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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

August 19, 2022
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 August 19, 2022, The Buckle, Inc. announced financial results for the fiscal quarter ended July 30, 2022. 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 August 19, 2022
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: August 19, 2022By: /s/  THOMAS B. HEACOCK
 Name: Thomas B. Heacock
 Title: Senior Vice President of Finance,
 Treasurer and Chief Financial Officer



EXHIBIT INDEX
         
Press Release Dated August 19, 2022
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: August 19, 2022
web: www.buckle.com


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

THE BUCKLE, INC. REPORTS SECOND QUARTER NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended July 30, 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended July 30, 2022 increased 2.3 percent to $302.0 million from net sales of $295.1 million for the prior year 13-week fiscal quarter ended July 31, 2021. Comparable store net sales for the 13-week period ended July 30, 2022 increased 1.6 percent from comparable store net sales for the prior year 13-week period ended July 31, 2021. Online sales increased 6.5 percent to $46.2 million for the 13-week period ended July 30, 2022, compared to net sales of $43.4 million for the 13-week period ended July 31, 2021.

Net sales for the 26-week fiscal period ended July 30, 2022 increased 2.8 percent to $611.0 million from net sales of $594.2 million for the prior year 26-week fiscal period ended July 31, 2021. Comparable store net sales for the 26-week period ended July 30, 2022 increased 2.6 percent from comparable store net sales for the prior year 26-week period ended July 31, 2021. Online sales increased 3.5 percent to $100.6 million for the 26-week period ended July 30, 2022, compared to net sales of $97.2 million for the 26-week period ended July 31, 2021.

Net income for the second quarter of fiscal 2022 was $50.1 million, or $1.02 per share ($1.01 per share on a diluted basis), compared with net income of $51.4 million, or $1.05 per share ($1.04 per share on a diluted basis) for the second quarter of fiscal 2021.

Net income for the 26-week fiscal period ended July 30, 2022 was $105.4 million, or $2.14 per share ($2.13 per share on a diluted basis), compared with net income of $108.7 million, or $2.22 per share ($2.20 per share on a diluted basis) for the 26-week period ended July 31, 2021.

Management will hold a conference call at 10:00 a.m. EDT today to discuss results for the quarter. To participate in the call, please call (844) 867-6169 for domestic calls or (409) 207-6975 for international calls and reference the conference code 2084271. A replay of the call will be available for a two-week period beginning today at 1:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 9468609.

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 442 retail stores in 42 states. As of the end of the fiscal quarter, it operated 441 stores in 42 states compared with 442 stores in 42 states at the end of the second quarter of fiscal 2021.
  


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 on the Internet.
Financial Tables to Follow 


THE BUCKLE, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
 Thirteen Weeks EndedTwenty-Six Weeks Ended
 July 30,
2022		July 31,
2021		July 30,
2022		July 31,
2021
SALES, Net of returns and allowances$301,976 $295,120 $611,040 $594,245 
COST OF SALES (Including buying, distribution, and occupancy costs)
156,607 153,101 313,511 304,673 
Gross profit145,369 142,019 297,529 289,572 
OPERATING EXPENSES: 
Selling67,982 63,056 135,228 123,056 
General and administrative11,674 11,081 23,529 22,832 
 79,656 74,137 158,757 145,888 
INCOME FROM OPERATIONS65,713 67,882 138,772 143,684 
OTHER INCOME, Net703 222 828 273 
INCOME BEFORE INCOME TAXES66,416 68,104 139,600 143,957 
INCOME TAX EXPENSE16,272 16,685 34,202 35,269 
NET INCOME$50,144 $51,419 $105,398 $108,688 
EARNINGS PER SHARE:  
Basic$1.02 $1.05 $2.14 $2.22 
Diluted$1.01 $1.04 $2.13 $2.20 
Basic weighted average shares49,214 48,946 49,214 48,946 
Diluted weighted average shares49,535 49,341 49,531 49,325 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSJuly 30,
2022		January 29,
2022 (1)		July 31,
2021
CURRENT ASSETS:   
Cash and cash equivalents$266,731 $253,970 $406,714 
Short-term investments17,387 12,926 8,592 
Receivables13,015 12,087 6,667 
Inventory128,498 102,095 95,276 
Prepaid expenses and other assets9,445 10,128 20,294 
Total current assets435,076 391,206 537,543 
PROPERTY AND EQUIPMENT460,362 453,228 452,460 
Less accumulated depreciation and amortization(353,929)(352,724)(352,773)
106,433 100,504 99,687 
OPERATING LEASE RIGHT-OF-USE ASSETS234,634 258,914 264,177 
LONG-TERM INVESTMENTS20,640 19,352 19,558 
OTHER ASSETS12,281 10,908 11,720 
Total assets$809,064 $780,884 $932,685 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$63,036 $59,950 $67,812 
Accrued employee compensation29,509 62,055 33,878 
Accrued store operating expenses30,497 20,264 30,724 
Gift certificates redeemable12,411 16,470 11,434 
Current portion of operating lease liabilities80,827 88,273 82,255 
Income taxes payable— 1,529 — 
Total current liabilities216,280 248,541 226,103 
DEFERRED COMPENSATION20,163 19,352 19,558 
NON-CURRENT OPERATING LEASE LIABILITIES183,643 200,067 209,472 
Total liabilities420,086 467,960 455,133 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,751 shares at July 30, 2022, 49,728,651 shares at January 29, 2022, and 49,783,381 shares at July 31, 2021501 497 498 
Additional paid-in capital173,046 167,328 163,148 
Retained earnings215,431 145,099 313,906 
Total stockholders’ equity388,978 312,924 477,552 
Total liabilities and stockholders’ equity$809,064 $780,884 $932,685 
(1) Derived from audited financial statements.