BUCKLE INC (BKE) FY2025 10-K Annual Report
BUCKLE INC (BKE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Apr 2, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BUCKLE INC FY2025 10-K Analysis
Business Overview
- • Core business: Retailer of medium to better-priced casual apparel, footwear, and accessories for fashion-conscious men, women, and kids, operating 441 U.S. stores as of Feb 1, 2025
- • Strategic shift: Continued relocation of stores from enclosed malls to outdoor power centers and lifestyle centers targeting smaller and middle markets
- • Notable metric: Maintained store count at 441 despite opening 8 and closing 11 stores in fiscal 2024, with plans to open 7 new stores in fiscal 2025
- • R&D/Marketing spend: $21.8 million on marketing in fiscal 2024, representing 1.8% of net sales, emphasizing digital and seasonal campaigns
- • Unique fact: Private label denim Axis Denim accounted for 20.4% of net sales in fiscal 2024, highlighting the importance of exclusive private label offerings
Management Discussion & Analysis
- • Revenue $1.218B, down 3.4% YoY from $1.261B; comparable store sales down 2.7%, online sales down 4.3% to $197.7M
- • Operating margin 19.8% vs 21.5%; gross margin 48.7% vs 49.1%; net income $195.5M vs $219.9M, net margin 16.1% vs 17.4%
- • Best segment: merchandise margin improved by 0.55% net sales; worst segment: selling expenses rose to 24.1% from 23.1% of sales
- • Cash flow from operations $242M vs $254.6M; capital expenditures $42.3M (stores and HQ); dividends $198M including $2.50/share special; no share repurchases
- • FY2025 capital spend guidance $50–55M for 7 new stores and 18–22 remodels; risks include demand shifts, competition, economic conditions impacting sales and cash flow
Risk Factors
- • Regulatory risk from evolving ESG disclosure requirements with potential impact on reputation and financial performance
- • Macroeconomic threat from ongoing Ukraine conflict affecting consumer spending and net sales
- • Operational risk due to reliance on single Kearney, Nebraska distribution center for all stores
- • Competitive risk from e-commerce and omni-channel rivals impacting mall traffic and in-store sales
- • Key-person risk with senior management departures potentially reducing net sales and increasing expenses
BUCKLE INC FY2025 Key Financial MetricsXBRL
Revenue
$1.2B
▼ -3.4% YoY
Net Income
$195M
▼ -11.1% YoY
Gross Margin
48.7%
▼ -41bp YoY
Operating Margin
19.8%
▼ -167bp YoY
Net Margin
16.1%
▼ -139bp YoY
ROE
46.1%
▼ -710bp YoY
Total Assets
$913M
▲ +2.6% YoY
EPS (Diluted)
$3.89
▼ -11.6% YoY
Operating Cash Flow
$242M
▼ -5.0% YoY
Source: XBRL data from BUCKLE INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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