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

March 13, 2020

Date of Report (date of earliest event reported)

THE BUCKLE, INC.

(Exact name of Registrant as specified in its charter)



Nebraska	001-12951	47-0366193
(State or other jurisdiction of	(Commission	(I.R.S. Employer
incorporation or organization)	File Number)	Identification No.)



	2407 West 24th Street, Kearney, Nebraska	68845-4915
	(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:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] 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 Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	BKE	New 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

TABLE OF CONTENTS

ITEM 2.02 Results of Operations and Financial Condition

ITEM 9.01(d) Exhibits

SIGNATURES

EXHIBIT INDEX

EXHIBIT 99.1

ITEM 2.02. Results of Operations and Financial Condition

On March 13, 2020, The Buckle, Inc. announced financial results for the fiscal quarter and fiscal year ended February 1, 2020. 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 March 13, 2020

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: March 13, 2020	/s/ THOMAS B. HEACOCK
	Name: Thomas B. Heacock
	Title: Senior Vice President of Finance,
	Treasurer and Chief Financial Officer

EXHIBIT INDEX



Exhibit 99.1	Press Release Dated March 13, 2020

Exhibit 99.1



	The Buckle, Inc.

	2407 W. 24^th St. Kearney, NE 68845

	P.O. Box 1480 Kearney, NE 68848-1480

	phone: 308-236-8491

	fax: 308-236-4493

For Immediate Release: March 13, 2020	web: www.buckle.com



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

THE BUCKLE, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2019 NET INCOME

KEARNEY, NE -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended February 1, 2020 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis). Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis).

Net sales for the 13-week fiscal quarter ended February 1, 2020 increased 2.5 percent to $271.0 million from net sales of $264.4 million for the prior year 13-week fiscal quarter ended February 2, 2019. Comparable store net sales for the 13-week period ended February 1, 2020 increased 3.3 percent from comparable store net sales for the prior year 13-week period ended February 2, 2019. Online sales increased 7.5 percent to $36.4 million for the 13-week period ended February 1, 2020, compared to net sales of $33.9 million for the 13-week period ended February 2, 2019.

Net sales for the 52-week fiscal year ended February 1, 2020 increased 1.7 percent to $900.3 million from net sales of $885.5 million for the 52-week fiscal year ended February 2, 2019. Comparable store net sales for the 52-week period ended February 1, 2020 increased 2.2 percent from comparable store net sales for the prior year 52-week period ended February 2, 2019. Online sales increased 6.9 percent to $110.8 million for the 52-week period ended February 1, 2020, compared to net sales of $103.7 million for the 52-week period ended February 2, 2019.

Net income for the fourth quarter of fiscal 2019 was $47.0 million, or $0.96 per share ($0.96 per share on a diluted basis), compared with $41.1 million, or $0.85 per share ($0.84 per share on a diluted basis) for the fourth quarter of fiscal 2018.

Net income for the fiscal year ended February 1, 2020 was $104.4 million, or $2.15 per share ($2.14 per share on a diluted basis), compared with $95.6 million, or $1.97 per share ($1.97 per share on a diluted basis) for the fiscal year ended February 2, 2019.

Management will hold a conference call at 10:00 a.m. EDT today to discuss fourth quarter results. To participate in the call, please call (877) 336-4441 for domestic calls or (409) 207-6985 for international calls and reference the conference code 1508602. A replay of the call will be available for a two-week period beginning March 13, 2020 at 2:00 p.m. EDT by calling (866) 207-1041 for domestic calls or (402) 970-0847 for international calls and entering the conference code 4253986.

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 446 retail stores in 42 states. As of the end of the fiscal year, it operated 448 stores in 42 states compared with 450 stores in 42 states at the end of fiscal 2018.

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)




	13-Weeks Ended				52-Weeks Ended
	February 1, 2020		February 2, 2019		February 1, 2020		February 2, 2019 (1)

SALES, Net of returns and allowances	$	271,003	$	264,412	$	900,254	$	885,496

COST OF SALES (Including buying, distribution, and occupancy costs)	142,413		143,118		522,780		519,423

Gross profit	128,590		121,294		377,474		366,073

OPERATING EXPENSES:
Selling	58,054		57,671		204,480		202,032
General and administrative	10,685		12,417		41,497		43,113
	68,739		70,088		245,977		245,145

INCOME FROM OPERATIONS	59,851		51,206		131,497		120,928

OTHER INCOME, Net	1,764		1,925		6,210		5,716

INCOME BEFORE INCOME TAXES	61,615		53,131		137,707		126,644

PROVISION FOR INCOME TAXES	14,636		11,996		33,278		31,036

NET INCOME	$	46,979	$	41,135	$	104,429	$	95,608


EARNINGS PER SHARE
Basic	$	0.96	$	0.85	$	2.15	$	1.97

Diluted	$	0.96	$	0.84	$	2.14	$	1.97

Basic weighted average shares	48,698		48,514		48,587		48,413
Diluted weighted average shares	48,948		48,703		48,813		48,614

(1) Derived from audited financial statements

THE BUCKLE, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands Except Share and Per Share Amounts)

(Unaudited




ASSETS	February 1, 2020			February 2, 2019 (1)

CURRENT ASSETS:
Cash and cash equivalents	$	220,969		$	168,471
Short-term investments	12,532			51,546
Receivables	3,136			7,089
Inventory	121,258			125,190
Prepaid expenses and other assets	20,935			18,136
Total current assets	378,830			370,432

PROPERTY AND EQUIPMENT	452,205			452,187
Less accumulated depreciation and amortization	(338,357		)	(321,505		)
	113,848			130,682

OPERATING LEASE RIGHT-OF-USE ASSETS	350,088			—
LONG-TERM INVESTMENTS	15,863			18,745
OTHER ASSETS	9,261			7,443

Total assets	$	867,890		$	527,302

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable	$	26,491		$	29,008
Accrued employee compensation	22,929			21,452
Accrued store operating expenses	17,837			17,982
Gift certificates redeemable	15,319			16,634
Current portion of operating lease liabilities	87,314			—
Income taxes payable	2,751			5,142
Total current liabilities	172,641			90,218

DEFERRED COMPENSATION	15,863			13,978
NON-CURRENT OPERATING LEASE LIABILITIES	290,238			—
DEFERRED RENT LIABILITY	—			29,229
Total liabilities	478,742			133,425

COMMITMENTS

STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; 49,205,681 and 49,017,395 shares issued and outstanding at February 1, 2020 and February 2, 2019, respectively	492			490
Additional paid-in capital	152,258			148,564
Retained earnings	236,398			244,823
Total stockholders’ equity	389,148			393,877

Total liabilities and stockholders’ equity	$	867,890		$	527,302

(1) Derived from audited financial statements