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Morn in gsta r ® D ocu m ent R ese arc h ℠ FO RM 10-K BUCKLE IN C - BKE File d :

April 0 1, 2 015 (p erio d:

Jan uary 3 1, 2 015 ) Annual r e port w ith a c o m pre hensiv e o ve rv ie w o f th e c o m pany T he in fo rm atio n c onta in ed h ere in m ay n ot b e c opie d, a dapte d o r d is tr ib ute d a nd is n ot w arra nte d to b e a ccura te , c om ple te o r tim ely . T he u ser a ssum es a ll r is ks fo r a ny d am ages o r lo sses a ris in g fr o m a ny u se o f th is in fo rm atio n, e xcept to th e e xte nt s uch d am ages o r lo sses c annot b e l im ite d o r e xclu ded b y a pplic able la w . P ast fin ancia l p erfo rm ance is n o g uara nte e o f fu tu re r e sults . UNIT ED S T A TES SE C URIT IE S A ND E X CH ANG E C O M MIS SIO N WASH IN G TO N, D .C . 2 0549 FO RM 1 0-K x ANNUAL R EPO RT P U RSU ANT T O S E CTIO N 1 3 O R 1 5(d ) O F TH E S E CURIT IE S E XCH ANG E A CT O F 1 934 For t h e F is c al Y ear E nded January 3 1, 2 015 o TRANSIT IO N R EPO RT P U RSU ANT T O S E CTIO N 1 3 O R 1 5(d ) O F TH E S E CURIT IE S E XCH ANG E A CT O F 1 934 For t h e T ra n sitio n P erio d f ro m _ ___________ t o _ ___________ Com mis sio n F ile N um ber: 0 01-1 2951 TH E B U CK LE, I N C.

(E xact n am e o f R eg is tra n t a s s p ecifie d i n i ts c h arte r) Neb ra sk a 47-0 366193 (S ta te o r o th er j u ris d ic tio n o f i n co rp ora tio n o r o rg an iz atio n) (I.R .S . E m plo yer I d en tific atio n N o.) 2407 W est 2 4th S tr eet, K ea rn ey , N eb ra sk a 6 8845-4 915 (A ddre ss o f p rin cip al e x ecu tiv e o ffic es) ( Z ip C ode) Reg is tra n t's t e le p hone n um ber, i n clu din g a re a c o de:

(3 08) 2 36-8 491 Secu ritie s r eg is te red p ursu ant t o S ectio n 1 2(b ) o f t h e A ct:

Tit le o f c la ss Nam e o f E ach E xch an ge o n W hic h R eg is te red Com mon S to ck , $ .0 1 p ar v alu e New Y ork S to ck E xch an ge Secu ritie s r eg is te red p ursu ant t o S ectio n 1 2(g ) o f t h e A ct: N one I n dic ate b y c h eck m ark if th e r e g is tr a n t is a w ell- k now n s easo ned is su er, a s d efin ed in R ule 4 05 o f th e S ecu ritie s A ct.

Yes þ No o I n dic ate b y c h eck m ark if th e r e g is tr a n t is n ot r e q uir e d to f ile r e p orts p urs u an t to S ectio n 1 3 o r 1 5(d ) o f th e A ct.

Yes o No þ I n dic ate b y c h eck m ark w heth er th e r e g is tr a n t ( 1 ) h as f ile d a ll r e p orts r e q uir e d to b e f ile d b y S ectio n 1 3 o r 1 5(d ) o f th e S ecu ritie s E xch an ge A ct o f 1 934 d urin g th e p re ced in g 1 2 m onth s ( o r f o r s u ch s h orte r p erio d th at th e R eg is tr a n t w as r e q uir e d to f ile s u ch r e p orts ) a n d ( 2 ) h as b een s u bje ct to s u ch f ilin g r e q uir e m en ts f o r th e p ast 9 0 d ay s.

Yes þ No o I n dic ate b y c h eck m ark w heth er th e re g is tr a n t h as s u bm itte d e le ctr o nic ally a n d p oste d o n its c o rp ora te W eb s ite , if a n y, e v ery In te ra ctiv e D ata F ile re q uir e d to b e s u bm itte d a n d p oste d p urs u an t to R ule 4 05 o f R eg ula tio n S -T d urin g th e p re ced in g 1 2 m onth s ( o r f o r a s h orte r p erio d th at th e r e g is tr a n t w as r e q uir e d to s u bm it a n d p ost s u ch f ile s). Y es þ No o I n dic ate b y c h eck m ark if d is clo su re o f d elin quen t f ile rs p urs u an t to I te m 4 05 o f R eg ula tio n S -K is n ot c o nta in ed h ere in , a n d w ill n ot b e c o nta in ed , to th e b est o f th e R eg is tr a n t’s k now le d ge, in d efin itiv e p ro xy o r in fo rm atio n s ta te m en ts in co rp ora te d b y r e fe re n ce in P art I II o f th is F orm 1 0-K o r a n y a m en dm en t to th is F orm 1 0-K .

o I n dic ate b y c h eck m ark w heth er th e r e g is tr a n t is a la rg e a ccele ra te d f ile r, a ccele ra te d f ile r, n on-a ccele ra te d f ile r, o r s m alle r r e p ortin g c o m pan y. ( S ee d efin itio n o f “ la rg e a ccele ra te d f ile r,” “ accele ra te d f ile r,” a n d “ sm alle r r e p ortin g c o m pan y” in R ule 1 2b-2 o f th e E xch an ge A ct) . C heck o ne.

þ Larg e a ccele ra te d f ile r; o A ccele ra te d f ile r; o N on-a ccele ra te d f ile r; o S m alle r R ep ortin g C om pan y I n dic ate b y c h eck m ark w heth er th e r e g is tr a n t is a s h ell c o m pan y ( a s d efin ed in R ule 1 2b-2 o f th e A ct) . Y es o No þ T he a g gre g ate m ark et v alu e (b ased o n th e c lo sin g p ric e o f th e N ew Y ork S to ck E xch an ge) o f th e c o m mon s to ck o f th e re g is tr a n t h eld b y n on-a ffilia te s o f th e re g is tr a n t w as $ 1,2 54,7 62,7 60 o n A ugust 2 , 2 014. F or p urp oses o f th is re sp onse, e x ecu tiv e o ffic ers a n d d ir e cto rs a re d eem ed to b e th e a ffilia te s o f th e R eg is tr a n t a n d th e h old in gs b y n on- a ffilia te s w as c o m pute d a s 2 7,8 77,4 22 s h are s.

T he n um ber o f s h are s o uts ta n din g o f th e R eg is tr a n t's C om mon S to ck , a s o f Marc h 2 6, 2 015 , w as 48,5 32,9 63 .

DOCU M EN TS I N CO RPO RA TED B Y R EFER EN CE P ortio ns o f th e d efin itiv e P ro xy S ta te m en t f o r th e r e g is tr a n t’ s 2015 A nnual M eetin g o f S hare h old ers to b e h eld M ay 2 9, 2 015 a re in co rp ora te d b y r e fe re n ce in P art I II. S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . TH E B U CKLE, I N C.

FO RM 1 0-K Jan uary 3 1, 2 015 Table o f C onte n ts Pages Part I I te m 1 .

Busin ess 3 I te m 1 A .

Ris k F acto rs 11 I te m 1 B .

Unre so lv ed S ta ff C om men ts 14 I te m 2 .

Pro pertie s 15 I te m 3 .

Leg al P ro ceed in gs 15 I te m 4 .

Min e S afe ty D is c lo su re s 15 Part I I I te m 5 .

Mark et f o r R eg is tra n t's C om mon E quity , R ela te d S hare h old er M atte rs , a n d I s su er P urc h ase s o f E quity S ecu ritie s 16 I te m 6 .

Sele cte d F in an cia l D ata 19 I te m 7 .

Man ag em en t's D is c u ssio n a n d A naly sis o f F in an cia l C onditio n a n d R esu lts o f O pera tio ns 20 I te m 7 A .

Quan tita tiv e a n d Q ualita tiv e D is c lo su re s A bout M ark et R is k 28 I te m 8 .

Fin an cia l S ta te m en ts a n d S upple m en ta ry D ata 29 I te m 9 .

Chan ges I n a n d D is a g re em en ts W ith A cco unta n ts o n A cco untin g a n d F in an cia l D is c lo su re 49 I te m 9 A .

Contro ls a n d P ro ced ure s 49 I te m 9 B .

Oth er I n fo rm atio n 51 Part I II I te m 1 0.

Dire cto rs , E xecu tiv e O ffic ers , a n d C orp ora te G overn an ce 51 I te m 1 1.

Execu tiv e C om pen sa tio n 51 I te m 1 2.

Secu rity O wners h ip o f C erta in B en efic ia l O wners a n d M an ag em en t a n d R ela te d S to ck hold er M atte rs 51 I te m 1 3.

Certa in R ela tio nsh ip s a n d R ela te d T ra n sa ctio ns a n d D ire cto r I n dep en den ce 51 I te m 1 4.

Prin cip al A cco unta n t F ees a n d S erv ic es 51 Part I V I te m 1 5.

Exhib its a n d F in an cia l S ta te m en t S ch ed ule 51 2 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . PA RT I I T EM 1 - B USIN ESS T he B uck le , In c. (th e " C om pan y") is a re ta ile r o f m ed iu m to b ette r-p ric ed c asu al a p pare l, fo otw ear, a n d a ccesso rie s fo r fa sh io n-c o nsc io us y oung m en a n d w om en . A s o f Ja n uary 3 1, 2 015 , th e C om pan y o pera te d 460 re ta il sto re s in 44 sta te s th ro ughout th e U nite d S ta te s u nder th e n am es "B uck le " a n d "T he B uck le ." T he C om pan y m ark ets a w id e s e le ctio n o f m ostly b ra n d n am e c asu al a p pare l i n clu din g d en im s, o th er c asu al b otto m s, t o ps, s p orts w ear, o ute rw ear, a ccesso rie s, a n d f o otw ear. T he C om pan y e m phasiz es p ers o naliz ed a tte n tio n t o i ts c u sto m ers a n d p ro vid es c u sto m er s e rv ic es s u ch a s f re e h em min g, f re e g ift- w ra p pin g, e asy la y aw ay s, th e B uck le p riv ate la b el c re d it c ard , a n d a fre q uen t s h opper p ro gra m . M ost s to re s a re lo cate d in re g io nal, h ig h-tra ffic s h oppin g m alls a n d life sty le c en te rs , a n d th is is th e C om pan y's stra te g y fo r fu tu re e x pan sio n. T he m ajo rity o f th e C om pan y's c en tra l o ffic e fu nctio ns, in clu din g p urc h asin g, p ric in g, a cco untin g, a d vertis in g, a n d d is trib utio n, a re c o ntro lle d fro m its h ead quarte rs a n d d is trib utio n c en te r in K earn ey, N eb ra sk a. T he C om pan y’s m en ’s b uyin g t e am a n d a p ortio n o f i ts m ark etin g t e am a re l o cate d i n O verla n d P ark , K an sa s.

