The Buckle, Inc. (BKE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no fascinante mundo da Buckle, Inc. (BKE), uma potência de varejo que criou magistralmente um modelo de negócios que combina moda moderna, experiências personalizadas de clientes e posicionamento estratégico do mercado. Com um foco a laser em consumidores adultos jovens e uma abordagem única para jeans e desgaste casual, a fivela se transformou de um varejista de roupas simples para um destino sofisticado de moda que integra perfeitamente experiências de compras físicas e digitais. Descubra como essa empresa inovadora construiu uma tela robusta de negócios que gera sucesso no cenário competitivo do varejo.

The Buckle, Inc. (BKE) - Modelo de negócios: Parcerias -chave

Fabricantes de marcas de vestuário e jeans

A Buckle, Inc. mantém parcerias com vários fabricantes de vestuário, incluindo:

Fabricante	Categorias de produtos	Porcentagem de oferta
Fivela preta	Denim de marca própria	35%
Levi Strauss & Co.	Jeans jeans	22%
Brand Lucky	Vestuário jeans	15%

Acessórios de roupas Fornecedores

Os fornecedores de acessórios -chave incluem:

• Fossil Group, Inc.
• American Eagle Outfitters
• Acessórios Pacsun

Provedores de tecnologia da plataforma de comércio eletrônico

Provedor de tecnologia	Serviços	Valor anual do contrato
Salesforce Commerce Cloud	Plataforma de comércio eletrônico	US $ 1,2 milhão
Adobe Experience Manager	Gerenciamento de experiência digital	$850,000

Parceiros de logística e remessa

Parcerias primárias de remessa e logística:

• UPS - Parceiro de remessa primária
• FedEx - provedor de remessa secundária
• USPS - envio doméstico

Agências de marketing e publicidade

Agência	Serviços de marketing	Gastos anuais de marketing
Publicis Groupe	Marketing digital	US $ 3,5 milhões
Omnicom Media Group	Campanhas de publicidade	US $ 2,8 milhões

The Buckle, Inc. (BKE) - Modelo de negócios: atividades -chave

Vendas de roupas e acessórios de varejo

A partir do ano fiscal de 2023, a Buckle, Inc. operava 442 lojas de varejo em 42 estados nos Estados Unidos. As vendas líquidas totais do ano foram de US $ 1,28 bilhão.

Métrica de varejo	2023 dados
Total de lojas de varejo	442
Estados cobertos	42
Vendas líquidas totais	US $ 1,28 bilhão

Design de mercadorias e curadoria

A fivela se concentra em curar uma mistura única de mercadorias de marca e marca própria.

• As marcas de marca própria contribuíram com aproximadamente 45% do total de vendas de mercadorias
• Relacionamentos mantidos com mais de 300 fornecedores de vestuário e acessórios
• Investiu US $ 12,4 milhões em processos de compras e design de inventário em 2023

Operações e gerenciamento de lojas

A empresa mantém uma infraestrutura robusta de gerenciamento de lojas.

Métrica operacional	2023 dados
Tamanho médio da loja	5.200 pés quadrados
Funcionários médios por loja	12-15 funcionários
Investimento anual de treinamento	US $ 3,6 milhões

Manutenção da plataforma de comércio eletrônico

Performance do canal de vendas digital para o ano fiscal de 2023:

• Vendas de comércio eletrônico: US $ 328,5 milhões
• Tráfego da plataforma digital: 24,6 milhões de visitantes únicos anualmente
• Downloads de aplicativos móveis: 1,2 milhão
• Investimento de infraestrutura tecnológica: US $ 7,2 milhões

Experiência do cliente e serviços de estilo

A fivela enfatiza o estilo e o engajamento personalizados do cliente.

Métrica da experiência do cliente	2023 dados
Sessões de estilo pessoal	128.000 sessões
Membros do programa de fidelidade do cliente	2,4 milhões
Taxa média de retenção de clientes	62%

The Buckle, Inc. (BKE) - Modelo de negócios: Recursos -chave

Rede de lojas de varejo

Em 28 de janeiro de 2023, a Buckle, Inc. operava 440 lojas de varejo em 42 estados nos Estados Unidos.

Métrica da loja	Valor
Total de lojas de varejo	440
Estados cobertos	42
Tamanho médio da loja	4.900 pés quadrados

Reputação da marca

A marca da fivela se concentra em jeans e desgaste casual com um forte posicionamento de mercado.

