2020 Q1 Form 10-K Financial Statement

#000088524520000011 Filed on April 01, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $271.0M $264.4M $215.1M
YoY Change 2.49% -5.97% -4.1%
Cost Of Revenue $142.4M $143.1M $129.0M
YoY Change -0.49% -3.25% -3.34%
Gross Profit $128.6M $121.3M $86.16M
YoY Change 6.02% -8.94% -5.25%
Gross Profit Margin 47.45% 45.87% 40.05%
Selling, General & Admin $68.70M $70.10M $59.86M
YoY Change -2.0% -3.44% -0.23%
% of Gross Profit 53.43% 57.79% 69.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.800M $6.500M $6.400M
YoY Change -10.77% -14.47% -12.33%
% of Gross Profit 4.51% 5.36% 7.43%
Operating Expenses $68.80M $70.10M $59.86M
YoY Change -1.85% -3.44% -0.23%
Operating Profit $59.79M $51.19M $26.30M
YoY Change 16.79% -15.52% -14.99%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.800M $1.900M $1.332M
YoY Change -5.26% -32.14% 64.85%
Pretax Income $61.60M $53.10M $27.63M
YoY Change 16.01% -16.38% -12.95%
Income Tax $14.60M $12.00M $7.157M
% Of Pretax Income 23.7% 22.6% 25.9%
Net Earnings $46.98M $41.14M $20.48M
YoY Change 14.21% -2.06% 2.87%
Net Earnings / Revenue 17.34% 15.56% 9.52%
Basic Earnings Per Share $0.96 $0.85 $0.42
Diluted Earnings Per Share $0.96 $0.84 $0.42
COMMON SHARES
Basic Shares Outstanding 49.41M shares 49.24M shares 48.38M shares
Diluted Shares Outstanding 48.61M shares

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.5M $220.0M $223.5M
YoY Change 6.14% 1.9% -13.17%
Cash & Equivalents $221.0M $168.5M $177.9M
Short-Term Investments $12.50M $51.50M $45.60M
Other Short-Term Assets $20.90M $18.10M $19.90M
YoY Change 15.47% 0.0% 139.76%
Inventory $121.3M $125.2M $145.5M
Prepaid Expenses
Receivables $3.100M $7.100M $8.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $378.8M $370.4M $397.1M
YoY Change 2.27% 2.73% -2.15%
LONG-TERM ASSETS
Property, Plant & Equipment $113.8M $130.7M $136.5M
YoY Change -12.88% -12.61% -12.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.90M $18.70M $18.30M
YoY Change -14.97% -13.02% -0.54%
Other Assets $9.261M $7.443M $7.170M
YoY Change 24.43% 13.93% -7.6%
Total Long-Term Assets $489.1M $156.9M $162.0M
YoY Change 211.76% -11.64% -11.15%
TOTAL ASSETS
Total Short-Term Assets $378.8M $370.4M $397.1M
Total Long-Term Assets $489.1M $156.9M $162.0M
Total Assets $867.9M $527.3M $559.1M
YoY Change 64.59% -2.01% -4.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.49M $29.01M $48.40M
YoY Change -8.68% -1.29% 17.21%
Accrued Expenses $128.1M $39.40M $39.80M
YoY Change 225.13% 3.68% 24.76%
Deferred Revenue $15.32M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $172.6M $90.22M $102.2M
YoY Change 91.36% -7.85% 10.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $306.1M $43.20M $44.10M
YoY Change 608.56% -11.84% -11.8%
Total Long-Term Liabilities $306.1M $43.20M $44.10M
YoY Change 608.56% -11.84% -11.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.6M $90.22M $102.2M
Total Long-Term Liabilities $306.1M $43.20M $44.10M
Total Liabilities $478.7M $133.4M $146.2M
YoY Change 258.81% -9.15% 2.84%
SHAREHOLDERS EQUITY
Retained Earnings $236.4M $244.8M $264.8M
YoY Change -3.44% -0.71% -12.28%
Common Stock $152.8M $149.1M $148.1M
YoY Change 2.48% 2.96% 2.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $389.1M $393.9M $412.9M
YoY Change
Total Liabilities & Shareholders Equity $867.9M $527.3M $559.1M
YoY Change 64.59% -2.01% -4.94%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $46.98M $41.14M $20.48M
YoY Change 14.21% -2.06% 2.87%
Depreciation, Depletion And Amortization $5.800M $6.500M $6.400M
YoY Change -10.77% -14.47% -12.33%
Cash From Operating Activities $65.80M $60.10M $17.70M
YoY Change 9.48% -1.64% -40.2%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$2.200M -$1.700M
YoY Change -18.18% -12.0% -55.26%
Acquisitions
YoY Change
Other Investing Activities $19.30M -$6.300M $5.100M
YoY Change -406.35% 350.0% -227.5%
Cash From Investing Activities $17.40M -$8.500M $3.400M
YoY Change -304.71% 112.5% -143.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -76.00M -61.00M -12.20M
YoY Change 24.59% -37.31% 0.0%
NET CHANGE
Cash From Operating Activities 65.80M 60.10M 17.70M
Cash From Investing Activities 17.40M -8.500M 3.400M
Cash From Financing Activities -76.00M -61.00M -12.20M
Net Change In Cash 7.200M -9.400M 8.900M
YoY Change -176.6% -76.62% -7.29%
FREE CASH FLOW
Cash From Operating Activities $65.80M $60.10M $17.70M
Capital Expenditures -$1.800M -$2.200M -$1.700M
Free Cash Flow $67.60M $62.30M $19.40M
YoY Change 8.51% -2.04% -41.92%

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0.337
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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0.003
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.007
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.002
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.019
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.030
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.032
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0.002
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.002
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22929000 USD
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43113000 USD
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CY2018Q3 us-gaap Gross Profit
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CY2019Q1 us-gaap Gross Profit
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121294000 USD
CY2020Q1 us-gaap Gross Profit
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128590000 USD
CY2020 us-gaap Gross Profit
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366073000 USD
CY2019Q2 us-gaap Gross Profit
