |
PROPERTY AND EQUIPMENT (Note D) | 459,043 | 459,359 |
Less accumulated depreciation and amortization | (309,497) | (290,364) |
PROPERTY AND EQUIPMENT, Net | 149,546 | 168,995 |
LONG-TERM INVESTMENTS (Notes B and C) | 21,453 | 18,092 |
OTHER ASSETS (Notes F and G) | 6,533 | 6,303 |
Total assets | 538,116 | 579,847 |
CURRENT LIABILITIES: | ||
Accounts payable | 29,387 | 25,079 |
Accrued employee compensation | 22,307 | 26,906 |
Accrued store operating expenses | 15,646 | 14,695 |
Gift certificates redeemable | 18,202 | 21,199 |
Income taxes payable | 12,364 | 10,737 |
Total current liabilities | 97,906 | 98,616 |
DEFERRED COMPENSATION (Note I) | 15,154 | 13,092 |
DEFERRED RENT LIABILITY | 33,808 | 37,600 |
Total liabilities | 146,868 | 149,308 |
COMMITMENTS (Notes E and H) | ||
STOCKHOLDERS’ EQUITY (Note J): | ||
Common stock, authorized 100,000,000 shares of $.01 par value; 48,816,170 and 48,622,780 shares issued and outstanding at February 3, 2018 and January 28, 2017, respectively | 488 | 486 |
Additional paid-in capital | 144,279 | 139,398 |
Retained earnings | 246,570 | 290,737 |
Accumulated other comprehensive loss | (89) | (82) |
Total stockholders’ equity | 391,248 | 430,539 |
Total liabilities and stockholders' equity | $ 538,116 | $ 579,847 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 03, 2018 | Jan. 28, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (shares) | 48,816,170 | 48,622,780 |
Common stock, shares outstanding (shares) | 48,816,170 | 48,622,780 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Statement [Abstract] | |||
SALES, Net of returns and allowances of $87,389, $101,375, and $113,325, respectively | $ 913,380 | $ 974,873 | $ 1,119,616 |
COST OF SALES (Including buying, distribution, and occupancy costs) | 533,357 | 577,705 | 638,215 |
Gross profit | 380,023 | 397,168 | 481,401 |
OPERATING EXPENSES: | |||
Selling | 206,068 | 205,933 | 212,531 |
General and administrative | 39,877 | 38,475 | 39,282 |
Total selling, general and administrative expenses | 245,945 | 244,408 | 251,813 |
INCOME FROM OPERATIONS | 134,078 | 152,760 | 229,588 |
OTHER INCOME, Net | 5,407 | 3,511 | 5,236 |
INCOME BEFORE INCOME TAXES | 139,485 | 156,271 | 234,824 |
PROVISION FOR INCOME TAXES (Note F) | 49,778 | 58,310 | 87,541 |
NET INCOME | $ 89,707 | $ 97,961 | $ 147,283 |
EARNINGS PER SHARE (Note K): | |||
Basic (dollars per share) | $ 1.86 | $ 2.04 | $ 3.06 |
Diluted (dollars per share) | $ 1.85 | $ 2.03 | $ 3.06 |
CONSOLIDATED STATEMENTS OF INC5
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Statement [Abstract] | |||
SALES, returns and allowances | $ 87,389 | $ 101,375 | $ 113,325 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 89,707 | $ 97,961 | $ 147,283 |
OTHER COMPREHENSIVE INCOME, NET OF TAX: | |||
Change in unrealized loss on investments, net of tax of $17, $129, and $59, respectively | (7) | 221 | 98 |
Reclassification adjustment for losses included in net income, net of tax of $0, $17, and $0, respectively | 0 | 28 | 0 |
Other comprehensive income | (7) | 249 | 98 |
COMPREHENSIVE INCOME | $ 89,700 | $ 98,210 | $ 147,381 |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Change in unrealized loss on investments, tax | $ 17 | $ 129 | $ 59 |
Reclassification adjustment for losses included in net income, tax | $ 0 | $ 17 | $ 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 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 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 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) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 89,707 | 89,707 | |||
Dividends paid on common stock | (133,874) | (133,874) | |||
Issuance of non-vested stock, net of forfeitures (shares) | 193,390 | ||||
Issuance of non-vested stock, net of forfeitures | $ 2 | (2) | |||
Amortization of non-vested stock grants, net of forfeitures | 4,883 | 4,883 | |||
Change in unrealized loss on investments, net of tax | (7) | (7) | |||
Reclassification adjustment for losses included in net income, net of tax | 0 | ||||
BALANCE (shares) at Feb. 03, 2018 | 48,816,170 | ||||
BALANCE at Feb. 03, 2018 | $ 391,248 | $ 488 | $ 144,279 | $ 246,570 | $ (89) |
CONSOLIDATED STATEMENTS OF STO9
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid on common stock, per share | $ 2.75 | $ 1.75 | $ 1.94 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 89,707 | $ 97,961 | $ 147,283 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation and amortization | 30,745 | 32,787 | 32,142 |
Amortization of non-vested stock grants, net of forfeitures | 4,883 | 5,330 | 6,197 |
Deferred income taxes | (340) | (3,260) | (1,217) |
Other | 1,628 | 1,875 | 448 |
Changes in operating assets and liabilities: | |||
Receivables | (413) | 3,853 | (389) |
Inventory | 7,687 | 23,872 | (19,645) |
Prepaid expenses and other assets | (12,047) | 7 | 9,722 |
Accounts payable | 4,584 | (8,314) | (182) |
Accrued employee compensation | (4,599) | (6,220) | (3,794) |
Accrued store operating expenses | 951 | 8,056 | (3,345) |
Gift certificates redeemable | (2,997) | (1,659) | (1,134) |
Income taxes payable | 1,662 | (3,610) | (4,441) |
Deferred rent liabilities and deferred compensation | (1,730) | (1,812) | (2,323) |
Net cash flows from operating activities | 119,721 | 148,866 | 159,322 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (13,462) | (31,663) | (34,578) |
Proceeds from sale of property and equipment | 263 | 318 | 199 |
Change in other assets | 92 | 80 | 100 |
Purchases of investments | (56,631) | (41,621) | (29,714) |
Proceeds from sales/maturities of investments | 52,441 | 44,221 | 29,135 |
Net cash flows from investing activities | (17,297) | (28,665) | (34,858) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Purchases of common stock | 0 | 0 | (3,219) |
Payment of dividends | (133,874) | (84,850) | (93,768) |
Net cash flows from financing activities | (133,874) | (84,850) | (96,987) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (31,450) | 35,351 | 27,477 |
CASH AND CASH EQUIVALENTS, Beginning of year | 196,536 | 161,185 | 133,708 |
CASH AND CASH EQUIVALENTS, End of year | $ 165,086 | $ 196,536 | $ 161,185 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Feb. 03, 2018 | |