• Especializado em marcas de jeans premium
• Oferece seleções de moda com curadoria
• Alvos demográficos para jovens adultos

Programa de fidelidade do cliente

O programa de fidelidade proprietário da empresa gera o envolvimento recorrente do cliente.

Métrica do Programa de Fidelidade	Valor
Membros do programa de fidelidade	Mais de 5 milhões de membros ativos
Repetir a taxa de cliente	Aproximadamente 45%

Força de trabalho

Até o ano fiscal de 2022, a fivela empregou aproximadamente 8.500 associados.

• Equipe de varejo qualificada
• Equipe experiente de merchandising
• Consultores de moda especializados

Sistemas de gerenciamento de inventário

A empresa utiliza tecnologias avançadas de rastreamento digital e de inventário físico.

Métrica de Gerenciamento de Inventário	Valor
Rotatividade anual de inventário	3,2 vezes
Plataforma de inventário digital	Sistema de rastreamento em tempo real

The Buckle, Inc. (BKE) - Modelo de Negócios: Proposições de Valor

Jeans da moda e de alta qualidade e roupas casuais

No ano fiscal de 2023, a Buckle, Inc. registrou vendas líquidas de US $ 1,31 bilhão, com uma parcela significativa derivada de segmentos de jeans e roupas casuais.

Categoria de produto	Porcentagem de vendas
Roupas de jeans	45.6%
Vestuário casual	32.3%
Acessórios	22.1%

Estilo personalizado e atendimento ao cliente

A fivela mantém 448 lojas de varejo em 42 estados em janeiro de 2024, com um tamanho médio de 4.900 pés quadrados dedicados a experiências de compras personalizadas.

• Tempo médio de interação do cliente: 37 minutos por visita
• Serviços de estilo pessoal disponíveis em 92% dos locais das lojas
• Classificação de satisfação do cliente: 4.2/5

Ofertas de moda inclusivas de tamanho

Faixa de tamanho	Porcentagem de cobertura
Tamanhos femininos	00-24
Tamanhos masculinos	28-44 cintura
Opções de tamanho estendido	67% das linhas de produto

Coleções de moda com curadoria para jovens adultos

Demografia-alvo: 18-35 anos, representando 68% da base de clientes da empresa.

• Seguidores de mídia social: 1,2 milhão
• Taxa de engajamento online: 4,5%
• Valor médio da transação online: $ 127

Combinação de experiências de compras na loja e online

Canal de vendas	Porcentagem de receita
Lojas físicas	76.3%
Plataforma de comércio eletrônico	23.7%

Recursos da plataforma digital: Rastreamento de inventário em tempo real, salas de ajuste virtual e integração de aplicativos móveis.

The Buckle, Inc. (BKE) - Modelo de Negócios: Relacionamentos do Cliente

Consultas de estilo pessoal

A partir do quarto trimestre 2023, a fivela oferece serviços de estilo pessoal na loja com 42 profissionais de estilo dedicado em 440 locais de varejo.

Tipo de serviço	Duração média	Taxa de satisfação do cliente
Estilo pessoal na loja	45 minutos	87.3%

Programa de recompensas de fidelidade

O programa de recompensas da fivela possui 1,2 milhão de membros ativos a partir do ano fiscal de 2023.

• Taxa de acumulação de pontos de recompensa: 1 ponto por US $ 1 gasto
• Valor de resgate: Certificado de recompensa de US $ 10 por 250 pontos
• Contribuição anual da receita do programa: US $ 78,6 milhões

Engajamento ativo da mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	523,000	3.7%
Facebook	412,000	2.9%

Comunicações de marketing personalizadas

O banco de dados de marketing por email contém 2,1 milhões de assinantes com uma taxa aberta de 22,4% e uma taxa de cliques de 8,6% em 2023.

Suporte ao cliente na loja e on-line

Canal de suporte	Tempo médio de resposta	Pontuação de satisfação do cliente
Suporte na loja	7 minutos	92%
Chat online	3,2 minutos	88.5%
Suporte telefônico	6,5 minutos	85.7%

The Buckle, Inc. (BKE) - Modelo de Negócios: Canais

Lojas de varejo físico

A partir de 2023, a Buckle, Inc. opera 448 lojas de varejo em 42 estados nos Estados Unidos. O tamanho médio da loja é de aproximadamente 5.000 pés quadrados.

