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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

May 26, 2023
Date of Report (date of earliest event reported)

 THE BUCKLE, INC.
(Exact name of Registrant as specified in its charter)

Nebraska001-1295147-0366193
(State or other jurisdiction of(Commission(I.R.S. Employer
incorporation or organization)File Number)Identification No.)

2407 West 24th Street,
Kearney,Nebraska68845-4915
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code:  (308) 236-8491
__________________________________________________________

(Former name, former address and former fiscal year if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueBKENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).            
                                     Emerging growth company      o 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


ITEM 2.02.     Results of Operations and Financial Condition

On May 26, 2023, The Buckle, Inc. announced financial results for the fiscal quarter ended April 29, 2023. The full text of the press release is furnished as Exhibit 99.1 to this report.

The information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as set forth by specific reference in such filing.


ITEM 9.01(d).     Exhibits

Exhibit 99.1    Press Release Dated May 26, 2023
Exhibit 104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Buckle, Inc.
Date: May 26, 2023By: /s/  THOMAS B. HEACOCK
 Name: Thomas B. Heacock
 Title: Senior Vice President of Finance,
 Treasurer and Chief Financial Officer



EXHIBIT INDEX
         
Press Release Dated May 26, 2023
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)



Exhibit 99.1
The Buckle, Inc.
2407 W. 24th St. Kearney, NE 68845
P.O. Box 1480 Kearney, NE 68848-1480
phone: 308-236-8491
fax: 308-236-4493
For Immediate Release: May 26, 2023
web: www.buckle.com


Contact:Thomas B. Heacock, Chief Financial Officer
 The Buckle, Inc.
 (308) 236-8491

THE BUCKLE, INC. REPORTS FIRST QUARTER NET INCOME

KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 29, 2023 decreased 8.5 percent to $282.8 million from net sales of $309.1 million for the prior year 13-week fiscal quarter ended April 30, 2022. Comparable store net sales for the 13-week period ended April 29, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended April 30, 2022. Online sales decreased 5.6 percent to $51.3 million for the 13-week period ended April 29, 2023, compared to net sales of $54.3 million for the 13-week period ended April 30, 2022.

Net income for the first quarter of fiscal 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis), compared with net income of $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis) for the first quarter of fiscal 2022.

Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_F7hbXv9HRVeCsrGOANMJlw. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 439 stores in 42 states at the end of the first quarter of fiscal 2022.
  
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 

Note:  News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com.
Financial Tables to Follow 


THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 Thirteen Weeks Ended
 April 29,
2023		April 30,
2022
SALES, Net of returns and allowances$282,834 $309,064 
COST OF SALES (Including buying, distribution, and occupancy costs)
149,577 156,904 
Gross profit133,257 152,160 
OPERATING EXPENSES:
Selling66,102 67,246 
General and administrative13,425 11,855 
 79,527 79,101 
INCOME FROM OPERATIONS53,730 73,059 
OTHER INCOME, Net3,139 125 
INCOME BEFORE INCOME TAXES56,869 73,184 
INCOME TAX EXPENSE13,933 17,930 
NET INCOME$42,936 $55,254 
EARNINGS PER SHARE:  
Basic$0.87 $1.12 
Diluted$0.86 $1.12 
Basic weighted average shares49,513 49,214 
Diluted weighted average shares49,861 49,528 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSApril 29,
2023		January 28,
2023 (1)		April 30,
2022
CURRENT ASSETS:   
Cash and cash equivalents$254,433 $252,077 $250,073 
Short-term investments23,066 20,997 12,895 
Receivables6,356 12,648 4,414 
Inventory137,735 125,134 121,166 
Prepaid expenses and other assets12,325 12,480 19,663 
Total current assets433,915 423,336 408,211 
PROPERTY AND EQUIPMENT471,152 466,321 457,179 
Less accumulated depreciation and amortization(355,091)(353,919)(353,891)
116,061 112,402 103,288 
OPERATING LEASE RIGHT-OF-USE ASSETS265,716 271,421 245,784 
LONG-TERM INVESTMENTS22,512 20,624 20,136 
OTHER ASSETS10,656 9,796 11,615 
Total assets$848,860 $837,579 $789,034 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$57,774 $44,835 $61,246 
Accrued employee compensation17,942 55,490 23,095 
Accrued store operating expenses23,627 19,754 27,549 
Gift certificates redeemable14,325 16,777 13,611 
Current portion of operating lease liabilities84,619 89,187 84,565 
Income taxes payable8,517 — 13,647 
Total current liabilities206,804 226,043 223,713 
DEFERRED COMPENSATION22,512 20,624 20,136 
NON-CURRENT OPERATING LEASE LIABILITIES214,370 214,598 191,592 
Total liabilities443,686 461,265 435,441 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,456,196 shares at April 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,851 shares at April 30, 2022505 501 501 
Additional paid-in capital182,544 178,964 170,272 
Retained earnings222,125 196,849 182,820 
Total stockholders’ equity405,174 376,314 353,593 
Total liabilities and stockholders’ equity$848,860 $837,579 $789,034 
(1) Derived from audited financial statements.