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OFFON

THE BUCKLE, INC.

(BKE)
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Buckle : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

09/09/2021 | 12:34pm EDT
The following discussion should be read in conjunction with the condensed
consolidated financial statements and notes thereto of the Company included in
this Form 10-Q. All references herein to the "Company", "Buckle", "we", "us", or
similar terms refer to The Buckle, Inc. and its subsidiary. The following is
management's discussion and analysis of certain significant factors which have
affected the Company's financial condition and results of operations during the
periods included in the accompanying condensed consolidated financial
statements.

EXECUTIVE OVERVIEW

Company management considers the following items to be key performance indicators in evaluating Company performance.


Comparable Store Sales - Stores are deemed to be comparable stores if they were
open in the prior year on the first day of the fiscal period being presented.
Stores which have been remodeled, expanded, and/or relocated, but would
otherwise be included as comparable stores, are not excluded from the comparable
store sales calculation. Online sales are included in comparable store sales.
Management considers comparable store sales to be an important indicator of
current Company performance, helping leverage certain fixed costs when results
are positive. Negative comparable store sales results could reduce net sales and
have a negative impact on operating leverage, thus reducing net earnings.

Net Merchandise Margins - Management evaluates the components of merchandise
margin including initial markup and the amount of markdowns during a period. Any
inability to obtain acceptable levels of initial markups or any significant
increase in the Company's use of markdowns could have an adverse effect on the
Company's gross margin and results of operations.

Operating Margin - Operating margin is a good indicator for management of the
Company's success. Operating margin can be positively or negatively affected by
comparable store sales, merchandise margins, occupancy costs, and the Company's
ability to control operating costs.

Cash Flow and Liquidity (working capital) - Management reviews current cash and
short-term investments along with cash flow from operating, investing, and
financing activities to determine the Company's short-term cash needs for
operations and expansion. The Company believes that existing cash, short-term
investments, and cash flow from operations will be sufficient to fund current
and long-term anticipated capital expenditures and working capital requirements
for the next several years.

                                       14
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RESULTS OF OPERATIONS


The following table sets forth certain financial data expressed as a percentage
of net sales and the percentage change in the dollar amount of such items
compared to the prior period:

                                             Percentage of Net Sales                                                                Percentage of Net Sales
                                            For Thirteen Weeks Ended                           Percentage                         For Twenty-Six Weeks Ended                          Percentage
                                       July 31,                  August 1,                                                    July 31,                  August 1,
                                         2021                      2020                   Increase/(Decrease)                   2021                      2020                   Increase/(Decrease)

Net sales                                    100.0  %                  100.0  %                            36.6  %                  100.0  %                  100.0  %                            79.3  %
Cost of sales (including buying,
distribution, and occupancy
costs)                                        51.9  %                   56.8  %                            24.8  %                   51.3  %                   63.7  %                            44.2  %
Gross profit                                  48.1  %                   43.2  %                            52.1  %                   48.7  %                   36.3  %                           140.9  %
Selling expenses                              21.4  %                   17.7  %                            64.8  %                   20.7  %                   21.6  %                            71.5  %
General and administrative
expenses                                       3.7  %                    4.4  %                            15.5  %                    3.8  %                    5.8  %                            19.6  %
Income from operations                        23.0  %                   21.1  %                            49.1  %                   24.2  %                    8.9  %                           389.6  %
Other income, net                              0.1  %                    0.2  %                           (45.2) %                      -  %                    0.3  %                           (72.1) %
Income before income taxes                    23.1  %                   21.3  %                            48.3  %                   24.2  %                    9.2  %                           374.7  %
Income tax expense                             5.7  %                    5.2  %                            48.3  %                    5.9  %                    2.3  %                           374.7  %
Net income                                    17.4  %                   16.1  %                            48.3  %                   18.3  %                    6.9  %                           374.7  %



Results for the twenty-six week period ended August 1, 2020 were significantly
impacted by the Company's closure of all brick and mortar stores due to the
COVID-19 pandemic beginning March 18, 2020. As a result of the impact of the
store closures on prior year reported net sales, the Company is not separately
reporting comparable store sales for all periods presented.