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 2017 represents the 53-week period ended February 3, 2018 , fiscal 2016 represents the 52-week period ended January 28, 2017 , and fiscal 2015 represents the 52-week period ended January 30, 2016 . 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 457 stores located in 44 states throughout the United States as of February 3, 2018 . During fiscal 2017 , the Company opened 2 new stores, substantially remodeled 8 stores, and closed 12 stores. 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. 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 $6,965 , $6,880 , and $7,420 during fiscal 2017 , 2016 , and 2015 , 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 $1,070 and $669 as of February 3, 2018 and January 28, 2017 , 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 February 3, 2018 , January 28, 2017 , and January 30, 2016 was $2,444 , $2,067 , and $1,934 , 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 2017 and 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. This liability is included in "accrued store operating expenses" and was $9,025 and $8,910 as of February 3, 2018 and January 28, 2017 , respectively. 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 net realizable value. Cost is determined using an average cost method that approximates the first-in, first-out ("FIFO") method. Management makes adjustments to inventory and cost of goods sold 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 $10,044 and $11,376 as of February 3, 2018 and January 28, 2017 , respectively. The amount charged to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $(1,332) , $2,050 , and $1,356 , for fiscal years 2017 , 2016 , and 2015 , 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 $18,075 , $16,188 and $13,262 for fiscal years 2017 , 2016 , and 2015 , 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 $1,430 and $1,295 as of February 3, 2018 and January 28, 2017 , 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. 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 July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the provisions of this ASU in the first quarter of fiscal 2017 and it did not have a material effect on its consolidated results of operations and financial position. 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 adopted the provisions of this ASU in the first quarter of fiscal 2017 and it did not have a material effect on its consolidated results of operations and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 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 adoption of this ASU will affect the income statement classification of gift card and gift certificate breakage, the timing of revenue recognition for sales of merchandise shipped to customers, and the presentation of the allowance for estimated sales returns. The Company plans to adopt this ASU in the first quarter of fiscal 2018 using the modified retrospective transition method. The adoption of ASU 2014-09 will not have a material impact on either the Company's consolidated results of operations or 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. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position, but does expect that it will result in a significant increase in both assets and liabilities related to the Company's leases for retail store locations. Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2017 , 2016 , and 2015 of $276 , $469 , and $1,670 , 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 $371 , $647 , and $1,116 as of February 3, 2018 , January 28, 2017 , and January 30, 2016 , 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 2017 , 2016 , and 2015 of $48,456 , $65,180 , and $93,425 , respectively. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Feb. 03, 2018 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | B. INVESTMENTS The following is a summary of investments as of February 3, 2018 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 1,725 $ — $ (120 ) $ — $ 1,605 Held-to-Maturity Securities: State and municipal bonds $ 55,527 $ 9 $ (76 ) $ — $ 55,460 Trading Securities: Mutual funds $ 13,746 $ 1,408 $ — $ — $ 15,154 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 amortized cost and fair value of debt securities by contractual maturity as of February 3, 2018 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 50,833 $ 50,761 1 - 5 years 4,694 4,699 Total $ 55,527 $ 55,460 As of February 3, 2018 and January 28, 2017 , $1,605 and $1,670 of available-for-sale securities and $4,694 and $3,330 of held-to-maturity securities are classified in long-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments. The Company’s investments in auction-rate securities (“ARS”) are classified as available-for-sale and reported at fair market value. As of February 3, 2018 and January 28, 2017 , the reported investment amount is net of $120 and $130 , respectively, of temporary impairment to account for the impairment of certain securities from their stated par value. The temporary impairment is reported, net of tax, as an “accumulated other comprehensive loss” of $89 and $82 in stockholders’ equity as of February 3, 2018 and January 28, 2017 , respectively. 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 both February 3, 2018 and January 28, 2017 , all of the Company’s investments in ARS were classified in long-term investments. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Feb. 03, 2018 | |
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. As of February 3, 2018 and January 28, 2017 , the Company held certain assets that are required to be measured at fair value on a recurring basis including available-for-sale and trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs February 3, 2018 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 50 $ 1,555 $ 1,605 Trading securities (including mutual funds) 15,154 — — 15,154 Total $ 15,154 $ 50 $ 1,555 $ 16,759 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 Securities included in Level 1 represent securities which have a known or anticipated upcoming redemption as of the reporting date and those that have publicly traded quoted prices. ARS included in Level 2 represent securities which have not experienced a successful auction subsequent to the end of fiscal 2007. The fair market value for these securities was determined by applying a discount to par value based on auction prices for similar securities and by utilizing a discounted cash flow model, using market-based inputs, to determine fair value. The Company used a discounted cash flow model to value its Level 3 investments, using estimates regarding recovery periods, yield, and liquidity. The assumptions used are subjective based upon management’s judgment and views on current market conditions, and resulted in $120 of the Company’s recorded temporary impairment as of February 3, 2018 . The use of different assumptions would 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-three Weeks Ended February 3, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 1,625 $ — $ 1,625 Total gains and losses: Included in net income — — — Included in other comprehensive income 5 — 5 Purchases, Issuances, Sales, and Settlements: Sales (75 ) — (75 ) Balance, end of year $ 1,555 $ — $ 1,555 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 There were no transfers of securities between Levels 1, 2, or 3 during the fiscal years ended February 3, 2018 or January 28, 2017 . The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period in which the transfer occurred. