5 unchanged sentences
and subsidiary (the "Company") as of January 28, 2023 and January 29, 2022, the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows, for each of the three fiscal years in the period ended January 28, 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 29, 2022 and January 30, 2021, and the results of its operations and its cash flows for each of the three fiscal years in the period ended January 29, 2022, in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 28, 2023 and January 29 2022, and the results of its operations and its cash flows for each of the three years in the period ended January 28, 2023, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of January 28, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 29, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.
77 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
SALES, Net of returns and allowances
29 unchanged sentences
Common stock purchased and retired ( 25,000 ) — ( 372 ) — ( 372 )
−Removed: BALANCE, February 1, 2020 49,205,681 $ 492 $ 152,258 $ 236,398 $ 389,148
+Added: BALANCE, January 30, 2021 49,407,731 $ 494 $ 158,058 $ 238,077 $ 396,629
Net income — — — 254,820 254,820
3 unchanged sentences
Amortization of non-vested stock grants, net of forfeitures — — 9,273 — 9,273
−Removed: Common stock purchased and retired ( 25,000 ) — ( 372 ) — ( 372 )
BALANCE, January 29, 2022 49,728,651 $ 497 $ 167,328 $ 145,099 $ 312,924
11 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
CASH FLOWS FROM OPERATING ACTIVITIES:
38 unchanged sentences
All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins.
−Removed: Fiscal 2021 represents the 52-week period ended January 29, 2022, fiscal 2020 represents the 52-week period ended January 30, 2021, and fiscal 2019 represents the 52-week period ended February 1, 2020.
+Added: Fiscal 2022 represents the 52-week period ended January 28, 2023, fiscal 2021 represents the 52-week period ended January 29, 2022, and fiscal 2020 represents the 52-week period ended January 30, 2021.
Nature of Operations - The Company is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious young men and women.
1 unchanged sentence
The Company operated 441 stores located in 42 states throughout the United States as of January 28, 2023.
−Removed: During fiscal 2021, the Company opened 1 new store, substantially remodeled 15 stores, and closed 4 stores.
During fiscal 2022, the Company opened 4 new stores, substantially remodeled 23 stores, and closed 3 stores.
+Added: During fiscal 2021, the Company opened 1 new store, substantially remodeled 15 stores, and closed 4 stores.
During fiscal 2020, the Company opened 3 new stores, substantially remodeled 4 stores, and closed 8 stores.
16 unchanged sentences
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, $ 10,137 and $ 10,640 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.
Cash and Cash Equivalents - The Company considers all debt instruments with an original maturity of three months or less when purchased to be cash equivalents.
55 unchanged sentences
The non-cash investing activity relates to the change in the balance of unpaid purchases of property, plant, and equipment included in accounts payable as of the end of the year.
−Removed: The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $ 1,356 , $ 719 , and $ 559 as of January 29, 2022, January 30, 2021, and February 1, 2020, respectively.
+Added: The liability for unpaid purchases of property, plant, and equipment included in accounts payable was $ 2,454 , $ 1,356 , and $ 719 as of January 28, 2023, January 29, 2022, and January 30, 2021, respectively.
Amounts reported as unpaid purchases are recorded as cash outflows from investing activities for purchases of property, plant, and equipment in the consolidated statement of cash flows in the period they are paid.
60 unchanged sentences
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.
−Removed: Given the substantial reduction in the Company's sales (and the related impact on cash flow projections) as a result of store closures due to the COVID-19 pandemic, an impairment assessment was triggered for certain stores as of May 2, 2020.
−Removed: This analysis resulted in $ 1,000 of store-related asset impairment charges.
−Removed: There was no impairment related to long-lived assets for all other periods presented.
+Added: The amount of impairment related to long-lived assets was immaterial for all periods presented.
The Company's lease portfolio is primarily comprised of leases for retail store locations.
10 unchanged sentences
Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements.
−Removed: During the period of store closures in fiscal 2020 in response to the COVID-19 pandemic, the Company paid essentially full rent for the month of April but was then able to negotiate substantial rent deferrals for May and June.
−Removed: Consistent with guidance in the FASB Staff Q&A regarding lease concessions related to the effects of the COVID-19 pandemic, the Company made the election to treat all lease concessions as though the enforceable rights and obligations existed in each contract and, therefore, did not apply the lease modification guidance in ASC 842.
−Removed: As such, these deferrals had no impact on rent expense.
−Removed: Amounts deferred and payable in future periods have been included in "accounts payable" on the Company's consolidated balance sheets.
Lease expense is included in cost of sales in the consolidated statements of income.
2 unchanged sentences
2023 January 29,
+Added: 2022 January 30,
Operating lease cost $ 94,546 $ 94,384 $ 97,450
7 unchanged sentences
2023 January 29,
+Added: 2022 January 30,
Cash paid for amounts included in the measurement of lease liabilities:
1 unchanged sentence
$ 97,547 $ 99,989 $ 96,930
−Removed: Right-of-use assets obtained in exchange for new lease obligations:
+Added: Right-of-use assets obtained in exchange for lease obligations:
Operating leases
33 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
Current income tax expense:
7 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
Statutory rate 21.0 % 21.0 % 21.0 %
16 unchanged sentences
Operating lease liabilities 72,908 69,202
+Added: Capitalized research and development costs 41 —
Net deferred income tax asset $ 8,352 $ 9,494
30 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
Stock-based compensation expense, before tax $ 11,640 $ 9,273 $ 6,174
17 unchanged sentences
Fiscal Years Ended
−Removed: January 29, 2022 January 30, 2021 February 1, 2020
+Added: January 28, 2023 January 29, 2022 January 30, 2021
Net Income Weighted
26 unchanged sentences
2023 January 29,
−Removed: 2021 February 1,
+Added: 2022 January 30,
Denims 39.3 % 39.6 % 40.1 %
Tops (including sweaters) 29.7 30.2 30.1
−Removed: Footwear 9.7 10.2 8.0
Accessories 10.0 9.3 9.0
+Added: Footwear 9.2 9.7 10.2
Sportswear/Fashions 5.5 5.9 5.8
3 unchanged sentences
Total 100.0 % 100.0 % 100.0 %
+Added: 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").
+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.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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.