Net sales increased from $216.0 million in the second quarter of fiscal 2020 to
$295.1 million in the second quarter of fiscal 2021, a 36.6% increase. Total
sales growth for the period was the result of a 42.1% increase in the number of
transactions and a 2.6% increase in the average unit retail, partially offset by
a 6.3% reduction in the average number of units sold per transaction. Online
sales for the quarter decreased 5.5% to $43.4 million for the thirteen week
period ended July 31, 2021 compared to $46.0 million for the thirteen week
period ended August 1, 2020.

Net sales increased from $331.4 million for the first two quarters of fiscal
2020 to $594.2 million for the first two quarters of fiscal 2021, a 79.3%
increase. Total sales growth for the year-to-date period was the result of an
80.1% increase in the number of transactions and a 4.1% increase in the average
unit retail, partially offset by a 4.6% reduction in the average number of units
sold per transaction. Online sales for the year-to-date period increased 24.5%
to $97.2 million for the twenty-six week period ended July 31, 2021 compared to
$78.1 million for the twenty-six week period ended August 1, 2020.

The Company's average retail price per piece of merchandise sold increased
$1.09, or 2.6%, during the second quarter of fiscal 2021 compared to the second
quarter of fiscal 2020. This $1.09 increase was primarily attributable to the
following changes (with their corresponding effect on the overall average price
per piece): a 4.7% increase in average knit shirt price points ($0.47), a 5.5%
increase in average accessories price points ($0.23), a 5.2% increase in average
woven shirt price points ($0.13), an increase in average price points for
certain other merchandise categories ($0.14), and a shift in the merchandise mix
($0.54); which were partially offset by a 1.5% reduction in average denim price
points (-$0.21) and a 3.4% reduction in average sportswear/fashion price points
(-$0.21). These changes are primarily a reflection of merchandise shifts in
terms of brands and product styles, fabrics, details, and finishes.

For the year-to-date period, the Company's average retail price per piece of
merchandise sold increased $1.77, or 4.1%, compared to the same period in fiscal
2020. This $1.77 increase was primarily attributable to the following changes
(with their corresponding effect on the overall average price per piece): a 4.9%
increase in average knit shirt price points ($0.47), a 6.5% increase in average
accessories price points ($0.26), a 3.2% increase in average footwear price
points ($0.13), an increase in average price points for certain other
merchandise categories ($0.10), and a shift in the merchandise mix ($0.93);
which were partially offset by a 2.3% reduction in average sportswear/fashion
price points (-$0.12). These changes are primarily a reflection of merchandise
shifts in terms of brands and product styles, fabrics, details, and finishes.

                                       15
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Gross profit after buying, distribution, and occupancy expenses was $142.0
million in the second quarter of fiscal 2021, compared to $93.4 million in the
second quarter of fiscal 2020. As a percentage of net sales, gross profit was
48.1% in the second quarter of fiscal 2021, compared to 43.2% in the second
quarter of fiscal 2020. The gross margin increase was the result of leveraged
occupancy, buying, and distribution expenses (4.40%, as a percentage of net
sales) and an improvement in merchandise margins (0.50%, as a percentage of net
sales).

Year-to-date, gross profit was $289.6 million for the twenty-six week period
ended July 31, 2021, compared to $120.2 million for the twenty-six week period
ended August 1, 2020. As a percentage of net sales, gross profit was 48.7% for
the first two quarters of fiscal 2021, compared to 36.3% for the first two
quarters of fiscal 2020. The gross margin increase for the year-to-date period
was the result of leveraged occupancy, buying, and distribution expenses
(10.50%, as a percentage of net sales) and an improvement in merchandise margins
(1.90%, as a percentage of net sales).

Selling expenses were $63.1 million in the second quarter of fiscal 2021,
compared to $38.3 million in the second quarter of fiscal 2020. As a percentage
of net sales, selling expenses were 21.4% of net sales in the second quarter of
fiscal 2021, compared to 17.7% in the second quarter of fiscal 2020.
Year-to-date, selling expenses were $123.1 million for the first two quarters of
fiscal 2021, compared to $71.8 million for the first two quarters of fiscal
2020. As a percentage of net sales, selling expenses were 20.7% of net sales for
the first two quarters of fiscal 2021, compared to 21.6% for the first two
quarters of fiscal 2020.