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the 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 February 3, 2018 , the fair value of held-to-maturity securities was $55,460 compared to the carrying amount of $55,527 . As of January 28, 2017 , the fair value of held-to-maturity securities was $53,316 compared to the carrying amount of $53,324 . 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 February 3, 2018 and January 28, 2017 . |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | D. PROPERTY AND EQUIPMENT February 3, January 28, Land $ 2,491 $ 2,491 Building and improvements 42,895 42,698 Office equipment 12,808 12,632 Transportation equipment 20,966 20,955 Leasehold improvements 166,106 166,564 Furniture and fixtures 182,019 183,046 Shipping/receiving equipment 29,491 29,507 Construction-in-progress 2,267 1,466 Total $ 459,043 $ 459,359 |
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS | 12 Months Ended |
Feb. 03, 2018 | |
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, 2019 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 February 3, 2018 and January 28, 2017 . There were no bank borrowings during fiscal 2017 , 2016 , and 2015 . The Company had outstanding letters of credit totaling $1,973 and $1,796 as of February 3, 2018 and January 28, 2017 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | F. INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act included many changes to the U.S. tax code including reducing the U.S. federal corporate tax rate from 35.0% to 21.0% effective January 1, 2018. This change reduced the Company's effective tax rate for the fiscal year ended February 3, 2018 and will further reduce the effective tax rate for future fiscal years. The Tax Act also required the re-measurement of the Company's net deferred tax asset, the value of which was reduced by approximately $900 to reflect the Company's lower estimated future tax rate. In December 2017, the Securities and Exchange Commission (“SEC”) issued SEC Staff Accounting Bulletin (“SAB”) No. 118 to address the application of FASB ASC Topic 740, Income Taxes , in reporting periods that include December 22, 2017. SAB No. 118 allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax effects. The estimated tax effects of the remeasurement of deferred tax assets and certain other items have been recorded as provisional amounts in accordance with SAB No. 118. The accounting for these income tax effects may be adjusted during fiscal 2018 as a result of the Company's continuing analysis of the Tax Act, or as a result of additional implementation guidance from the Internal Revenue Service, state tax authorities, the SEC, the FASB, or the Joint Committee on Taxation. The provision for income taxes consists of: Fiscal Years Ended February 3, January 28, January 30, Current income tax expense: Federal $ 46,158 $ 55,541 $ 78,956 State 3,960 6,029 9,802 Deferred income tax expense (benefit) (340 ) (3,260 ) (1,217 ) Total $ 49,778 $ 58,310 $ 87,541 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 February 3, January 28, January 30, Statutory rate 33.7 % 35.0 % 35.0 % State income tax effect 1.9 2.5 2.8 Tax exempt interest income (0.2 ) (0.1 ) (0.1 ) Other 0.3 (0.1 ) (0.4 ) Effective tax rate 35.7 % 37.3 % 37.3 % Deferred income tax assets and liabilities are comprised of the following: February 3, January 28, Deferred income tax assets (liabilities): Inventory $ 4,368 $ 6,626 Stock-based compensation 2,432 3,304 Accrued compensation 4,006 5,716 Accrued store operating costs 2,898 4,070 Realized and unrealized loss on securities (270 ) 119 Gift certificates redeemable 1,295 1,887 Allowance for doubtful accounts 1 1 Deferred rent liability 8,744 13,912 Property and equipment (18,712 ) (31,195 ) Net deferred income tax asset $ 4,762 $ 4,440 As of February 3, 2018 and January 28, 2017 , respectively, the net deferred income tax assets of $4,762 and $4,440 are classified in "other assets." There were no unrecognized tax benefits recorded in the Company’s consolidated financial statements as of February 3, 2018 or January 28, 2017 . Fiscal years 2015 through 2017 remain subject to potential federal examination. Additionally, fiscal years 2014 through 2017 are subject to potential examination by various state taxing authorities. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Feb. 03, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | G. RELATED PARTY TRANSACTIONS Included in other assets is a note receivable of $1,275 as of February 3, 2018 and $1,245 as of January 28, 2017 , 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 AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Feb. 03, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | H. COMMITMENTS AND CONTINGENCIES Leases - The Company conducts its operations in leased facilities under numerous non-cancelable operating leases expiring at various dates through fiscal 2028. 