21 unchanged sentences
2026 February 1,
−Removed: 2024 January 28,
+Added: 2025 February 3,
2024 Fiscal Year 2024 to 2025 Fiscal Year 2023 to 2024
13 unchanged sentences
Fiscal 2025 Compared to Fiscal 2024
−Removed: Net sales for the 52-week fiscal year ended February 1, 2025, decreased 3.4% to $1.218 billion from net sales of $1.261 billion for the 53-week fiscal year ended February 3, 2024.
−Removed: Comparable store net sales for the 52-week fiscal year decreased 2.7% from comparable store net sales for the prior year 52-week period ended February 3, 2024.
−Removed: The reduction in total net sales for the year was the result of a 4.2% decrease in the number of transactions and a 2.0% decrease in average number of units sold per transaction, partially offset by a 2.8% increase in the average unit retail.
−Removed: The decline in total net sales (and transactions) was partially attributable to the fact that fiscal 2024 was a 52-week fiscal year, while fiscal 2023 was a 53-week fiscal year.
−Removed: Online sales for the fiscal year decreased 4.3% to $197.7 million for the 52-week fiscal year ended February 1, 2025 compared to $206.5 million for the 53-week fiscal year ended February 3, 2024.
+Added: Net sales for the 52-week fiscal year ended January 31, 2026, increased 6.6% to $1.298 billion from net sales of $1.218 billion for the 52-week fiscal year ended February 1, 2025.
+Added: Comparable store net sales for the 52-week fiscal year increased 5.6% from comparable store net sales for the prior year 52-week period ended February 1, 2025.
+Added: The increase in total net sales for the year was the result of a 4.2% increase in the number of transactions and a 3.6% increase in the average unit retail, partially offset by a 1.2% decrease in average number of units sold per transaction.
+Added: Online sales for the fiscal year increased 9.8% to $217.1 million for the 52-week fiscal year ended January 31, 2026 compared to $197.7 million for the 52-week fiscal year ended February 1, 2025.
The Company’s average retail price per piece of merchandise sold increased $1.80, or 3.6%, during fiscal 2025 compared to fiscal 2024.
This $1.80 increase was primarily attributable to the following changes (with their corresponding effect on the overall average price per piece):
−Removed: a 1.9% increase in average knit shirt price points ($0.21), a 6.2% increase in average footwear price points ($0.16), a 0.6% increase in average denim price points ($0.13), an increase in average price points for certain other merchandise categories ($0.19), and a shift in the merchandise mix ($0.68).
+Added: a 3.5% increase in average denim price points ($0.75), a 3.7% increase in average knit shirt price points ($0.42), a 4.2% increase in average accessories price points ($0.23), a 5.9% increase in average footwear price points ($0.14), an increase in average price points for certain other merchandise categories ($0.22), and a shift in the merchandise mix ($0.04).
These changes are primarily a reflection of merchandise shifts in terms of brands and product styles, fabrics, details, and finishes.
−Removed: Gross profit after buying, distribution, and occupancy costs decreased from $619.1 million in fiscal 2023 to $592.8 million in fiscal 2024.
+Added: Gross profit after buying, distribution, and occupancy costs increased from $592.8 million in fiscal 2024 to $635.9 million in fiscal 2025.
As a percentage of net sales, gross profit was 49.0% in fiscal 2025 compared to 48.7% in fiscal 2024.
−Removed: The gross margin decline was the result of deleveraged occupancy, buying, and distribution expenses (0.95%, as a percentage of net sales), which was partially offset by an increase in merchandise margins (0.55%, as a percentage of net sales).
−Removed: Merchandise shrinkage was 0.5% of net sales for both fiscal 2024 and fiscal 2023.
+Added: The gross margin increase was the result of an increase in merchandise margins (0.20%, as a percentage of net sales) and leveraged occupancy, buying, and distribution expenses (0.10%, as a percentage of net sales).
+Added: Merchandise shrinkage was 0.4% of net sales in fiscal 2025 compared to 0.5% of net sales in fiscal 2024.