I n co rp ora te d i n N eb ra sk a i n 1 948, t h e C om pan y c o m men ced b usin ess u nder t h e n am e M ills C lo th in g, I n c., a c o nven tio nal m en 's c lo th in g s to re w ith o nly o ne l o catio n. I n 1 967, a s e co nd s to re , u nder t h e t ra d e n am e B ra ss B uck le , w as p urc h ase d . I n t h e e arly 1 970s, t h e s to re i m ag e c h an ged t o t h at o f a j e an s s to re w ith a w id e s e le ctio n o f d en im s a n d s h irts . T he f irs t b ra n ch s to re w as o pen ed i n C olu m bus, N eb ra sk a, i n 1 976. I n 1 977, t h e C om pan y b eg an s e llin g y oung w om en 's a p pare l a n d o pen ed its firs t m all s to re . T he C om pan y c h an ged its c o rp ora te n am e to T he B uck le , In c. o n A pril 2 3, 1 991. T he C om pan y h as e x perie n ced s ig nific an t g ro w th o ver t h e p ast t e n y ears , g ro w in g f ro m 3 27 s to re s a t t h e s ta rt o f f is c al 2 005 t o 460 s to re s a t t h e e n d o f f is c al 2014 . A ll r e fe re n ces h ere in t o f is c al 2014 r e fe r t o t h e 5 2-w eek p erio d e n ded Ja n uary 3 1, 2 015 . F is c al 2013 r e fe rs t o t h e 5 2-w eek p erio d e n ded Feb ru ary 1 , 2 014 a n d f is c al 2012 r e fe rs t o t h e 5 3-w eek p erio d e n ded Feb ru ary 2 , 2 013 . A ll re fe re n ces h ere in to th e “ C om pan y”, “ B uck le ”, “ w e”, “ u s” , o r s im ila r te rm s re fe r to T he B uck le , In c. a n d its s u bsid ia ry .

T he C om pan y's p rin cip al e x ecu tiv e o ffic es a re l o cate d a t 2 407 W est 2 4th S tre et, K earn ey, N eb ra sk a 6 8845. T he C om pan y's t e le p hone n um ber i s ( 3 08) 2 36- 8 491. T he C om pan y p ublis h es i ts c o rp ora te w eb s ite a t www.b uck le .c o m .

Availa ble I n fo rm atio n T he C om pan y’s an nual re p orts o n F orm 1 0-K , alo ng w ith all o th er re p orts an d am en dm en ts file d w ith o r fu rn is h ed to th e S ecu ritie s an d E xch an ge C om mis sio n, a re p ublic ly a v aila b le f re e o f c h arg e o n t h e I n vesto r I n fo rm atio n s e ctio n o f t h e C om pan y’s w eb site a t www.b uck le .c o m a s s o on a s re aso nab ly p ra ctic ab le afte r th e C om pan y file s su ch m ate ria ls w ith , o r fu rn is h es th em to , th e S ecu ritie s an d E xch an ge C om mis sio n. T he C om pan y’s co rp ora te g overn an ce p olic ie s, e th ic s c o de, a n d B oard o f D ire cto rs ’ c o m mitte e c h arte rs a re a ls o p oste d w ith in th is s e ctio n o f th e w eb site . T he in fo rm atio n o n th e C om pan y’s w eb site i s n ot p art o f t h is o r a n y o th er r e p ort T he B uck le , I n c. f ile s w ith , o r f u rn is h es t o , t h e S ecu ritie s a n d E xch an ge C om mis sio n.

Mark etin g a nd M erch andis in g T he C om pan y's m ark etin g a n d m erc h an dis in g s tra te g y is d esig ned to c re ate c u sto m er lo yalty b y o ffe rin g a w id e s e le ctio n o f k ey b ra n d n am e a n d p riv ate l a b el m erc h an dis e a n d p ro vid in g a b ro ad r a n ge o f v alu e-a d ded s e rv ic es. T he C om pan y b elie v es i t p ro vid es a u niq ue s p ecia lty a p pare l s to re e x perie n ce w ith m erc h an dis e d esig ned to a p peal to th e fa sh io n-c o nsc io us 1 5 to 3 0-y ear o ld . T he m erc h an dis e m ix in clu des d en im s, c asu al b otto m s, to ps, sp orts w ear, o ute rw ear, a ccesso rie s, a n d fo otw ear. D en im is a sig nific an t c o ntrib uto r to to ta l sa le s ( 43.7 % o f fis c al 2014 n et sa le s) a n d is a k ey to th e C om pan y's m erc h an dis in g s tra te g y. T he C om pan y b elie v es it a ttra cts c u sto m ers w ith its w id e s e le ctio n o f b ra n ded a n d p riv ate la b el d en im a n d a w id e v arie ty o f fits , f in is h es, a n d s ty le s. T ops a re a ls o s ig nific an t c o ntrib uto rs to to ta l s a le s ( 30.8 % o f fis c al 2014 n et sa le s). T he C om pan y striv es to p ro vid e a c o ntin ually c h an gin g s e le ctio n o f t h e l a te st c asu al f a sh io ns.

3 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he p erc en ta g e o f n et s a le s o ver t h e p ast t h re e f is c al y ears o f t h e C om pan y's m ajo r p ro duct l in es a re s e t f o rth i n t h e f o llo w in g t a b le :

Fis c a l Y ea rs E nded M erch andis e G ro up January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 D en im s 43.7 % 45.3 % 46.4 % T ops ( in clu din g s w eate rs ) 30.8 30.2 30.9 A ccesso rie s 8.6 8.5 8.4 S ports w ear/fa sh io ns 6.2 6.0 5.7 F ootw ear 5.9 5.8 5.3 O ute rw ear 2.3 2.3 2.2 C asu al b otto m s 1.2 0.9 0.8 O th er 1.3 1.0 0.3 T ota l 100.0 % 100.0 % 100.0 % B ra n d n am e m erc h an dis e a cco unte d f o r a p pro xim ate ly 6 5% o f t h e C om pan y's s a le s d urin g f is c al 2014 . T he r e m ain in g b ala n ce i s c o m pris e d o f p riv ate l a b el m erc h an dis e . T he C om pan y's m erc h an dis e rs c o ntin ually w ork w ith m an ufa ctu re rs a n d v en dors to p ro duce b ra n d n am e m erc h an dis e th at th ey b elie v e is e x clu siv e in te rm s o f c o lo r, s ty le , a n d fit. W hile th e b ra n ds o ffe re d b y th e C om pan y c h an ge to m eet c u rre n t c u sto m er p re fe re n ces, th e C om pan y c u rre n tly o ffe rs d en im s fro m b ra n ds s u ch a s B ig S ta r V in ta g e, M is s M e, R ock R ev iv al, S ilv er J e an s, a n d B uffa lo J e an s. O th er k ey b ra n ds in clu de H urle y, B illa b ong, R oxy, A fflic tio n, A m eric an F ig hte r, S in fu l, O bey, R oar, R V CA, S alv ag e, S ocie ty , F ox, O ak le y, B en ch , C orra l, R eef, Y oung & R eck le ss, 7 D ia m onds, a n d F ossil. T he C om pan y e x pects t h at b ra n d n am e m erc h an dis e w ill c o ntin ue t o c o nstitu te t h e m ajo rity o f s a le s.

M an ag em en t b elie v es th e C om pan y p ro vid es a u niq ue sto re e n viro nm en t b y m ain ta in in g a h ig h le v el o f p ers o naliz ed se rv ic e a n d b y o ffe rin g a w id e s e le ctio n o f f a sh io nab le , q uality m erc h an dis e . T he C om pan y b elie v es i t i s e sse n tia l t o c re ate a n e n jo yab le s h oppin g e n viro nm en t a n d, i n o rd er t o f u lfill t h is m is sio n, i t e m plo ys h ig hly m otiv ate d e m plo yees w ho p ro vid e p ers o nal a tte n tio n t o c u sto m ers . E ach s a le sp ers o n i s e d ucate d t o h elp c re ate a c o m ple te l o ok f o r th e c u sto m er b y h elp in g th em fin d th e b est fits a n d s h ow in g m erc h an dis e a s c o ord in atin g o utfits . T he C om pan y a ls o in co rp ora te s s p ecia liz ed s e rv ic es s u ch a s f re e h em min g, f re e g ift w ra p pin g, l a y aw ay s, a f re q uen t s h opper c ard , t h e B uck le p riv ate l a b el c re d it c ard , a n d a s p ecia l o rd er s y ste m t h at a llo w s s to re s t o o bta in s p ecific ally r e q ueste d m erc h an dis e f ro m o th er C om pan y s to re s o r f ro m t h e C om pan y's o nlin e o rd er f u lfillm en t c en te r. C usto m ers a re e n co ura g ed t o u se t h e C om pan y's l a y aw ay p la n , w hic h a llo w s c u sto m ers t o m ak e a p artia l p ay m en t o n m erc h an dis e t h at i s t h en h eld b y t h e s to re u ntil t h e b ala n ce i s p aid .

F or th e p ast th re e fis c al y ears , a n a v era g e o f b etw een a p pro xim ate ly 3 .5 % to 4 .5 % o f n et s a le s h av e b een m ad e o n a la y aw ay b asis , w hic h is re co rd ed a s r e v en ue u pon d eliv ery o f t h e m erc h an dis e t o t h e c u sto m er.

M erc h an dis in g a n d p ric in g d ecis io ns a re m ad e c en tra lly ; h ow ev er, th e C om pan y's d is trib utio n sy ste m a llo w s fo r v aria tio n in th e m ix o f m erc h an dis e d is trib ute d to e ach s to re . T his a llo w s in div id ual s to re in ven to rie s to b e ta ilo re d to re fle ct d iffe re n ces in c u sto m er b uyin g p atte rn s a t v ario us lo catio ns. In a d ditio n, t o e n su re a c o ntin ually f re sh l o ok i n i ts s to re s, t h e C om pan y s h ip s n ew m erc h an dis e d aily t o m ost s to re s. T he C om pan y a ls o h as a t ra n sfe r p ro gra m t h at s h ifts c erta in m erc h an dis e t o l o catio ns w here i t i s s e llin g b est. T his d is trib utio n a n d t ra n sfe r s y ste m h elp s t o m ain ta in c u sto m er s a tis fa ctio n b y p ro vid in g i n -s to ck p opula r i te m s a n d r e d ucin g t h e n eed t o m ark dow n s lo w -m ovin g m erc h an dis e a t a p artic u la r l o catio n. T he C om pan y b elie v es t h e r e d uced m ark dow ns j u stify t h e i n cre m en ta l d is trib utio n c o sts a sso cia te d w ith t h e t ra n sfe r s y ste m . T he C om pan y d oes n ot h old s to re -w id e o ff-p ric e s a le s a t a n ytim e.

T he C om pan y c o ntin ually e v alu ate s i ts s to re d esig n a s p art o f t h e o vera ll s h oppin g e x perie n ce a n d f e els t h e f is c al 2 002 d esig n c o ntin ues t o b e w ell r e ceiv ed b y b oth g uests a n d d ev elo pers . T his s to re d esig n c o nta in s w arm w ood fix tu re s a n d flo ors , re al b ric k fin is h es, a n d a n a p pealin g c eilin g a n d lig htin g la y out t h at c re ate s a c o m fo rta b le e n viro nm en t fo r th e g uest to s h op. T he C om pan y h as b een a b le to m odify th e s to re d esig n fo r s p ecia liz ed v en ues in clu din g l ife sty le c en te rs a n d la rg er m all fro nts . T he sig natu re B uck le -B ic o n a n d re d c o lo r a re u se d th ro ughout th e sto re o n fix tu re s, g ra p hic im ag es, a n d p rin t m ate ria ls t o r e in fo rc e t h e b ra n d i d en tity . T o e n han ce s e llin g a n d p ro duct p re se n ta tio n, t h e C om pan y c o ntin ues t o u pdate t h e f ix tu re s i n i ts s to re s. N ew t a b le s a n d f ix tu re s h av e b een a d ded t o t h e C om pan y’s s ig natu re s to re d esig n i n e ach o f t h e l a st s e v era l f is c al y ears . T he n ew t a b le s a n d f ix tu re s w ere a ls o r o lle d o ut t o s e le ct e x is tin g s to re s t o u pdate t h eir l o oks a s w ell.

