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Buckle Inc. (BKE+0.93%) has submitted its 10-K filing for the fiscal year ended February 1, 2025.
The filing details Buckle's operations as a retailer of medium to better-priced casual apparel, footwear, and accessories, operating 441 stores across 42 states in the United States.
Net sales for the fiscal year were $1.218 billion, a decrease of 3.4% from the previous year, with comparable store sales down 2.7%. The decrease was attributed to a reduction in the number of transactions and a decrease in average units sold per transaction.
Gross profit for the year was $592.8 million, representing 48.7% of net sales, down from 49.1% in the previous year. The decline was due to increased occupancy, buying, and distribution expenses.
Selling, general, and administrative expenses totaled 28.9% of net sales, up from 27.6% in the prior year, driven by increases in store labor-related expenses and digital commerce investments.
Net income for the fiscal year was $195.5 million, down from $219.9 million in the previous year. The company's effective tax rate was 24.2%, slightly higher than the previous year's 24.0%.
Buckle ended the fiscal year with $266.9 million in cash and cash equivalents and $23.8 million in short-term investments. The company plans to open 7 new stores and complete 18-22 store remodels in fiscal 2025.
The company paid cash dividends of $0.35 per share in each of the four quarters and a special cash dividend of $2.50 per share in the fourth quarter of fiscal 2024.
Buckle's merchandising strategy focuses on offering a wide selection of brand name and private label merchandise, with denim accounting for 42.5% of net sales.
The company highlighted risks related to fashion sensitivity, reliance on private label merchandise, and changes in consumer shopping patterns, among others.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Buckle Inc. annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.