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 2017 , 2016 , and 2015 was $69,154 , $68,839 , and $67,121 , 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 2017 , 2016 , and 2015 were $2,130 , $2,600 , and $4,334 , respectively. Total future minimum rental commitments under these operating leases with remaining lease terms in excess of one year as of February 3, 2018 are as follows: Minimum Rental Fiscal Year Commitments 2018 $ 68,689 2019 60,062 2020 49,037 2021 39,196 2022 33,699 Thereafter 73,234 Total minimum rental commitments $ 323,917 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's consolidated results of operations and financial position. Data Security Incident - On June 16, 2017, the Company announced that it had become aware that it was a victim of a data security incident in which a criminal entity accessed certain guest credit card information following purchases at some of the Company's retail stores between October 28, 2016 and April 14, 2017. The Company immediately launched a thorough investigation and engaged leading third-party forensic experts to review its systems and secure the affected part of its network. Through that investigation, the Company learned that its store payment data systems were infected with a form of malicious code, which was quickly removed. The Company has taken actions that it believes have contained the issue and has implemented additional security enhancements, and will continue to work vigilantly to pursue this matter to resolution. Based on the forensic investigation, the Company believes that no social security numbers, email addresses, or physical addresses were obtained by those criminally responsible. There is also no evidence that the buckle.com website or buckle.com guests were impacted. Buckle self-reported the issue to the payment card brands and cooperated fully with the card brands, their forensic experts, and law enforcement during the investigation. At this time, it is not possible to reasonably estimate the amount of any potential assessments, fines, penalties, or other liabilities in connection with this incident. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Feb. 03, 2018 | |
Retirement Benefits [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 $1,743 , $1,473 , and $1,396 for fiscal years 2017 , 2016 , and 2015 , 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 $183 , $193 , and $218 for fiscal years 2017 , 2016 , and 2015 , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, 2018 , 662,916 shares were available for grant under the Company’s various restricted stock plans, of which 601,792 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2017 , 2016 , and 2015 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 February 3, January 28, January 30, Stock-based compensation expense, before tax $ 4,883 $ 5,330 $ 6,197 Stock-based compensation expense, after tax $ 3,140 $ 3,358 $ 3,904 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 February 3, 2018 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 445,299 $ 33.98 Granted 363,450 20.55 Forfeited (170,060 ) 27.84 Vested (168,667 ) 37.28 Non-Vested - end of year 470,022 $ 24.63 As of February 3, 2018 , there was $3,648 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 1.8 years . The total fair value of shares vested during fiscal 2017 , 2016 , and 2015 was $3,289 , $2,713 , and $4,568 respectively. During the fiscal year ended February 3, 2018 , 137,400 shares (representing one-half of the "performance based" shares granted during fiscal 2016 under the 2005 Restricted Stock Plan) were forfeited because the Company did not achieve all of the performance targets established for the fiscal 2016 grants. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | K. EARNINGS PER SHARE The following table provides a reconciliation between basic and diluted earnings per share: Fiscal Years Ended February 3, 2018 January 28, 2017 January 30, 2016 Income Weighted Per Share Amount Income Weighted Per Share Amount Income Weighted Per Share Basic EPS $ 89,707 48,250 $ 1.86 $ 97,961 48,125 $ 2.04 $ 147,283 48,079 $ 3.06 Effect of Dilutive Securities: Non-vested shares — 123 (0.01 ) — 131 (0.01 ) — 125 — Diluted EPS $ 89,707 48,373 $ 1.85 $ 97,961 48,256 $ 2.03 $ 147,283 48,204 $ 3.06 (a) Shares in thousands. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Feb. 03, 2018 | |
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 457 stores located in 44 states throughout the United States as of February 3, 2018 . 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 February 3, January 28, January 30, Denims 41.5 % 42.2 % 42.5 % Tops (including sweaters) 32.3 30.8 31.0 Accessories 9.1 9.2 8.9 Sportswear/Fashions 6.2 6.5 6.4 Footwear 6.1 5.9 6.0 Outerwear 2.0 2.0 2.1 Casual bottoms 1.3 1.9 1.5 Other 1.5 1.5 1.6 Total 100.0 % 100.0 % 100.0 % |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | M. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected unaudited quarterly financial information for fiscal 2017 and 2016 are as follows: Quarter Fiscal 2017 First Second Third Fourth Net sales $ 212,251 $ 195,650 $ 224,307 $ 281,172 Gross profit $ 81,717 $ 74,139 $ 90,928 $ 133,239 Net income $ 16,285 $ 11,483 $ 19,904 $ 42,035 Basic earnings per share $ 0.34 $ 0.24 $ 0.41 $ 0.87 Diluted earnings per share $ 0.34 $ 0.24 $ 0.41 $ 0.87 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 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, except for the fourth quarter of fiscal 2017 which was a 14-week quarter ending the Company's 53-week fiscal year. |
SCHEDULE II - Valuation and Qua
SCHEDULE II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 03, 2018 | |
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, 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 $ — Amounts charged to costs and expenses 952 — — Amounts charged to other accounts — 87,389 — Deductions (952 ) (86,988 ) — Balance, February 3, 2018 $ 4 $ 1,070 $ — |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Feb. 03, 2018 | |
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 2017 represents the 53-week period ended February 3, 2018 , fiscal 2016 represents the 52-week period ended January 28, 2017 , and fiscal 2015 represents the 52-week period ended January 30, 2016 . |
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 457 stores located in 44 states throughout the United States as of February 3, 2018 . During fiscal 2017 , the Company opened 2 new stores, substantially remodeled 8 stores, and closed 12 stores. 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. |
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 $6,965 , $6,880 , and $7,420 during fiscal 2017 , 2016 , and 2015 , 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 $1,070 and $669 as of February 3, 2018 and January 28, 2017 , 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 February 3, 2018 , January 28, 2017 , and January 30, 2016 was $2,444 , $2,067 , and $1,934 , 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 2017 and 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. This liability is included in "accrued store operating expenses" and was $9,025 and $8,910 as of February 3, 2018 and January 28, 2017 , respectively. |