4 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . Mark etin g a nd A dvertis in g I n fis c al 2014 , t h e C om pan y s p en t $ 12.0 m illio n, o r 1 .0 % o f n et s a le s, o n s e aso nal m ark etin g c am paig ns, a d vertis in g, p ro m otio ns, o nlin e m ark etin g, a n d i n - s to re p oin t-o f-s a le m ate ria ls . S easo nal i m ag e a n d p ro m otio nal s ig nag e i s p re se n te d i n s to re w in dow d is p la y s a n d o n m erc h an dis in g p re se n ta tio ns t h ro ughout t h e s to re t o c o m ple m en t t h e p ro duct a n d r e in fo rc e t h e b ra n d's i m ag e. P ro m otio ns s u ch a s s w eep sta k es, g ift w ith p urc h ase o ffe rs , a n d s p ecia l e v en ts a re o ffe re d t o e n han ce th e g uest’s s h oppin g e x perie n ce. S easo nal im ag e g uid es, fe atu rin g c u rre n t fa sh io n tre n ds a n d p ro duct s e le ctio n, a re d is trib ute d in th e s to re s, a t s p ecia l e v en ts , a n d in n ew m ark ets . B uck le p artn ers w ith k ey m erc h an dis e v en dors o n jo in t a d vertis in g a n d p ro m otio nal o pportu nitie s th at e x pan d th e m ark etin g r e ach a n d p ositio n B uck le a s t h e d estin atio n s to re f o r t h ese s p ecia lty b ra n ded f a sh io ns.

T he C om pan y a ls o o ffe rs p ro gra m s to b uild a n d s tre n gth en its re la tio nsh ip w ith lo yal g uests . T w o d iffe re n t p ro gra m s w ork to a ch ie v e th ese g oals . T he C om pan y c o ntin ues t o s u pport i ts f re q uen t s h opper p ro gra m ( th e B uck le P rim o C ard ), a r e w ard s p ro gra m d esig ned t o b uild c u sto m er l o yalty t h at i s a v aila b le t o a ll g uests . I n a d ditio n, p riv ate l a b el c re d it c ard g uests r e ceiv e e v en m ore b en efits w hen t h ey u se t h eir B uck le C ard . T he c o ntin ued g ro w th o f t h e B -R ew ard s i n cen tiv e p ro gra m r e w ard s l o yal c ard hold ers w ith a B -R ew ard s g ift c ard a t t h e e n d o f e ach r e w ard s p erio d a n d i n vite s t h em b ack i n to t h e s to re . T he C om pan y e x te n ds o th er e x clu siv e b en efits t o a ctiv e B uck le c ard hold ers s u ch a s s p ecia l b onus B -R ew ard s p erio ds, t a rg ete d m ailin gs, a n d e x clu siv e g ift w ith p urc h ase o ffe rs . T he C om pan y a ls o p ro vid es a s p ecia l B uck le B la ck c ard hold er p ro gra m f o r i ts m ost l o yal B uck le C ard g uests . T hese a cco unth old ers m ust p urc h ase a t l e ast $ 500 u sin g th eir re g ula r a cco unt in a 1 2 m onth p erio d to q ualify fo r th e B uck le B la ck c ard . T hese g uests re ceiv e a n e x clu siv ely d esig ned c ard a n d e n jo y a d ditio nal b en efits i n clu din g f re e g ro und s h ip pin g o n s p ecia l o rd ers a n d o nlin e p urc h ase s. T he B uck le C ard m ark etin g p ro gra m i s p artia lly f u nded b y C om en ity B an k, a t h ird -p arty b an k t h at o w ns t h e B uck le C ard a cco unts .

T he C om pan y p ublis h es a c o rp ora te w eb s ite a t w ww.b uck le .c o m . T he C om pan y’s w eb s ite s e rv es a s a s e co nd r e ta il t o uch -p oin t f o r c ro ss-c h an nel m ark etin g, r e ach in g a g ro w in g o nlin e a u die n ce. B uck le .c o m is a n e -C om merc e e n ab le d c h an nel w ith a n in te ra ctiv e, e n te rta in in g, in fo rm ativ e, a n d b ra n d b uild in g e n viro nm en t w here g uests c an s h op, e n te r s w eep sta k es, f ill o ut a w is h l is t, f in d o ut a b out c are er o pportu nitie s, a n d r e ad t h e C om pan y’s l a te st f in an cia l n ew s.

T he C om pan y m ain ta in s a n o pt-in e m ail d ata b ase . N atio nal e m ail c am paig ns a re s e n t b i-m onth ly a n d t a rg ete d w eek ly m essa g es a re s e n t n otify in g g uests o f t h e l a te st s to re p ro m otio ns a n d p ro duct o ffe rin gs. S earc h e n gin e a n d a ffilia te m ark etin g p ro gra m s a re m an ag ed t o i n cre ase o nlin e a n d i n -s to re t ra ffic a s w ell a s c o nvers io n r a te s. B uck le ’s o nlin e s to re w as l a u nch ed A pril 2 6, 1 999 a s a m ark etin g t o ol, t o e x te n d t h e C om pan y’s b ra n d b ey ond t h e p hysic al l o catio ns. T he C om pan y l a u nch ed a r e d esig ned B uck le .c o m o n A ugust 3 1, 2 011, w hic h f e atu re d e n han ced s c re en r e so lu tio n, t h e a d ditio n o f p ro duct r a tin gs a n d r e v ie w s, a n d im pro ved site n av ig atio n an d p erfo rm an ce, an d h as co ntin ued to m ak e sm alle r u pdate s an d en han cem en ts sin ce th at tim e to im pro ve b oth th e p erfo rm an ce o f t h e s ite a n d t h e o vera ll s h oppin g e x perie n ce.

Sto re O pera tio ns T he C om pan y h as a n E xecu tiv e V ic e P re sid en t o f S to re s, a V ic e P re sid en t o f S ale s, 2 1 d is tric t m an ag ers , a n d 7 0 a re a m an ag ers . C erta in d is tric t m an ag ers a n d a ll a re a m an ag ers a ls o se rv e a s m an ag er o f th eir h om e b ase sto re . In g en era l, e ach sto re h as o ne m an ag er, o ne o r tw o a ssis ta n t m an ag ers , o ne to th re e a d ditio nal f u ll-tim e s a le sp eo ple , a n d u p t o 2 0 p art-tim e s a le sp eo ple . M ost s to re s h av e p eak l e v els o f s ta ff d urin g t h e b ack -to -s c h ool a n d C hris tm as s e aso ns.

A lm ost e v ery l o catio n a ls o e m plo ys a n a lte ra tio ns p ers o n.

T he C om pan y p la ces g re at im porta n ce o n e d ucatin g q uality p ers o nnel. In a d ditio n to sh arin g c are er o pportu nitie s w ith c u rre n t B uck le e m plo yees, th e C om pan y a ls o re cru its in te rn s a n d m an ag em en t tra in ees fro m c o lle g e c am puse s. A m ajo rity o f th e C om pan y’s s to re m an ag ers , a ll o f its a re a a n d d is tric t m an ag ers , a n d m ost o f its e x ecu tiv e m an ag em en t te am a re fo rm er s a le sp eo ple , in clu din g P re sid en t a n d C EO , D en nis H . N els o n, a n d C hairm an , D an ie l J .

H irs c h fe ld . R eco gniz in g t a le n t a n d p ro m otin g m an ag ers f ro m w ith in a llo w s t h e C om pan y t o b uild a s tro ng f o undatio n f o r m an ag em en t.

S to re m an ag ers r e ceiv e c o m pen sa tio n i n t h e f o rm o f a b ase s a la ry a n d i n cen tiv e b onuse s. D is tric t a n d a re a m an ag ers a ls o r e ceiv e a d ded i n cen tiv es b ase d u pon t h e p erfo rm an ce o f s to re s i n t h eir d is tric t/a re a. S to re m an ag ers p erfo rm s a le s t ra in in g f o r n ew e m plo yees a t t h e s to re l e v el.

T he C om pan y h as e sta b lis h ed a c o m pre h en siv e p ro gra m s tre ssin g th e p re v en tio n a n d c o ntro l o f s h rin kag e lo sse s. S te p s ta k en to re d uce s h rin kag e in clu de m onito rin g c ash r e fu nds, v oid s, i n ap pro pria te d is c o unts , e m plo yee s a le s, a n d r e tu rn s-to -v en dor. T he C om pan y a ls o h as e le ctro nic a rtic le s u rv eilla n ce s y ste m s i n a ll o f t h e C om pan y’s s to re s a s w ell a s s u rv eilla n ce c am era s y ste m s i n a p pro xim ate ly 9 9% o f t h e s to re s. A s a r e su lt, t h e C om pan y a ch ie v ed a m erc h an dis e s h rin kag e r a te o f 0 .5 % o f n et s a le s i n f is c al 2014 , 0 .5 % o f n et s a le s i n f is c al 2013 , a n d 0 .4 % o f n et s a le s f is c al 2012 .

5 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he a v era g e s to re i s a p pro xim ate ly 5 ,0 00 s q uare f e et ( o f w hic h t h e C om pan y e stim ate s a n a v era g e o f a p pro xim ate ly 8 0% i s s e llin g s p ace), a n d s to re s r a n ge i n s iz e f ro m 2 ,9 00 s q uare f e et t o 8 ,4 75 s q uare f e et.

Purch asin g a nd D is tr ib utio n T he C om pan y h as a n e x perie n ced b uyin g t e am . T he b uyin g t e am i s l e d b y t h e S en io r V ic e P re sid en t o f W om en ’s M erc h an dis in g a n d S en io r V ic e P re sid en t o f M en ’s M erc h an dis in g, w ho h av e o ver 6 9 y ears o f co m bin ed ex perie n ce w ith th e C om pan y. T he ex perie n ce an d le ad ers h ip w ith in th e b uyin g te am c o ntrib ute s sig nific an tly to th e C om pan y’s su ccess b y e n ab lin g th e b uyin g te am to re act q uic k ly to c h an ges in fa sh io n a n d b y p ro vid in g e x te n siv e k now le d ge o f s o urc es f o r b oth b ra n ded a n d p riv ate l a b el g oods.

T he C om pan y p urc h ase s p ro ducts fro m m an ufa ctu re rs w ith in th e U nite d S ta te s a s w ell a s fro m a g en ts w ho s o urc e g oods fro m fo re ig n m an ufa ctu re rs . T he C om pan y's m erc h an dis in g te am sh ops a n d m onito rs fa sh io n to sta y a b re ast o f th e la te st tre n ds. T he C om pan y c o ntin ually m onito rs sty le s, q uality , a n d d eliv ery s c h ed ule s. T he C om pan y h as n ot e x perie n ced a n y m ate ria l d iffic u ltie s w ith m erc h an dis e m an ufa ctu re d i n f o re ig n c o untrie s. T he C om pan y d oes n ot h av e lo ng-te rm o r e x clu siv e c o ntra cts w ith a n y b ra n d n am e m an ufa ctu re r, p riv ate la b el m an ufa ctu re r, o r su pplie r. T he C om pan y p la n s its p riv ate la b el p ro ductio n w ith p riv ate l a b el v en dors t h re e t o s ix m onth s i n a d van ce o f p ro duct d eliv ery . T he C om pan y r e q uire s i ts v en dors t o s ig n a n d a d here t o i ts C ode o f C onduct an d Sta n dard s of E ngag em en t, w hic h ad dre sse s ad here n ce to le g al re q uire m en ts re g ard in g em plo ym en t pra ctic es an d health , sa fe ty , an d e n viro nm en ta l r e g ula tio ns.

