2020 Q2 Form 10-Q Financial Statement

#000088524520000025 Filed on June 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $115.4M $201.3M
YoY Change -42.67% -1.75%
Cost Of Revenue $88.59M $124.7M
YoY Change -28.94% -0.44%
Gross Profit $26.83M $76.65M
YoY Change -65.0% -3.81%
Gross Profit Margin 23.24% 38.08%
Selling, General & Admin $43.01M $57.92M
YoY Change -25.75% 2.64%
% of Gross Profit 160.32% 75.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.484M $6.180M
YoY Change -11.26% -11.05%
% of Gross Profit 20.44% 8.06%
Operating Expenses $43.01M $57.92M
YoY Change -25.75% 2.64%
Operating Profit -$16.18M $18.73M
YoY Change -186.38% -19.46%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $574.0K $1.255M
YoY Change -54.26% -15.6%
Pretax Income -$15.61M $19.99M
YoY Change -178.08% -19.23%
Income Tax -$3.824M $4.897M
% Of Pretax Income 24.5%
Net Earnings -$11.78M $15.09M
YoY Change -178.08% -17.7%
Net Earnings / Revenue -10.21% 7.5%
Basic Earnings Per Share -$0.24 $0.31
Diluted Earnings Per Share -$0.24 $0.31
COMMON SHARES
Basic Shares Outstanding 48.73M shares 48.55M shares
Diluted Shares Outstanding 48.92M shares 48.73M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.7M $237.6M
YoY Change -14.69% 6.5%
Cash & Equivalents $185.0M $183.9M
Short-Term Investments $17.70M $53.70M
Other Short-Term Assets $13.40M $20.40M
YoY Change -34.31% 6.25%
Inventory $121.7M $120.8M
Prepaid Expenses
Receivables $1.800M $5.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $339.6M $384.6M
YoY Change -11.7% 4.65%
LONG-TERM ASSETS
Property, Plant & Equipment $110.1M $126.9M
YoY Change -13.24% -13.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.90M $15.70M
YoY Change 1.27% -12.29%
Other Assets $9.491M $7.754M
YoY Change 22.4% 12.08%
Total Long-Term Assets $462.1M $495.8M
YoY Change -6.8% 190.53%
TOTAL ASSETS
Total Short-Term Assets $339.6M $384.6M
Total Long-Term Assets $462.1M $495.8M
Total Assets $801.7M $880.4M
YoY Change -8.94% 63.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.21M $36.53M
YoY Change -47.41% 41.5%
Accrued Expenses $105.6M $106.6M
YoY Change -0.94% 237.34%
Deferred Revenue $13.51M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $138.4M $167.1M
YoY Change -17.13% 84.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $285.3M $315.3M
YoY Change -9.51% 552.8%
Total Long-Term Liabilities $285.3M $315.3M
YoY Change -9.51% 552.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.4M $167.1M
Total Long-Term Liabilities $285.3M $315.3M
Total Liabilities $423.7M $482.4M
YoY Change -12.17% 247.16%
SHAREHOLDERS EQUITY
Retained Earnings $224.6M $247.6M
YoY Change -9.29% -2.15%
Common Stock $153.3M $150.4M
YoY Change 1.98% 2.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $377.9M $398.0M
YoY Change
Total Liabilities & Shareholders Equity $801.7M $880.4M
YoY Change -8.94% 63.59%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$11.78M $15.09M
YoY Change -178.08% -17.7%
Depreciation, Depletion And Amortization $5.484M $6.180M
YoY Change -11.26% -11.05%
Cash From Operating Activities -$28.30M $29.27M
YoY Change -196.67% 51.68%
INVESTING ACTIVITIES
Capital Expenditures $2.072M $2.462M
YoY Change -15.84% -29.23%
Acquisitions
YoY Change
Other Investing Activities -$5.200M $1.000M
YoY Change -620.0% -433.33%
Cash From Investing Activities -$7.260M -$1.497M
YoY Change 384.97% -60.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $372.0K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$372.0K -$12.31M
YoY Change -96.98% 0.07%
NET CHANGE
Cash From Operating Activities -$28.30M $29.27M
Cash From Investing Activities -$7.260M -$1.497M
Cash From Financing Activities -$372.0K -$12.31M
Net Change In Cash -$35.93M $15.47M
YoY Change -332.3% 383.38%
FREE CASH FLOW
Cash From Operating Activities -$28.30M $29.27M
Capital Expenditures $2.072M $2.462M
Free Cash Flow -$30.37M $26.81M
YoY Change -213.28% 69.47%