Selling expenses increased from $293.2 million in fiscal 2024 to $308.5 million in fiscal 2025.
−Removed: As a percentage of net sales, selling expenses increased from 23.1% in fiscal 2023 to 24.1% in fiscal 2024.
+Added: As a percentage of net sales, selling expenses decreased from 24.1% in fiscal 2024 to 23.7% in fiscal 2025.
General and administrative expenses increased from $58.2 million in fiscal 2024 to $65.9 million in fiscal 2025.
1 unchanged sentence
In total, selling, general, and administrative expenses were 28.8% of net sales for fiscal 2025 compared to 28.9% of net sales for fiscal 2024.
−Removed: The increase was the result of increases in store labor-related expenses (0.70%, as a percentage of net sales), digital commerce investments (0.25%, as a percentage of net sales), general and administrative salary expense (0.20%, as a percentage of net sales), marketing spend (0.10%, as a percentage of net sales), and certain other expense categories (0.20%, as a percentage of net sales).
−Removed: These increases were partially offset by a reduction in expense related to incentive compensation accruals (0.15%, as a percentage of net sales).
−Removed: As a result of the above changes, the Company’s income from operations decreased from $271.1 million for fiscal 2023 to $241.4 million for fiscal 2024.
+Added: The decrease was the result of reductions related to non-recurring digital commerce investments made in fiscal 2024 (0.25%, as a percentage of net sales), store labor-related expenses (0.20%, as a percentage of net sales), and ecommerce shipping expense (0.15%, as a percentage of net sales).
+Added: These reductions were partially offset by increases in expense related to incentive compensation accruals (0.35%, as a percentage of net sales) and equity compensation expense (0.15%, as a percentage of net sales).
+Added: As a result of the above changes, the Company’s income from operations increased from $241.4 million for fiscal 2024 to $261.4 million for fiscal 2025.
Income from operations was 20.2% as a percentage of net sales in fiscal 2025 compared to 19.8% as a percentage of net sales in fiscal 2024.
5 unchanged sentences
LIQUIDITY AND CAPITAL RESOURCES
−Removed: As of February 1, 2025, the Company had working capital of $225.3 million, including $266.9 million of cash and cash equivalents and $23.8 million of short-term investments.
+Added: As of January 31, 2026, the Company had working capital of $211.2 million, including $249.5 million of cash and cash equivalents and $24.7 million of short-term investments.
The Company’s cash receipts are generated from retail sales and from investment income, and the Company's primary ongoing cash requirements are for inventory, payroll, occupancy costs, dividend payments, new store expansion, remodeling, and other capital expenditures.
3 unchanged sentences
Operating cash flow is also impacted by the timing of certain other payments, including rent, income taxes, and annual incentive bonuses.
−Removed: The primary drivers of change in operating cash flow for fiscal 2024 compared to both fiscal 2023 and fiscal 2022 were the reductions in net income, partially offset by the impact of changes in inventory and accounts payable as the Company continued to manage and adjust to changing trends over the last several years.
During fiscal 2025, 2024, and 2023, the Company invested $40.7 million, $40.3 million, and $35.9 million, respectively, in new store construction, store renovation, and store technology upgrades.
2 unchanged sentences
Management estimates that total capital expenditures during fiscal 2026 will be approximately $60.0 to $65.0 million, which includes primarily planned store projects and technology investments.
+Added: The Company also plans to purchase a new corporate aircraft as a replacement for the plane that was sold during fiscal 2025.
The Company believes that existing cash and cash equivalents, investments, and cash flow from operations will be sufficient to fund current and long-term anticipated capital expenditures and working capital requirements for the next several years.
−Removed: The Company has had a consistent record of generating positive cash flow each year and, as of February 1, 2025, had total cash and investments of $318.8 million, including $28.1 million of long-term investments.
+Added: The Company has had a consistent record of generating positive cash flow each year and, as of January 31, 2026, had total cash and investments of $306.6 million, including $32.4 million of long-term investments.