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CY2019Q3 us-gaap Gross Profit
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7000 USD
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12532000 USD
CY2019Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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65000 USD
CY2020Q1 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
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13000 USD
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1000 USD
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56313000 USD
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12532000 USD
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0 USD
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0 USD
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12544000 USD
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12532000 USD
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56371000 USD
CY2020Q1 us-gaap Held To Maturity Securities Fair Value
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12544000 USD
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4767000 USD
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29229000 USD
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0 USD
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139485000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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126644000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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137707000 USD
CY2018 us-gaap Income Tax Expense Benefit
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49778000 USD
CY2019 us-gaap Income Tax Expense Benefit
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31036000 USD
CY2020 us-gaap Income Tax Expense Benefit
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33278000 USD
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48456000 USD
CY2019 us-gaap Income Taxes Paid Net
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37309000 USD
CY2020 us-gaap Income Taxes Paid Net
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34516000 USD
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4584000 USD
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276000 USD
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-2667000 USD
CY2018 us-gaap Increase Decrease In Accrued Income Taxes Payable
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1662000 USD
CY2019 us-gaap Increase Decrease In Accrued Income Taxes Payable
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-5173000 USD
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
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747000 USD
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-4599000 USD
CY2019 us-gaap Increase Decrease In Employee Related Liabilities
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-855000 USD
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1477000 USD
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-1568000 USD
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-1315000 USD
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-7687000 USD
CY2019 us-gaap Increase Decrease In Inventories
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7487000 USD
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951000 USD
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2336000 USD
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12047000 USD
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66000 USD
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2799000 USD
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413000 USD
CY2019 us-gaap Increase Decrease In Receivables
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550000 USD
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-815000 USD
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125190000 USD
CY2020Q1 us-gaap Inventory Net
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123000 shares
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
201000 shares
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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226000 shares
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10586000 USD
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12178000 USD
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55391000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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100016000 USD
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44677000 USD
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59436000 USD
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72503000 USD
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85436000 USD
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39907000 USD
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P10Y
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1986000 USD
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1523000 USD
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133425000 USD
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478742000 USD
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527302000 USD
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867890000 USD
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90218000 USD
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172641000 USD
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2021-07-31
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Borrowings under the line of credit provide for interest to be paid at a rate based on LIBOR.