Facts In Submission

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354463000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
87314000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
84410000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
290238000 USD
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
270053000 USD
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
21519000 USD
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
25035000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
350088000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
326587000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
17837000 USD
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
15927000 USD
CY2020Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9261000 USD
CY2020Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
9491000 USD
CY2019Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-52000 USD
CY2020Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-41000 USD
CY2019Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
372000 USD
CY2019Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
12309000 USD
CY2020Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0 USD
CY2019Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
15975000 USD
CY2020Q2 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
14738000 USD
CY2019Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2462000 USD
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2072000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
20935000 USD
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13438000 USD
CY2019Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
16940000 USD
CY2020Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
9550000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
452205000 USD
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
451142000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
113848000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
110069000 USD
CY2020Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3136000 USD
CY2020Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
1774000 USD
CY2019Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
1298000 USD
CY2020Q2 us-gaap Restricted Stock Expense
RestrictedStockExpense
957000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
236398000 USD
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
224614000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
201313000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
115413000 USD
CY2019Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
418000 USD
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3380000 USD
CY2019Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
46609000 USD
CY2020Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
33504000 USD
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
57919000 USD
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
43007000 USD
CY2020Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
372000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
393877000 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
397958000 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
389148000 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
377949000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
9244000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
4489000 USD
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48734000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48922000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48552000 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48725000 shares
CY2020Q2 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Basis of Presentation</font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the results of operations for the interim periods have been included. All such adjustments are of a normal recurring nature. Because of the seasonal nature of the business, results for interim periods are not necessarily indicative of a full year's operations. The accounting policies followed by the Company and additional footnotes are reflected in the consolidated financial statements for the fiscal year ended </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;">, included in The Buckle, Inc.'s </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2019</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K. The condensed consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">February&#160;1, 2020</font><font style="font-family:inherit;font-size:10pt;"> is derived from audited financial statements. </font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For purposes of this report, unless the context otherwise requires, all references herein to the &#8220;Company&#8221;, &#8220;Buckle&#8221;, &#8220;we&#8221;, &#8220;us&#8221;, or similar terms refer to The Buckle, Inc. and its subsidiary.</font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company follows generally accepted accounting principles (&#8220;GAAP&#8221;) established by the Financial Accounting Standards Board (&#8220;FASB&#8221;). References to GAAP in these notes are to the FASB </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Standards Codification</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC&#8221;).</font></div></div>
CY2020Q2 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Revenues</font></div><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;padding-left:24px;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;">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 had </font><font style="font-family:inherit;font-size:10pt;">446</font><font style="font-family:inherit;font-size:10pt;"> stores located in </font><font style="font-family:inherit;font-size:10pt;">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;">May&#160;2, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">449</font><font style="font-family:inherit;font-size:10pt;"> stores in </font><font style="font-family:inherit;font-size:10pt;">42</font><font style="font-family:inherit;font-size:10pt;"> states as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;4, 2019</font><font style="font-family:inherit;font-size:10pt;">. During the </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> week period ended </font><font style="font-family:inherit;font-size:10pt;">May&#160;2, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company did not open any new stores, substantially remodeled </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> store, and permanently closed </font><font style="font-family:inherit;font-size:10pt;">2</font><font style="font-family:inherit;font-size:10pt;"> stores. During the </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> week period ended </font><font style="font-family:inherit;font-size:10pt;">May&#160;4, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company did not open any new stores, substantially remodeled </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> store, and permanently closed </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> store.</font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company temporarily closed all of its brick and mortar stores beginning March 18, 2020 to protect the health and welfare of its guests, teammates, and communities as a result of the COVID-19 pandemic. The Company began the process of reopening certain stores the week of April 26, 2020, following all appropriate federal, state, and local reopening guidelines. As of May 2, 2020, </font><font style="font-family:inherit;font-size:10pt;">37</font><font style="font-family:inherit;font-size:10pt;"> stores had been reopened. The Company has continued to reopen stores each week and had reopened </font><font style="font-family:inherit;font-size:10pt;">397</font><font style="font-family:inherit;font-size:10pt;"> of its </font><font style="font-family:inherit;font-size:10pt;">444</font><font style="font-family:inherit;font-size:10pt;"> stores as of June 5, 2020. The store closings had a significant impact on the Company's revenue for the quarter, which was down </font><font style="font-family:inherit;font-size:10pt;">$85,900</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">42.7%</font><font style="font-family:inherit;font-size:10pt;">. The Company's online store remained open without interruption. </font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">thirteen</font><font style="font-family:inherit;font-size:10pt;"> week periods ended </font><font style="font-family:inherit;font-size:10pt;">May&#160;2, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">May&#160;4, 2019</font><font style="font-family:inherit;font-size:10pt;">, online revenues accounted for </font><font style="font-family:inherit;font-size:10pt;">27.8%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">12.1%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the Company's net sales. No sales to an individual customer or country, other than the United States, accounted for more than 10% of net sales. </font></div><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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is information regarding the Company&#8217;s major product lines, stated as a percentage of the Company&#8217;s net sales:</font></div><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;padding-left:24px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:96.49122807017544%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:11%;" 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:11%;" 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="5" 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;">Thirteen Weeks 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;">May&#160;2, <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;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">May&#160;4, <br clear="none"/>2019</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></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;">45.8</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;">42.4</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;">27.6</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;">29.9</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;">Footwear</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;">8.5</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;">7.4</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;">Accessories</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;">8.1</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;">8.4</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></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;">6.6</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></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;">1.0</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;">0.9</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;">0.9</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;">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></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;">1.5</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><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;">1.0</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="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>

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