Métrica	Valor
Total de lojas de varejo	448
Estados cobertos	42
Tamanho médio da loja	5.000 pés quadrados

Site de comércio eletrônico

A plataforma on -line da empresa, Buckle.com, gerou US $ 442,8 milhões em vendas digitais no ano fiscal de 2023, representando 36,8% do total de vendas líquidas.

Desempenho de comércio eletrônico	2023 dados
Vendas digitais	US $ 442,8 milhões
Porcentagem de vendas totais	36.8%

Aplicativo de compra móvel

O aplicativo móvel Buckle oferece recursos como:

• Verificação de inventário em tempo real
• Pagamentos móveis
• Recomendações personalizadas

Plataformas de mídia social

A fivela mantém presença ativa em vários canais de mídia social:

• Instagram: 1,2 milhão de seguidores
• Facebook: 750.000 seguidores
• Tiktok: 250.000 seguidores

Campanhas de marketing direto e e -mail

O banco de dados de marketing por email da empresa contém aproximadamente 3,5 milhões de assinantes, com uma taxa de abertura média de 22,5% e uma taxa de cliques de 8,3%.

Métricas de marketing por email	Desempenho
Banco de dados de assinantes	3,5 milhões
Taxa de abertura por e -mail	22.5%
Taxa de cliques	8.3%

The Buckle, Inc. (BKE) - Modelo de negócios: segmentos de clientes

Consumidores de moda para jovens adultos (15-35 anos)

A partir do quarto trimestre de 2023, o Buckle, Inc. tem como alvo de 15 a 35 anos de idade, com 68,3% do total de vendas no varejo dessa faixa etária. Gastos médios do cliente neste segmento: US $ 127,45 por transação.

Faixa etária	Porcentagem de vendas	Valor médio da transação
15-24 anos	37.6%	$112.30
25-35 anos	30.7%	$142.60

Demografia demográfica da classe média

Faixa de renda familiar direcionada: US $ 50.000 - US $ 125.000 anualmente. Representa 72,4% da base de clientes da fivela.

Indivíduos conscientes da moda

• 87,2% dos clientes priorizam o estilo e as tendências da moda atuais
• 63,5% dispostos a gastar preços premium em roupas de qualidade
• Repetir taxa de cliente neste segmento: 54,7%

Entusiastas de jeans e desgaste casual

As vendas de jeans representam 52,3% da receita total. Valor médio de compra de jeans: US $ 89,75.

Categoria de produto	Porcentagem de vendas	Valor médio de compra
Jeans	52.3%	$89.75
Desgaste casual	37.6%	$65.40

Segmentos de mercado suburbanos e urbanos

Distribuição da localização da loja: Locais suburbanos: 76,5% das lojas de varejo Locais urbanos: 23,5% das lojas de varejo

• Penetração do mercado suburbano: 89,3%
• Penetração do mercado urbano: 42,6%
• Vendas on -line desses segmentos: 33,7%

The Buckle, Inc. (BKE) - Modelo de negócios: estrutura de custos

Aluguel de armazenamento e despesas operacionais

No ano fiscal de 2023, a Buckle, Inc. registrou despesas totais de ocupação de US $ 133,4 milhões. A empresa opera 439 lojas de varejo em 42 estados.

Categoria de despesa	Valor (2023)
Despesas totais de ocupação	US $ 133,4 milhões
Número de lojas de varejo	439

Compras de inventário

No ano fiscal de 2023, o inventário total de mercadorias da fivela foi avaliado em US $ 249,4 milhões.

Métrica de inventário	Valor
Inventário total de mercadorias	US $ 249,4 milhões
Custo dos bens vendidos (engrenagens)	US $ 442,9 milhões

Salários e treinamento de funcionários

As despesas de venda total, geral e administrativa da Companhia em 2023 foram de US $ 362,9 milhões, o que inclui custos relacionados aos funcionários.

• Número total de funcionários: aproximadamente 8.500
• Salário médio por hora para os associados de varejo: US $ 14 a US $ 16

Marketing e publicidade

As despesas de marketing para a fivela no ano fiscal de 2023 foram de aproximadamente US $ 12,5 milhões.

