The Buckle, Inc. (BKE) 10-Q 10 Jun 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 01, 2021	Jun. 04, 2021
Document Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2021
Document Transition Report	false
Entity File Number	001-12951
Entity Registrant Name	BUCKLE, INC
Entity Incorporation, State or Country Code	NE
Entity Tax Identification Number	47-0366193
Entity Address, Address Line One	2407 West 24th Street
Entity Address, City or Town	Kearney
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68845-4915
City Area Code	308
Local Phone Number	236-8491
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	BKE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,788,891
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000885245
Current Fiscal Year End Date	--01-29
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 393,153	$ 318,789
Short-term investments	697	3,359
Receivables	1,670	2,823
Inventory	89,017	101,063
Prepaid expenses and other assets	20,615	11,190
Total current assets	505,152	437,224
PROPERTY AND EQUIPMENT	452,662	451,357
Less accumulated depreciation and amortization	(352,627)	(350,942)
PROPERTY AND EQUIPMENT, Net	100,035	100,415
OPERATING LEASE RIGHT-OF-USE ASSETS	280,805	279,358
LONG-TERM INVESTMENTS	19,087	18,320
OTHER ASSETS	11,128	10,497
Total assets	916,207	845,814
CURRENT LIABILITIES:
Accounts payable	53,632	43,399
Accrued employee compensation	26,474	35,865
Accrued store operating expenses	27,355	20,303
Gift certificates redeemable	12,215	14,279
Current portion of operating lease liabilities	84,628	81,762
Income taxes payable	29,737	10,751
Total current liabilities	234,041	206,359
DEFERRED COMPENSATION	19,087	18,320
NON-CURRENT OPERATING LEASE LIABILITIES	222,981	224,506
Total liabilities	476,109	449,185
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $0.01 par value; 49,788,891 and 49,407,731 shares issued and outstanding at May 1, 2021 and January 30, 2021 respectively	498	494
Additional paid-in capital	160,684	158,058
Retained earnings	278,916	238,077
Total stockholders’ equity	440,098	396,629
Total liabilities and stockholders' equity	$ 916,207	$ 845,814

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021
Statement of Financial Position [Abstract]
Common stock, authorized (shares)	100,000,000	100,000,000
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (shares)	49,788,891	49,407,731
Common stock, shares outstanding (shares)	49,788,891	49,407,731

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income Statement [Abstract]
SALES, Net of returns and allowances	$ 299,125	$ 115,413
COST OF SALES (Including buying, distribution, and occupancy costs)	151,572	88,588
Gross profit	147,553	26,825
OPERATING EXPENSES:
Selling	60,000	33,504
General and administrative	11,751	9,503
Total selling, general and administrative expenses	71,751	43,007
INCOME (LOSS) FROM OPERATIONS	75,802	(16,182)
OTHER INCOME, Net	51	574
INCOME (LOSS) BEFORE INCOME TAXES	75,853	(15,608)
INCOME TAX EXPENSE (BENEFIT)	18,584	(3,824)
NET INCOME (LOSS)	$ 57,269	$ (11,784)
EARNINGS (LOSS) PER SHARE:
Basic (dollars per share)	$ 1.17	$ (0.24)
Diluted (dollars per share)	$ 1.16	$ (0.24)
Basic weighted average shares	48,946	48,725
Diluted weighted average shares	49,309	48,922

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
BALANCE (shares) at Feb. 01, 2020		49,205,681
BALANCE at Feb. 01, 2020	$ 389,148	$ 492	$ 152,258	$ 236,398
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME (LOSS)	(11,784)			(11,784)
Issuance of non-vested stock, net of forfeitures (shares)		227,500
Issuance of non-vested stock, net of forfeitures		$ 2	(2)
Amortization of non-vested stock grants, net of forfeitures	957		957
Common stock purchased and retired (shares)		(25,000)
Common stock purchased and retired	(372)		(372)
BALANCE (shares) at May. 02, 2020		49,408,181
BALANCE at May. 02, 2020	377,949	$ 494	152,841	224,614
BALANCE (shares) at Jan. 30, 2021		49,407,731
BALANCE at Jan. 30, 2021	396,629	$ 494	158,058	238,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME (LOSS)	57,269			57,269
Dividends paid on common stock	(16,430)			(16,430)
Issuance of non-vested stock, net of forfeitures (shares)		381,160
Issuance of non-vested stock, net of forfeitures		$ 4	(4)
Amortization of non-vested stock grants, net of forfeitures	2,630		2,630
BALANCE (shares) at May. 01, 2021		49,788,891
BALANCE at May. 01, 2021	$ 440,098	$ 498	$ 160,684	$ 278,916

