On this page of StockholderLetter.com we present the latest annual shareholder letter from BUCKLE INC — ticker symbol BKE. Reading current and past BKE letters to shareholders can bring important insights into the investment thesis.
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4/23/2025 Letter Continued (Full PDF)
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More "Apparel Stores" Category Stockholder Letters
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BKE Benford's Law Stock Score = 58
4/23/2025 Letter Continued (Full PDF)
•
More "Apparel Stores" Category Stockholder Letters•
BKE Benford's Law Stock Score = 58BKE Shareholder/Stockholder Letter Transcript:
FINANCIAL HIGHLIGHTS
(dollar amounts in thousands except per share amounts and selected operating data)
FEBRUARY 1,
2025
FEBRUARY 3,
2024
JANUARY 28,
2023
NET SALES
$ 1,217,689
$ 1,261,102
$ 1, 345,187
INCOME BEFORE INCOME TAXES
INCOME TAX EXPENSE
$ 62, 309
$ 69,296
$ 80,430
NET INCOME
DILUTED EARNINGS PER SHARE
$ 3.89
$ 4.40
$ 5.13
16.1%
17.4%
18.9%
CASH AND INVESTMENTS
$ 318,846
$ 315,416
$ 293,698
INVENTORY
$ 120,789
$ 126,290
$ 12 5,134
TOTAL ASSETS
913,173
889,810
837, 579
LONG-TERM DEBT
STOCKHOLDERS EQUITY
423,804
413,220
376, 314
INCOME STATEMENT DATA
NET INCOME AS A PERCENTAGE OF NET SALES
257,777
195,468
289,215
219,919
335,056
254,626
BALANCE SHEET DATA
SELECTED OPERATING DATA
444
441
AVERAGE SALES PER SQUARE FOOT
$ 419
$ 440
$ 475
AVERAGE SALES PER STORE (000 S)
COMPARABLE STORE SALES CHANGE
-2.7%
201 5
201 6
201 7
2018
2019
2020
2021
2022
2023
2024
$1,120
$975
$913
$885
$900
$901
$1,295
$1,345
$1,261
$1,218
2,292
DILUTE D E ARNINGS
PE R S HARE
(AMOUNTS IN MILLIONS)
441
NET SALE S
NUMBER OF STORES OPEN AT YEAR END
201 5
201 6
201 7
2018
2019
2020
2021
2022
2023
2024
2, 369
-8.0%
2, 515
3. 3%
$3.06
$2.03
$1.85
$1.97
$2.14
$2.66
$5.16
$5.13
$4.40
$3.89
DEAR SHAREHOLDERS :
Since Buckle s founding, teammates have been the foundation of our success. 2024 tested us in ways
which required us to think creatively and act decisively. I was once again reaffirmed in the strength of
our team and the clarity of our long-term vision. To each of our nearly 8,000 teammates thank you.
We entered the year with a firm focus on execution expanding and evolving our footprint, enhancing
our digital capabilities, and elevating our product mix. I m pleased by the significant progress in each
of these areas. We achieved positive momentum throughout the year and returned to comparable
store sales growth in the back half of 2024 (up 3.9% in the fourth quarter). We ended the year with
a strong 19.8% operating margin, clean inventory (down 4.4% year-over-year), and $318.8 million of
cash and investments. This was after returning $198.0 million to investors through regular and special
dividends ($3.90 per share in total) and making measured investments across the following key
growth initiatives:
Store Optimization We completed 18 full store remodels, half of which were relocations to new
outdoor centers, and opened eight new stores. These new locations, typically larger in size, allow
us to present a fuller selection of Buckle s curated assortment and enable our talented store
teammates to continue providing a best-in-class guest experience. Our success in these stores
validates our disciplined expansion strategy and reinforces our commitment to meeting guests
where they are both physically and digitally.
Digital Experience Transformation We completed the first phase of our digital experience
transformation. In collaboration with external partners, we conducted a comprehensive review
of our site design, navigation, and analytics capabilities. This effort led to the launch of a more
intuitive and content-rich online shopping experience. These investments are key to supporting
our vision of a more connected experience across channels, while contributing to stronger
performance metrics and returning our ecommerce business to growth in the second half of 2024
(up 12.0% in the fourth quarter).
Product and Fashion Our product strategy remained rooted in delivering a distinctive mix of
private and national branded offerings. Our buying teams stayed agile and forward thinking,
working closely with our vendor partners and store leadership to ensure that our product flow
and assortment aligned with guest demand. We capitalized on strong denim trends in a variety of
silhouettes and delivered special and unique product for our guests to complement their favorite
fits. Our blend of fashion-right product, diversity of styles and price points, and expert styling
remains a central part of the Buckle experience.
As we look to 2025, we do so with cautious optimism. We recognize the environment remains
uncertain. Pressures from shifting consumer sentiment, inflation, and the threat of tariffs require us
to remain nimble, focused, and disciplined which is what Buckle does best. We believe our strong
financial foundation, differentiated shopping experience, and incredibly talented teammates give us
the tools to navigate what is ahead.
To our teammates, thank you for your commitment, heart, and hustle. You are the reason Buckle
continues to thrive. To our shareholders, guests, and business partners, thank you for your continued
trust and partnership.
Sincerely,
Dennis H. Nelson
President and Chief Executive Officer
441 STORES IN 42 STATES
During 2024, we opened 8 new stores, completed 18 full-store remodels and/or relocations, and
strategically closed 11 stores to end the year with 441 stores in 42 states. For 2025, we anticipate
opening 7 new stores and completing 18-22 full-store remodels and/or relocations.
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9
15
12
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201 5
201 6
201 7
2018
2019
2020
2021
2022
2023
2024
$2,180
$1,860
$1,761
$1,715
$1,763
$1,598
$2,430
$2,515
$2,369
$2,292
AVE R AGE SALE S
PE R SQUARE FOOT
(AMOUNTS IN THOUSANDS)
AVE R AGE SALE S
PE R STORE
Corporate Of fice
in Kearney, NE
201 5
201 6
201 7
2018
2019
2020
2021
2022
2023
2024
$430
$370
$344
$334
$341
$311
$468
$475
$440
$419
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4/23/2025 Letter Continued (Full PDF)