The Buckle, Inc. (BKE) 10-Q 8 Sep 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 30, 2022	Sep. 02, 2022
Document Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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		50,094,751
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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	Jul. 30, 2022	Jan. 29, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 266,731	$ 253,970
Short-term investments	17,387	12,926
Receivables	13,015	12,087
Inventory	128,498	102,095
Prepaid expenses and other assets	9,445	10,128
Total current assets	435,076	391,206
PROPERTY AND EQUIPMENT	460,362	453,228
Less accumulated depreciation and amortization	(353,929)	(352,724)
PROPERTY AND EQUIPMENT, Net	106,433	100,504
OPERATING LEASE RIGHT-OF-USE ASSETS	234,634	258,914
LONG-TERM INVESTMENTS	20,640	19,352
OTHER ASSETS	12,281	10,908
Total assets	809,064	780,884
CURRENT LIABILITIES:
Accounts payable	63,036	59,950
Accrued employee compensation	29,509	62,055
Accrued store operating expenses	30,497	20,264
Gift certificates redeemable	12,411	16,470
Current portion of operating lease liabilities	80,827	88,273
Income taxes payable	0	1,529
Total current liabilities	216,280	248,541
DEFERRED COMPENSATION	20,163	19,352
NON-CURRENT OPERATING LEASE LIABILITIES	183,643	200,067
Total liabilities	420,086	467,960
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $0.01 par value; 50,094,751 and 49,728,651 shares issued and outstanding at July 30, 2022 and January 29, 2022 respectively	501	497
Additional paid-in capital	173,046	167,328
Retained earnings	215,431	145,099
Total stockholders’ equity	388,978	312,924
Total liabilities and stockholders' equity	$ 809,064	$ 780,884

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jul. 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)	50,094,751	49,728,651
Common stock, shares outstanding (shares)	50,094,751	49,728,651

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income Statement [Abstract]
SALES, Net of returns and allowances	$ 301,976	$ 295,120	$ 611,040	$ 594,245
COST OF SALES (Including buying, distribution, and occupancy costs)	156,607	153,101	313,511	304,673
Gross profit	145,369	142,019	297,529	289,572
OPERATING EXPENSES:
Selling	67,982	63,056	135,228	123,056
General and administrative	11,674	11,081	23,529	22,832
Total selling, general and administrative expenses	79,656	74,137	158,757	145,888
INCOME FROM OPERATIONS	65,713	67,882	138,772	143,684
OTHER INCOME, Net	703	222	828	273
INCOME BEFORE INCOME TAXES	66,416	68,104	139,600	143,957
INCOME TAX EXPENSE	16,272	16,685	34,202	35,269
NET INCOME	$ 50,144	$ 51,419	$ 105,398	$ 108,688
EARNINGS PER SHARE:
Basic (dollars per share)	$ 1.02	$ 1.05	$ 2.14	$ 2.22
Diluted (dollars per share)	$ 1.01	$ 1.04	$ 2.13	$ 2.20
Basic weighted average shares	49,214	48,946	49,214	48,946
Diluted weighted average shares	49,535	49,341	49,531	49,325

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	108,688			108,688
Dividends paid on common stock	(32,859)			(32,859)
Issuance of non-vested stock, net of forfeitures (shares)		375,650
Issuance of non-vested stock, net of forfeitures		$ 4	(4)
Amortization of non-vested stock grants, net of forfeitures	5,094		5,094
BALANCE (shares) at Jul. 31, 2021		49,783,381
BALANCE at Jul. 31, 2021	477,552	$ 498	163,148	313,906
BALANCE (shares) at May. 01, 2021		49,788,891
BALANCE at May. 01, 2021	440,098	$ 498	160,684	278,916
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME	51,419			51,419
Dividends paid on common stock	(16,429)			(16,429)
Issuance of non-vested stock, net of forfeitures (shares)		(5,510)
Issuance of non-vested stock, net of forfeitures		$ 0	0
Amortization of non-vested stock grants, net of forfeitures	2,464		2,464
BALANCE (shares) at Jul. 31, 2021		49,783,381
BALANCE at Jul. 31, 2021	477,552	$ 498	163,148	313,906
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	105,398			105,398
Dividends paid on common stock	(35,066)			(35,066)
Issuance of non-vested stock, net of forfeitures (shares)		366,100
Issuance of non-vested stock, net of forfeitures		$ 4	(4)
Amortization of non-vested stock grants, net of forfeitures	5,722		5,722
BALANCE (shares) at Jul. 30, 2022		50,094,751
BALANCE at Jul. 30, 2022	388,978	$ 501	173,046	215,431
BALANCE (shares) at Apr. 30, 2022		50,094,851
BALANCE at Apr. 30, 2022	353,593	$ 501	170,272	182,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NET INCOME	50,144			50,144
Dividends paid on common stock	(17,533)			(17,533)
Issuance of non-vested stock, net of forfeitures (shares)		(100)
Issuance of non-vested stock, net of forfeitures		$ 0	0
Amortization of non-vested stock grants, net of forfeitures	2,774		2,774
BALANCE (shares) at Jul. 30, 2022		50,094,751
BALANCE at Jul. 30, 2022	$ 388,978	$ 501	$ 173,046	$ 215,431