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 57,269	$ (11,784)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	4,812	5,484
Amortization of non-vested stock grants, net of forfeitures	2,630	957
Deferred income taxes	(631)	(230)
Other	195	41
Changes in operating assets and liabilities:
Receivables	1,153	1,859
Inventory	12,046	(413)
Prepaid expenses and other assets	(9,425)	7,497
Accounts payable	10,242	(6,953)
Accrued employee compensation	(9,391)	(17,619)
Accrued store operating expenses	7,100	(1,875)
Gift certificates redeemable	(2,064)	(1,806)
Income taxes payable	18,986	(3,176)
Other assets and liabilities	613	(282)
Net cash flows from operating activities	93,535	(28,300)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(4,636)	(2,072)
Purchases of investments	(1,579)	(14,738)
Proceeds from sales/maturities of investments	3,474	9,550
Net cash flows from investing activities	(2,741)	(7,260)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of common stock	0	(372)
Payment of dividends	(16,430)	0
Net cash flows from financing activities	(16,430)	(372)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	74,364	(35,932)
CASH AND CASH EQUIVALENTS, Beginning of period	318,789	220,969
CASH AND CASH EQUIVALENTS, End of period	$ 393,153	$ 185,037

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 01, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 30, 2021, included in The Buckle, Inc.'s 2020 Form 10-K. The condensed consolidated balance sheet as of January 30, 2021 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification

Revenues

Revenues	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company had 442 stores located in 42 states throughout the United States as of May 1, 2021 and 446 stores in 42 states as of May 2, 2020. During the thirteen week period ended May 1, 2021, the Company opened no new stores, substantially remodeled 5 stores, and closed 1 store. During the thirteen week period ended May 2, 2020, the Company opened no new stores, substantially remodeled 1 store, and closed 2 stores. Revenue for fiscal 2020 was significantly affected by the impacts of COVID-19. The Company temporarily closed all of its brick and mortar stores beginning March 18, 2020 to protect the health and welfare of its guests, teammates, and communities. The Company began the process of reopening certain stores the week of April 26, 2020, following all appropriate federal, state, and local reopening guidelines. As of May 2, 2020, 37 of the Company's stores had reopened. The store closings had a significant impact on the Company's revenue for the thirteen week period ended May 2, 2020, which was down $85,900 or 42.7% from the same thirteen week period in the prior year. The Company's online store remained open without interruption and experienced significant growth during the thirteen week period ended May 2, 2020, growing $7,696 or 31.5% compared to the same thirteen week period in the prior year. For the thirteen week periods ended May 1, 2021 and May 2, 2020, online revenues accounted for 18.0% and 27.8%, respectively, of the Company's net sales. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Merchandise Group May 1, May 2, Denims 42.2 % 45.8 % Tops (including sweaters) 26.1 27.6 Footwear 11.0 8.5 Sportswear/Fashions 8.9 6.6 Accessories 8.5 8.1 Outerwear 0.8 1.0 Casual bottoms 0.7 0.9 Youth 1.8 1.5 100.0 % 100.0 %

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended May 1, 2021 May 2, 2020 Net Income (Loss) Weighted Per Share Net Income (Loss) Weighted Per Share Basic EPS $ 57,269 48,946 $ 1.17 $ (11,784) 48,725 $ (0.24) Effect of Dilutive Securities: Non-vested shares — 363 (0.01) — 197 — Diluted EPS $ 57,269 49,309 $ 1.16 $ (11,784) 48,922 $ (0.24) (a) Shares in thousands.

Investments

Investments	3 Months Ended
	May 01, 2021
Schedule of Investments [Abstract]
Investments	Investments The following is a summary of investments as of May 1, 2021: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 697 $ — $ — $ — $ 697 Trading Securities: Mutual funds $ 15,935 $ 3,152 $ — $ — $ 19,087 The following is a summary of investments as of January 30, 2021: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 3,359 $ 7 $ — $ — $ 3,366 Trading Securities: Mutual funds $ 16,121 $ 2,199 $ — $ — $ 18,320 The amortized cost and fair value of debt securities by contractual maturity as of May 1, 2021 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 697 $ 697 1 - 5 years — — $ 697 $ 697 As of May 1, 2021 and January 30, 2021, all of the Company's investments in held-to-maturity securities are classified in short-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. • Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. • Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. As of May 1, 2021 and January 30, 2021, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant May 1, 2021 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,087 $ — $ — $ 19,087 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 30, 2021 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 18,320 $ — $ — $ 18,320 Securities included in Level 1 represent securities which have publicly traded quoted prices. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of May 1, 2021, the fair value of held-to-maturity securities was $697 compared to the carrying amount of $697. As of January 30, 2021, the fair value of held-to-maturity securities was $3,366 compared to the carrying amount of $3,359. The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. Given the substantial reduction in the Company's sales (and the related impact on cash flow projections) as a result of store closures due to the COVID-19 pandemic, an impairment assessment was triggered for certain stores as of May 2, 2020. This analysis resulted in $1,000 of store-related asset impairment charges in the fiscal quarter ended May 2, 2020. There was no impairment related to long-lived assets for all other periods presented.