I n fis c al 2014 , M is s M e/R ock R ev iv al a cco unte d fo r 2 6.3 % o f th e C om pan y’s n et sa le s a n d A xis D en im (w hic h p ro duces p riv ate la b el d en im fo r th e C om pan y) a cco unte d fo r 1 3.1 % o f n et s a le s. N o o th er v en dor a cco unte d fo r m ore th an 1 0% o f th e C om pan y’s n et s a le s. O th er c u rre n t s ig nific an t v en dors i n clu de B ig S ta r V in ta g e, S ilv er J e an s, B uffa lo J e an s, H urle y, B illa b ong, R oxy, A fflic tio n, A m eric an F ig hte r, S in fu l, O bey, R oar, R V CA, S alv ag e, S ocie ty , F ox, O ak le y, B en ch , C orra l, R eef, Y oung & R eck le ss, 7 D ia m onds, a n d F ossil. T he C om pan y c o ntin ually s triv es to o ffe r b ra n ds th at a re c u rre n tly p opula r w ith i ts c u sto m ers a n d, t h ere fo re , t h e C om pan y's s u pplie rs a n d p urc h ase s f ro m s p ecific v en dors m ay v ary s ig nific an tly f ro m y ear t o y ear.

B uck le s to re s g en era lly c arry th e s a m e m erc h an dis e , w ith q uan tity a n d s e aso nal v aria tio ns b ase d u pon h is to ric al s a le s d ata , c lim ate , a n d p erc eiv ed lo cal c u sto m er d em an d. T he C om pan y u se s a c en tra liz ed r e ceiv in g a n d d is trib utio n c en te r l o cate d i n K earn ey, N eb ra sk a. M erc h an dis e i s r e ceiv ed d aily i n K earn ey w here it is s o rte d , ta g ged w ith b ar-c o ded tic k ets (u nle ss th e v en dor U PC c o de is u se d o r th e m erc h an dis e is p re -tic k ete d ), a n d p ack ag ed fo r d is trib utio n to i n div id ual s to re s p rim arily v ia U nite d P arc el S erv ic e. T he C om pan y's g oal is to s h ip th e m ajo rity o f its m erc h an dis e o ut to th e s to re s w ith in o ne to tw o b usin ess d ay s o f re ceip t. T his s y ste m a llo w s s to re s to re ceiv e n ew m erc h an dis e a lm ost d aily , c re atin g e x cite m en t w ith in th e s to re a n d p ro vid in g c u sto m ers w ith a r e aso n t o s h op o fte n .

T he C om pan y h as d ev elo ped a n e ffe ctiv e c o m pute riz ed s y ste m f o r t ra ck in g m erc h an dis e f ro m t h e t im e i t i s c h eck ed i n a t t h e C om pan y's d is trib utio n c en te r u ntil i t a rriv es a t t h e s to re s a n d i s s o ld t o a c u sto m er. T he s y ste m 's f u nctio n i s t o e n su re t h at s to re s h ip m en ts a re d eliv ere d a ccu ra te ly a n d p ro m ptly , t o a cco unt f o r in ven to ry , a n d to a ssis t in a llo catin g m erc h an dis e a m ong sto re s. M an ag em en t c an tra ck , o n a d aily b asis , w hic h m erc h an dis e is se llin g a t sp ecific l o catio ns a n d d ire ct t ra n sfe rs o f m erc h an dis e f ro m o ne s to re t o a n oth er a s n ecessa ry . T his a llo w s s to re s t o c arry a r e d uced i n ven to ry w hile a t t h e s a m e t im e s a tis fy in g c u sto m er d em an d.

T o r e d uce i n te r-s to re s h ip pin g c o sts a n d p ro vid e t im ely r e sto ck in g o f i n -s e aso n m erc h an dis e , t h e C om pan y w are h ouse s a p ortio n o f i n itia l s h ip m en ts f o r l a te r d is trib utio n. S ale s r e p orts a re t h en u se d t o r e p le n is h , o n a b asis o f o ne t o t h re e t im es e ach w eek , t h ose s to re s t h at a re e x perie n cin g t h e g re ate st s u ccess s e llin g s p ecific s ty le s, c o lo rs , a n d s iz es o f m erc h an dis e . T his s y ste m i s a ls o d esig ned t o p re v en t a n o ver-c ro w ded l o ok i n t h e s to re s a t t h e b eg in nin g o f a s e aso n.

D urin g f is c al 2 010, t h e C om pan y c o m ple te d c o nstru ctio n o f a n ew 2 40,0 00 s q uare f o ot d is trib utio n c en te r i n K earn ey, N eb ra sk a. T he C om pan y t ra n sitio ned t o th e n ew d is trib utio n c en te r in S ep te m ber 2 010 a n d th e n ew fa cility is n ow th e C om pan y’s o nly o pera tin g s to re d is trib utio n c en te r. T he C om pan y a ls o o w ns a f a cility i n K earn ey, N eb ra sk a t h at s e rv es a s i ts c o rp ora te h ead quarte rs a n d h ouse s i ts o nlin e f u lfillm en t a n d c u sto m er s e rv ic e c en te r. I t i s a ls o i n t h e p ro cess o f b uild in g a n ew o ffic e b uild in g a s a p art o f i ts h om e o ffic e c am pus i n K earn ey , N eb ra sk a.

6 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . Sto re L oca tio ns a nd E xpansio n S tr a te g ie s A s o f M arc h 2 6, 2 015, t h e C om pan y o pera te d 4 62 s to re s i n 4 4 s ta te s. T he e x is tin g s to re s a re i n 4 d ow nto w n l o catio ns, 9 s trip c en te rs , 5 6 l ife sty le c en te rs , a n d 3 93 s h oppin g m alls . T he C om pan y a n tic ip ate s o pen in g a p pro xim ate ly 9 n ew s to re s in fis c al 2015 . F or fis c al 2015 , 4 o f th e n ew s to re s a re e x pecte d to b e l o cate d in h ig her tra ffic s h oppin g m alls a n d 5 n ew s to re s a re e x pecte d to b e lo cate d in life sty le c en te rs . T he fo llo w in g ta b le lis ts th e lo catio n o f e x is tin g s to re s a s o f M arc h 2 6, 2 015:

Loca tio n o f S to res Sta te Num ber o f S to res Sta te Num ber o f S to res Sta te Num ber o f S to res A la b am a 8 Mary la n d 3 Okla h om a 13 A la sk a 1 Massa ch use tts 1 Ore g on 6 A riz o na 12 Mic h ig an 19 Pen nsy lv an ia 11 A rk an sa s 6 Min neso ta 13 Rhode I s la n d 1 C alifo rn ia 15 Mis sis sip pi 5 South C aro lin a 4 C olo ra d o 13 Mis so uri 15 South D ak ota 3 F lo rid a 23 Monta n a 5 Ten nesse e 13 G eo rg ia 11 Neb ra sk a 14 Tex as 52 I d ah o 7 Nev ad a 5 Uta h 11 I llin ois 18 New J e rs e y 2 Virg in ia 6 I n dia n a 15 New M ex ic o 5 Wash in gto n 14 I o w a 17 New Y ork 4 West V irg in ia 5 K an sa s 17 North C aro lin a 13 Wis c o nsin 12 K en tu ck y 6 North D ak ota 4 Wyom in g 2 L ouis ia n a 10 Ohio 22 Tota l 462 B uck le h as g ro w n s ig nific an tly o ver th e p ast te n y ears , w ith th e n um ber o f s to re s in cre asin g fro m 3 27 a t th e b eg in nin g o f fis c al 2 005 to 460 a t th e e n d o f f i s c al 2014 . T he C om pan y's p la n is to c o ntin ue e x pan sio n b y d ev elo pin g th e g eo gra p hic re g io ns it c u rre n tly s e rv es a n d b y e x pan din g in to c o ntig uous m ark ets . T he C om pan y i n te n ds t o o pen n ew s to re s o nly w hen m an ag em en t b elie v es t h ere i s a r e aso nab le e x pecta tio n o f s a tis fa cto ry r e su lts .

T he f o llo w in g t a b le s e ts f o rth i n fo rm atio n r e g ard in g s to re o pen in gs a n d c lo sin gs f ro m t h e b eg in nin g o f f is c al 2 005 t h ro ugh t h e e n d o f f is c al 2014 :

Tota l N um ber o f S to res P er Y ea r Fis c a l Yea r Open a t s ta rt o f y ea r Open ed i n C urren t Y ea r Clo se d i n C urren t Y ea r Open a t e n d o f y ea r 2005 327 15 4 338 2006 338 17 5 350 2007 350 20 2 368 2008 368 21 2 387 2009 387 20 6 401 2010 401 21 2 420 2011 420 13 2 431 2012 431 10 1 440 2013 440 13 3 450 2014 450 16 6 460 7 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he C om pan y's c rite ria u se d w hen c o nsid erin g a p artic u la r l o catio n f o r e x pan sio n i n clu de:

• Mark et a re a, i n clu din g p ro xim ity t o e x is tin g m ark ets t o c ap ita liz e o n n am e r e co gnitio n; • Tra d e a re a p opula tio n ( n um ber, a v era g e a g e, a n d c o lle g e p opula tio n); • Eco nom ic v ita lity o f m ark et a re a; • Mall l o catio n, a n ch or t e n an ts , t e n an t m ix , a n d a v era g e s a le s p er s q uare f o ot; • Availa b le l o catio n w ith in a m all, s q uare f o ota g e, s to re fro nt w id th , a n d f a cility o f u sin g t h e c u rre n t s to re d esig n; • Availa b ility o f e x perie n ced m an ag em en t p ers o nnel f o r t h e m ark et; • Cost o f r e n t, i n clu din g m in im um r e n t, c o m mon a re a, a n d e x tra c h arg es; • Estim ate d c o nstru ctio n c o sts , i n clu din g l a n dlo rd c h arg e b ack s a n d t e n an t a llo w an ces.

T he C om pan y g en era lly s e ek s s ite s o f 4 ,2 50 t o 5 ,0 00 s q uare f e et f o r i ts s to re s. T he p ro je cte d c o st o f o pen in g a s to re i s a p pro xim ate ly $ 1.0 m illio n, i n clu din g c o nstru ctio n c o sts o f a p pro xim ate ly $ 0.8 m illio n (p rio r to a n y c o nstru ctio n a llo w an ce re ceiv ed ) a n d in ven to ry c o sts o f a p pro xim ate ly $ 0.2 m illio n, n et o f a cco unts p ay ab le .

T he C om pan y a n tic ip ate s o pen in g a p pro xim ate ly 9 n ew s to re s d urin g f is c al 2015 a n d c o m ple tin g a p pro xim ate ly 11 f u ll r e m odels . T he c o nstru ctio n c o sts f o r a f u ll r e m odel a re c o m para b le t o t h ose o f a n ew s to re . T he C om pan y a ls o p la n s t o c o m ple te s e v era l s m alle r s to re r e m odelin g p ro je cts d urin g f is c al 2015 . T he C om pan y a n tic ip ate s c ap ita l s p en din g o f a p pro xim ate ly $ 35.0 t o $ 39.0 m illio n d urin g f is c al 2015 , w hic h i n clu des p rim arily n ew s to re a n d s to re r e m odelin g p ro je cts , I T i n vestm en ts , a n d t h e c o m ple tio n o f c o nstru ctio n o f a n ew o ffic e b uild in g a s a p art o f t h e C om pan y's h om e o ffic e c am pus i n K earn ey , N eb ra sk a.