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 net realizable value. Cost is determined using an average cost method that approximates the first-in, first-out ("FIFO") method. Management makes adjustments to inventory and cost of goods sold 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 $10,044 and $11,376 as of February 3, 2018 and January 28, 2017 , respectively. The amount charged to cost of goods sold, resulting from adjustments for estimated markdowns and/or obsolescence, was $(1,332) , $2,050 , and $1,356 , for fiscal years 2017 , 2016 , and 2015 , 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 $18,075 , $16,188 and $13,262 for fiscal years 2017 , 2016 , and 2015 , 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 $1,430 and $1,295 as of February 3, 2018 and January 28, 2017 , 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. 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 July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the provisions of this ASU in the first quarter of fiscal 2017 and it did not have a material effect on its consolidated results of operations and financial position. 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 adopted the provisions of this ASU in the first quarter of fiscal 2017 and it did not have a material effect on its consolidated results of operations and financial position. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") 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 adoption of this ASU will affect the income statement classification of gift card and gift certificate breakage, the timing of revenue recognition for sales of merchandise shipped to customers, and the presentation of the allowance for estimated sales returns. The Company plans to adopt this ASU in the first quarter of fiscal 2018 using the modified retrospective transition method. The adoption of ASU 2014-09 will not have a material impact on either the Company's consolidated results of operations or 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. The Company is currently evaluating the effect that adopting this new accounting guidance will have on its consolidated results of operations and financial position, but does expect that it will result in a significant increase in both assets and liabilities related to the Company's leases for retail store locations. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information - The Company had non-cash investing activities during fiscal years 2017 , 2016 , and 2015 of $276 , $469 , and $1,670 , 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 $371 , $647 , and $1,116 as of February 3, 2018 , January 28, 2017 , and January 30, 2016 , 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 2017 , 2016 , and 2015 of $48,456 , $65,180 , and $93,425 , respectively. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Schedule of Investments [Abstract] | |
Schedule of investments, cost and fair value | The following is a summary of investments as of February 3, 2018 : Amortized Cost or Par Value Gross Unrealized Gains Gross Unrealized Losses Other-than- Temporary Impairment Estimated Fair Value Available-for-Sale Securities: Auction-rate securities $ 1,725 $ — $ (120 ) $ — $ 1,605 Held-to-Maturity Securities: State and municipal bonds $ 55,527 $ 9 $ (76 ) $ — $ 55,460 Trading Securities: Mutual funds $ 13,746 $ 1,408 $ — $ — $ 15,154 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 |
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 February 3, 2018 is as follows: Amortized Cost Fair Value Held-to-Maturity Securities Less than 1 year $ 50,833 $ 50,761 1 - 5 years 4,694 4,699 Total $ 55,527 $ 55,460 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, 2018 (Level 1) (Level 2) (Level 3) Total Available-for-sale securities: Auction-rate securities $ — $ 50 $ 1,555 $ 1,605 Trading securities (including mutual funds) 15,154 — — 15,154 Total $ 15,154 $ 50 $ 1,555 $ 16,759 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 |
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-three Weeks Ended February 3, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Available-for-Sale Securities Trading Securities Auction-rate Securities Mutual Funds Total Balance, beginning of year $ 1,625 $ — $ 1,625 Total gains and losses: Included in net income — — — Included in other comprehensive income 5 — 5 Purchases, Issuances, Sales, and Settlements: Sales (75 ) — (75 ) Balance, end of year $ 1,555 $ — $ 1,555 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 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | February 3, January 28, Land $ 2,491 $ 2,491 Building and improvements 42,895 42,698 Office equipment 12,808 12,632 Transportation equipment 20,966 20,955 Leasehold improvements 166,106 166,564 Furniture and fixtures 182,019 183,046 Shipping/receiving equipment 29,491 29,507 Construction-in-progress 2,267 1,466 Total $ 459,043 $ 459,359 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The provision for income taxes consists of: Fiscal Years Ended February 3, January 28, January 30, Current income tax expense: Federal $ 46,158 $ 55,541 $ 78,956 State 3,960 6,029 9,802 Deferred income tax expense (benefit) (340 ) (3,260 ) (1,217 ) Total $ 49,778 $ 58,310 $ 87,541 |
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 February 3, January 28, January 30, Statutory rate 33.7 % 35.0 % 35.0 % State income tax effect 1.9 2.5 2.8 Tax exempt interest income (0.2 ) (0.1 ) (0.1 ) Other 0.3 (0.1 ) (0.4 ) Effective tax rate 35.7 % 37.3 % 37.3 % |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities are comprised of the following: February 3, January 28, Deferred income tax assets (liabilities): Inventory $ 4,368 $ 6,626 Stock-based compensation 2,432 3,304 Accrued compensation 4,006 5,716 Accrued store operating costs 2,898 4,070 Realized and unrealized loss on securities (270 ) 119 Gift certificates redeemable 1,295 1,887 Allowance for doubtful accounts 1 1 Deferred rent liability 8,744 13,912 Property and equipment (18,712 ) (31,195 ) Net deferred income tax asset $ 4,762 $ 4,440 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, 2018 are as follows: Minimum Rental Fiscal Year Commitments 2018 $ 68,689 2019 60,062 2020 49,037 2021 39,196 2022 33,699 Thereafter 73,234 Total minimum rental commitments $ 323,917 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, January 28, January 30, Stock-based compensation expense, before tax $ 4,883 $ 5,330 $ 6,197 Stock-based compensation expense, after tax $ 3,140 $ 3,358 $ 3,904 |