Leases

Leases	3 Months Ended
	May 01, 2021
Leases [Abstract]
Leases	Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements. During the period of store closures in fiscal 2020 in response to the COVID-19 pandemic, the Company paid essentially full rent for the month of April but was then able to negotiate substantial rent deferrals for May and June. Consistent with guidance in the FASB Staff Q&A regarding lease concessions related to the effects of the COVID-19 pandemic, the Company made the election to treat all lease concessions as though the enforceable rights and obligations existed in each contract and, therefore, did not apply the lease modification guidance in ASC 842. As such, these deferrals had no impact to rent expense. Amounts deferred and payable in future periods have been included in "accounts payable" on the Company's condensed consolidated balance sheets. Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended May 1, May 2, Operating lease cost $ 23,697 $ 24,590 Variable lease cost (a) 4,464 4,489 Total lease cost $ 28,161 $ 29,079 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months. Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended May 1, May 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,865 $ 25,035 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 27,091 $ 3,380 The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of May 1, 2021, the weighted-average remaining lease term was 4.4 years and the weighted-average discount rate was 3.7%. The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of May 1, 2021: Fiscal Year Operating Leases (a) 2021 (remaining) $ 73,278 2022 84,457 2023 66,991 2024 47,811 2025 29,191 Thereafter 32,646 Total lease payments 334,374 Less: Imputed interest 26,765 Total operating lease liability $ 307,609

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	May 01, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The Company had non-cash investing activities during the thirteen week periods ended May 1, 2021 and May 2, 2020 of $9 and $326, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $710 and $719 as of May 1, 2021 and January 30, 2021, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid. Additional cash flow information for the Company includes cash paid/(refunds received) for income taxes during the thirteen week periods ended May 1, 2021 and May 2, 2020 of $230 and $(418), respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of May 1, 2021, 350,643 shares were available for grant under the Company’s various restricted stock plans, of which 269,082 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2021 and fiscal 2020 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended May 1, May 2, Stock-based compensation expense, before tax $ 2,630 $ 957 Stock-based compensation expense, after tax $ 1,986 $ 723 Non-vested shares of common stock granted during the thirteen week periods ended May 1, 2021 and May 2, 2020 were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirteen week period ended May 1, 2021 is as follows: Shares Weighted Average Non-Vested - beginning of year 538,750 $ 22.28 Granted 381,300 39.32 Forfeited (140) 21.40 Vested (76,673) 24.71 Non-Vested - end of quarter 843,237 $ 29.76

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	May 01, 2021
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsThe Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on the Company's consolidated financial statements, based on current information.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	May 01, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 30, 2021, included in The Buckle, Inc.'s 2020 Form 10-K. The condensed consolidated balance sheet as of January 30, 2021 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	May 01, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Product Information	The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Merchandise Group May 1, May 2, Denims 42.2 % 45.8 % Tops (including sweaters) 26.1 27.6 Footwear 11.0 8.5 Sportswear/Fashions 8.9 6.6 Accessories 8.5 8.1 Outerwear 0.8 1.0 Casual bottoms 0.7 0.9 Youth 1.8 1.5 100.0 % 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended May 1, 2021 May 2, 2020 Net Income (Loss) Weighted Per Share Net Income (Loss) Weighted Per Share Basic EPS $ 57,269 48,946 $ 1.17 $ (11,784) 48,725 $ (0.24) Effect of Dilutive Securities: Non-vested shares — 363 (0.01) — 197 — Diluted EPS $ 57,269 49,309 $ 1.16 $ (11,784) 48,922 $ (0.24) (a) Shares in thousands.

