What changed in this filing

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Item 1. Business

2026-04-01 compared with 2025-04-02 · 21 added, 33 removed, 275 unchanged (16% of the section changed)

2 unchanged sentences

(the "Company") is a retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious men, women, and kids.

As of February 1, 2025, the Company operated 441 retail stores in 42 states throughout the United States under the names "Buckle" and "Buckle Youth." The Company markets a wide selection of mostly brand name casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.

The Company emphasizes personalized attention to its customers and provides customer services such as free hemming, free gift-packaging, easy layaways, the Buckle private label credit card, and a guest loyalty program.

As of January 31, 2026, the Company operated 440 retail stores in 42 states throughout the United States under the names "Buckle" and "Buckle Youth." The Company markets a wide selection of casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.

The Company emphasizes personalized attention to its customers and provides customer services such as free hemming, free gift-packaging, the Buckle private label credit card, and a guest loyalty program.

Most stores are located in regional shopping malls and lifestyle centers.

In recent years, however, the Company has successfully relocated several of its stores in smaller and middle markets from enclosed malls into power center locations, with continued plans for pursuing more such relocation opportunities in the future.

The majority of the Company's central office functions, including purchasing, pricing, accounting, advertising, and distribution, are controlled from its corporate offices and distribution center in Kearney, Nebraska.

The majority of the Company's central office functions, including purchasing, pricing, accounting, marketing, and distribution, are controlled from its corporate offices and distribution center in Kearney, Nebraska.

The Company’s men’s buying team is located in Overland Park, Kansas.

6 unchanged sentences

on April 23, 1991 and has experienced significant growth since that time, operating 440 stores in 42 states at the end of fiscal 2025.

All references herein to fiscal 2024 refer to the 52-week period ended February 1, 2025.

Fiscal 2023 refers to the 53-week period ended February 3, 2024 and fiscal 2022 refers to the 52-week period ended January 28, 2023.

All references herein to fiscal 2025 refer to the 52-week period ended January 31, 2026.

Fiscal 2024 refers to the 52-week period ended February 1, 2025 and fiscal 2023 refers to the 53-week period ended February 3, 2024.

All references herein to the “Company”, “Buckle”, “we”, “us”, or similar terms refer to The Buckle, Inc.

25 unchanged sentences

Fiscal Years Ended

Merchandise Group February 1,

Merchandise Group January 31,

2026 February 1,

2024 January 28,

2025 February 3,

Denims 42.5 % 42.5 % 40.9 %

5 unchanged sentences

Casual bottoms 1.9 1.5 1.3

Youth 3.6 3.4 3.1

Kids 3.9 3.6 3.4

Total 100.0 % 100.0 % 100.0 %

1 unchanged sentence

The remaining balance is comprised of private label merchandise from exclusive brands including BKE, Buckle Black, Ace High, Daytrip, Departwest, FITZ + EDDI, Freshwear, Gentry Country, Gilded Intent, Gimmicks, J.B.

Holt, Maven Co-op, Modish Rebel, Nova Industries, Outpost Makers, Reclaim, Salvage, Sterling & Stitch, Veece, and Willow & Root.

Holt, Maven Co-op, Modish Rebel, Nova Industries, Outpost Makers, Reclaim, Salvage, Sterling & Stitch, Veece, Willow & Root, 33 Coastal, and Funk Lagoon.

The Company's merchandisers continually work with manufacturers and vendors to produce brand name merchandise, the majority of which they believe is exclusive in terms of color, style, and fit.

While the brands offered by the Company change to meet current customer preferences, the Company currently offers denims from brands such as Flying Monkey, Hidden, KanCan, Levi’s, Miss Me, Rock Revival, Wrangler, and 7 For All Mankind.

While the brands offered by the Company change to meet current customer preferences, the Company currently offers denims from brands such as Vervet by Flying Monkey, Hidden, Levi’s, Miss Me, Rock Revival, Wrangler, and 7 For All Mankind.

Other key brands include Affliction, American Fighter, Ariat, Billabong, Birkenstock, Free People, Goorin Bros., Hey Dude, Hooey, Howitzer, Hurley, K.