General and administrative expenses were $11.1 million in the second quarter of
fiscal 2021, compared to $9.6 million in the second quarter of fiscal 2020. As a
percentage of net sales, general and administrative expenses were 3.7% of net
sales in the second quarter of fiscal 2021, compared to 4.4% in the second
quarter of fiscal 2020. Year-to-date, general and administrative expenses were
$22.8 million for the first two quarters of fiscal 2021, compared to $19.1
million for the first two quarters of fiscal 2020. As a percentage of net sales,
general and administrative expenses were 3.8% of net sales in fiscal 2021,
compared to 5.8% in fiscal 2020.

In total, selling, general, and administrative expenses were 25.1% of net sales
for the second quarter of fiscal 2021, compared to 22.1% for the second quarter
of fiscal 2020. The increase was the result of increases in expense related to
incentive compensation accruals (2.50%, as a percentage of net sales) and store
labor-related expenses (1.30%, as a percentage of net sales); which were
partially offset by decreased shipping costs (0.70%, as a percentage of net
sales) and sales leverage across several other expense categories (0.10%, as a
percentage of net sales).

For the 26-week year-to-date period, total selling, general, and administrative
expenses were 24.5% of net sales for fiscal 2021, compared to 27.4% for fiscal
2020. The decrease was the result of reductions (as a percentage of net sales)
in store and home office labor-related expenses (2.85%) and shipping costs
(0.65%) along with leverage across several other expense categories (1.75%);
which were partially offset by an increase in expense related to incentive
compensation accruals (2.35%, as a percentage of net sales).

As a result of the above changes, the Company's income from operations was $67.9
million, or 23.0% of net sales, for the second quarter of fiscal 2021, compared
to income from operations of $45.5 million, or 21.1% of net sales, for the
second quarter of fiscal 2020.

Year-to-date, income from operations was $143.7 million for the twenty-six week
period ended July 31, 2021 compared to $29.4 million for the twenty-six week
period ended August 1, 2020. Income from operations was 24.2% of net sales for
the first two quarters of fiscal 2021 compared to 8.9% of net sales for the
first two quarters of fiscal 2020.

Income tax expense as a percentage of pre-tax income was 24.5% for the second
quarter of both fiscal 2021 and fiscal 2020, bringing the Company's net income
to $51.4 million in the second quarter of fiscal 2021 compared to $34.7 million
in the second quarter of fiscal 2020.

Income tax expense as a percentage of pre-tax income was 24.5% for both the
first two quarters of fiscal 2021 and the first two quarters of fiscal 2020,
bringing year-to-date net income to $108.7 million for fiscal 2021 compared to
$22.9 million for fiscal 2020.

                                       16
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LIQUIDITY AND CAPITAL RESOURCES


As of July 31, 2021, the Company had working capital of $311.4 million,
including $406.7 million of cash and cash equivalents and $8.6 million of
short-term investments. The Company's cash receipts are generated from retail
sales and from investment income, and the Company's primary ongoing cash
requirements are for inventory, payroll, occupancy costs, dividend payments, new
store expansion, remodeling, and other capital expenditures. Historically, the
Company's primary source of working capital has been cash flow from operations.
During the first two quarters of fiscal 2021 and fiscal 2020, the Company's cash
flow from operations was $136.5 million and $49.2 million, respectively. Changes
in operating cash flow between periods is primarily a function of changes in net
income, along with changes in inventory and accounts payable based on the timing
and amount of merchandise purchased in each respective period. Operating cash
flow is also impacted by the timing of certain other payments, including rent
and income taxes. The Company's strong operating cash flow for the first six
months of fiscal 2021 compared to the first six months of fiscal 2020 is
primarily attributable to the 374.7% or $85.8 million increase in net income.

The uses of cash for both twenty-six week periods primarily include payment of annual bonuses accrued at fiscal year end, inventory purchases, dividend payments, construction costs for new and remodeled stores, other capital expenditures, and purchases of investment securities.


During the first two quarters of fiscal 2021 and 2020, the Company invested $8.6
million and $2.6 million, respectively, in new store construction, store
renovation, and store technology upgrades. The Company also spent $0.6 million
and $0.8 million in the first two quarters of fiscal 2021 and 2020,
respectively, in capital expenditures for the corporate headquarters and
distribution facility.

