The Buckle, Inc. (BKE) 10-Q 9 Jun 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

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

CONDENSED CONSOLIDATED BALANCE

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

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2022	Jan. 29, 2022
Statement of Financial Position [Abstract]
Common stock, authorized (shares)	100,000,000	100,000,000
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (shares)	50,094,851	49,728,651
Common stock, shares outstanding (shares)	50,094,851	49,728,651

CONDENSED CONSOLIDATED STATEMEN

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

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

CONDENSED CONSOLIDATED STATEM_3

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

CONDENSED CONSOLIDATED STATEM_4

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

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification

Revenues

Revenues	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as one reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company had 439 stores located in 42 states throughout the United States as of April 30, 2022 and 442 stores in 42 states as of May 1, 2021. During the thirteen week period ended April 30, 2022, the Company opened no new stores, substantially remodeled 6 stores, and closed 1 store. During the thirteen week period ended May 1, 2021, the Company opened no new stores, substantially remodeled 5 stores, and closed 1 store. For the thirteen week periods ended April 30, 2022 and May 1, 2021, online revenues accounted for 17.6% and 18.0%, respectively, of the Company's net sales. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Merchandise Group April 30, May 1, Denims 40.0 % 42.2 % Tops (including sweaters) 27.8 26.1 Footwear 11.9 11.0 Accessories 8.9 8.5 Sportswear/Fashions 7.3 8.9 Outerwear 0.8 0.8 Casual bottoms 1.0 0.7 Youth 2.3 1.8 Total 100.0 % 100.0 %

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended April 30, 2022 May 1, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 55,254 49,214 $ 1.12 $ 57,269 48,946 $ 1.17 Effect of Dilutive Securities: Non-vested shares — 314 — — 363 (0.01) Diluted EPS $ 55,254 49,528 $ 1.12 $ 57,269 49,309 $ 1.16 (a) Shares in thousands.

Investments

Investments	3 Months Ended
	Apr. 30, 2022
Schedule of Investments [Abstract]
Investments	Investments The following is a summary of investments as of April 30, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,895 $ — $ (27) $ — $ 12,868 Trading Securities: Mutual funds $ 19,585 $ 551 $ — $ — $ 20,136 The following is a summary of investments as of January 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,926 $ 1 $ (4) $ — $ 12,923 Trading Securities: Mutual funds $ 17,932 $ 1,420 $ — $ — $ 19,352 The amortized cost and fair value of debt securities by contractual maturity as of April 30, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 12,895 $ 12,868 1 - 5 years — — Total $ 12,895 $ 12,868 As of April 30, 2022 and January 29, 2022, all of the Company's investments in held-to-maturity securities are classified in short-term investments. Trading securities are held in a Rabbi Trust, intended to fund the Company’s deferred compensation plan, and are classified in long-term investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: • Level 1 – Quoted market prices in active markets for identical assets or liabilities. Short-term and long-term investments with active markets or known redemption values are reported at fair value utilizing Level 1 inputs. • Level 2 – Observable market-based inputs (either directly or indirectly) such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or inputs that are corroborated by market data. • Level 3 – Unobservable inputs that are not corroborated by market data and are projections, estimates, or interpretations that are supported by little or no market activity and are significant to the fair value of the assets. As of April 30, 2022 and January 29, 2022, the Company held certain assets that are required to be measured at fair value on a recurring basis including its investments in trading securities. The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant April 30, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 20,136 $ — $ — $ 20,136 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,352 $ — $ — $ 19,352 Securities included in Level 1 represent securities which have publicly traded quoted prices. The carrying value of cash equivalents approximates fair value due to the low level of risk these assets present and their relatively liquid nature, particularly given their short maturities. The Company also holds certain financial instruments that are not carried at fair value on the condensed consolidated balance sheets, including held-to-maturity securities. Held-to-maturity securities consist primarily of state and municipal bonds. The fair values of these debt securities are based on quoted market prices and yields for the same or similar securities, which the Company determined to be Level 2 inputs. As of April 30, 2022, the fair value of held-to-maturity securities was $12,868 compared to the carrying amount of $12,895. As of January 29, 2022, the fair value of held-to-maturity securities was $12,923 compared to the carrying amount of $12,926. The carrying values of receivables, accounts payable, accrued expenses, and other current liabilities approximates fair value because of their short-term nature. From time to time, the Company measures certain assets at fair value on a non-recurring basis, specifically long-lived assets evaluated for impairment. These are typically store specific assets, which are reviewed for impairment when circumstances indicate impairment may exist due to the questionable recoverability of the carrying values of long-lived assets. If expected future cash flows related to a store’s assets are less than their carrying value, an impairment loss would be recognized for the difference between the carrying value and the estimated fair value of the store's assets. The fair value of the store's assets is estimated utilizing an income-based approach based on the expected cash flows over the remaining life of the store's lease. The amount of impairment related to long-lived assets was immaterial for all periods presented.