Categoria de despesa de marketing	Quantia
Total de despesas de marketing	US $ 12,5 milhões
Alocação de marketing digital	Aproximadamente 40% do orçamento de marketing

Manutenção de tecnologia e infraestrutura digital

A empresa investiu US $ 8,2 milhões em tecnologia e infraestrutura digital em 2023.

• Manutenção da plataforma de comércio eletrônico: US $ 3,5 milhões
• Infraestrutura de TI e segurança cibernética: US $ 4,7 milhões

Resumo da estrutura de custos total para 2023: Despesas de ocupação: US $ 133,4 milhões Compras de inventário: US $ 249,4 milhões Despesas relacionadas aos funcionários: incluídos em US $ 362,9 milhões SG&A Despesas de marketing: US $ 12,5 milhões Infraestrutura de tecnologia: US $ 8,2 milhões

The Buckle, Inc. (BKE) - Modelo de negócios: fluxos de receita

Vendas de roupas e acessórios na loja

Para o ano fiscal de 2023, a Buckle, Inc. registrou vendas líquidas totais de US $ 1.337,5 milhões. As vendas de lojas de varejo físicas compreenderam a maioria desta receita, com 87% das vendas ocorrendo através de transações nas lojas.

Canal de vendas	Receita	Percentagem
Vendas na loja	US $ 1.164,8 milhões	87%
Vendas de comércio eletrônico	US $ 172,7 milhões	13%

Vendas de produtos de comércio eletrônico

As vendas on -line da Buckle, Inc. atingiram US $ 172,7 milhões no ano fiscal de 2023, representando 13% do total de vendas líquidas.

Associação do programa de fidelidade

• Associação do programa de recompensas: 3,2 milhões de membros ativos
• Pedido médio por lealdade Membro: US $ 425 anualmente
• Contribuição do programa de fidelidade para a receita total: aproximadamente US $ 1,36 bilhão

Coleções de roupas sazonais

Temporada	Contribuição da receita	Porcentagem de vendas anuais
Coleção de outono/inverno	US $ 468,1 milhões	35%
Coleção de primavera/verão	US $ 402,9 milhões	30%
Noções básicas durante todo o ano	US $ 466,5 milhões	35%

Mercadorias e acessórios de marca

Acessórios e mercadorias de marca geraram US $ 204,5 milhões em receita, representando 15,3% do total de vendas líquidas no ano fiscal de 2023.

• Receita de acessórios: US $ 124,3 milhões
• Mercadoria de marca: US $ 80,2 milhões

The Buckle, Inc. (BKE) - Canvas Business Model: Value Propositions

You're looking at what makes The Buckle, Inc. stand out in a crowded retail space, specifically what they offer to keep their shoppers coming back. It really boils down to a tight focus on product curation and service that other big players often miss.

The core offering is a curated mix of national and exclusive private-label apparel. This isn't just random inventory; it's a deliberate blend designed to capture trend-driven demand while protecting margins. The private-label strategy is key here, as private-label offerings accounted for 43.5% of sales in the second quarter of fiscal 2025. This focus on proprietary product allows The Buckle, Inc. to bypass national brand pricing pressures and capture more value from in-demand styles.

The company is definitely known as a destination for denim. This category is a bedrock of their business, accounting for 42.5% of net sales in fiscal year 2024. They stock a wide selection of fits, styles, and finishes from leading denim brands, including their own exclusive brand, BKE.

Here's a quick look at how the product mix and customer loyalty metrics stack up:

Value Proposition Focus Area	Key Metric	Data Point (Latest Available)
Denim Importance	% of FY2024 Net Sales from Denim	42.5%
Private Label Contribution	% of Q2 2025 Sales from Private Label	43.5%
Customer Loyalty	Rewards Program Repeat Purchase Rate	68%
Target Demographic Alignment	% of Customer Base Aged 18-24 (Q2 2025)	68%

The experience is built around personalized, high-touch customer service and styling experiences. They offer practical perks like free hemming and in-store styling to enhance the overall visit. This service focus helps drive loyalty, which is evident in their Rewards Program, boasting 1.2 million members and a 68% repeat purchase rate as of mid-2025. That kind of stickiness is rare in apparel retail right now.

