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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, 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 May 26, 2022, The Buckle, Inc. announced financial results for the fiscal quarter ended April 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 May 26, 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: May 26, 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 May 26, 2022
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)



Exhibit 99.1
buckle_logox2.jpg
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, 2022
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 -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 30, 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended April 30, 2022 increased 3.3 percent to $309.1 million from net sales of $299.1 million for the prior year 13-week fiscal quarter ended May 1, 2021. Comparable store net sales for the 13-week period ended April 30, 2022 increased 3.7 percent from comparable store net sales for the prior year 13-week period ended May 1, 2021. Online sales increased 1.1 percent to $54.3 million for the 13-week period ended April 30, 2022, compared to net sales of $53.7 million for the 13-week period ended May 1, 2021.

Net income for the first quarter of fiscal 2022 was $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis), compared with net income of $57.3 million, or $1.17 per share ($1.16 per share on a diluted basis) for the first quarter of fiscal 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 (877) 226-8189 for domestic calls or (409) 207-6980 for international calls and reference the conference code 6007325. 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 7485794.

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, which includes the opening of one new store this week in Spanish Fork, Utah. As of the end of the fiscal quarter, it operated 439 stores in 42 states compared with 442 stores in 42 states at the end of the first 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 Ended
 April 30,
2022		May 1,
2021
SALES, Net of returns and allowances$309,064 $299,125 
COST OF SALES (Including buying, distribution, and occupancy costs)
156,904 151,572 
Gross profit152,160 147,553 
OPERATING EXPENSES:
Selling67,246 60,000 
General and administrative11,855 11,751 
 79,101 71,751 
INCOME FROM OPERATIONS73,059 75,802 
OTHER INCOME, Net125 51 
INCOME BEFORE INCOME TAXES73,184 75,853 
INCOME TAX EXPENSE17,930 18,584 
NET INCOME$55,254 $57,269 
EARNINGS PER SHARE:  
Basic$1.12 $1.17 
Diluted$1.12 $1.16 
Basic weighted average shares49,214 48,946 
Diluted weighted average shares49,528 49,309 





THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETSApril 30,
2022		January 29,
2022 (1)		May 1,
2021
CURRENT ASSETS:   
Cash and cash equivalents$250,073 $253,970 $393,153 
Short-term investments12,895 12,926 697 
Receivables4,414 12,087 1,670 
Inventory121,166 102,095 89,017 
Prepaid expenses and other assets19,663 10,128 20,615 
Total current assets408,211 391,206 505,152 
PROPERTY AND EQUIPMENT457,179 453,228 452,662 
Less accumulated depreciation and amortization(353,891)(352,724)(352,627)
103,288 100,504 100,035 
OPERATING LEASE RIGHT-OF-USE ASSETS245,784 258,914 280,805 
LONG-TERM INVESTMENTS20,136 19,352 19,087 
OTHER ASSETS11,615 10,908 11,128 
Total assets$789,034 $780,884 $916,207 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
CURRENT LIABILITIES:   
Accounts payable$61,246 $59,950 $53,632 
Accrued employee compensation23,095 62,055 26,474 
Accrued store operating expenses27,549 20,264 27,355 
Gift certificates redeemable13,611 16,470 12,215 
Current portion of operating lease liabilities84,565 88,273 84,628 
Income taxes payable13,647 1,529 29,737 
Total current liabilities223,713 248,541 234,041 
DEFERRED COMPENSATION20,136 19,352 19,087 
NON-CURRENT OPERATING LEASE LIABILITIES191,592 200,067 222,981 
Total liabilities435,441 467,960 476,109 
COMMITMENTS 
STOCKHOLDERS’ EQUITY:   
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,094,851 shares at April 30, 2022, 49,728,651 shares at January 29, 2022, and 49,788,891 shares at May 1, 2021501 497 498 
Additional paid-in capital170,272 167,328 160,684 
Retained earnings182,820 145,099 278,916 
Total stockholders’ equity353,593 312,924 440,098 
Total liabilities and stockholders’ equity$789,034 $780,884 $916,207 
(1) Derived from audited financial statements.