T he C om pan y p la n s to e x pan d in 2015 b y o pen in g s to re s in e x is tin g m ark ets . T he C om pan y b elie v es th at, g iv en th e tim e re q uire d fo r tra in in g p ers o nnel, s ta ffin g a s to re , a n d d ev elo pin g a d eq uate d is tric t a n d a re a m an ag ers , i ts c u rre n t m an ag em en t i n fra stru ctu re i s s u ffic ie n t t o s u pport i ts c u rre n tly p la n ned r a te o f g ro w th .

T he C om pan y's a b ility t o e x pan d i n t h e f u tu re w ill d ep en d, i n p art, o n g en era l b usin ess c o nditio ns, t h e a b ility t o f in d s u ita b le m alls w ith a ccep ta b le s ite s o n s a tis fa cto ry t e rm s, t h e a v aila b ility o f f in an cin g, a n d t h e r e ad in ess o f t ra in ed s to re m an ag ers . T here c an b e n o a ssu ra n ce t h at t h e C om pan y's e x pan sio n p la n s w ill b e f u lfille d i n w hole o r i n p art, o r t h at l e ase s u nder n eg otia tio n f o r p la n ned n ew s ite s w ill b e o bta in ed o n t e rm s f a v ora b le t o t h e C om pan y.

Managem en t I n fo rm atio n S yste m s T he C om pan y's m an ag em en t in fo rm atio n s y ste m s (" M IS ") a n d e le ctro nic d ata p ro cessin g s y ste m s (" E D P") c o nsis t o f a fu ll ra n ge o f re ta il, fin an cia l, a n d m erc h an dis in g s y ste m s, i n clu din g p urc h asin g, i n ven to ry d is trib utio n a n d c o ntro l, s a le s r e p ortin g, a cco unts p ay ab le , a n d m erc h an dis e m an ag em en t.

T he s y ste m i n clu des P C b ase d poin t-o f-s a le ( " P O S") r e g is te rs i n e ach s to re . T he r e g is te rs t ric k le t ra n sa ctio ns t o a c en tra l s e rv er u sin g a v irtu al p riv ate n etw ork f o r c o lle ctio n o f c o m pre h en siv e d ata , i n clu din g c o m ple te i te m -le v el s a le s i n fo rm atio n a n d e m plo yee t im e c lo ck in g. T he t ra n sa ctio ns a re t h en s w ep t i n to t h e c en tra l c o m pute r ( IB M i S erie s). P ric e u pdate s a re s e n t d aily f o r t h e p ric e l o okup ( “ P L U ”) f ile m ain ta in ed w ith in t h e P O S r e g is te rs .

E ach w eek day m orn in g, t h e C om pan y i n itia te s a n e le ctro nic " sw eep " o f t h e i n div id ual s to re b an k a cco unts t o t h e C om pan y's p rim ary c o ncen tra tio n a cco unt.

T his a llo w s t h e C om pan y t o m eet i ts o blig atio ns w ith a m in im um o f b orro w in g a n d i n vest c ash o n a t im ely b asis .

M an ag em en t m onito rs th e p erfo rm an ce o f e ach o f its s to re s o n a c o ntin ual b asis . D aily in fo rm atio n is u se d to e v alu ate in ven to ry , d ete rm in e m ark dow ns, a n aly ze p ro fita b ility , a n d a ssis t m an ag em en t i n t h e s c h ed ulin g a n d c o m pen sa tio n o f e m plo yees.

T he P L U s y ste m a llo w s m an ag em en t to c o ntro l m erc h an dis e p ric in g c en tra lly , p erm ittin g fa ste r a n d m ore a ccu ra te p ro cessin g o f s a le s a t th e s to re a n d th e m onito rin g o f s p ecific i n ven to ry i te m s t o c o nfirm t h at c en tra liz ed p ric in g d ecis io ns a re c arrie d o ut i n e ach o f t h e s to re s. M an ag em en t i s a b le t o d ire ct a ll p ric e c h an ges, i n clu din g p ro m otio nal, c le ara n ce, a n d m ark dow ns o n a c en tra l b asis a n d e stim ate t h e f in an cia l i m pact o f s u ch c h an ges.

8 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he v irtu al p riv ate n etw ork f o r c o m munic atio n w ith t h e s to re s a ls o s u pports t h e C om pan y’s i n tra n et s ite . T he i n tra n et a llo w s s to re s t o v ie w v ario us t y pes o f i n fo rm atio n f ro m t h e c o rp ora te o ffic e. S to re s a ls o h av e a ccess t o a v arie ty o f t o ols s u ch a s a p ro duct s e arc h w ith p ic tu re s, p ro duct a v aila b ility , s p ecia l o rd er f u nctio ns, in ven to ry m an ag em en t, s c h ed ulin g, p erfo rm an ce tra ck in g, p rin ta b le fo rm s, lin ks to tra n sm it v ario us re q uests a n d in fo rm atio n to th e c o rp ora te o ffic e, t ra in in g v id eo s, e m ail, a n d i n fo rm atio n/g uid elin es f ro m e ach o f t h e d ep artm en ts a t t h e c o rp ora te o ffic e. T he C om pan y’s n etw ork i s a ls o s tru ctu re d s o t h at i t c an s u pport a d ditio nal f u nctio nality s u ch a s d ig ita l v id eo m onito rin g a n d d ig ita l m usic c o nte n t p ro gra m min g a t e ach s to re l o catio n.

T he C om pan y i s c o m mitte d t o t h e o ngoin g r e v ie w o f i ts M IS a n d E D P s y ste m s t o m ain ta in p ro ductiv e, t im ely i n fo rm atio n a n d e ffe ctiv e c o ntro ls . T his r e v ie w i n clu des te stin g o f n ew p ro ducts a n d s y ste m s to e n su re th at th e C om pan y is a w are o f te ch nolo gic al d ev elo pm en ts . M ost im porta n t, c o ntin ual fe ed back is s o ught f ro m e v ery l e v el o f t h e C om pan y t o e n su re t h at i n fo rm atio n p ro vid ed i s p ertin en t t o a ll a sp ects o f t h e C om pan y's o pera tio ns.

Em plo yees A s o f Ja n uary 3 1, 2 015 , t h e C om pan y h ad a p pro xim ate ly 8 ,9 00 e m plo yees - a p pro xim ate ly 2 ,8 00 o f w hom w ere f u ll-tim e. T he C om pan y h as a n e x perie n ced m an ag em en t t e am a n d s u bsta n tia lly a ll o f t h e m an ag em en t t e am , f ro m s to re m an ag ers t h ro ugh s e n io r m an ag em en t, b eg an w ork f o r t h e C om pan y o n t h e s a le s f lo or. T he C om pan y e x perie n ces h ig h t u rn over o f s to re a n d d is trib utio n c en te r e m plo yees, p rim arily d ue t o t h e n um ber o f p art-tim e e m plo yees. H ow ev er, t h e C om pan y h as n ot e x perie n ced s ig nific an t d iffic u lty i n h irin g q ualifie d p ers o nnel. O f t h e t o ta l e m plo yees, a p pro xim ate ly 7 70 a re e m plo yed a t t h e c o rp ora te h ead quarte rs a n d i n t h e d is trib utio n c en te r. N one o f t h e C om pan y's e m plo yees a re r e p re se n te d b y a u nio n. M an ag em en t b elie v es t h at e m plo yee r e la tio ns a re g ood.

T he C om pan y p ro vid es m ed ic al, d en ta l, v is io n, a n d l ife i n su ra n ce, s h ort-te rm a n d l o ng-te rm d is a b ility p la n s, a s w ell a s a 4 01(k ) a n d a s e ctio n 1 25 c afe te ria p la n fo r e lig ib le e m plo yees. A n e m plo yee m ust b e a t le ast 2 0 y ears o f a g e a n d w ork a m in im um o f 1 ,0 00 h ours d urin g th e p la n y ear to b e e lig ib le fo r th e 4 01(k ) p la n . T o b e e lig ib le f o r t h e p la n s, o th er t h an t h e 4 01(k ) p la n , a n e m plo yee m ust h av e w ork ed f o r t h e C om pan y f o r 9 0 d ay s a t f u ll-tim e s ta tu s. A s o f J a n uary 3 1, 2 015 , 1 ,8 74 e m plo yees p artic ip ate d i n t h e m ed ic al p la n , 1 ,9 51 i n t h e d en ta l p la n , 1 ,3 82 i n t h e v is io n p la n , 2 ,7 51 i n t h e l ife i n su ra n ce p la n , 6 27 i n th e s u pple m en ta l life in su ra n ce p la n , 9 77 in th e lo ng-te rm d is a b ility p la n , 8 50 in th e s h ort-te rm d is a b ility p la n , a n d 1 ,9 45 in th e c afe te ria p la n . W ith r e sp ect t o t h e m ed ic al, d en ta l, a n d l ife i n su ra n ce p la n s, t h e C om pan y p ay s 8 0% o f t h e e m plo yee's e x pecte d p re m iu m c o st p lu s 6 0% o f t h e e x pecte d c o st o f d ep en den t c o vera g e u nder t h e h ealth p la n . I n a d ditio n, a ll e m plo yees r e ceiv e d is c o unts o n C om pan y m erc h an dis e .

Com petitio n T he m en 's a n d w om en 's a p pare l in dustrie s a re h ig hly c o m petitiv e w ith fa sh io n, s e le ctio n, q uality , p ric e, lo catio n, s to re e n viro nm en t, a n d s e rv ic e b ein g th e p rin cip al c o m petitiv e fa cto rs . W hile th e C om pan y b elie v es it is a b le to c o m pete fa v ora b ly w ith o th er m erc h an dis e rs , in clu din g d ep artm en t sto re s a n d s p ecia lty r e ta ile rs , w ith r e sp ect t o e ach o f t h ese f a cto rs , t h e C om pan y b elie v es i t c o m pete s m ain ly o n t h e b asis o f c u sto m er s e rv ic e a n d m erc h an dis e s e le ctio n.

I n t h e m en 's m erc h an dis e a re a, t h e C om pan y c o m pete s p rim arily w ith s p ecia lty r e ta ile rs s u ch a s A berc ro m bie & F itc h , A m eric an E ag le O utfitte rs , G ap , H & M , H ollis te r, P acific S unw ear, T illy ’s , a n d Z um ie z. T he m en 's m ark et a ls o c o m pete s w ith c erta in d ep artm en t s to re s, s u ch a s D illa rd s, M acy ’s , B on-T on s to re s, N ord stro m , a n d c erta in l o cal o r r e g io nal d ep artm en t s to re s a n d s m all s p ecia lty s to re s, a s w ell a s w ith m ail o rd er a n d i n te rn et r e ta ile rs .

I n t h e w om en 's m erc h an dis e a re a, t h e C om pan y c o m pete s p rim arily w ith s p ecia lty r e ta ile rs s u ch a s A berc ro m bie & F itc h , A m eric an E ag le O utfitte rs , C harlo tte R usse , E xpre ss, F ore v er 2 1, G ap , H & M , H ollis te r, M au ric es, P acific S unw ear, T illy 's , V an ity , a n d W et S eal. T he w om en 's m ark et a ls o c o m pete s w ith d ep artm en t s to re s, s u ch a s D illa rd s, M acy ’s , B on-T on s to re s, N ord stro m , a n d c erta in l o cal o r r e g io nal d ep artm en t s to re s a n d s m all s p ecia lty s to re s, a s w ell a s w ith m ail o rd er a n d i n te rn et r e ta ile rs .

M an y o f t h e C om pan y's c o m petito rs a re c o nsid era b ly l a rg er a n d h av e s u bsta n tia lly g re ate r f in an cia l, m ark etin g, a n d o th er r e so urc es t h an t h e C om pan y, a n d t h ere i s n o a ssu ra n ce t h at t h e C om pan y w ill b e a b le t o c o m pete s u ccessfu lly w ith t h em i n t h e f u tu re . F urth erm ore , w hile t h e C om pan y b elie v es i t c o m pete s e ffe ctiv ely f o r f a v ora b le s ite l o catio ns a n d l e ase t e rm s, c o m petitio n f o r p rim e l o catio ns w ith in a m all i s i n te n se .