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock, per share	$ 0.35	$ 0.33	$ 0.70	$ 0.66

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 105,398	$ 108,688
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	9,181	9,700
Amortization of non-vested stock grants, net of forfeitures	5,722	5,094
Deferred income taxes	(1,373)	(1,223)
Other	274	229
Changes in operating assets and liabilities:
Receivables	1,638	286
Inventory	(26,403)	5,787
Prepaid expenses and other assets	683	(9,104)
Accounts payable	2,622	24,424
Accrued employee compensation	(32,546)	(1,987)
Accrued store operating expenses	10,260	11,005
Gift certificates redeemable	(4,059)	(2,845)
Income taxes payable	(4,095)	(14,881)
Other assets and liabilities	2,190	1,294
Net cash flows from operating activities	69,492	136,467
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(14,920)	(9,212)
Purchases of investments	(17,670)	(10,700)
Proceeds from sales/maturities of investments	10,925	4,229
Net cash flows from investing activities	(21,665)	(15,683)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of dividends	(35,066)	(32,859)
Net cash flows from financing activities	(35,066)	(32,859)
NET INCREASE IN CASH AND CASH EQUIVALENTS	12,761	87,925
CASH AND CASH EQUIVALENTS, Beginning of period	253,970	318,789
CASH AND CASH EQUIVALENTS, End of period	$ 266,731	$ 406,714

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 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	6 Months Ended
	Jul. 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 441 stores located in 42 states throughout the United States as of July 30, 2022 and 442 stores in 42 states as of July 31, 2021. During the twenty-six week period ended July 30, 2022, the Company opened 2 new stores, substantially remodeled 13 stores, and closed 1 store, which includes 2 new stores, 7 substantially remodeled stores, and no closed stores for the second quarter. During the twenty-six week period ended July 31, 2021, the Company opened 1 new store, substantially remodeled 7 stores, and closed 2 stores, which includes 1 new store, 2 substantially remodeled stores, and 1 closed store for the second quarter. For the thirteen week periods ended July 30, 2022 and July 31, 2021, online revenues accounted for 15.3% and 14.7%, respectively, of the Company's net sales. For the twenty-six week periods ended July 30, 2022 and July 31, 2021, online revenues accounted for 16.5% and 16.4%, respectively. 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 Twenty-Six Weeks Ended Merchandise Group July 30, July 31, July 30, July 31, Denims 31.9 % 33.6 % 36.0 % 37.9 % Tops (including sweaters) 30.6 30.9 29.2 28.5 Sportswear/Fashions 13.9 13.8 10.6 11.3 Footwear 8.3 8.0 10.2 9.5 Accessories 11.0 10.3 9.9 9.4 Casual bottoms 0.9 0.8 0.9 0.8 Outerwear 0.3 0.3 0.5 0.5 Youth 3.1 2.3 2.7 2.1 Total 100.0 % 100.0 % 100.0 % 100.0 % Effective July 1, 2022, the Company entered into a new five year agreement (the "Agreement") with Bread Financial and Comenity Bank (collectively the "Bank"), to provide guests with private label credit cards ("PLCC"). Each PLCC bears the Buckle brand logo and can only be used at the Company's retail locations and eCommerce platform. The Bank is the sole owner of the accounts issued under the PLCC program and bears full risk associated with guest non-payment.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 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 July 30, 2022 July 31, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 50,144 49,214 $ 1.02 $ 51,419 48,946 $ 1.05 Effect of Dilutive Securities: Non-vested shares — 321 (0.01) — 395 (0.01) Diluted EPS $ 50,144 49,535 $ 1.01 $ 51,419 49,341 $ 1.04 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 105,398 49,214 $ 2.14 $ 108,688 48,946 $ 2.22 Effect of Dilutive Securities: Non-vested shares — 317 (0.01) — 379 (0.02) Diluted EPS $ 105,398 49,531 $ 2.13 $ 108,688 49,325 $ 2.20 (a) Shares in thousands.