Leases

Leases	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Leases	Leases The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property. The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements. Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended April 30, May 1, Operating lease cost $ 23,275 $ 23,697 Variable lease cost (a) 6,274 4,464 Total lease cost $ 29,549 $ 28,161 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months. Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended April 30, May 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,206 $ 24,865 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 13,916 $ 27,091 The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of April 30, 2022, the weighted-average remaining lease term was 4.5 years and the weighted-average discount rate was 3.8%. The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of April 30, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 73,457 2023 79,097 2024 56,032 2025 34,625 2026 23,856 Thereafter 34,973 Total lease payments 302,040 Less: Imputed interest 25,883 Total operating lease liability $ 276,157

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Apr. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The Company had non-cash investing activities during the thirteen week periods ended April 30, 2022 and May 1, 2021 of ($187) and $9, respectively. The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the period. The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $1,543 and $1,356 as of April 30, 2022 and January 29, 2022, respectively. Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the condensed consolidated statement of cash flows in the period they are paid. Additional cash flow information for the Company includes cash paid for income taxes during the thirteen week periods ended April 30, 2022 and May 1, 2021 of $536 and $230, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has several stock option plans which allow for granting of stock options to employees, executives, and directors. The Company has not granted any stock options since fiscal 2008 and there are currently no stock options outstanding. The Company also has a restricted stock plan that allows for the granting of non-vested shares of common stock to employees and executives and a restricted stock plan that allows for the granting of non-vested shares of common stock to non-employee directors. As of April 30, 2022, 644,683 shares were available for grant under the Company’s various restricted stock plans, of which 581,122 shares were available for grant to executive officers. Compensation expense was recognized during fiscal 2022 and fiscal 2021 for equity-based grants, based on the grant date fair value of the awards. The fair value of grants of non-vested common stock awards is the stock price on the date of grant. Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended April 30, May 1, Stock-based compensation expense, before tax $ 2,948 $ 2,630 Stock-based compensation expense, after tax $ 2,226 $ 1,986 Non-vested shares of common stock granted during the thirteen week periods ended April 30, 2022 and May 1, 2021 were granted pursuant to the Company’s 2005 Restricted Stock Plan and the Company’s 2008 Director Restricted Stock Plan. Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year. Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets. Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirteen week period ended April 30, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (100) 39.32 Vested (75,458) 36.95 Non-Vested - end of quarter 881,204 $ 33.59

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsThe Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on the Company's consolidated financial statements, based on current information.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Apr. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended January 29, 2022, included in The Buckle, Inc.'s 2021 Form 10-K. The condensed consolidated balance sheet as of January 29, 2022 is derived from audited financial statements. For purposes of this report, unless the context otherwise requires, all references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc. and its subsidiary. The Company follows generally accepted accounting principles (“GAAP”) established by the Financial Accounting Standards Board (“FASB”). References to GAAP in these notes are to the FASB Accounting Standards Codification

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Apr. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Product Information	The following is information regarding the Company’s major product lines, stated as a percentage of the Company’s net sales: Thirteen Weeks Ended Merchandise Group April 30, May 1, Denims 40.0 % 42.2 % Tops (including sweaters) 27.8 26.1 Footwear 11.9 11.0 Accessories 8.9 8.5 Sportswear/Fashions 7.3 8.9 Outerwear 0.8 0.8 Casual bottoms 1.0 0.7 Youth 2.3 1.8 Total 100.0 % 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic earnings per share data are based on the weighted average outstanding common shares during the period. Diluted earnings per share data are based on the weighted average outstanding common shares and the effect of all dilutive potential common shares. Thirteen Weeks Ended Thirteen Weeks Ended April 30, 2022 May 1, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 55,254 49,214 $ 1.12 $ 57,269 48,946 $ 1.17 Effect of Dilutive Securities: Non-vested shares — 314 — — 363 (0.01) Diluted EPS $ 55,254 49,528 $ 1.12 $ 57,269 49,309 $ 1.16 (a) Shares in thousands.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Apr. 30, 2022
Schedule of Investments [Abstract]
Schedule of investments, cost and fair value	The following is a summary of investments as of April 30, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,895 $ — $ (27) $ — $ 12,868 Trading Securities: Mutual funds $ 19,585 $ 551 $ — $ — $ 20,136 The following is a summary of investments as of January 29, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 12,926 $ 1 $ (4) $ — $ 12,923 Trading Securities: Mutual funds $ 17,932 $ 1,420 $ — $ — $ 19,352
Schedule of amortized cost and fair value of debt securities by contractual maturity	The amortized cost and fair value of debt securities by contractual maturity as of April 30, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 12,895 $ 12,868 1 - 5 years — — Total $ 12,895 $ 12,868