Finally, The Buckle, Inc. delivers on-trend casual apparel, footwear, and accessories for young adults. The primary customer base is fashion-conscious, with marketing specifically targeting the 15-24 year old segment, though the broader target is 15-30 year olds. They keep the selection fresh by introducing new product styles approximately 12-16 times per year. This responsiveness is reflected in their recent financial performance; for the third quarter ended November 1, 2025, net sales hit $320.84 million, up 9.3% year-over-year, with online sales surging 13.6% to $53 million.

The value proposition is clearly about delivering curated trendiness with service that builds a loyal base. Finance: review the Q3 2025 gross margin percentage against the 47.4% reported in Q2 2025 for the next pricing strategy review by end of day Tuesday.

The Buckle, Inc. (BKE) - Canvas Business Model: Customer Relationships

You're looking at how The Buckle, Inc. keeps its customers coming back, which is key when you see their operating margin holding strong at 20.11% and net margin at 16.13% as of late 2025. The relationship strategy is a clear blend of high-touch physical service and data-driven digital connection.

Personalized, one-on-one in-store styling and service

The physical store experience remains central to The Buckle, Inc.'s relationship model. They currently operate 444 retail stores across 42 states. This physical footprint supports the promise of delivering exceptional service. You can see the health of this in-store relationship through the comparable store sales figures; for the 43-week period ending November 29, 2025, these sales increased 5.9% year-over-year. That growth suggests that the in-store styling and service-the one-on-one interaction they focus on-is resonating with shoppers, even as the company grows its digital presence.

Here's a quick look at the recent in-store performance metrics:

Metric	Period Ending November 29, 2025	Prior Year Period Comparison
Comparable Store Sales (4-Week)	Increased 2.5%	Compared to the 4-week period ended November 30, 2024
Comparable Store Sales (YTD, 43-Week)	Increased 5.9%	Compared to the 43-week period ended November 30, 2024
Total Stores in Operation	444	Compared to 445 stores as of December 4, 2024

Loyalty and brand affinity built through exceptional experiences

The Buckle, Inc. aims to be a destination, especially for denim, which builds a foundation for affinity. While specific loyalty program enrollment or spend data isn't public, the general retail environment shows that 93% of customers are likely to make repeat purchases when they receive excellent customer service. Furthermore, 88% of consumers report it takes three or more purchases to build brand loyalty. The company's focus on delivering style through unforgettable experiences is designed to drive that repeat business. Also, 72% of customers view loyalty programs as part of their business relationships with a brand.

Digital engagement via social media and e-commerce personalization

Digital engagement is clearly an engine for scalable growth. E-commerce sales soared 17.7% year-over-year to $43.6 million in the second quarter of 2025. This digital surge outpaces the casual apparel sector's online sales growth rate of 4.37% CAGR from 2023 to 2025. The Buckle, Inc. enhances this digital relationship by leveraging AI-driven product recommendations and augmented reality (AR) fitting tools, which helps reduce return rates and enhances customer retention. This use of technology is a direct attempt to mimic the personalized feel of the in-store experience online.

Consider the digital performance snapshot:

• E-commerce sales growth in Q2 2025: 17.7%.
• Q2 2025 E-commerce sales amount: $43.6 million.
• Digital tools used: AI recommendations and AR fitting.
• Impact: Reduced return rates and inventory waste.

If onboarding takes 14+ days, churn risk rises, but The Buckle, Inc.'s integrated inventory systems help keep the digital pipeline smooth.

Finance: draft 13-week cash view by Friday.

The Buckle, Inc. (BKE) - Canvas Business Model: Channels

You're looking at how The Buckle, Inc. gets its product to the customer, which is a classic retail mix of physical presence and digital reach. Honestly, the numbers show they're still heavily invested in the store footprint, but the digital side is definitely growing its piece of the pie.

The physical channel remains central to The Buckle, Inc.'s distribution strategy. As of December 4, 2025, The Buckle, Inc. operates 444 retail stores across 42 states in the U.S.. This count reflects the opening of two new stores in fiscal November 2025, located in Owensboro, Kentucky and Sevierville, Tennessee. For context, as of February 1, 2025, the count was 440 locations.

The e-commerce platform, Buckle.com, is a significant, growing channel. For the 26-week fiscal period ended August 2, 2025, online sales increased 10.5% to $90.0 million compared to the prior year period. Looking closer at the quarter ending August 2, 2025, online sales specifically jumped 17.7% to $43.6 million. For the month of November 2025, revenues generated on buckle.com were reported at US$23m.