Investments

Investments	6 Months Ended
	Jul. 30, 2022
Schedule of Investments [Abstract]
Investments	Investments The following is a summary of investments as of July 30, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 17,864 $ 13 $ (6) $ — $ 17,871 Trading Securities: Mutual funds $ 19,740 $ 423 $ — $ — $ 20,163 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 July 30, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 17,387 $ 17,394 1 - 5 years 477 477 Total $ 17,864 $ 17,871

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 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 July 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 July 30, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 20,163 $ — $ — $ 20,163 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 July 30, 2022, the fair value of held-to-maturity securities was $17,871 compared to the carrying amount of $17,864. As of January 29, 2022, the fair value of held-to-maturity securities was $12,923 compared to the carrying amount of $12,926.

Leases

Leases	6 Months Ended
	Jul. 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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Operating lease cost $ 23,363 $ 23,630 $ 46,638 $ 47,327 Variable lease cost (a) 4,687 4,544 10,961 9,008 Total lease cost $ 28,050 $ 28,174 $ 57,599 $ 56,335 (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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,225 $ 24,359 $ 48,431 $ 49,224 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 13,341 $ 9,651 $ 27,257 $ 36,742 The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of July 30, 2022, the weighted-average remaining lease term was 4.6 years and the weighted-average discount rate was 3.9%. 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 July 30, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 49,165 2023 80,516 2024 57,679 2025 36,189 2026 25,442 Thereafter 42,344 Total lease payments 291,335 Less: Imputed interest 26,865 Total operating lease liability $ 264,470

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jul. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The Company had non-cash investing activities during the twenty-six week periods ended July 30, 2022 and July 31, 2021 of ($464) and $11, 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 $1,820 and $1,356 as of July 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 twenty-six week periods ended July 30, 2022 and July 31, 2021 of $39,670 and $51,373, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 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 July 30, 2022, 644,783 shares were available for grant under the Company’s various restricted stock plans, of which 581,222 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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Stock-based compensation expense, before tax $ 2,774 $ 2,464 $ 5,722 $ 5,094 Stock-based compensation expense, after tax $ 2,094 $ 1,860 $ 4,320 $ 3,846 Non-vested shares of common stock granted during the twenty-six week periods ended July 30, 2022 and July 31, 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 twenty-six week period ended July 30, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (200) 37.92 Vested (75,458) 36.95 Non-Vested - end of quarter 881,104 $ 33.59

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jul. 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)	6 Months Ended
	Jul. 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)	6 Months Ended
	Jul. 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 Twenty-Six Weeks Ended Merchandise Group July 30, July 31, July 30, July 31, Denims 31.9 % 33.6 % 36.0 % 37.9 % Tops (including sweaters) 30.6 30.9 29.2 28.5 Sportswear/Fashions 13.9 13.8 10.6 11.3 Footwear 8.3 8.0 10.2 9.5 Accessories 11.0 10.3 9.9 9.4 Casual bottoms 0.9 0.8 0.9 0.8 Outerwear 0.3 0.3 0.5 0.5 Youth 3.1 2.3 2.7 2.1 Total 100.0 % 100.0 % 100.0 % 100.0 %

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 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 July 30, 2022 July 31, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 50,144 49,214 $ 1.02 $ 51,419 48,946 $ 1.05 Effect of Dilutive Securities: Non-vested shares — 321 (0.01) — 395 (0.01) Diluted EPS $ 50,144 49,535 $ 1.01 $ 51,419 49,341 $ 1.04 Twenty-Six Weeks Ended Twenty-Six Weeks Ended July 30, 2022 July 31, 2021 Net Income Weighted Per Share Net Income Weighted Per Share Basic EPS $ 105,398 49,214 $ 2.14 $ 108,688 48,946 $ 2.22 Effect of Dilutive Securities: Non-vested shares — 317 (0.01) — 379 (0.02) Diluted EPS $ 105,398 49,531 $ 2.13 $ 108,688 49,325 $ 2.20 (a) Shares in thousands.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jul. 30, 2022
Schedule of Investments [Abstract]
Schedule of investments, cost and fair value	The following is a summary of investments as of July 30, 2022: Amortized Gross Gross Other-than- Estimated Held-to-Maturity Securities: State and municipal bonds $ 17,864 $ 13 $ (6) $ — $ 17,871 Trading Securities: Mutual funds $ 19,740 $ 423 $ — $ — $ 20,163 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 July 30, 2022 is as follows: Amortized Fair Held-to-Maturity Securities Less than 1 year $ 17,387 $ 17,394 1 - 5 years 477 477 Total $ 17,864 $ 17,871