3 unchanged sentences

Each salesperson is educated to help create a complete look for the customer by helping them find the best fits and showing merchandise as coordinating outfits.

The Company also incorporates specialized services such as free hemming, free gift-packaging, layaways, a guest loyalty program, the Buckle private label credit card, personalized stylist services, and a special order system that allows stores to obtain specifically requested merchandise from other Company stores or from the Company's online order fulfillment center.

The Company also incorporates specialized services such as free hemming, free gift-packaging, a guest loyalty program, the Buckle private label credit card, personalized stylist services, and a special order system that allows stores to obtain specifically requested merchandise from other Company stores or from the Company's online order fulfillment center.

Merchandising and pricing decisions are made centrally;

12 unchanged sentences

Over the past several fiscal years, the Company has also developed updated storefront designs that enhance the exterior visibility for stores relocating from enclosed mall locations to outdoor power centers and lifestyle centers.

Marketing and Advertising

In fiscal 2025, the Company spent $23.2 million, or 1.8% of net sales, on targeted seasonal marketing campaigns, digital marketing efforts, and in-store point-of-sale materials.

2 unchanged sentences

Seasonal guides, featuring current fashion trends and product selection, are distributed in the stores, at special events, and in new markets.

Additionally, Buckle partners with key merchandise vendors on joint advertising and promotional opportunities that expand the marketing reach and position Buckle as the first-choice for these specialty branded fashions.

Additionally, Buckle partners with key merchandise vendors on joint marketing and promotional opportunities that expand the marketing reach and position Buckle as the first-choice for these specialty branded fashions.

The Company also offers programs to build and strengthen its relationship with loyal guests.

14 unchanged sentences

Store Operations

The Company has an Executive Vice President of Stores, a Senior Vice President of Sales, 4 Vice Presidents of Sales, 12 Regional Managers, 19 District Managers, and 82 Area Managers.

The Company has 4 Vice Presidents of Sales, 3 Directors of Sales, 13 Regional Managers, 22 District Managers, and 77 Area Managers.

Certain district managers and all area managers also serve as manager of their home base store.

17 unchanged sentences

The Company requires its vendors to sign and adhere to its Buckle Responsible Sourcing Standards & Code of Conduct, which addresses adherence to legal requirements regarding employment practices and health, safety, and environmental regulations.

In fiscal 2024, Axis Denim (which produces private label denim for the Company) accounted for 20.4% of net sales and Rock Revival/Miss Me accounted for 10.4% of the Company’s net sales.

In fiscal 2025, Axis Denim (which produces private label denim for the Company) accounted for 20.6% of net sales.

No other vendor accounted for more than 10% of the Company’s net sales.

15 unchanged sentences

Store Locations and Expansion Strategies

As of February 1, 2025, the Company operated 441 stores in 42 states.

As of January 31, 2026, the Company operated 440 stores in 42 states.

The existing stores are in 3 downtown locations, 85 strip centers, 67 lifestyle centers, and 285 shopping malls.

The Company anticipates opening 14 new stores in fiscal 2026.

The following table lists the location of existing stores as of February 1, 2025:

The following table lists the location of existing stores as of January 31, 2026:

Location of Stores

43 unchanged sentences

The Company anticipates opening 14 new stores during fiscal 2026 and expects to complete approximately 13 full remodels.

Year-to-date through March 28, 2025, the Company has closed 1 store in fiscal 2025, with no additional store closings currently planned for the remainder of the year.

Year-to-date through March 27, 2026, the Company has opened 1 new store and closed 1 store in fiscal 2026, with no additional store closings currently planned for the remainder of the year.

The construction costs for a full remodel are comparable to those of a new store.

26 unchanged sentences

Teammate Demographics.

As of February 1, 2025, the Company had approximately 8,000 teammates, of which approximately 2,800 were full-time.

As of January 31, 2026, the Company had approximately 8,000 teammates, of which approximately 2,900 were full-time.

Of the total number of teammates, approximately 700 were employed at the corporate offices and in the distribution center.

22 unchanged sentences

The men's market also competes with certain department stores, such as Dillards, Macy’s, Nordstrom, and certain local or regional department stores and small specialty stores, as well as with direct-to-consumer brands and online retailers.