During the remainder of fiscal 2021, the Company anticipates completing six
additional store construction projects, which are all remodels/relocations.
Management estimates that total capital expenditures during fiscal 2021 will be
approximately $12.0 to $15.0 million, which includes primarily planned store
projects and technology investments. The Company believes that existing cash and
cash equivalents, investments, and cash flow from operations will be sufficient
to fund current and long-term anticipated capital expenditures and working
capital requirements for the next several years. The Company has a consistent
record of generating positive cash flow from operations each year and, as of
July 31, 2021, had total cash and investments of $434.9 million, including $19.6
million of long-term investments.

Future conditions, however, may reduce the availability of funds based upon
factors such as a decrease in demand for the Company's product, change in
product mix, competitive factors, and general economic conditions as well as
other risks and uncertainties which would reduce the Company's sales, net
profitability, and cash flows. Also, the Company's acceleration in store
openings and/or remodels or the Company entering into a merger, acquisition, or
other financial related transaction could reduce the amount of cash available
for further capital expenditures and working capital requirements.

The Company has available an unsecured line of credit of $25.0 million with
Wells Fargo Bank, N.A. for operating needs and letters of credit. The line of
credit agreement has an expiration date of July 31, 2023 and provides that $10.0
million of the $25.0 million line is available for letters of credit. Borrowings
under the line of credit provide for interest to be paid at a rate based on
SOFR. The Company has, from time to time, borrowed against these lines of
credit. There were no bank borrowings during the first two quarters of fiscal
2021 or 2020. The Company had no bank borrowings as of July 31, 2021 and was in
compliance with the terms and conditions of the line of credit agreement.

                                       17
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES


Management's Discussion and Analysis of Financial Condition and Results of
Operations are based upon The Buckle, Inc.'s condensed consolidated financial
statements, which have been prepared in accordance with accounting principles
generally accepted in the United States of America. The preparation of these
consolidated financial statements requires that management make estimates and
judgments that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the financial statement date,
and the reported amounts of sales and expenses during the reporting period. The
Company regularly evaluates its estimates, including those related to inventory,
investments, incentive bonuses, and income taxes. Management bases its estimates
on past experience and on various other factors that are thought to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions. Management believes that
the estimates and judgments used in preparing these consolidated financial
statements were the most appropriate at that time. Presented below are those
critical accounting policies that management believes require subjective and/or
complex judgments that could potentially affect reported results of operations.
The critical accounting policies and estimates utilized by the Company in the
preparation of its condensed consolidated financial statements for the period
ended July 31, 2021 have not changed materially from those utilized for the
fiscal year ended January 30, 2021, included in The Buckle Inc.'s 2020 Annual
Report on Form 10-K.

1.Revenue Recognition. Retail store sales are recorded, net of expected returns,
upon the purchase of merchandise by customers. Online sales are recorded, net of
expected returns, when merchandise is tendered for delivery to the common
carrier. Shipping fees charged to customers are included in revenue and shipping
costs are included in selling expenses. The Company recognizes revenue from
sales made under its layaway program upon delivery of the merchandise to the
customer. Revenue is not recorded when gift cards and gift certificates are
sold, but rather when a card or certificate is redeemed for merchandise. A
current liability for unredeemed gift cards and certificates is recorded at the
time the card or certificate is purchased. The liability recorded for unredeemed
gift cards and gift certificates was $11.4 million and $14.3 million as of
July 31, 2021 and January 30, 2021, respectively. Gift card and gift certificate
breakage is recognized as revenue in proportion to the redemption pattern of
customers by applying an estimated breakage rate. The estimated breakage rate is
based on historical issuance and redemption patterns and is re-assessed by the
Company on a regular basis. Sales tax collected from customers is excluded from
revenue and is included as part of "accrued store operating expenses" on the
Company's condensed consolidated balance sheets.

The Company establishes a liability for estimated merchandise returns, based
upon the historical average sales return percentage, that is recognized at the
transaction value. The Company also recognizes a return asset and a
corresponding adjustment to cost of sales for the Company's right to recover
returned merchandise, which is measured at the estimated carrying value, less
any expected recovery costs. Customer returns could potentially exceed the
historical average, thus reducing future net sales results and potentially
reducing future net earnings. The accrued liability for reserve for sales
returns was $4.0 million as of July 31, 2021 and $2.6 million as of January 30,
2021.