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 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 July 30, 2022 (Level 1) (Level 2) (Level 3) Total Trading securities (including mutual funds) $ 20,163 $ — $ — $ 20,163 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)	6 Months Ended
	Jul. 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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Operating lease cost $ 23,363 $ 23,630 $ 46,638 $ 47,327 Variable lease cost (a) 4,687 4,544 10,961 9,008 Total lease cost $ 28,050 $ 28,174 $ 57,599 $ 56,335 (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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 24,225 $ 24,359 $ 48,431 $ 49,224 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 13,341 $ 9,651 $ 27,257 $ 36,742
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 July 30, 2022: Fiscal Year Operating Leases (a) 2022 (remaining) $ 49,165 2023 80,516 2024 57,679 2025 36,189 2026 25,442 Thereafter 42,344 Total lease payments 291,335 Less: Imputed interest 26,865 Total operating lease liability $ 264,470

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 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 Twenty-Six Weeks Ended July 30, July 31, July 30, July 31, Stock-based compensation expense, before tax $ 2,774 $ 2,464 $ 5,722 $ 5,094 Stock-based compensation expense, after tax $ 2,094 $ 1,860 $ 4,320 $ 3,846
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 twenty-six week period ended July 30, 2022 is as follows: Shares Weighted Average Non-Vested - beginning of year 590,462 $ 32.20 Granted 366,300 36.52 Forfeited (200) 37.92 Vested (75,458) 36.95 Non-Vested - end of quarter 881,104 $ 33.59

Revenues (Narrative) (Details)

Revenues (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jul. 30, 2022 store state	Jul. 31, 2021 store state	Jul. 30, 2022 store state segment	Jul. 31, 2021 store state
Product Information [Line Items]
Number of stores (store)	441	442	441	442
Number of reportable segments (segment) | segment			1
Number of states in which stores are located (state) | state	42	42	42	42
New stores opened during the period (store)	2	1	2	1
Stores substantially remodeled during the period (store)	7	2	13	7
Stores closed during the period (store)	0	1	1	2
Revenue [Member] | Risk [Member] | Online revenues [Member]
Product Information [Line Items]
Revenue segment greater than 10 percent	15.30%	14.70%	16.50%	16.40%

Revenues (Information Regarding

Revenues (Information Regarding Major Product Lines) (Details)	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Product Information [Line Items]
Percentage of net sales	100%	100%	100%	100%
Denims [Member]
Product Information [Line Items]
Percentage of net sales	31.90%	33.60%	36%	37.90%
Tops (including sweaters) [Member]
Product Information [Line Items]
Percentage of net sales	30.60%	30.90%	29.20%	28.50%
Sportswear / Fashions [Member]
Product Information [Line Items]
Percentage of net sales	13.90%	13.80%	10.60%	11.30%
Footwear [Member]
Product Information [Line Items]
Percentage of net sales	8.30%	8%	10.20%	9.50%
Accessories [Member]
Product Information [Line Items]
Percentage of net sales	11%	10.30%	9.90%	9.40%
Casual Bottoms [Member]
Product Information [Line Items]
Percentage of net sales	0.90%	0.80%	0.90%	0.80%
Outerwear [Member]
Product Information [Line Items]
Percentage of net sales	0.30%	0.30%	0.50%	0.50%
Youth [Member]
Product Information [Line Items]
Percentage of net sales	3.10%	2.30%	2.70%	2.10%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Income
Basic EPS, Income	$ 50,144	$ 51,419	$ 105,398	$ 108,688
Effect of dilutive non-vested shares, Income	0	0	0	0
Diluted EPS, Income	$ 50,144	$ 51,419	$ 105,398	$ 108,688
Weighted Average Shares
Basic EPS, Weighted Average Shares (shares)	49,214	48,946	49,214	48,946
Effect of dilutive non-vested shares, Weighted Average Shares (shares)	321	395	317	379
Diluted EPS, Weighted Average Shares (shares)	49,535	49,341	49,531	49,325
Per Share Amount
Basic EPS, Per Share Amount (dollars per share)	$ 1.02	$ 1.05	$ 2.14	$ 2.22
Effect of dilutive non-vested shares, Per Share Amount (dollars per share)	(0.01)	(0.01)	(0.01)	(0.02)
Diluted EPS, Per Share Amount (dollars per share)	$ 1.01	$ 1.04	$ 2.13	$ 2.20

