20 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
2021 Fiscal Year 2021 to 2022 Fiscal Year 2020 to 2021
13 unchanged sentences
Fiscal 2022 Compared to Fiscal 2021
−Removed: Results for the 52-week fiscal year ended January 30, 2021 were significantly impacted by the Company's closure of all brick and mortar stores due to the COVID-19 pandemic beginning March 18, 2020.
−Removed: Net sales for the 52-week fiscal year ended January 29, 2022, increased 43.6% to $1.295 billion from net sales of $901.3 million for the 52-week fiscal year ended January 30, 2021.
+Added: Net sales for the 52-week fiscal year ended January 28, 2023, increased 3.9% to $1.345 billion from net sales of $1.295 billion for the 52-week fiscal year ended January 29, 2022.
Comparable store net sales for the 52-week fiscal year increased 3.3% from comparable store net sales for the prior year 52-week period ended January 29, 2022.
−Removed: Total sales growth for the year was the result of a 43.5% increase in the number of transactions and a 2.0% increase in the average unit retail, partially offset by a 1.9% decrease in the average number of units sold per transaction.
+Added: Total sales growth for the year was the result of a 4.6% increase in the average unit retail and a 0.1% increase in the number of transactions, partially offset by a a 0.8% decrease in the average number of units sold per transaction.
Online sales for the fiscal year increased 4.3% to $230.4 million for the 52-week fiscal year ended January 28, 2023 compared to $220.8 million for the 52-week fiscal year ended January 29, 2022.
−Removed: Average sales per square foot for fiscal 2021 increased 50.6% from $311 to $468.
−Removed: Total square footage as of January 29, 2022 was 2.292 million compared to 2.301 million as of January 30, 2021.
The Company’s average retail price per piece of merchandise sold increased $2.13, or 4.6%, during fiscal 2022 compared to fiscal 2021.
This $2.13 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece):
−Removed: a 3.9% increase in average knit shirt price points ($0.40), a 9.0% increase in average accessory price points ($0.36), an increase in average price points for certain other merchandise categories ($0.20), and a shift in the merchandise mix ($0.30);
−Removed: which were partially offset by a 1.8% decrease in average denim price points (-$0.33).
+Added: a 5.2% increase in average denim price points ($0.95), a 3.0% increase in average knit shirt price points ($0.32), a 5.9% increase in average accessory price points ($0.27), a 6.9% increase in average woven shirt price points ($0.18), a 7.3% increase in average sportswear price points ($0.16), and an increase in average price points for certain other merchandise categories ($0.43);
+Added: which were partially offset by a shift in the merchandise mix (-$0.18).
These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.
1 unchanged sentence
As a percentage of net sales, gross profit was 50.3% in fiscal 2022 compared to 50.4% in fiscal 2021.
−Removed: The gross margin increase was the result of leveraged occupancy, buying, and distribution expenses (5.05%, as a percentage of net sales) and an improvement in merchandise margins (0.85%, as a percentage of net sales).
+Added: The gross margin decrease was the result of a decline in merchandise margins (0.45%, as a percentage of net sales), partially offset by leveraged occupancy, buying, and distribution expenses (0.35%, as a percentage of net sales).
Merchandise shrinkage was 0.4% of net sales for fiscal 2022 compared to 0.3% of net sales for fiscal 2021.
Selling expenses increased from $266.4 million in fiscal 2021 to $293.9 million in fiscal 2022.
−Removed: As a percentage of net sales, selling expenses decreased from 21.2% in fiscal 2020 to 20.6% in fiscal 2021.
+Added: As a percentage of net sales, selling expenses increased from 20.6% in fiscal 2021 to 21.9% in fiscal 2022.
General and administrative expenses increased from $51.1 million in fiscal 2021 to $54.0 million in fiscal 2022.
−Removed: As a percentage of net sales, general and administrative expenses decreased from 4.6% in fiscal 2020 to 3.9% in fiscal 2021.
+Added: As a percentage of net sales, general and administrative expenses increased from 3.9% in fiscal 2021 to 4.0% in fiscal 2022.
In total, selling, general, and administrative expenses were 25.9% of net sales for fiscal 2022 compared to 24.5% of net sales for fiscal 2021.
−Removed: The decrease was the result of a decrease in store labor-related expenses (1.15%, as a percentage of net sales) and sales leverage across several other expense categories (1.30%, as a percentage of net sales), which were partially offset by an increase in expense related to incentive compensation accruals (1.15%, as a percentage of net sales).
−Removed: As a result of the above changes, the Company’s income from operations increased from $168.0 million for fiscal 2020 to $335.5 million for fiscal 2021.
+Added: The increase was the result of increases in store labor-related expenses (1.00%, as a percentage of net sales) and certain other expense categories (0.80%, as a percentage of net sales), which were partially offset by a decrease in expense related to incentive compensation accruals (0.40%, as a percentage of net sales).
+Added: As a result of the above changes, the Company’s income from operations decreased from $335.5 million for fiscal 2021 to $328.1 million for fiscal 2022.
Income from operations was 24.4% as a percentage of net sales in fiscal 2022 compared to 25.9% as a percentage of net sales in fiscal 2021.
10 unchanged sentences
Changes in operating cash flow between each of the three years is primarily a function of changes in net income, along with changes in inventory and accounts payable based on the timing and amount of merchandise purchased in each respective period.
−Removed: Operating cash flow is also impacted by the timing of certain other payments, including rent and income taxes.
−Removed: The Company's growth in operating cash flow for fiscal 2021 compared to both fiscal 2020 and fiscal 2019 is attributable to the strong increase in both net sales and net income for the year.