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25000000 USD
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51546000 USD
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12532000 USD
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18745000 USD
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15863000 USD
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34755000 USD
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119721000 USD
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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108727000 USD
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130665000 USD
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18338000 USD
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15659000 USD
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20476000 USD
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41135000 USD
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95608000 USD
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15092000 USD
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16374000 USD
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25984000 USD
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46979000 USD
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104429000 USD
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89707000 USD
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95608000 USD
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104429000 USD
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5407000 USD
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5716000 USD
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6210000 USD
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1 segment
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42 state
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448 store
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134078000 USD
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120928000 USD
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131497000 USD
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90719000 USD
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377552000 USD
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0 USD
CY2020Q1 us-gaap Operating Lease Liability Current
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87314000 USD
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0 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
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290238000 USD
CY2020 us-gaap Operating Lease Payments
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91671000 USD
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0 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
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350088000 USD
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0.039
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y2M25D
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287259000 USD
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66303000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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31528000 USD
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38357000 USD
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45908000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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55914000 USD
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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49249000 USD
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17982000 USD
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17837000 USD
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7443000 USD
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9261000 USD
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89000 USD
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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0 USD
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-7000 USD
CY2019 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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89000 USD
CY2020 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0 USD
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17000 USD
CY2019 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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31000 USD
CY2020 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
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CY2019 us-gaap Other Noncash Income Expense
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CY2020 us-gaap Other Noncash Income Expense
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-504000 USD
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112854000 USD
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67525000 USD
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263000 USD
CY2019 us-gaap Proceeds From Sale Of Property Plant And Equipment
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150000 USD
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
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13000 USD
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452187000 USD
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CY2019 us-gaap Payments For Proceeds From Other Investing Activities
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-158000 USD
CY2020 us-gaap Payments For Proceeds From Other Investing Activities
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CY2018 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2019 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2020 us-gaap Payments For Repurchase Of Common Stock
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68000 USD
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133874000 USD
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97744000 USD
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56631000 USD
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74215000 USD
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25629000 USD
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13462000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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10021000 USD
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7322000 USD
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18136000 USD
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20935000 USD
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52441000 USD
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76330000 USD
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452205000 USD
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130682000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
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113848000 USD
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7089000 USD
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3136000 USD
CY2018 us-gaap Restricted Stock Expense
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4883000 USD
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4287000 USD
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3764000 USD
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244823000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
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236398000 USD
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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913380000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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204897000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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201080000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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215107000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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264412000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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885496000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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201313000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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203817000 USD
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
224121000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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271003000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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900254000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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63090000 USD
CY2018 us-gaap Selling And Marketing Expense
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206068000 USD
CY2019 us-gaap Selling And Marketing Expense
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202032000 USD
CY2020 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
204480000 USD
CY2018 us-gaap Selling General And Administrative Expense
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245945000 USD
CY2019 us-gaap Selling General And Administrative Expense
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245145000 USD
CY2020 us-gaap Selling General And Administrative Expense
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245977000 USD
CY2020 us-gaap Stock Repurchased And Retired During Period Value
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68000 USD
CY2017Q1 us-gaap Stockholders Equity
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430539000 USD
CY2018Q1 us-gaap Stockholders Equity
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391248000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
393877000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
389148000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
31312000 USD
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48373000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48614000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48813000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48250000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48413000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48587000 shares
CY2020 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font><font style="font-family:inherit;font-size:10pt;"> - The Buckle, Inc. (the &#8220;Company&#8221;) has its fiscal year end on the Saturday nearest January&#160;31. All references in these consolidated financial statements to fiscal years are to the calendar year in which the fiscal year begins. Fiscal </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> represents the </font><font style="font-family:inherit;font-size:10pt;">52-week</font><font style="font-family:inherit;font-size:10pt;"> period ended </font><font style="font-family:inherit;font-size:10pt;">February&#160;1, 2020</font><font style="font-family:inherit;font-size:10pt;">, fiscal </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> represents the </font><font style="font-family:inherit;font-size:10pt;">52-week</font><font style="font-family:inherit;font-size:10pt;"> period ended </font><font style="font-family:inherit;font-size:10pt;">February&#160;2, 2019</font><font style="font-family:inherit;font-size:10pt;">, and fiscal </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> represents the </font><font style="font-family:inherit;font-size:10pt;">53-week</font><font style="font-family:inherit;font-size:10pt;"> period ended </font><font style="font-family:inherit;font-size:10pt;">February&#160;3, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>
CY2020 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">M. </font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">REVENUES</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is a retailer of medium to better priced casual apparel, footwear, and accessories for fashion conscious young men and women. The Company operates its business as </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable segment. The Company sells its merchandise through its retail stores and e-Commerce platform. The Company operated </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">448</font><font style="font-family:inherit;font-size:10pt;"> stores located in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">42</font><font style="font-family:inherit;font-size:10pt;"> states throughout the United States as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;1, 2020</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During fiscal years </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, online revenues accounted for </font><font style="font-family:inherit;font-size:10pt;">12.3%</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">11.7%</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">10.7%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the Company's net sales. 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rowspan="1"></td></tr><tr><td style="width:59%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="8" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fiscal Years Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Merchandise Group</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February&#160;1, <br clear="none"/>2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February&#160;2, <br clear="none"/>2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February&#160;3, <br clear="none"/>2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Denims</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Tops (including sweaters)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.8</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accessories</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Footwear</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sportswear/Fashions</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outerwear</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Casual bottoms</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div></div></div>
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</font></div></div>

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