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 February 3, 2018 is as follows: Shares Weighted Average Grant Date Fair Value Non-Vested - beginning of year 445,299 $ 33.98 Granted 363,450 20.55 Forfeited (170,060 ) 27.84 Vested (168,667 ) 37.28 Non-Vested - end of year 470,022 $ 24.63 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table provides a reconciliation between basic and diluted earnings per share: Fiscal Years Ended February 3, 2018 January 28, 2017 January 30, 2016 Income Weighted Per Share Amount Income Weighted Per Share Amount Income Weighted Per Share Basic EPS $ 89,707 48,250 $ 1.86 $ 97,961 48,125 $ 2.04 $ 147,283 48,079 $ 3.06 Effect of Dilutive Securities: Non-vested shares — 123 (0.01 ) — 131 (0.01 ) — 125 — Diluted EPS $ 89,707 48,373 $ 1.85 $ 97,961 48,256 $ 2.03 $ 147,283 48,204 $ 3.06 (a) Shares in thousands. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
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 February 3, January 28, January 30, Denims 41.5 % 42.2 % 42.5 % Tops (including sweaters) 32.3 30.8 31.0 Accessories 9.1 9.2 8.9 Sportswear/Fashions 6.2 6.5 6.4 Footwear 6.1 5.9 6.0 Outerwear 2.0 2.0 2.1 Casual bottoms 1.3 1.9 1.5 Other 1.5 1.5 1.6 Total 100.0 % 100.0 % 100.0 % |
SELECTED QUARTERLY FINANCIAL 34
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Feb. 03, 2018 | |
Quarterly Financial Information [Abstract] | |
Selected quarterly financial data | Selected unaudited quarterly financial information for fiscal 2017 and 2016 are as follows: Quarter Fiscal 2017 First Second Third Fourth Net sales $ 212,251 $ 195,650 $ 224,307 $ 281,172 Gross profit $ 81,717 $ 74,139 $ 90,928 $ 133,239 Net income $ 16,285 $ 11,483 $ 19,904 $ 42,035 Basic earnings per share $ 0.34 $ 0.24 $ 0.41 $ 0.87 Diluted earnings per share $ 0.34 $ 0.24 $ 0.41 $ 0.87 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 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, except for the fourth quarter of fiscal 2017 which was a 14-week quarter ending the Company's 53-week fiscal year. |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) $ in Thousands | 12 Months Ended | |||
Feb. 03, 2018USD ($)storestate | Jan. 28, 2017USD ($)store | Jan. 30, 2016USD ($)store | Jan. 31, 2015USD ($) | |
Nature of Operations | ||||
Number of stores (store) | store | 457 | |||
Number of states in which stores are located (state) | state | 44 | |||
New stores opened during the period (store) | store | 2 | 5 | 9 | |
Stores substantially remodeled during the period (store) | store | 8 | 19 | 14 | |
Stores closed during the period (store) | store | 12 | 6 | 1 | |
Revenue Recognition | ||||
Shipping costs during the period | $ 6,965 | $ 6,880 | $ 7,420 | |
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 | $ 2,444 | 2,067 | 1,934 | |
Liability for estimated future loyalty rewards | 9,025 | 8,910 | ||
Inventory | ||||
Adjustment for merchandise obsolescence and markdowns | 10,044 | 11,376 | ||
Cost of sales, effect of changes in markdown adjustment | (1,332) | 2,050 | 1,356 | |
Advertising Costs | ||||
Advertising expense | 18,075 | 16,188 | 13,262 | |
Health Care Costs | ||||
Self-insurance limit per employee per plan year for health and dental claims | 200 | |||
Reserve for self-insured employee health care claims | $ 1,430 | 1,295 | ||
Income Taxes | ||||
Minimum percentage needed for likely sustainment of an uncertain tax position before related tax benefits are recognized (percent) | 50.00% | |||
Supplemental Cash Flow Information | ||||
Non-cash investing activities - change in unpaid purchases of property, plant and equipment | $ 276 | 469 | 1,670 | |
Current liability for unpaid purchases of property, plant and equipment | 371 | 647 | 1,116 | |
Cash paid for income taxes | $ 48,456 | 65,180 | 93,425 | |
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 | $ 1,070 | $ 669 | $ 834 | $ 943 |
INVESTMENTS (Schedule of Invest
INVESTMENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Auction-rate securities [Member] | ||
Available-for-sale Securities [Abstract] | ||
Available-for-Sale Securities, Amortized Cost or Par Value | $ 1,725 | $ 1,800 |
Available-for-Sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-Sale Securities, Gross Unrealized Losses | (120) | (130) |
Available-for-Sale Securities, Other-than-Temporary Impairment | 0 | 0 |
Available-for-Sale Securities, Estimated Fair Value | 1,605 | 1,670 |
State and municipal bonds [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held-to-Maturity Securities, Amortized Cost or Par Value | 55,527 | 53,324 |
Held-to-Maturity Securities, Gross Unrealized Gains | 9 | 26 |
Held-to-Maturity Securities, Gross Unrealized Losses | (76) | (34) |
Held-to-Maturity Securities, Other-than-Temporary Impairment | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | 55,460 | 53,316 |
Mutual funds [Member] | ||
Trading Securities [Abstract] | ||
Trading Securities, Amortized Cost or Par Value | 13,746 | 12,701 |
Trading Securities, Gross Unrealized Gains | 1,408 | 391 |
Trading Securities, Gross Unrealized Losses | 0 | 0 |
Trading Securities, Other-than-Temporary Impairment | 0 | 0 |
Trading Securities, Estimated Fair Value | $ 15,154 | $ 13,092 |
INVESTMENTS (Held-To-Maturity S
INVESTMENTS (Held-To-Maturity Securities) (Details) - State and municipal bonds [Member] - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Contractual maturities of held-to-maturity securities, at amortized cost: | ||
Less than 1 year, Amortized Cost | $ 50,833 | |
1 - 5 years, Amortized Cost | 4,694 | |
Held-to-Maturity Securities, Amortized Cost | 55,527 | |
Contractual maturities of held-to-maturity securities, at fair values: | ||
Less than 1 year, Fair Value | 50,761 | |
1 - 5 years, Fair Value | 4,699 | |
Held-to-Maturity Securities, Estimated Fair Value | $ 55,460 | $ 53,316 |
INVESTMENTS (Narrative) (Detail
INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Schedule of Investments [Line Items] | ||
Available-for-sale securities classified as noncurrent | $ 1,605 | $ 1,670 |
Long-term investment, held-to-maturity securities | 4,694 | 3,330 |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | 89 | 82 |
Auction-rate securities [Member] | ||
Schedule of Investments [Line Items] | ||
Temporary impairment | 120 | 130 |
Accumulated comprehensive loss, cumulative unrealized losses on available for sale securities, net of tax | $ 89 | $ 82 |
FAIR VALUE MEASUREMENTS (Recurr