In the women's merchandise area, the Company competes primarily with specialty retailers such as Abercrombie & Fitch, Altar'd State, American Eagle Outfitters, Boot Barn, Free People, Garage, H&M, Hollister, Journey's, Lulus, Madewell, Maurices, PacSun, Scheels, Tilly's, Urban Outfitters, and Zara.

The women's market also competes with department stores, such as Dillards, Macy’s, Nordstrom, and certain local or regional department stores and small specialty boutiques, as well as with direct-to-consumer brands and online retailers.

3 unchanged sentences

For fiscal years 2025, 2024, and 2023, the holiday and back-to-school seasons accounted for approximately 35% of the Company's fiscal year net sales.

“BUCKLE”, “BUCKLE BLACK”, “BKE”, “BKE BOUTIQUE”, “BKE SOLE”, “DAYTRIP”, “RECLAIM”, “B BELIEVES”, “GIMMICKS”, "BKE RESERVE", "BUCKLE BELIEVES", "FADE BY BKE", "FITZ + EDDI", "WILLOW & ROOT", "TWINE & STARK", "INDIE SPIRIT DESIGNS", "BKE CORE", "GILDED INTENT", "QUINN & COPPER", "DAYTRIP REFINED", "RED BY BKE", "J.B.

HOLT", "OUTPOST MAKERS", "DEPARTWEST", "DEPARTWEST logo", "GREHY", "NOVA INDUSTRIES", "SAY YOU WILL", "BRILL BOUTIQUE", "BUCKLE B", "BUCKLE REWARDS", "BKE ESSENTIALS", “BOUTIQUE BY BKE”, "FRESHWEAR", "33 COASTAL", "LAB VALLEY", "STERLING & STITCH", and “B” icon are federally registered trademarks of the Company.

“BUCKLE”, “BUCKLE BLACK”, “BKE”, “BKE BOUTIQUE”, “BKE SOLE”, “DAYTRIP”, “RECLAIM”, “B BELIEVES”, “GIMMICKS”, "BUCKLE BELIEVES", "FADE BY BKE", "FITZ + EDDI", "WILLOW & ROOT", "TWINE & STARK", "INDIE SPIRIT DESIGNS", "BKE CORE", "GILDED INTENT", "DAYTRIP REFINED", "RED BY BKE", "J.B.

HOLT", "OUTPOST MAKERS", "DEPARTWEST", "DEPARTWEST logo", "GREHY", "NOVA INDUSTRIES", "SAY YOU WILL", "BUCKLE B", "BUCKLE REWARDS", "BKE ESSENTIALS", “BOUTIQUE BY BKE”, "FRESHWEAR", "33 COASTAL", "LAB VALLEY", "STERLING & STITCH", "GENTRY COUNTY", "MODISH REBEL", GILDED INTENT", "DH APPAREL", "ACE HIGH", and “B” icon are federally registered trademarks of the Company.

The Company also owns trademarks for certain product designs.

31 unchanged sentences

Nelson, who serves as President and Chief Executive Officer and a Director of The Buckle, Inc.

Smith, age 61.

Smith is Executive Vice President of Stores and a Director of the Company.

She was elected a Director effective February 4, 2018 and was appointed Executive Vice President of Stores on February 13, 2014, after having served as Vice President of Sales since May 2001.

Smith joined the Company in May 1978 as a part-time salesperson.

Later she became store manager in Great Bend, Kansas and then began working with other stores as an area manager.

Smith has continued to develop her involvement with the sales management team, helping with manager meetings and the development of new store managers, as well as providing support for store managers, area managers, and district managers.

Milkie, age 66.

2 unchanged sentences

Milkie was a leasing agent for a national retail mall developer for 6 years prior to joining the Company in January 1992 as Director of Leasing.

Hoffman, age 63.

Hoffman is Senior Vice President of Sales.

She was appointed to this position on February 22, 2022, after having served as Vice President of Sales since March 2014.

Hoffman has been employed by the Company since 1979 and has served in various roles of increasing responsibility on the sales team since that time;

including salesperson, Store Manager, District Manager, and Regional Manager.

Fritz, age 46.

6 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.

What changed 10-K

Item 1. Business