9 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . Tra dem ark s “ B UCKLE”, “ T H E B UCKLE”, “ B UCKLE B LA CK”, “ B KE”, “ B KE B OUTIQ UE”, “ B KE S O LE”, “ D AY TR IP ”, “ R EC LA IM ”, “ B B ELIE V ES”, “ G IM MIC KS”, “ B EST O F T H E B LU ES”, " B KE R ED ", " B EST B RANDS. F A V ORIT E J E A NS", " B KE S PO RT", " B KE L O UNGE", " B KE R ESE RV E", " B UCKLE B ELIE V ES", " S O LELY B LA CK B Y B KE", a n d “ B ” ic o n a re fe d era lly re g is te re d tra d em ark s o f th e C om pan y. T he C om pan y b elie v es th e s tre n gth o f its tra d em ark s is o f c o nsid era b le v alu e t o i ts b usin ess, a n d i ts t ra d em ark s a re i m porta n t t o i ts m ark etin g e ffo rts . T he C om pan y i n te n ds t o p ro te ct a n d p ro m ote i ts t ra d em ark s a s m an ag em en t d eem s a p pro pria te .

Execu tiv e O ffic ers o f t h e C om pany T he E xecu tiv e O ffic ers o f t h e C om pan y a re l is te d b elo w , t o geth er w ith b rie f a cco unts o f t h eir e x perie n ce a n d c erta in o th er i n fo rm atio n.

D anie l J . H ir sc h fe ld , a ge 7 3.

Mr. H irs c h fe ld i s C hairm an o f t h e B oard o f t h e C om pan y. H e h as s e rv ed a s C hairm an o f t h e B oard s in ce A pril 1 9, 1 991. P rio r t o t h at tim e, M r. H irs c h fe ld se rv ed a s P re sid en t a n d C hie f E xecu tiv e O ffic er. M r. H irs c h fe ld h as b een in volv ed in a ll a sp ects o f th e C om pan y's b usin ess, i n clu din g t h e d ev elo pm en t o f t h e C om pan y's m an ag em en t i n fo rm atio n s y ste m s.

D en nis H . N els o n, a ge 6 5.

Mr. N els o n i s P re sid en t a n d C hie f E xecu tiv e O ffic er a n d a D ire cto r o f t h e C om pan y. H e h as h eld t h e t itle s o f P re sid en t a n d D ire cto r s in ce A pril 1 9, 1 991. M r. N els o n w as e le cte d C hie f E xecu tiv e O ffic er o n M arc h 1 7, 1 997. M r. N els o n b eg an h is c are er w ith t h e C om pan y i n 1 970 a s a p art- t im e s a le sm an w hile h e w as a tte n din g K earn ey S ta te C olle g e ( n ow t h e U niv ers ity o f N eb ra sk a - K earn ey ). W hile a tte n din g c o lle g e, h e b ecam e i n volv ed i n m erc h an dis in g a n d s a le s s u perv is io n f o r t h e C om pan y. U pon g ra d uatio n f ro m c o lle g e i n 1 973, M r. N els o n b ecam e a f u ll-tim e e m plo yee o f t h e C om pan y a n d h e h as w ork ed i n a ll p hase s o f t h e C om pan y's o pera tio ns s in ce t h at d ate . P rio r t o h is e le ctio n a s P re sid en t a n d C hie f O pera tin g O ffic er o n A pril 1 9, 1 991, M r.

N els o n p erfo rm ed a ll o f t h e f u nctio ns n orm ally a sso cia te d w ith t h ose p ositio ns.

K aren B . R hoads, a ge 5 6.

Ms. R hoad s is S en io r V ic e P re sid en t o f F in an ce a n d C hie f F in an cia l O ffic er a n d a D ire cto r o f th e C om pan y. M s. R hoad s w as e le cte d a D ire cto r o n A pril 1 9, 1 991. S he w as a p poin te d S en io r V ic e P re sid en t o f F in an ce a n d C hie f F in an cia l O ffic er o n M arc h 6 , 2 014, a fte r h av in g s e rv ed a s V ic e P re sid en t o f F in an ce a n d C hie f F in an cia l O ffic er s in ce 1 991. S he w ork ed in th e c o rp ora te o ffic e w hile a tte n din g K earn ey S ta te C olle g e (n ow th e U niv ers ity o f N eb ra sk a - K earn ey ) a n d l a te r w ork ed p art-tim e o n t h e s a le s f lo or. M s. R hoad s p ra ctic ed a s a C PA f o r 6 1 /2 y ears , d urin g w hic h t im e s h e b eg an w ork in g o n t a x a n d a cco untin g m atte rs f o r t h e C om pan y a s a c lie n t. S he h as b een e m plo yed w ith B uck le s in ce N ovem ber 1 987.

B rett P . M ilk ie , a ge 5 5 . M r. M ilk ie is S en io r V ic e P re sid en t o f L easin g. H e w as a p poin te d to th is p ositio n o n M arc h 6 , 2 014, a fte r h av in g s e rv ed a s V ic e P re sid en t o f L easin g s in ce M ay 1 996. M r. M ilk ie w as a l e asin g a g en t f o r a n atio nal r e ta il m all d ev elo per f o r 6 y ears p rio r t o j o in in g t h e C om pan y i n J a n uary 1 992 a s D ire cto r o f L easin g.

K ari G . S m ith , a ge 5 1 . M s. S m ith i s E xecu tiv e V ic e P re sid en t o f S to re s. S he w as a p poin te d t o t h is p ositio n o n F eb ru ary 1 3, 2 014, a fte r h av in g s e rv ed a s V ic e P re sid en t o f S ale s s in ce M ay 2 001. M s. S m ith j o in ed t h e C om pan y i n M ay 1 978 a s a p art-tim e s a le sp ers o n. L ate r s h e b ecam e s to re m an ag er i n G re at B en d, K an sa s a n d t h en b eg an w ork in g w ith o th er s to re s a s a n a re a m an ag er. M s. S m ith h as c o ntin ued t o d ev elo p h er i n volv em en t w ith t h e s a le s m an ag em en t t e am , h elp in g w ith m an ag er m eetin gs a n d th e d ev elo pm en t o f n ew s to re m an ag ers , a s w ell a s p ro vid in g s u pport fo r s to re m an ag ers , a re a m an ag ers , a n d d is tric t m an ag ers .

P atr ic ia K . W his le r, a ge 5 8 . M s. W his le r i s S en io r V ic e P re sid en t o f W om en ’s M erc h an dis in g. S he w as a p poin te d t o t h is p ositio n o n M arc h 6 , 2 014, a fte r h av in g s e rv ed a s V ic e P re sid en t o f W om en 's M erc h an dis in g s in ce M ay 2 001. M s. W his le r j o in ed t h e C om pan y i n F eb ru ary 1 976 a s a p art-tim e s a le sp ers o n a n d l a te r b ecam e m an ag er o f a B uck le s to re b efo re r e tu rn in g t o t h e c o rp ora te o ffic e i n 1 983 t o w ork a s p art o f t h e g ro w in g m erc h an dis in g t e am .

R obert M . C arlb erg , a ge 5 1.

Mr. C arlb erg is S en io r V ic e P re sid en t o f M en ’s M erc h an dis in g. H e w as a p poin te d to th is p ositio n o n M arc h 6 , 2 014, a fte r h av in g s e rv ed a s V ic e P re sid en t o f M en 's M erc h an dis in g s in ce D ecem ber 2 006. M r. C arlb erg s ta rte d w ith t h e C om pan y a s a s a le sp ers o n a n d a ls o w ork ed a s a s to re m an ag er a n d a s a n a re a a n d d is tric t le ad er w hile b ein g in volv ed a n d tra v elin g w ith th e m en ’s m erc h an dis in g te am . H e h as b een fu ll-tim e w ith th e m erc h an dis in g t e am s in ce J a n uary 2 001.

K yle L . H anso n, a ge 5 0 . M s. H an so n i s V ic e P re sid en t, G en era l C ounse l, a n d C orp ora te S ecre ta ry . S he w as a p poin te d t o t h is p ositio n o n M arc h 6 , 2 014, a fte r h av in g s e rv ed a s G en era l C ounse l a n d C orp ora te S ecre ta ry s in ce M ay 2 001. M s. H an so n jo in ed th e C om pan y in M ay 1 998 a s G en era l C ounse l. S he a ls o w ork ed fo r th e C om pan y a s a p art-tim e s a le sp ers o n w hile a tte n din g K earn ey S ta te C olle g e (n ow th e U niv ers ity o f N eb ra sk a - K earn ey ). M s. H an so n w as p re v io usly F irs t V ic e P re sid en t a n d T ria l A tto rn ey f o r M utu al o f O m ah a C om pan ie s f o r 2 y ears a n d a n a tto rn ey w ith t h e K uta k R ock l a w f irm i n O m ah a f ro m 1 990 t o 1 996.

10 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . M ic h elle H offm an, a ge 5 3.

Ms. H offm an i s V ic e P re sid en t o f S ale s. S he w as a p poin te d t o t h is p ositio n o n M arc h 6 , 2 014. M s. H offm an h as b een e m plo yed b y t h e C om pan y s in ce 1 979 a n d h as s e rv ed i n v ario us r o le s o f i n cre asin g r e sp onsib ility o n t h e s a le s t e am s in ce t h at t im e; i n clu din g s a le sp ers o n, S to re M an ag er, D is tric t M an ag er, a n d m ost r e cen tly R eg io nal M an ag er s in ce 2 008.

T hom as B . H ea co ck , a ge 3 7 . M r. H eaco ck i s V ic e P re sid en t o f F in an ce, T re asu re r, a n d C orp ora te C ontro lle r. H e w as a p poin te d t o t h is p ositio n o n D ecem ber 8 , 2 014, a fte r h av in g s e rv ed a s T re asu re r a n d C orp ora te C ontro lle r s in ce M arc h 2 1, 2 011. M r. H eaco ck h as b een e m plo yed b y t h e C om pan y s in ce O cto ber 2 003 a n d h as s e rv ed a s C orp ora te C ontro lle r s in ce F eb ru ary 2 007. P rio r t o j o in in g t h e C om pan y, h e w as e m plo yed b y E rn st & Y oung, L LP. M r. H eaco ck i s t h e s o n-in -la w o f D en nis H . N els o n, w ho s e rv es a s P re sid en t a n d C hie f E xecu tiv e O ffic er a n d a D ire cto r o f T he B uck le , I n c.

K elli D . M olc zy k, a ge 3 6.

M s. M olc zy k i s V ic e P re sid en t o f W om en 's M erc h an dis in g. S he w as a p poin te d t o t h is p ositio n o n D ecem ber 8 , 2 014. M s. M olc zy k h as b een e m plo yed b y t h e C om pan y s in ce 1 999 a n d h as s e rv ed i n v ario us r o le s o n t h e w om en 's m erc h an dis in g t e am s in ce t h at t im e, i n clu din g m ost r e cen tly a s D iv is io nal M erc h an dis e M an ag er.

D ia ne L . A pple g ate , a ge 5 0.

Ms. A pple g ate is V ic e P re sid en t o f S upply C hain a n d M erc h an dis in g O pera tio ns. S he w as a p poin te d to th is p ositio n o n D ecem ber 8 , 2 014. M s. A pple g ate h as b een e m plo yed b y th e C om pan y sin ce 1 983 a n d h as se rv ed in v ario us ro le s o f in cre asin g re sp onsib ility o n th e m erc h an dis e o pera tio ns a n d e -c o m merc e t e am s, i n clu din g a s D ire cto r o f M erc h an dis e O pera tio ns s in ce 2 000.