Future conditions, however, may reduce the availability of funds based upon factors such as a decrease in demand for the Company’s product, change in product mix, competitive factors, and general economic conditions as well as other risks and uncertainties which would reduce the Company’s sales, net profitability, and cash flows.
6 unchanged sentences
There were no borrowings during fiscal 2025, 2024, and 2023.
−Removed: The Company had no bank borrowings as of February 1, 2025 and was in compliance with the terms and conditions of the line of credit agreement.
+Added: The Company had no bank borrowings as of January 31, 2026 and was in compliance with the terms and conditions of the line of credit agreement.
Dividend payments - During fiscal 2025, the Company paid total cash dividends of $225.1 million as follows:
5 unchanged sentences
Stock repurchase plan - The Company did not repurchase any shares of its common stock during fiscal 2025, fiscal 2024, or fiscal 2023.
−Removed: As of February 1, 2025, 410,655 shares remained available under the Company's current 1,000,000 share repurchase plan that was approved by the Board of Directors on November 20, 2008.
+Added: As of January 31, 2026, 410,655 shares remained available under the Company's current 1,000,000 share repurchase plan that was approved by the Board of Directors on November 20, 2008.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
13 unchanged sentences
A current liability for unredeemed gift cards and certificates is recorded at the time the card or certificate is purchased.
−Removed: The liability recorded for unredeemed gift certificates and gift cards was $17.0 million and $16.7 million as of February 1, 2025 and February 3, 2024, respectively.
+Added: The liability recorded for unredeemed gift certificates and gift cards was $17.2 million and $17.0 million as of January 31, 2026 and February 1, 2025, respectively.
Gift card and gift certificate breakage is recognized as revenue in proportion to the redemption pattern of customers by applying an estimated breakage rate.
4 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 $2.6 million as of both February 1, 2025 and February 3, 2024.
+Added: The accrued liability for reserve for sales returns was $2.6 million as of both January 31, 2026 and February 1, 2025.
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.
3 unchanged sentences
A liability has been recorded for future rewards based on the Company's estimate of how many earned points will turn into rewards and ultimately be redeemed prior to expiration.
−Removed: As of February 1, 2025 and February 3, 2024, $10.3 million and $10.4 million was included in accrued store operating expenses as a liability for estimated future rewards.
+Added: As of both January 31, 2026 and February 1, 2025, $10.3 million was included in accrued store operating expenses as a liability for estimated future rewards.
Inventory is valued at the lower of cost or net realizable value.
4 unchanged sentences
Such changes in market conditions could negatively impact the sale of markdown inventory, causing further markdowns or inventory obsolescence, resulting in increased cost of goods sold from write-offs and reducing the Company’s net earnings.
−Removed: The adjustment to inventory for markdowns and/or obsolescence was $9.2 million as of February 1, 2025 and $9.1 million as of February 3, 2024.
+Added: The adjustment to inventory for markdowns and/or obsolescence was $8.6 million as of January 31, 2026 and $9.2 million as of February 1, 2025.
Income Taxes .
26 unchanged sentences
In addition, the commercial obligations and commitments made by the Company are customary transactions which are similar to those of other comparable retail companies.
−Removed: The following table identifies the material obligations and commitments as of February 1, 2025:
+Added: The following table identifies the material obligations and commitments as of January 31, 2026:
Payments Due by Fiscal Year
14 unchanged sentences
There were no bank borrowings during fiscal 2025, 2024, and 2023.
−Removed: The Company had outstanding letters of credit totaling $2.2 million and $3.2 million as of February 1, 2025 and February 3, 2024, respectively.
+Added: The Company had outstanding letters of credit totaling $1.7 million and $2.2 million as of January 31, 2026 and February 1, 2025, respectively.
The Company has no other off-balance sheet arrangements.
RELATED PARTY TRANSACTIONS
−Removed: Included in other assets is a note receivable of $1.5 million as of both February 1, 2025 and February 3, 2024, from a life insurance trust fund controlled by the Company’s Chairman.
+Added: Included in other assets is a note receivable of $1.5 million as of both January 31, 2026 and February 1, 2025, 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.