The Company's Buckle Rewards program allows participating guests to earn points
for every qualifying purchase, which (after achievement of certain point
thresholds) are redeemable as a discount off a future purchase. Reported revenue
is net of both current period reward redemptions and accruals for estimated
future rewards earned under the Buckle Rewards program. A liability has been
recorded for future rewards based on the Company's estimate of how many earned
points will turn into rewards and ultimately be redeemed prior to expiration. As
of July 31, 2021 and January 30, 2021, $11.0 million and $10.2 million was
included in "accrued store operating expenses" as a liability for estimated
future rewards.


                                       18
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Through partnership with Comenity Bank, the Company offers a private label
credit card ("PLCC"). Prior to October 2020, Customers with a PLCC were enrolled
in our B-Rewards incentive program and earned points for every qualifying
purchase on their card. At the end of each rewards period, customers who
exceeded a minimum point threshold received a reward to be redeemed on a future
purchase. The B-Rewards program also provided other discount and promotional
opportunities to cardholders on a routine basis. Reported revenue was net of
both current period reward redemptions, current period discounts and promotions,
and accruals for estimated future rewards earned under the B-Rewards program. A
liability was recorded for future rewards based on the Company's estimate of how
many earned points would turn into rewards and ultimately be redeemed prior to
expiration, which was included in "gift certificates redeemable" on the
Company's consolidated balance sheets. In October 2020, the Company merged the
B-Rewards program and the Buckle Rewards program enabling participating guests
to earn additional points for qualifying purchases on their PLCC card under the
newly enhanced Buckle Rewards program. Effective January 30, 2021, and for all
future periods, the accrual for points earned under the combined Buckle Rewards
program is included in "accrued store operating expenses" on the Company's
consolidated balance sheets as referenced in the previous paragraph.

2.Inventory. Inventory is valued at the lower of cost or net realizable value.
Cost is determined using an average cost method that approximates the first-in,
first-out (FIFO) method. Management makes adjustments to inventory and cost of
goods sold, based upon estimates, to account for merchandise obsolescence and
markdowns that could affect net realizable value, based on assumptions using
calculations applied to current inventory levels within each different markdown
level. Management also reviews the levels of inventory in each markdown group
and the overall aging of the inventory versus the estimated future demand for
such product and the current market conditions. Such judgments could vary
significantly from actual results, either favorably or unfavorably, due to
fluctuations in future economic conditions, industry trends, consumer demand,
and the competitive retail environment. Such changes in market conditions could
negatively impact the sale of markdown inventory, causing further markdowns or
inventory obsolescence, resulting in increased cost of goods sold from
write-offs and reducing the Company's net earnings. The adjustment to inventory
for markdowns and/or obsolescence was $7.9 million as of July 31, 2021 and $10.8
million as of January 30, 2021.

3.Income Taxes. The Company records a deferred tax asset and liability for
expected future tax consequences resulting from temporary differences between
financial reporting and tax bases of assets and liabilities. The Company
considers future taxable income and ongoing tax planning in assessing the value
of its deferred tax assets. If the Company determines that it is more than
likely that these assets will not be realized, the Company would reduce the
value of these assets to their expected realizable value, thereby decreasing net
income. Estimating the value of these assets is based upon the Company's
judgment. If the Company subsequently determined that the deferred tax assets,
which had been written down, would be realized in the future, such value would
be increased. Adjustment would be made to increase net income in the period such
determination was made.

4.Leases. The Company's lease portfolio is primarily comprised of leases for
retail store locations. The Company also leases certain equipment and corporate
office space. Store leases for new stores typically have an initial term of 10
years, with options to renew for an additional 1 to 5 years. The exercise of
lease renewal options is at the Company's sole discretion and is included in the
lease term for calculations of its right-of-use assets and liabilities when it
is reasonably certain that the Company plans to renew these leases. Certain
store lease agreements include rental payments based on a percentage of retail
sales over contractual levels and others include rental payments adjusted
periodically for inflation. Lease agreements do not contain any residual value
guarantees, material restrictive covenants, or options to purchase the leased
property.

The Company has elected to apply the practical expedient to account for lease
components (e.g. fixed payments for rent, insurance, and real estate taxes) and
non-lease components (e.g. fixed payments for common area maintenance) together
as a single component for all underlying asset classes. Additionally, the
Company elected as an accounting policy to exclude short-term leases from the
recognition requirements.