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2022
Fair Value Disclosures [Abstract]
Financial assets measured at fair value on a recurring basis	The Company’s financial assets measured at fair value on a recurring basis are as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant April 30, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 20,136 $ — $ — $ 20,136 Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Significant January 29, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 19,352 $ — $ — $ 19,352

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 30, 2022
Leases [Abstract]
Components of total lease cost	Lease expense is included in cost of sales in the condensed consolidated statements of income. The components of total lease cost are as follows: Thirteen Weeks Ended April 30, May 1, Operating lease cost $ 23,275 $ 23,697 Variable lease cost (a) 6,274 4,464 Total lease cost $ 29,549 $ 28,161 (a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases with periods of less than twelve months.
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases is as follows: Thirteen Weeks Ended April 30, May 1, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,206 $ 24,865 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 13,916 $ 27,091
Undiscounted future lease payment liabilities	The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of April 30, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 73,457 2023 79,097 2024 56,032 2025 34,625 2026 23,856 Thereafter 34,973 Total lease payments 302,040 Less: Imputed interest 25,883 Total operating lease liability $ 276,157

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Apr. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	Information regarding the impact of compensation expense related to grants of non-vested shares of common stock is as follows: Thirteen Weeks Ended April 30, May 1, Stock-based compensation expense, before tax $ 2,948 $ 2,630 Stock-based compensation expense, after tax $ 2,226 $ 1,986
Summary of stock-based compensation activity related to grants of non-vested shares of common stock	A summary of the Company’s stock-based compensation activity related to grants of non-vested shares of common stock for the thirteen week period ended April 30, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (100) 39.32 Vested (75,458) 36.95 Non-Vested - end of quarter 881,204 $ 33.59

Revenues (Narrative) (Details)

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

Revenues (Information Regarding

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

Earnings Per Share (Details)

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

Investments (Schedule of Invest

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

Investments (Held-To-Maturity S

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

Fair Value Measurements (Recurr

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

Fair Value Measurements (Narrat

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

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Apr. 30, 2022
Lessee, Lease, Description [Line Items]
Store lease, typical initial term	10 years
Operating lease, weighted average remaining lease term	4 years 6 months
Operating lease, weighted average discount rate	3.80%
Minimum [Member]
Lessee, Lease, Description [Line Items]
Store lease, typical renewal term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Store lease, typical renewal term	5 years

Leases (Components of total lea

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

Leases (Supplemental cash flow

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

Leases (Undiscounted future lea

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

Supplemental Cash Flow Inform_2

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

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2022	May 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	644,683
Unrecognized compensation expense	$ 18,477
Expected weighted average period of unrecognized compensation expense recognition (years)	2 years 2 months 12 days
Total fair value of shares vested	$ 2,810	$ 3,091
Director Restricted Stock Plan 2008 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	Shares granted under the 2008 Director Plan vest 25% on the date of grant and then in equal portions on each of the first three anniversaries of the date of grant.
Vesting period (years)	3 years
Percentage of shares vesting annually (percent)	25.00%
Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	581,122
Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	Shares granted under the 2005 Plan are typically "performance based" and vest over a period of four years, only upon certification by the Compensation Committee of the Board of Directors that the Company has achieved its pre-established performance targets for the fiscal year.
Vesting period (years)	4 years
Non-Performance Based Grant [Member] | Restricted Stock Plan 2005 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested description	Certain shares granted under the 2005 Plan, however, are "non-performance based" and vest over a period of four years without being subject to the achievement of performance targets.
Vesting period (years)	4 years

Stock-Based Compensation (Compe

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

Stock-Based Compensation (Non-v

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