+Added: Operating cash flow is also impacted by the timing of certain other payments, including rent, income taxes, and annual incentive bonuses.
+Added: The reduction in operating cash flow for fiscal 2022 compared to fiscal 2021 is primarily attributable to changes in inventory and accounts payable as the Company built its inventory back to more normalized levels, as well as the payment of incentive bonuses in the first quarter of fiscal 2022 based on the Company's strong financial results in fiscal 2021.
+Added: These factors also had a significant impact on operating cash flow compared to fiscal 2020, but were offset by strong increases in both net sales and net income for both fiscal 2022 and fiscal 2021 compared to fiscal 2020.
During fiscal 2022, 2021, and 2020, the Company invested $29.5 million, $18.3 million, and $5.5 million, respectively, in new store construction, store renovation, and store technology upgrades.
14 unchanged sentences
Dividend payments - During fiscal 2022, the Company paid total cash dividends of $202.9 million as follows:
+Added: $0.35 per share in each of the four quarters and a special cash dividend of $2.65 per share in the fourth quarter.
+Added: During fiscal 2021, the Company's paid cash dividends of $347.8 million as follows:
$0.33 per share in each of the first three quarters, $0.35 per share in the fourth quarter, and a special cash dividend of $5.65 per share in the fourth quarter.
2 unchanged sentences
$0.30 per share in both the third and fourth quarters and also a special cash dividend of $2.00 per share in the fourth quarter.
−Removed: During fiscal 2019, the Company paid total cash dividends of $112.9 million as follows:
−Removed: $0.25 per share in each of the first three quarters, $0.30 per share in the fourth quarter, and a special cash dividend of $1.25 per share in the fourth quarter.
−Removed: Stock repurchase plan - The Company did not repurchase any shares of its common stock during fiscal 2021.
−Removed: During fiscal 2020, the Company repurchased 25,000 shares of its common stock at an average price of $14.83 per share.
+Added: Stock repurchase plan - The Company did not repurchase any shares of its common stock during fiscal 2022 or fiscal 2021.
During fiscal 2020, the Company repurchased 25,000 shares of its common stock at an average price of $14.83 per share.
22 unchanged sentences
Customer returns could potentially exceed the historical average, thus reducing future net sales results and potentially reducing future net earnings.
−Removed: The accrued liability for reserve for sales returns was $3.0 million as of January 29, 2022 and $2.6 million as of January 30, 2021.
+Added: The accrued liability for reserve for sales returns was $3.0 million as of both January 28, 2023 and January 29, 2022.
The Company's Buckle Rewards program allows participating guests to earn points for every qualifying purchase, which (after achievement of certain point thresholds) are redeemable as a discount off a future purchase.
+Added: In addition, through partnership with Bread Financial and Comenity Bank (collectively the "Bank"), the Company offers a private label credit card ("PLCC") program.
+Added: Buckle Rewards members with a PLCC earn additional points under the Buckle Rewards program for every qualifying purchase on their PLCC card.
Reported revenue is net of both current period reward redemptions and accruals for estimated future rewards earned under the Buckle Rewards program.
1 unchanged sentence
As of January 28, 2023 and January 29, 2022, $10.1 million and $10.6 million was included in "accrued store operating expenses" as a liability for estimated future rewards.
−Removed: Through partnership with Comenity Bank, the Company offers a private label credit card ("PLCC").
−Removed: Prior to October 2020, Customers with a PLCC were enrolled in our B-Rewards incentive program and earned points for every qualifying purchase on their card.
−Removed: At the end of each rewards period, customers who exceeded a minimum point threshold received a reward to be redeemed on a future purchase.
−Removed: The B-Rewards program also provided other discount and promotional opportunities to cardholders on a routine basis.
−Removed: Reported revenue was net of both current period reward redemptions, current period discounts and promotions, and accruals for estimated future rewards earned under the B-Rewards program.
−Removed: A liability was recorded for future rewards based on the Company's estimate of how many earned points would turn into rewards and ultimately be redeemed prior to expiration, which was included in "gift certificates redeemable" on the Company's consolidated balance sheets.
−Removed: In October 2020, the Company merged the B-Rewards program and the Buckle Rewards program enabling participating guests to earn additional points for qualifying purchases on their PLCC card under the newly enhanced Buckle Rewards program.
+Added: Effective July 1, 2022, the Company entered into a new five year agreement (the "Agreement") with the Bank, to continue providing guests with PLCC services.
+Added: Each PLCC bears the Buckle brand logo and can only be used at the Company's retail locations and eCommerce platform.
+Added: The Bank is the sole owner of the accounts issued under the PLCC program and bears full risk associated with guest non-payment.
+Added: As part of the Agreement, the Company receives a percentage of PLCC sales from the Bank, along with other incentive payments upon the achievement of certain performance targets.
+Added: All amounts received from the Bank under the Agreement are recorded in net sales in the consolidated statements of income.
Inventory is valued at the lower of cost or net realizable value.
54 unchanged sentences
RELATED PARTY TRANSACTIONS
−Removed: Included in other assets is a note receivable of $1.4 million as of January 29, 2022 and $1.4 million as of January 30, 2021, from a life insurance trust fund controlled by the Company’s Chairman.
+Added: Included in "other assets" is a note receivable of $1.4 million as of both January 28, 2023 and January 29, 2022, from a life insurance trust fund controlled by the Company’s Chairman.
The note was created over three years, beginning in July 1994, when the Company paid life insurance premiums of $0.2 million each year for the Chairman on a personal policy.
13 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.