The Buckle, Inc. is moving toward a unified commerce approach, which is how they link these two worlds. They have made strategic investments in platforms like Aptos ONE to modernize operations and boost omnichannel efficiency. This technology underpins capabilities like ship-from-store and in-store pickup, even if the specific volume metrics for those services aren't always broken out publicly.

Here's a quick look at how the sales performance across the channels stacked up in recent periods:

Channel Metric	Period Ending	Value	Comparison Period/Note
Total Retail Stores	December 4, 2025	444 locations	Up from 440 stores as of February 1, 2025
Online Sales (26-Week Period)	August 2, 2025	$90.0 million	Increased 10.5% year-over-year
Online Sales (13-Week Quarter)	August 2, 2025	$43.6 million	Increased 17.7% year-over-year
Buckle.com Monthly Revenue (GMV)	November 2025	US$23m	Change of 45-50% from October 2025
Total Net Sales (43-Week Period)	November 29, 2025	$1.021 billion	Increased 6.8% year-over-year

You can see the digital segment is showing strong percentage growth, like that 17.7% surge in Q2 online sales, even as the total store count remains relatively flat around 440 to 444 locations. The investment in the unified commerce platform is definitely aimed at making sure inventory moves seamlessly between these physical and digital points of sale.

• Brick-and-mortar retail stores: 444 locations as of December 4, 2025.
• E-commerce platform (Buckle.com) annual sales: US$208m in 2024.
• E-commerce sales for 26 weeks ending August 2, 2025: $90.0 million.
• Integrated inventory system: Investment in Aptos ONE unified commerce platform.

The Buckle, Inc. (BKE) - Canvas Business Model: Customer Segments

You're looking at the core group The Buckle, Inc. targets with its curated merchandise mix. This segment is defined by their fashion orientation and their willingness to spend in the mid-range of the apparel market.

• - Fashion-conscious young men and women (core target is 15-30 years old)
• - Customers seeking medium to better-priced casual apparel and denim
• - Shoppers in secondary and tertiary markets across 42 states

The Buckle, Inc. specifically retails medium to affordable priced casual apparel, footwear, and accessories for fashion-conscious young men and women. They are known as a denim destination. For the four-week fiscal period ended November 29, 2025, the sales split between genders showed the men's business represented approximately 52.5% of total sales, while the women's business accounted for approximately 47.5% of total sales for that month. This is a shift, as the women's share was approximately 43.5% in the same period a year ago. Also, for that same fiscal month, overall price points on both the men's and women's sides of the business increased about 5.5%.

The product mix heavily favors apparel, with accessories and footwear making up smaller portions of the monthly sales mix for the period ending November 29, 2025:

Product Category	Percentage of Fiscal November 2025 Net Sales	Year-over-Year Change (Fiscal November 2025 vs. 2024)
Accessory Sales	9.5%	Increased approximately 2.0%
Footwear Sales	4.5%	Decreased about 6.5%

Looking at the full fiscal year ended February 1, 2025, brand name merchandise accounted for approximately 53% of net sales. The company's exclusive private labels, such as BKE, were significant, accounting for 42.5% of fiscal 2025 net sales.

Geographically, The Buckle, Inc. maintains a broad, yet focused, physical presence. As of December 4, 2025, the company operated 444 retail stores across 42 states. This is consistent with their presence reported earlier in the year; for example, as of May 3, 2025, they operated 439 stores across 42 states. The e-commerce platform is also a key channel, generating $197.7 million in sales for the fiscal year 2025.

You can see the scale of their operations relative to their primary focus areas:

• Total Retail Stores (as of December 4, 2025): 444
• Total States Served by Stores: 42
• E-commerce Net Sales (Fiscal Year 2025): $197.7 million

The customer base is served through a high volume of physical locations, which is a defining characteristic of this segment's access strategy. Finance: draft 13-week cash view by Friday.

The Buckle, Inc. (BKE) - Canvas Business Model: Cost Structure

You're looking at The Buckle, Inc.'s (BKE) cost structure for the fiscal year ended February 1, 2025 (FY2025). This is where the money actually goes to keep the lights on and the merchandise flowing to your 441 stores across the United States. Honestly, for a retailer, the cost of the product and the cost of the real estate are the two biggest levers you have to pull.