Investments (Tables)

Investments (Tables)	3 Months Ended
	May 01, 2021
Schedule of Investments [Abstract]
Schedule of investments, cost and fair value	The following is a summary of investments as of May 1, 2021: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 697 $ — $ — $ — $ 697 Trading Securities: Mutual funds $ 15,935 $ 3,152 $ — $ — $ 19,087 The following is a summary of investments as of January 30, 2021: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 3,359 $ 7 $ — $ — $ 3,366 Trading Securities: Mutual funds $ 16,121 $ 2,199 $ — $ — $ 18,320
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 May 1, 2021 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 697 $ 697 1 - 5 years — — $ 697 $ 697

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
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 Significant Significant May 1, 2021 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,087 $ — $ — $ 19,087 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 30, 2021 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 18,320 $ — $ — $ 18,320

Leases (Tables)

Leases (Tables)	3 Months Ended
	May 01, 2021
Leases [Abstract]
Components of total lease cost	Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended May 1, May 2, Operating lease cost $ 23,697 $ 24,590 Variable lease cost (a) 4,464 4,489 Total lease cost $ 28,161 $ 29,079 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months.
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended May 1, May 2, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,865 $ 25,035 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 27,091 $ 3,380
Undiscounted future lease payment liabilities	The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of May 1, 2021: Fiscal Year Operating Leases (a) 2021 (remaining) $ 73,278 2022 84,457 2023 66,991 2024 47,811 2025 29,191 Thereafter 32,646 Total lease payments 334,374 Less: Imputed interest 26,765 Total operating lease liability $ 307,609

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	May 01, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended May 1, May 2, Stock-based compensation expense, before tax $ 2,630 $ 957 Stock-based compensation expense, after tax $ 1,986 $ 723
Summary of stock-based compensation activity related to grants of non-vested shares of common stock	A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirteen week period ended May 1, 2021 is as follows: Shares Weighted Average Non-Vested - beginning of year 538,750 $ 22.28 Granted 381,300 39.32 Forfeited (140) 21.40 Vested (76,673) 24.71 Non-Vested - end of quarter 843,237 $ 29.76

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) $ in Thousands	3 Months Ended
	May 01, 2021segmentstorestate	May 02, 2020USD ($)storestate
Product Information [Line Items]
Number of stores (store)	442	446
Number of reportable segments (segment) | segment	1
Number of states in which stores are located (state) | state	42	42
New stores opened during the period (store)	0	0
Stores substantially remodeled during the period (store)	5	1
Stores closed during the period (store)	1	2
Online revenues [Member]
Product Information [Line Items]
Impact on revenue | $		$ 7,696
Impact on revenue, percentage		31.50%
Revenue [Member] | Online revenues [Member]
Product Information [Line Items]
Revenue segment greater than 10 percent	18.00%	27.80%
Covid-19 [Member]
Product Information [Line Items]
Reopened Stores		37
Impact on revenue | $		$ (85,900)
Impact on revenue, percentage		(42.70%)

Revenues (Information Regarding

Revenues (Information Regarding Major Product Lines) (Details)	3 Months Ended
	May 01, 2021	May 02, 2020
Product Information [Line Items]
Percentage of net sales	100.00%	100.00%
Denims [Member]
Product Information [Line Items]
Percentage of net sales	42.20%	45.80%
Tops (including sweaters) [Member]
Product Information [Line Items]
Percentage of net sales	26.10%	27.60%
Footwear [Member]
Product Information [Line Items]
Percentage of net sales	11.00%	8.50%
Sportswear / Fashions [Member]
Product Information [Line Items]
Percentage of net sales	8.90%	6.60%
Accessories [Member]
Product Information [Line Items]
Percentage of net sales	8.50%	8.10%
Outerwear [Member]
Product Information [Line Items]
Percentage of net sales	0.80%	1.00%
Casual Bottoms [Member]
Product Information [Line Items]
Percentage of net sales	0.70%	0.90%
Youth
Product Information [Line Items]
Percentage of net sales	1.80%	1.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Income
Basic EPS, Income	$ 57,269	$ (11,784)
Effect of dilutive non-vested shares, Income	0	0
Diluted EPS, Income	$ 57,269	$ (11,784)
Weighted Average Shares
Basic EPS, Weighted Average Shares (shares)	48,946	48,725
Effect of dilutive non-vested shares, Weighted Average Shares (shares)	363	197
Diluted EPS, Weighted Average Shares (shares)	49,309	48,922
Per Share Amount
Basic EPS, Per Share Amount (dollars per share)	$ 1.17	$ (0.24)
Effect of dilutive non-vested shares, Per Share Amount (dollars per share)	(0.01)	0
Diluted EPS, Per Share Amount (dollars per share)	$ 1.16	$ (0.24)

