BKEMEDIUM SIGNALOPERATIONAL10-K

BKE closed one store during fiscal 2025 while maintaining its market presence across 42 states, with strong cash generation offsetting inventory investment and liability increases.

The one-store reduction (441 to 440) suggests disciplined store optimization rather than aggressive expansion, while the removal of "mostly brand name" language may indicate a shift toward more private label merchandise. The company maintained stable product mix percentages across key categories, indicating consistent operational execution.

Comparing 2026-04-01 vs 2025-04-02View on EDGAR →
FINANCIAL ANALYSIS

BKE demonstrated strong cash generation with cash and equivalents surging 31.2% to $221.0M, significantly outpacing the 15.5% inventory increase to $139.5M which appears to be normal seasonal stocking. However, total liabilities increased 15.8% to $566.6M with current liabilities up 10.6%, suggesting higher operational obligations that warrant monitoring despite the company's improved liquidity position.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+31.2%
$168.5M$221.0M

Cash position surged 31.2% — strong cash generation or capital raise providing significant financial cushion.

Total Liabilities
Balance Sheet
+15.8%
$489.4M$566.6M

Liabilities increased 15.8% — monitor debt-to-equity ratio and interest coverage.

Inventory
Balance Sheet
+15.5%
$120.8M$139.5M

Inventory built 15.5% — monitor whether demand supports this build or if write-downs may follow.

Current Liabilities
Balance Sheet
+10.6%
$213.9M$236.7M

Current liabilities rose 10.6% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-04-01
PRIOR — 2025-04-02
ADDED
As of January 31, 2026, the Company operated 440 retail stores in 42 states throughout the United States under the names "Buckle" and "Buckle Youth." The Company markets a wide selection of casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.
on April 23, 1991 and has experienced significant growth since that time, operating 440 stores in 42 states at the end of fiscal 2025.
All references herein to fiscal 2025 refer to the 52-week period ended January 31, 2026.
Fiscal 2024 refers to the 52-week period ended February 1, 2025 and fiscal 2023 refers to the 53-week period ended February 3, 2024.
Tops are also significant contributors to total sales (28.9% of fiscal 2025 net sales).
The percentage of net sales over the past three fiscal years of the Company's major product lines are set forth in the following table: Fiscal Years Ended Merchandise Group January 31, 2026 February 1, 2025 February 3, 2024 Denims 42.5 % 42.5 % 40.9 % Tops (including sweaters) 28.9 29.0 29.3 Accessories 10.9 11.0 10.8 Footwear 4.9 5.3 6.7 Sportswear/fashions 4.8 5.1 5.4 Outerwear 2.2 2.0 2.2 Casual bottoms 1.9 1.5 1.3 Kids 3.9 3.6 3.4 Total 100.0 % 100.0 % 100.0 % Brand name merchandise accounted for approximately 53% of the Company's net sales during fiscal 2025.
Holt, Maven Co-op, Modish Rebel, Nova Industries, Outpost Makers, Reclaim, Salvage, Sterling Stitch, Veece, Willow Root, 33 Coastal, and Funk Lagoon.
Marketing In fiscal 2025, the Company spent $23.2 million, or 1.8% of net sales, on targeted seasonal marketing campaigns, digital marketing efforts, and in-store point-of-sale materials.
Store Operations The Company has 4 Vice Presidents of Sales, 3 Directors of Sales, 13 Regional Managers, 22 District Managers, and 77 Area Managers.
As a result, the Company achieved a merchandise shrinkage rate of 0.4% of net sales in fiscal 2025, 0.5% of net sales in fiscal 2024, and 0.5% of net sales in fiscal 2023.
REMOVED
As of February 1, 2025, the Company operated 441 retail stores in 42 states throughout the United States under the names "Buckle" and "Buckle Youth." The Company markets a wide selection of mostly brand name casual apparel including denims, other casual bottoms, tops, sportswear, outerwear, accessories, and footwear.
on April 23, 1991 and has experienced significant growth since that time, operating 441 stores in 42 states at the end of fiscal 2024.
All references herein to fiscal 2024 refer to the 52-week period ended February 1, 2025.
Fiscal 2023 refers to the 53-week period ended February 3, 2024 and fiscal 2022 refers to the 52-week period ended January 28, 2023.
Tops are also significant contributors to total sales (29.0% of fiscal 2024 net sales).
The percentage of net sales over the past three fiscal years of the Company's major product lines are set forth in the following table: Fiscal Years Ended Merchandise Group February 1, 2025 February 3, 2024 January 28, 2023 Denims 42.5 % 40.9 % 39.3 % Tops (including sweaters) 29.0 29.3 29.7 Accessories 11.0 10.8 10.0 Footwear 5.3 6.7 9.2 Sportswear/fashions 5.1 5.4 5.5 Outerwear 2.0 2.2 2.1 Casual bottoms 1.5 1.3 1.1 Youth 3.6 3.4 3.1 Total 100.0 % 100.0 % 100.0 % Brand name merchandise accounted for approximately 53% of the Company's net sales during fiscal 2024.
Holt, Maven Co-op, Modish Rebel, Nova Industries, Outpost Makers, Reclaim, Salvage, Sterling Stitch, Veece, and Willow Root.
Marketing and Advertising In fiscal 2024, the Company spent $21.8 million, or 1.8% of net sales, on targeted seasonal marketing campaigns, digital marketing efforts, and in-store point-of-sale materials.
Store Operations The Company has an Executive Vice President of Stores, a Senior Vice President of Sales, 4 Vice Presidents of Sales, 12 Regional Managers, 19 District Managers, and 82 Area Managers.
As a result, the Company achieved a merchandise shrinkage rate of 0.5% of net sales in fiscal 2024, 0.5% of net sales in fiscal 2023, and 0.4% of net sales in fiscal 2022.
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