The total Cost of Sales, which bundles up the merchandise cost, buying, distribution, and store occupancy costs, was a significant portion of revenue. For FY2025, this combined cost was reported at 51.3% of net sales. Remember, this single line item includes your rent, utilities, and the actual price you paid for the jeans and tops.

Cost Component (as % of Net Sales, FY2025)	Percentage
Cost of Sales (Including Buying, Distribution, and Occupancy)	51.3%
Selling, General, and Administrative (SG&A) Expenses	28.9%
Gross Profit Margin (Implied)	48.7%

The Selling, General, and Administrative (SG&A) expenses were 28.9% of net sales in FY2025. This is a critical area because it's where you see the impact of your operational choices, like how many people you staff in stores or how much you spend on your website. This percentage was actually up from 27.6% in the prior year, which tells you something about the pressure points in the business.

Here's a breakdown of what drove that SG&A increase, which you need to watch closely:

• - Increases in store labor-related expenses.
• - Higher costs related to digital commerce investments.

The digital side is definitely a growing cost center. For FY2025, online revenues accounted for 16.2% of the Company's total net sales of $1.218 billion. That means the investment in the digital commerce platform, which includes website maintenance, fulfillment technology, and related labor, is being measured against that slice of the revenue pie. Store occupancy expenses, which are part of the Cost of Sales figure, are fixed to the 441 physical locations you operate, so they don't flex down easily when sales dip, like they did in FY2025 when net sales decreased 3.4%.

To be fair, the Cost of Sales figure of 51.3% is a blended rate that includes store occupancy. If you wanted to isolate just the rent and utilities, you'd have to dig into the footnotes of the 10-K, but the reported combined cost is the real-life number you have to manage against the 48.7% gross profit margin. Finance: draft 13-week cash view by Friday.

The Buckle, Inc. (BKE) - Canvas Business Model: Revenue Streams

The revenue streams for The Buckle, Inc. are primarily driven by the sale of merchandise through its established physical footprint and a growing e-commerce channel. You see this split clearly when you look at the most recent nine-month figures.

For the 39-week fiscal period ended November 1, 2025, The Buckle, Inc. generated total net sales of $898.7 million. The majority of this revenue came from the physical retail stores, which is the core of their business model.

Here's a quick look at how the sales broke down for that 39-week period:

• - Physical store net sales for the 39-week period ended November 1, 2025, were $755.8 million ($898.7 million total net sales minus $142.9 million in online sales).
• - E-commerce sales for the 39-week period ended November 1, 2025, totaled $142.9 million.

To give you a more granular view, let's look at the second quarter of fiscal 2025 (the 13-week period ended August 2, 2025). This is where the digital contribution is explicitly stated:

• - E-commerce sales contributed 14.3% of Q2 2025 net sales, which amounted to $43.6 million out of total Q2 net sales of $305.7 million.
• - Physical retail sales for Q2 2025 were $262.1 million ($305.7 million total net sales minus $43.6 million in online sales).

The overall financial performance anchors these revenue figures. For context on profitability derived from these sales, Net Income for the 39-week period ended November 1, 2025, was $128.9 million. This is up from $118.3 million in the prior year's comparable 39-week period.

The full-year context from the prior fiscal year shows the scale of the business. Total Net Sales for the 52-week fiscal year ended February 1, 2025, were $1.218 billion. This full-year revenue was supported by $197.7 million in online sales for that same 52-week period.

You can see the primary revenue drivers and key financial metrics side-by-side here:

Metric	Value (Latest Available Period)	Period End Date
Total Net Sales	$898.7 million	39-Weeks Ended November 1, 2025
Physical Store Net Sales (Calculated)	$755.8 million	39-Weeks Ended November 1, 2025
E-commerce Net Sales	$142.9 million	39-Weeks Ended November 1, 2025
Net Income	$128.9 million	39-Weeks Ended November 1, 2025
Total Net Sales	$1.218 billion	52-Weeks Ended February 1, 2025
E-commerce Net Sales	$197.7 million	52-Weeks Ended February 1, 2025

The Buckle, Inc. relies heavily on its brick-and-mortar presence, but the digital channel is definitely growing its share of the total revenue pie. Still, the physical stores are where the bulk of the cash comes from. If onboarding takes 14+ days, churn risk rises.