I T EM 1 A - R IS K F A CTO RS C autio nary S ta te m en t P ursu ant t o t h e P riv ate S ecu ritie s L itig atio n R efo rm A ct o f 1 995 a nd R is k F acto rs C erta in sta te m en ts h ere in , in clu din g a n tic ip ate d sto re o pen in gs, tre n ds in o r e x pecta tio ns re g ard in g th e C om pan y’s re v en ue a n d n et e arn in gs g ro w th , c o m para b le sto re sa le s g ro w th , c ash flo w re q uire m en ts , a n d c ap ita l e x pen ditu re s, a ll c o nstitu te “ fo rw ard -lo okin g sta te m en ts ” w ith in th e m ean in g o f th e P riv ate S ecu ritie s L itig atio n R efo rm A ct o f 1 995. S uch s ta te m en ts a re b ase d o n c u rre n tly a v aila b le o pera tin g, f in an cia l, a n d c o m petitiv e i n fo rm atio n a n d a re s u bje ct t o v ario us r is k s a n d u ncerta in tie s. A ctu al f u tu re r e su lts a n d t re n ds m ay d iffe r m ate ria lly d ep en din g o n a v arie ty o f f a cto rs , i n clu din g, b ut n ot l im ite d t o , c h an ges in p ro duct m ix , c h an ges in fa sh io n tre n ds a n d/o r p ric in g, c o m petitiv e fa cto rs , g en era l e co nom ic c o nditio ns, e co nom ic c o nditio ns in th e re ta il a p pare l in dustry , s u ccessfu l e x ecu tio n o f in te rn al p erfo rm an ce a n d e x pan sio n p la n s, a n d o th er ris k s d eta ile d h ere in a n d in T he B uck le , In c.’s o th er filin gs w ith t h e S ecu ritie s a n d E xch an ge C om mis sio n.

A f o rw ard -lo okin g s ta te m en t i s n eith er a p re d ic tio n n or a g uara n te e o f f u tu re e v en ts o r c irc u m sta n ces, a n d t h ose f u tu re e v en ts o r c irc u m sta n ces m ay n ot o ccu r.

U se rs s h ould n ot p la ce u ndue re lia n ce o n th e fo rw ard -lo okin g s ta te m en ts , w hic h a re a ccu ra te o nly a s o f th e d ate o f th is re p ort. T he C om pan y is u nder n o o blig atio n t o u pdate o r r e v is e a n y f o rw ard -lo okin g s ta te m en ts , w heth er a s a r e su lt o f n ew i n fo rm atio n, f u tu re e v en ts , o r o th erw is e . I n m an ag em en t’s j u dgm en t, t h e f o llo w in g a re m ate ria l r is k f a cto rs :

D ep en den ce o n M erch andis in g/F ash io n S en sitiv ity . T he C om pan y’s s u ccess i s l a rg ely d ep en den t u pon i ts a b ility t o g au ge t h e f a sh io n t a ste s o f i ts c u sto m ers a n d to p ro vid e m erc h an dis e th at s a tis fie s c u sto m er d em an d in a tim ely m an ner. T he C om pan y’s fa ilu re to a n tic ip ate , id en tify , o r re act a p pro pria te ly a n d t im ely t o t h e c h an ges i n f a sh io n t re n ds w ould r e d uce t h e C om pan y’s n et s a le s a n d p ro fita b ility . M is ju dgm en ts o r u nan tic ip ate d f a sh io n c h an ges c o uld h av e a n eg ativ e i m pact o n t h e C om pan y’s i m ag e w ith i ts c u sto m ers , w hic h w ould a ls o r e d uce t h e C om pan y’s n et s a le s a n d p ro fita b ility .

D ep en den ce o n P riv ate L abel M erch andis e . S ale s f ro m p riv ate l a b el m erc h an dis e a cco unte d f o r a p pro xim ate ly 3 5% o f n et s a le s f o r f is c al 2014 a n d 3 4% f o r f i s c al 2013 . T he C om pan y m ay in cre ase o r d ecre ase th e p erc en ta g e o f n et s a le s fro m p riv ate la b el m erc h an dis e in th e fu tu re . T he C om pan y’s p riv ate la b el p ro ducts g en era lly e arn a h ig her m arg in th an b ra n ded p ro ducts . T hus, re d uctio ns in th e p riv ate la b el m ix w ould d ecre ase th e C om pan y’s m erc h an dis e m arg in s a n d, a s a r e su lt, r e d uce n et e arn in gs.

F lu ctu atio ns in C om para ble S to re N et S ale s R esu lts . T he C om pan y’s c o m para b le s to re n et s a le s re su lts h av e flu ctu ate d in th e p ast a n d a re e x pecte d to c o ntin ue t o f lu ctu ate i n t h e f u tu re . A v arie ty o f f a cto rs a ffe ct c o m para b le s to re s a le s r e su lts , i n clu din g c h an ges i n f a sh io n t re n ds, c h an ges i n t h e C om pan y’s m erc h an dis e m ix , c ale n dar s h ifts o f h olid ay p erio ds, a ctio ns b y c o m petito rs , w eath er c o nditio ns, a n d g en era l e co nom ic c o nditio ns. A s a re su lt o f th ese o r o th er f a cto rs , t h e C om pan y’s f u tu re c o m para b le s to re s a le s c o uld d ecre ase , r e d ucin g o vera ll n et s a le s a n d p ro fita b ility .

11 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . A bility to C ontin ue E xpansio n a nd M anagem en t o f G ro w th . T he C om pan y’s c o ntin ued g ro w th d ep en ds o n its a b ility to o pen a n d o pera te s to re s o n a p ro fita b le b asis a n d m an ag em en t’s a b ility to m an ag e p la n ned e x pan sio n. D urin g fis c al 2015 , th e C om pan y p la n s to o pen 9 n ew s to re s. T his e x pan sio n is d ep en den t u pon f a cto rs s u ch a s t h e a b ility t o l o cate a n d o bta in f a v ora b le s to re s ite s, n eg otia te a ccep ta b le l e ase t e rm s, o bta in n ecessa ry m erc h an dis e , a n d h ire a n d tra in q ualifie d m an ag em en t a n d o th er e m plo yees. T here m ay b e fa cto rs o uts id e o f th e C om pan y’s c o ntro l th at a ffe ct th e a b ility to e x pan d, in clu din g g en era l e co nom ic c o nditio ns. T here i s n o a ssu ra n ce t h at t h e C om pan y w ill b e a b le t o a ch ie v e i ts p la n ned e x pan sio n o r t h at s u ch e x pan sio n w ill b e p ro fita b le .

I f t h e C om pan y f a ils t o m an ag e i ts s to re g ro w th , t h ere w ould b e l e ss g ro w th i n t h e C om pan y’s n et s a le s f ro m n ew s to re s a n d l e ss g ro w th i n p ro fita b ility . I f t h e C om pan y o pen s u npro fita b le s to re l o catio ns, t h ere c o uld b e a r e d uctio n i n n et e arn in gs, e v en w ith t h e r e su ltin g g ro w th i n t h e C om pan y’s n et s a le s.

R elia nce o n K ey P erso nnel . T he c o ntin ued su ccess o f th e C om pan y is d ep en den t to a sig nific an t d eg re e o n th e c o ntin ued se rv ic e o f k ey p ers o nnel, i n clu din g s e n io r m an ag em en t. T he lo ss o f a m em ber o f s e n io r m an ag em en t c o uld c re ate a d ditio nal e x pen se in c o verin g th eir p ositio n a s w ell a s c au se a r e d uctio n in n et s a le s, th us re d ucin g n et e arn in gs. T he C om pan y’s s u ccess in th e fu tu re w ill a ls o b e d ep en den t u pon th e C om pan y’s a b ility to a ttra ct a n d r e ta in q ualifie d p ers o nnel. T he C om pan y’s f a ilu re t o a ttra ct a n d r e ta in q ualifie d p ers o nnel c o uld r e d uce t h e n um ber o f n ew s to re s t h e C om pan y c o uld o pen i n a y ear w hic h w ould c au se n et s a le s t o d eclin e, c o uld c re ate a d ditio nal o pera tin g e x pen se s, a n d c o uld r e d uce o vera ll p ro fita b ility f o r t h e C om pan y.

D ep en den ce o n a S in gle D is tr ib utio n F acility a nd T hir d -P arty C arrie rs . T he d is trib utio n f u nctio n f o r a ll o f t h e C om pan y’s s to re s i s h an dle d f ro m a s in gle f a cility in K earn ey, N eb ra sk a. A ny sig nific an t in te rru ptio n in th e o pera tio n o f th e d is trib utio n fa cility d ue to n atu ra l d is a ste rs , sy ste m fa ilu re s, o r o th er u nfo re se en c au se s w ould i m ped e t h e d is trib utio n o f m erc h an dis e t o t h e s to re s, c au sin g a d eclin e i n s to re i n ven to ry , a r e d uctio n i n s to re s a le s, a n d a r e d uctio n i n C om pan y p ro fita b ility . I n te rru ptio ns i n s e rv ic e b y c o m mon c arrie rs c o uld a ls o d ela y s h ip m en t o f g oods t o C om pan y s to re l o catio ns. A dditio nally , t h ere c an b e n o a ssu ra n ce t h at t h e c u rre n t f a cilitie s w ill b e a d eq uate t o s u pport t h e C om pan y’s f u tu re g ro w th .

R elia nce o n F oreig n S ources o f P ro ductio n.

The C om pan y p urc h ase s a p ortio n o f i ts p riv ate l a b el m erc h an dis e t h ro ugh s o urc in g a g en ts i n f o re ig n m ark ets .

I n a d ditio n, s o m e o f t h e C om pan y’s d om estic v en dors m an ufa ctu re g oods o vers e as. T he C om pan y d oes n ot h av e a n y l o ng-te rm m erc h an dis e s u pply c o ntra cts a n d i ts i m ports a re s u bje ct t o e x is tin g o r p ote n tia l d utie s, t a riffs , a n d q uota s. T he C om pan y f a ces a v arie ty o f r is k s a sso cia te d w ith d oin g b usin ess o vers e as i n clu din g c o m petitio n f o r f a cilitie s a n d q uota s, p olitic al i n sta b ility , p ossib le n ew l e g is la tio n r e la tin g t o i m ports t h at c o uld l im it t h e q uan tity o f m erc h an dis e t h at m ay b e i m porte d , i m positio n o f d utie s, t a x es, a n d o th er c h arg es o n i m ports , a n d l o cal b usin ess p ra ctic e a n d p olitic al i s su es w hic h m ay r e su lt i n a d vers e p ublic ity . T he C om pan y’s i n ab ility t o r e ly o n f o re ig n s o urc es o f p ro ductio n d ue t o t h ese o r o th er c au se s c o uld r e d uce t h e a m ount o f i n ven to ry t h e C om pan y i s a b le to p urc h ase , h old u p th e tim in g o n th e re ceip t o f n ew m erc h an dis e , a n d re d uce m erc h an dis e m arg in s if c o m para b le in ven to ry is p urc h ase d fro m b ra n ded s o urc es. A ny o r a ll o f t h ese c h an ges w ould c au se a d ecre ase i n t h e C om pan y’s n et s a le s a n d n et e arn in gs.