FAIR VALUE MEASUREMENTS (Recurring Basis) (Details) - USD ($) $ in Thousands | Feb. 03, 2018 | Jan. 28, 2017 |
Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Estimated Fair Value | $ 1,605 | $ 1,670 |
Mutual funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities (including mutual funds) | 15,154 | 13,092 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,759 | 14,762 |
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 | 1,605 | 1,670 |
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) | 15,154 | 13,092 |
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 | 15,154 | 13,092 |
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) | 15,154 | 13,092 |
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 | 50 | 45 |
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 | 50 | 45 |
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 | 1,555 | 1,625 |
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 | 1,555 | 1,625 |
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 | Feb. 03, 2018 | Jan. 28, 2017 |
Auction-rate securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Temporary impairment | $ 120 | $ 130 |
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 | 120 | |
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 | 55,460 | 53,316 |
Held-to-maturity securities, carrying value | $ 55,527 | $ 53,324 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Changes in Fair Value) (Details) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Level 3 securities, beginning of year | $ 1,625 | $ 7,265 |
Realized gains (losses) on Level 3 securities included in net income | 0 | (45) |
Unrealized gains (losses) on Level 3 securities included in other comprehensive income | 5 | 385 |
Sales of Level 3 securities | (75) | (5,980) |
Balance, Level 3 securities, end of year | 1,555 | 1,625 |
Auction-rate securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, Level 3 securities, beginning of year | 1,625 | 7,265 |
Realized gains (losses) on Level 3 securities included in net income | 0 | (45) |
Unrealized gains (losses) on Level 3 securities included in other comprehensive income | 5 | 385 |
Sales of Level 3 securities | (75) | (5,980) |
Balance, Level 3 securities, end of year | 1,555 | 1,625 |
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 | 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 | Feb. 03, 2018 | Jan. 28, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 459,043 | $ 459,359 |
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 | 42,895 | 42,698 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 12,808 | 12,632 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 20,966 | 20,955 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 166,106 | 166,564 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 182,019 | 183,046 |
Shipping And Receiving Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 29,491 | 29,507 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,267 | $ 1,466 |
FINANCING ARRANGEMENTS (Narrati
FINANCING ARRANGEMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Line of Credit Facility [Line Items] | ||
Unsecured line of credit, maximum borrowing capacity | $ 25,000 | |
Line of credit, expiration date | Jul. 31, 2019 | |
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 | $ 1,973 | $ 1,796 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 03, 2018 | Dec. 31, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Provision for income taxes: | |||||
Current federal income tax expense | $ 46,158 | $ 55,541 | $ 78,956 | ||
Current state income tax expense | 3,960 | 6,029 | 9,802 | ||
Deferred income tax expense (benefit) | (340) | (3,260) | (1,217) | ||
Total | $ 49,778 | $ 58,310 | $ 87,541 | ||
Reconciliation of effective tax rate to statutory rate: | |||||
Statutory rate | 21.00% | 35.00% | 33.70% | 35.00% | 35.00% |
State income tax effect | 1.90% | 2.50% | 2.80% | ||
Tax exempt interest income | (0.20%) | (0.10%) | (0.10%) | ||
Other | 0.30% | (0.10%) | (0.40%) | ||
Effective tax rate | 35.70% | 37.30% | 37.30% | ||
Deferred income tax assets (liabilities): | |||||
Inventory | $ 4,368 | $ 4,368 | $ 6,626 | ||
Stock-based compensation | 2,432 | 2,432 | 3,304 | ||
Accrued compensation | 4,006 | 4,006 | 5,716 | ||
Accrued store operating costs | 2,898 | 2,898 | 4,070 | ||
Realized and unrealized loss on securities | (270) | (270) | 119 | ||
Gift certificates redeemable | 1,295 | 1,295 | 1,887 | ||
Allowance for doubtful accounts | 1 | 1 | 1 | ||
Deferred rent liability | 8,744 | 8,744 | 13,912 | ||
Property and equipment | (18,712) | (18,712) | (31,195) | ||
Net deferred income tax asset | $ 4,762 | $ 4,762 | $ 4,440 |
INCOME TAXES Narrative (Details
INCOME TAXES Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 03, 2018 | Dec. 31, 2017 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income Taxes [Line Items] | |||||
Federal corporate tax rate | 21.00% | 35.00% | 33.70% | 35.00% | 35.00% |
Re-measurement of deferred tax asset | $ 900 | ||||
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 | 2,017 | ||||
State and Local Jurisdiction [Member] | Minimum [Member] | |||||
Income Taxes [Line Items] | |||||
Year open to tax examination | 2,014 | ||||
State and Local Jurisdiction [Member] | Maximum [Member] | |||||
Income Taxes [Line Items] | |||||
Year open to tax examination | 2,017 | ||||
Other Noncurrent Assets [Member] | |||||
Income Taxes [Line Items] | |||||
Net non-current deferred income tax assets | $ 4,762 | $ 4,762 | $ 4,440 |
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 | |
Feb. 03, 2018 | Jan. 28, 2017 | |
Related Party Transaction [Line Items] | ||
Related party note receivable | $ 1,275 | $ 1,245 |
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 AND CONTINGENCIES N
COMMITMENTS AND CONTINGENCIES Narrative (Details) - Retail Site [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Operating Leased Assets [Line Items] | |||
Operating leases base rental expense | $ 69,154 | $ 68,839 | $ 67,121 |
Operating leases rental expense based upon percentage of sales in excess of a specified amount | $ 2,130 | $ 2,600 | $ 4,334 |
COMMITMENTS AND CONTINGENCIES48
COMMITMENTS AND CONTINGENCIES (Details) - Retail Site [Member] $ in Thousands | Feb. 03, 2018USD ($) |
Operating Leased Assets [Line Items] | |
Minimum rental commitments - 2018 | $ 68,689 |
Minimum rental commitments - 2019 | 60,062 |
Minimum rental commitments - 2020 | 49,037 |
Minimum rental commitments - 2021 | 39,196 |