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	$ 697	$ 3,359
Held-to-Maturity Securities, Estimated Fair Value	697	3,366
State and municipal bonds [Member]
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	697	3,359
Held-to-Maturity Securities, Gross Unrealized Gains	0	7
Held-to-Maturity Securities, Gross Unrealized Losses	0	0
Held-to-Maturity Securities, Other-than-Temporary Impairment	0	0
Held-to-Maturity Securities, Estimated Fair Value	697	3,366
Mutual funds [Member]
Trading Securities [Abstract]
Trading Securities, Amortized Cost or Par Value	15,935	16,121
Trading Securities, Gross Unrealized Gains	3,152	2,199
Trading Securities, Gross Unrealized Losses	0	0
Trading Securities, Other-than-Temporary Impairment	0	0
Trading Securities, Estimated Fair Value	$ 19,087	$ 18,320

Investments (Held-To-Maturity S

Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Contractual maturities of held-to-maturity securities, at amortized cost:
Less than 1 year, Amortized Cost	$ 697
1 - 5 years, Amortized Cost	0
Held-to-Maturity Securities, Amortized Cost	697
Contractual maturities of held-to-maturity securities, at fair values:
Less than 1 year, Fair Value	697
1 - 5 years, Fair Value	0
Held-to-Maturity Securities, Estimated Fair Value	$ 697	$ 3,366

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Basis) (Details) - Mutual funds [Member] - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	$ 19,087	$ 18,320
Fair Value Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	19,087	18,320
Fair Value Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	19,087	18,320
Fair Value Measurements, Recurring [Member] | Significant Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	0	0
Fair Value Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	$ 0	$ 0

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	May 02, 2020	May 01, 2021	Jan. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity securities, fair value		$ 697,000	$ 3,366,000
Held-to-maturity securities, carrying value		$ 697,000	$ 3,359,000
Covid-19 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed asset impairment charges	$ 1,000

Leases (Narrative) (Details)

Leases (Narrative) (Details)	May 01, 2021
Lessee, Lease, Description [Line Items]
Store lease, typical initial term	10 years
Operating lease, weighted average remaining lease term	4 years 4 months 24 days
Operating lease, weighted average discount rate	3.70%
Minimum [Member]
Lessee, Lease, Description [Line Items]
Store lease, typical renewal term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Store lease, typical renewal term	5 years

Leases (Components of total lea

Leases (Components of total lease cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Leases [Abstract]
Operating lease cost	$ 23,697	$ 24,590
Variable lease cost	4,464	4,489
Total lease cost	$ 28,161	$ 29,079

Leases (Supplemental cash flow

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 24,865	$ 25,035
Right-of-use assets obtained in exchange for operating lease liability	$ 27,091	$ 3,380

Leases (Undiscounted future lea

Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands	May 01, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Payments due remainder of fiscal year	$ 73,278
Payments due year one	84,457
Payments due year two	66,991
Payments due year three	47,811
Payments due year four	29,191
Payments due after year four	32,646
Total lease payments	334,374
Less: Imputed interest	26,765
Total operating lease liability	307,609
Total lease payments, leases signed not commenced	$ 12,156

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Non-cash investing activities - change in unpaid purchases of property, plant and equipment	$ 9	$ 326
Current liability for unpaid purchases of property, plant and equipment	710		$ 719
Cash paid for income taxes	$ 230	$ (418)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	350,643
Unrecognized compensation expense	$ 16,933
Expected weighted average period of unrecognized compensation expense recognition (years)	2 years 3 months 18 days
Total fair value of shares vested	$ 3,091	$ 739
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)	269,082
Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year.
Vesting period (years)	4 years
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets.
Vesting period (years)	4 years

Stock-Based Compensation (Compe

Stock-Based Compensation (Compensation Expenses) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before tax	$ 2,630	$ 957
Stock-based compensation expense, after tax	$ 1,986	$ 723

Stock-Based Compensation (Non-v

Stock-Based Compensation (Non-vested Shares) (Details) - Restricted Stock [Member]	3 Months Ended
	May 01, 2021$ / 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	538,750
Granted (shares) | shares	381,300
Forfeited (shares) | shares	(140)
Vested (shares) | shares	(76,673)
Non-Vested - end of quarter (shares) | shares	843,237
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	$ 22.28
Granted, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	39.32
Forfeited, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	21.40
Vested, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	24.71
Non-Vested - end of quarter, Weighted Average Grant Date Fair Value (dollars per share) | $ / shares	$ 29.76