Consistent with guidance in the FASB Staff Q&A regarding lease concessions
related to the effects of the COVID-19 pandemic, the Company made the election
to treat all lease concessions as though the enforceable rights and obligations
existed in each contract and, therefore, did not apply the lease modification
guidance in ASC 842.
                                       19
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5.Investments. Investments classified as short-term investments include
securities with a maturity of greater than three months and less than one year.
Available-for-sale securities are reported at fair value, with unrealized gains
and losses excluded from earnings and reported as a separate component of
stockholders' equity (net of the effect of income taxes), using the specific
identification method, until they are sold. Held-to-maturity securities are
reported at amortized cost. Trading securities are reported at fair value, with
unrealized gains and losses included in earnings, using the specific
identification method.

OFF-BALANCE SHEET ARRANGEMENTS, CONTRACTUAL OBLIGATIONS, AND COMMERCIAL COMMITMENTS


As referenced in the table below, the Company has contractual obligations and
commercial commitments that may affect the financial condition of the Company.
Based on management's review of the terms and conditions of its contractual
obligations and commercial commitments, there is no known trend, demand,
commitment, event, or uncertainty that is reasonably likely to occur which would
have a material effect on the Company's financial condition, results of
operations, or cash flows. In addition, the commercial obligations and
commitments made by the Company are customary transactions which the Company
believes to be similar to those of other comparable retail companies.

The following table identifies the material obligations and commitments as of
July 31, 2021:

                                                                            Payments Due by Fiscal Year
Contractual obligations (dollar amounts
in thousands):                              Total            2021 (remaining)          2022-2023          2024-2025           Thereafter

Purchase obligations                     $  13,882          $          

6,835 $ 5,613$ 1,434 $ - Deferred compensation

                       19,558                         -                  -                  -               19,558
Operating lease payments (a)               317,083                    48,912            152,767             78,536               36,868
Total contractual obligations            $ 350,523          $         

55,747 $ 158,380$ 79,970$ 56,426

(a) See Footnote 6 to the condensed consolidated financial statements.


The Company has available an unsecured line of credit of $25.0 million for
operating needs and letters of credit, which is excluded from the preceding
table. The line of credit agreement has an expiration date of July 31, 2023 and
provides that $10.0 million of the $25.0 million line is available for letters
of credit. Certain merchandise purchase orders require that the Company open
letters of credit. When the Company takes possession of the merchandise, it
releases payment on the letters of credit. The amounts of outstanding letters of
credit reported reflect the open letters of credit on merchandise ordered, but
not yet received or funded. The Company believes it has sufficient credit
available to open letters of credit for merchandise purchases. There were no
bank borrowings during the first two quarters of fiscal 2021 or the first two
quarters of fiscal 2020. The Company had outstanding letters of credit totaling
$4.4 million and $1.8 million as of July 31, 2021 and January 30, 2021,
respectively. The Company has no other off-balance sheet arrangements.

SEASONALITY


The Company's business is seasonal, with the holiday season (from approximately
November 15 to December 30) and the back-to-school season (from approximately
July 15 to September 1) historically contributing the greatest volume of net
sales. For fiscal years 2020, 2019, and 2018, the holiday and back-to-school
seasons accounted for approximately 35% of the Company's fiscal year net sales.
Quarterly results may vary significantly depending on a variety of factors
including the timing and amount of sales and costs associated with the opening
of new stores, the timing and level of markdowns, the timing of store closings,
the remodeling of existing stores, competitive factors, and general economic
conditions.

                                       20
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FORWARD LOOKING STATEMENTS


Information in this report, other than historical information, may be considered
to be forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "1995 Act"). Such statements are made in good
faith by the Company pursuant to the safe-harbor provisions of the 1995 Act. In
connection with these safe-harbor provisions, this management's discussion and
analysis contains certain forward-looking statements, which reflect management's
current views and estimates of future economic conditions, Company performance,
and financial results. The statements are based on many assumptions and factors
that could cause future results to differ materially. Such factors include, but
are not limited to, changes in product mix, changes in fashion trends,
competitive factors, and general economic conditions, economic conditions in the
retail apparel industry, as well as other risks and uncertainties inherent in
the Company's business and the retail industry in general. Any changes in these
factors could result in significantly different results for the Company. The
Company further cautions that the forward-looking information contained herein
is not exhaustive or exclusive. The Company does not undertake to update any
forward-looking statements, which may be made from time to time by or on behalf
of the Company.

© Edgar Online, source Glimpses

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