The Buckle Annual Report 2024

FY2024 Annual Report · The Buckle
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FEBRUARY 1, 
2025 
FEBRUARY 3, 
2024 
JANUARY 28, 
2023 
INCOME STATEMENT DATA
NET SALES
$  1,217,689
$  1,261,102
$  1,345,187
INCOME BEFORE INCOME TAXES
$
 257,777 
$
 289,215 
$
 335,056 
INCOME TAX EXPENSE
$
62,309 
$
69,296 
$
80,430 
NET INCOME
$
 195,468
$
 219,919
$
 254,626
DILUTED EARNINGS PER SHARE
$
3.89
$
4.40
$
5.13
NET INCOME AS A PERCENTAGE OF NET SALES

16.1%

17.4%

18.9%
BALANCE SHEET DATA
CASH AND INVESTMENTS
$
318,846
$
315,416
$
293,698
INVENTORY
$
120,789
$
126,290
$
125,134 
TOTAL ASSETS
$
 913,173
$
 889,810
$
 837,579
LONG-TERM DEBT
$
– 
$
– 
$
– 
STOCKHOLDERS’ EQUITY
$  423,804
$
 413,220
$
 376,314
SELECTED OPERATING DATA
NUMBER OF STORES OPEN AT YEAR END

441

444

441
AVERAGE SALES PER SQUARE FOOT
$
419
$
440
$
475
AVERAGE SALES PER STORE (000’S)
$
 2,292 
$
 2,369 
$
 2,515 
COMPARABLE STORE SALES CHANGE

-2.7%

-8.0%

3.3%
(dollar amounts in thousands except per share amounts and selected operating data) 
DILUTED EARNINGS
PER SHARE
	
                  $3.06
                  $2.03
              $1.85
                $1.97
                   $2.14
                            $2.66
	
	
	
                    $5.16
	
	
	
	
   $5.13
	
	
	
       $4.40
                                                  $3.89
(AMOUNTS IN MILLIONS)
NET SALES
	
              $1,120
                          $975
                       $913
	
     $885	
                      $900
                      $901
	
	
        $1,295
                                             $1,345
	
	
         $1,261
 	
	
      $1,218
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
FINANCIAL HIGHLIGHTS
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

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

Corporate Office  
in Kearney, NE 
10
14
5
2
10
16
14
12
5
9
1
6
4
4
5
15
3
14
10
15
15
12
16
20
11
4
5
10
54
11
12
7
7
8
6
16
22
11
13
1
5
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.
1
AVERAGE SALES 
PER SQUARE FOOT
                $430
         $370
      $344
    $334
     $341
  $311
	
     $468
	
      $475
	
 $440
               $419
(AMOUNTS IN THOUSANDS)
AVERAGE SALES
PER STORE
	
              $2,180
                       $1,860
                    $1,761
	
   $1,715
	
    $1,763
                $1,598
	
	
    $2,430
	
	
       $2,515
	
	
 $2,369
                                $2,292
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024

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54

DENNIS H. NELSON
President and Chief Executive Officer 
THOMAS B. HEACOCK
Senior Vice President of Finance, 
Treasurer, and Chief Financial Officer
KARI G. SMITH
Executive Vice President of Stores
BRETT P. MILKIE 
Senior Vice President of Leasing
MICHELLE M. HOFFMAN
Senior Vice President of Sales
BRADY M. FRITZ 
Senior Vice President, General Counsel,
and Corporate Secretary
DANIEL J. HIRSCHFELD
Chairman of the Board
DENNIS H. NELSON
President and Chief Executive Officer
THOMAS B. HEACOCK
Senior Vice President of Finance, 
Treasurer, and Chief Financial Officer	
KARI G. SMITH
Executive Vice President of Stores
HANK M. BOUNDS
BILL L. FAIRFIELD

BRUCE L. HOBERMAN
MICHAEL E. HUSS
SHRUTI S. JOSHI
ANGIE J. KLEIN
JOHN P. PEETZ, III
KAREN B. RHOADS
JAMES E. SHADA
DATE FOUNDED
1948
NUMBER OF EMPLOYEES
8,000
STOCK TRANSFER AGENT AND REGISTRAR
Computershare Trust Company, N.A.
P.O. Box 43023
Providence, RI 02940-3023
(800) 884-4225
STOCK EXCHANGE LISTING
New York Stock Exchange 
Trading Symbol: BKE
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
Omaha, Nebraska
ANNUAL MEETING
The Annual Meeting of Stockholders is scheduled
for 10:00 a.m. CDT Monday, June 2, 2025 at the 
Company’s Headquarters in Kearney, Nebraska
FORM 10-K
A copy of the Form 10-K is available to shareholders 
without charge upon written request to:
Thomas B. Heacock
Senior Vice President of Finance
The Buckle, Inc.
P.O. Box 1480
Kearney, Nebraska 68848-1480
CORPORATE INFORMATION
BOARD OF DIRECTORS
EXECUTIVE OFFICERS
Other annual reports

2024 Report ↗ 2023 Report ↗ 2022 Report ↗ 2021 Report ↗ 2020 Report ↗

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