Minimum rental commitments - 2022 | 33,699 |
Minimum rental commitments - After 2022 | 73,234 |
Total minimum rental commitments | $ 323,917 |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
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 | $ 1,743 | $ 1,473 | $ 1,396 |
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 | $ 183 | $ 193 | $ 218 |
STOCK-BASED COMPENSATION (Narra
STOCK-BASED COMPENSATION (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (shares) | 662,916 | ||
Unrecognized compensation expense | $ 3,648 | ||
Expected weighted average period of unrecognized compensation expense recognition (years) | 1 year 9 months 18 days | ||
Total fair value of shares vested | $ 3,289 | $ 2,713 | $ 4,568 |
Forfeited (shares) | 170,060 | ||
Director Restricted Stock Plan 2008 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares vested description | Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant. | ||
Vesting period (years) | 3 years | ||
Percentage of shares vesting annually (percent) | 25.00% | ||
Executive Officers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (shares) | 601,792 | ||
Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares vested description | Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. | ||
Vesting period (years) | 4 years | ||
Forfeited (shares) | 137,400 | ||
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares vested description | Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. | ||
Vesting period (years) | 4 years |
STOCK-BASED COMPENSATION (Compe
STOCK-BASED COMPENSATION (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense, before tax | $ 4,883 | $ 5,330 | $ 6,197 |
Stock-based compensation expense, after tax | $ 3,140 | $ 3,358 | $ 3,904 |
STOCK-BASED COMPENSATION (Non-v
STOCK-BASED COMPENSATION (Non-vested Shares) (Details) - Restricted Stock [Member] | 12 Months Ended |
Feb. 03, 2018$ / 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 | 445,299 |
Granted (shares) | shares | 363,450 |
Forfeited (shares) | shares | (170,060) |
Vested (shares) | shares | (168,667) |
Non-Vested - end of year (shares) | shares | 470,022 |
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 | $ 33.98 |
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 20.55 |
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 27.84 |
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | 37.28 |
Non-Vested - end of year, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares | $ 24.63 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Income | |||||||||||
Basic EPS, Income | $ 42,035 | $ 19,904 | $ 11,483 | $ 16,285 | $ 35,995 | $ 23,397 | $ 15,472 | $ 23,097 | $ 89,707 | $ 97,961 | $ 147,283 |
Effect of dilutive non-vested shares, Income | 0 | 0 | 0 | ||||||||
Diluted EPS, Income | $ 89,707 | $ 97,961 | $ 147,283 | ||||||||
Weighted Average Shares | |||||||||||
Basic EPS, Weighted Average Shares (shares) | 48,250 | 48,125 | 48,079 | ||||||||
Effect of dilutive non-vested shares, Weighted Average Shares (shares) | 123 | 131 | 125 | ||||||||
Diluted EPS, Weighted Average Shares (shares) | 48,373 | 48,256 | 48,204 | ||||||||
Per Share Amount | |||||||||||
Basic EPS, Per Share Amount (dollars per share) | $ 0.87 | $ 0.41 | $ 0.24 | $ 0.34 | $ 0.75 | $ 0.49 | $ 0.32 | $ 0.48 | $ 1.86 | $ 2.04 | $ 3.06 |
Effect of dilutive non-vested shares, Per Share Amount (dollars per share) | (0.01) | (0.01) | 0 | ||||||||
Diluted EPS, Per Share Amount (dollars per share) | $ 0.87 | $ 0.41 | $ 0.24 | $ 0.34 | $ 0.74 | $ 0.48 | $ 0.32 | $ 0.48 | $ 1.85 | $ 2.03 | $ 3.06 |
SEGMENT INFORMATION (Narrative)
SEGMENT INFORMATION (Narrative) (Details) | 12 Months Ended |
Feb. 03, 2018storestatesegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments (segment) | segment | 1 |
Number of stores (store) | store | 457 |
Number of states in which stores are located (state) | state | 44 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Product Information [Line Items] | |||
Percentage of net sales | 100.00% | 100.00% | 100.00% |
Denims [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 41.50% | 42.20% | 42.50% |
Tops (including sweaters) [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 32.30% | 30.80% | 31.00% |
Accessories [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 9.10% | 9.20% | 8.90% |
Sportswear / Fashions [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 6.20% | 6.50% | 6.40% |
Footwear [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 6.10% | 5.90% | 6.00% |
Outerwear [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 2.00% | 2.00% | 2.10% |
Casual bottoms [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 1.30% | 1.90% | 1.50% |
Other [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 1.50% | 1.50% | 1.60% |
SELECTED QUARTERLY FINANCIAL 56
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 03, 2018 | Oct. 28, 2017 | Jul. 29, 2017 | Apr. 29, 2017 | Jan. 28, 2017 | Oct. 29, 2016 | Jul. 30, 2016 | Apr. 30, 2016 | Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Quarterly Financial Information [Abstract] | |||||||||||
Net sales | $ 281,172 | $ 224,307 | $ 195,650 | $ 212,251 | $ 279,960 | $ 239,213 | $ 212,157 | $ 243,543 | $ 913,380 | $ 974,873 | $ 1,119,616 |
Gross profit | 133,239 | 90,928 | 74,139 | 81,717 | 125,683 | 96,874 | 79,882 | 94,729 | 380,023 | 397,168 | 481,401 |
Net income | $ 42,035 | $ 19,904 | $ 11,483 | $ 16,285 | $ 35,995 | $ 23,397 | $ 15,472 | $ 23,097 | $ 89,707 | $ 97,961 | $ 147,283 |
Basic earnings per share | $ 0.87 | $ 0.41 | $ 0.24 | $ 0.34 | $ 0.75 | $ 0.49 | $ 0.32 | $ 0.48 | $ 1.86 | $ 2.04 | $ 3.06 |
Diluted earnings per share | $ 0.87 | $ 0.41 | $ 0.24 | $ 0.34 | $ 0.74 | $ 0.48 | $ 0.32 | $ 0.48 | $ 1.85 | $ 2.03 | $ 3.06 |
SCHEDULE II - Valuation and Q57
SCHEDULE II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 03, 2018 | Jan. 28, 2017 | Jan. 30, 2016 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 4 | $ 7 | $ 7 |
Amounts charged to costs and expenses | 952 | 1,350 | 835 |
Deductions | (952) | (1,353) | (835) |
Ending balance | 4 | 4 | 7 |
Allowance for Sales Returns [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 669 | 834 | 943 |
Amounts charged to other accounts | 87,389 | 101,375 | 113,325 |
Deductions | (86,988) | (101,540) | (113,434) |
Ending balance | 1,070 | 669 | 834 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | 0 | 518 | 518 |
Amounts charged to costs and expenses | 0 | 0 | 0 |
Deductions | 0 | (518) | 0 |
Ending balance | $ 0 | $ 0 | $ 518 |