Investments (Schedule of Invest

Investments (Schedule of Investments) (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	$ 17,864	$ 12,926
Held-to-Maturity Securities, Estimated Fair Value	17,871	12,923
State and municipal bonds [Member]
Held-to-maturity Securities [Abstract]
Held-to-Maturity Securities, Amortized Cost or Par Value	17,864	12,926
Held-to-Maturity Securities, Gross Unrealized Gains	13	1
Held-to-Maturity Securities, Gross Unrealized Losses	(6)	(4)
Held-to-Maturity Securities, Other-than-Temporary Impairment	0	0
Held-to-Maturity Securities, Estimated Fair Value	17,871	12,923
Mutual funds [Member]
Trading Securities [Abstract]
Trading Securities, Amortized Cost or Par Value	19,740	17,932
Trading Securities, Gross Unrealized Gains	423	1,420
Trading Securities, Gross Unrealized Losses	0	0
Trading Securities, Other-than-Temporary Impairment	0	0
Trading Securities, Estimated Fair Value	$ 20,163	$ 19,352

Investments (Held-To-Maturity S

Investments (Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022
Contractual maturities of held-to-maturity securities, at amortized cost:
Less than 1 year, Amortized Cost	$ 17,387
1 - 5 years, Amortized Cost	477
Held-to-Maturity Securities, Amortized Cost	17,864
Contractual maturities of held-to-maturity securities, at fair values:
Less than 1 year, Fair Value	17,394
1 - 5 years, Fair Value	477
Held-to-Maturity Securities, Estimated Fair Value	$ 17,871	$ 12,923

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022
Long-term investment, held-to-maturity securities	$ 477	$ 0

Fair Value Measurements (Recurr

Fair Value Measurements (Recurring Basis) (Details) - Mutual funds [Member] - USD ($) $ in Thousands	Jul. 30, 2022	Jan. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities (including mutual funds)	$ 20,163	$ 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)	20,163	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)	20,163	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	Jul. 30, 2022	Jan. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Held-to-maturity securities, fair value	$ 17,871	$ 12,923
Held-to-maturity securities, carrying value	$ 17,864	$ 12,926

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Jul. 30, 2022
Lessee, Lease, Description [Line Items]
Store lease, typical initial term	10 years
Operating lease, weighted average remaining lease term	4 years 7 months 6 days
Operating lease, weighted average discount rate	3.90%
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		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Leases [Abstract]
Operating lease cost	$ 23,363	$ 23,630	$ 46,638	$ 47,327
Variable lease cost	4,687	4,544	10,961	9,008
Total lease cost	$ 28,050	$ 28,174	$ 57,599	$ 56,335

Leases (Supplemental cash flow

Leases (Supplemental cash flow information related to leases) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 24,225	$ 24,359	$ 48,431	$ 49,224
Right-of-use assets obtained in exchange for operating lease liability	$ 13,341	$ 9,651	$ 27,257	$ 36,742

Leases (Undiscounted future lea

Leases (Undiscounted future lease payment liabilities) (Details) $ in Thousands	Jul. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Payments due remainder of fiscal year	$ 49,165
Payments due year one	80,516
Payments due year two	57,679
Payments due year three	36,189
Payments due year four	25,442
Payments due after year four	42,344
Total lease payments	291,335
Less: Imputed interest	26,865
Total operating lease liability	264,470
Total lease payments, leases signed not commenced	$ 23,593

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jan. 29, 2022
Supplemental Cash Flow Elements [Abstract]
Non-cash investing activities - change in unpaid purchases of property, plant and equipment	$ (464)	$ 11
Current liability for unpaid purchases of property, plant and equipment	1,820		$ 1,356
Cash paid for income taxes	$ 39,670	$ 51,373

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ in Thousands	6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	644,783
Unrecognized compensation expense	$ 15,702
Expected weighted average period of unrecognized compensation expense recognition (years)	2 years 1 month 6 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%
Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (shares)	581,222
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		6 Months Ended
	Jul. 30, 2022	Jul. 31, 2021	Jul. 30, 2022	Jul. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, before tax	$ 2,774	$ 2,464	$ 5,722	$ 5,094
Stock-based compensation expense, after tax	$ 2,094	$ 1,860	$ 4,320	$ 3,846

Stock-Based Compensation (Non-v

Stock-Based Compensation (Non-vested Shares) (Details) - Restricted Stock [Member]	6 Months Ended
	Jul. 30, 2022 $ / shares shares
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	(200)
Vested (shares) | shares	(75,458)
Non-Vested - end of quarter (shares) | shares	881,104
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	37.92
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