D ep en den ce u pon M ain ta in in g S ale s a nd P ro fit G ro w th in th e H ig hly C om petitiv e R eta il A pparel In dustr y . T he sp ecia lty re ta il in dustry is h ig hly c o m petitiv e. T he C om pan y c o m pete s p rim arily o n t h e b asis o f f a sh io n, s e le ctio n, q uality , p ric e, l o catio n, s e rv ic e, a n d s to re e n viro nm en t. T he C om pan y f a ces a v arie ty o f c o m petitiv e c h alle n ges, i n clu din g:

• Antic ip atin g a n d r e sp ondin g t im ely t o c h an gin g c u sto m er d em an ds a n d p re fe re n ces; • Effe ctiv ely m ark etin g b oth b ra n ded a n d p riv ate l a b el m erc h an dis e t o c o nsu m ers i n s e v era l d iv ers e m ark et s e g m en ts a n d m ain ta in in g f a v ora b le b ra n d re co gnitio n; • Pro vid in g u niq ue, h ig h-q uality m erc h an dis e i n s ty le s, c o lo rs , a n d s iz es t h at a p peal t o c o nsu m ers ; • Sourc in g m erc h an dis e e ffic ie n tly ; • Com petitiv ely p ric in g m erc h an dis e a n d c re atin g c u sto m er p erc ep tio n o f v alu e; • Monito rin g i n cre ase d l a b or c o sts , i n clu din g i n cre ase s i n h ealth c are b en efits a n d w ork er’s c o m pen sa tio n a n d u nem plo ym en t i n su ra n ce c o sts .

T here i s n o a ssu ra n ce t h at t h e C om pan y w ill b e a b le t o c o m pete s u ccessfu lly i n t h e f u tu re .

R elia nce o n C onsu m er S pen din g T ren ds . T he c o ntin ued su ccess o f th e C om pan y d ep en ds, in p art, u pon n um ero us fa cto rs th at im pact th e le v els o f i n div id ual d is p osa b le in co m e a n d th us, c o nsu m er s p en din g. F acto rs in clu de th e p olitic al e n viro nm en t, e co nom ic c o nditio ns, e m plo ym en t, c o nsu m er d eb t, i n te re st r a te s, i n fla tio n, a n d c o nsu m er c o nfid en ce. A d eclin e i n c o nsu m er s p en din g, f o r a n y r e aso n, c o uld h av e a n a d vers e e ffe ct o n t h e C om pan y’s n et s a le s, g ro ss p ro fits , a n d r e su lts f ro m o pera tio ns.

12 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . M odific a tio ns a nd/o r U pgra des t o I n fo rm atio n T ech nolo gy S yste m s M ay D is r u pt O pera tio ns . T he C om pan y r e lie s u pon i ts v ario us i n fo rm atio n s y ste m s t o m an ag e i ts o pera tio ns a n d r e g ula rly e v alu ate s i ts i n fo rm atio n t e ch nolo gy i n o rd er f o r m an ag em en t t o i d en tify i n vestm en t o pportu nitie s f o r m ain ta in in g, m odify in g, u pgra d in g, o r re p la cin g th ese sy ste m s. T here a re in here n t ris k s a sso cia te d w ith re p la cin g o r c h an gin g th ese sy ste m s. A ny d ela y s, e rro rs in c ap tu rin g d ata , o r d iffic u ltie s i n t ra n sitio nin g t o t h ese o r o th er n ew s y ste m s, o r i n i n te g ra tin g t h ese s y ste m s w ith t h e C om pan y’s c u rre n t s y ste m s, o r a n y o th er d is ru ptio ns a ffe ctin g t h e C om pan y’s i n fo rm atio n s y ste m s, c o uld h av e a m ate ria l a d vers e i m pact o n t h e C om pan y’s b usin ess.

R elia nce o n in crea sin gly c o m ple x in fo rm atio n s y ste m s fo r m anagem en t o f its d is tr ib utio n, s a le s, a nd o th er fu nctio ns . If th e C om pan y’s in fo rm atio n s y ste m s f a il t o p erfo rm t h ese f u nctio ns a d eq uate ly o r i f t h e C om pan y e x perie n ces a n i n te rru ptio n i n t h eir o pera tio n, i n clu din g a b re ach i n c y ber-s e cu rity , i ts b usin ess a n d r e su lts o f o pera tio ns c o uld s u ffe r. A ll o f t h e C om pan y’s m ajo r o pera tio ns, i n clu din g d is trib utio n, s a le s, a n d a cco untin g, a re d ep en den t u pon t h e C om pan y’s c o m ple x i n fo rm atio n s y ste m s. T he C om pan y’s i n fo rm atio n s y ste m s a re v uln era b le t o d am ag e o r i n te rru ptio n f ro m :

• Earth quak e, f ire , f lo od, t o rn ad o, a n d o th er n atu ra l d is a ste rs ; • Pow er l o ss, c o m pute r s y ste m s f a ilu re , i n te rn et a n d t e le co m munic atio ns o r d ata n etw ork f a ilu re ; • Hack ers , c o m pute r v iru se s, s o ftw are b ugs, o r g litc h es.

A ny d am ag e o r s ig nific an t d is ru ptio n in th e o pera tio n o f s u ch s y ste m s, o r th e fa ilu re o f th e C om pan y’s in fo rm atio n s y ste m s to p erfo rm a s e x pecte d , c o uld d is ru pt t h e C om pan y’s b usin ess, r e su lt i n d ecre ase d s a le s, i n cre ase d o verh ead c o sts , e x cess i n ven to ry , o r p ro duct s h orta g es a n d o th erw is e a d vers e ly a ffe ct t h e C om pan y’s o pera tio ns, f in an cia l p erfo rm an ce, a n d f in an cia l c o nditio n.

U nauth oriz ed a ccess to , o r a ccid en ta l d is c lo su re o f, c o nsu m er p erso nally -id en tifia ble in fo rm atio n th at th e C om pany c o lle cts m ay r esu lt in s ig nific a nt e x pen se s a nd n eg ativ ely im pact o ur r ep uta tio n a nd b usin ess.

There is g ro w in g c o ncern o ver th e s e cu rity o f p ers o nal in fo rm atio n tra n sm itte d o ver th e i n te rn et, c o nsu m er i d en tity t h eft, a n d u se r p riv acy. A s p art o f o ur n orm al o pera tio ns, w e r e ceiv e a n d m ain ta in c o nfid en tia l i n fo rm atio n a b out o ur c u sto m ers , o ur e m plo yees, a n d o th er th ird p artie s. O ur b usin ess e m plo ys sy ste m s a n d w eb site s th at a llo w fo r th e se cu re sto ra g e a n d tra n sm is sio n o f p ro prie ta ry o r c o nfid en tia l in fo rm atio n re g ard in g o ur c u sto m ers , e m plo yees, jo b a p plic an ts , a n d o th ers , in clu din g c re d it c ard in fo rm atio n a n d p ers o nally -id en tifia b le i n fo rm atio n. D esp ite o ur s a fe g uard s a n d s e cu rity p ro cesse s a n d p ro te ctio ns, th e C om pan y’s c o m pute r s y ste m s m ay b e s u sc ep tib le to e le ctro nic o r p hysic al c o m pute r b re ak -in s, v iru se s, a n d o th er d is ru ptio ns a n d se cu rity b re ach es. A dditio nally , w e m ay n ot h av e th e re so urc es o r te ch nic al so phis tic atio n to a n tic ip ate o r p re v en t r a p id ly e v olv in g t y pes o f c y ber-a tta ck s. A tta ck s m ay b e t a rg ete d a t u s, o ur c u sto m ers , o r o th ers w ho h av e e n tru ste d u s w ith i n fo rm atio n.

A ctu al o r a n tic ip ate d a tta ck s m ay c au se u s to in cu r in cre asin g c o sts , in clu din g c o sts to d ep lo y a d ditio nal p ers o nnel a n d p ro te ctio n te ch nolo gie s, tra in e m plo yees, a n d e n gag e th ird -p arty e x perts a n d c o nsu lta n ts . A dvan ces in c o m pute r c ap ab ilitie s, n ew te ch nolo gic al d is c o verie s, o r o th er d ev elo pm en ts m ay r e su lt i n t h e t e ch nolo gy u se d b y u s t o p ro te ct t ra n sa ctio n o r o th er d ata b ein g b re ach ed o r c o m pro m is e d . I n a d ditio n, d ata a n d s e cu rity b re ach es c an a ls o o ccu r a s a r e su lt o f n on-te ch nic al i s su es, i n clu din g i n te n tio nal o r i n ad verte n t b re ach b y o ur e m plo yees o r b y p ers o ns w ith w hom w e h av e c o m merc ia l r e la tio nsh ip s t h at re su lt in th e u nau th oriz ed re le ase o f p ers o nal o r c o nfid en tia l in fo rm atio n. A ny p erc eiv ed o r a ctu al u nau th oriz ed d is c lo su re o f p ers o nally -id en tifia b le i n fo rm atio n re g ard in g v is ito rs to th e C om pan y’s w eb site s o r o th erw is e , w heth er th ro ugh a b re ach o f th e C om pan y’s n etw ork b y a n u nau th oriz ed p arty , e m plo yee t h eft, m is u se , o r e rro r, o r o th erw is e , c o uld h arm t h e C om pan y’s r e p uta tio n, i m pair t h e C om pan y’s a b ility t o a ttra ct a n d r e ta in c u sto m ers , o r s u bje ct t h e C om pan y t o c la im s o r l itig atio n a ris in g f ro m d am ag es s u ffe re d b y c o nsu m ers , a n d a d vers e ly a ffe ct t h e C om pan y’s o pera tio ns, f in an cia l p erfo rm an ce, a n d f in an cia l c o nditio n.

M ark et/L iq uid ity R is k R ela te d t o t h e C om pany’s I n vestm en ts .

In p rio r y ears , t h e C om pan y i n veste d a p ortio n o f i ts i n vestm en ts i n a u ctio n-ra te s e cu ritie s ( “ A RS”). A s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , $7.4 m illio n a n d $9.6 m illio n , r e sp ectiv ely , o f i n vestm en ts w ere i n A RS. A RS h av e a l o ng-te rm s ta te d m atu rity , b ut a re r e se t t h ro ugh a “ d utc h a u ctio n” p ro cess t h at o ccu rs e v ery 7 t o 4 9 d ay s, d ep en din g o n t h e t e rm s o f t h e i n div id ual s e cu rity . S in ce F eb ru ary 2 008, a s ig nific an t n um ber o f a u ctio ns r e la te d t o t h ese s e cu ritie s f a ile d , m ean in g t h at t h ere w as n ot e n ough d em an d t o s e ll t h e e n tire i s su e a t a u ctio n. T he f a ile d a u ctio ns h av e lim ite d th e liq uid ity o f th e C om pan y’s in vestm en ts in A RS. F urth er a u ctio n fa ilu re s c o uld h av e a m ate ria l im pact o n th e C om pan y’s e arn in gs; h ow ev er, t h e C om pan y d oes n ot b elie v e f u rth er a u ctio n f a ilu re s w ould h av e a m ate ria l i m pact o n i ts a b ility t o f u nd i ts b usin ess.

13 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he C om pan y re v ie w s im pairm en ts to d ete rm in e th e c la ssific atio n o f p ote n tia l im pairm en ts a s e ith er “ te m pora ry ” o r “ o th er-th an -te m pora ry .” A te m pora ry i m pairm en t re su lts in a n u nre aliz ed lo ss b ein g re co rd ed in o th er c o m pre h en siv e in co m e. A n im pairm en t th at is c o nsid ere d o th er-th an -te m pora ry w ould b e r e co gniz ed a s a l o ss i n t h e c o nso lid ate d s ta te m en ts o f i n co m e. T he C om pan y c o nsid ers v ario us f a cto rs i n r e v ie w in g i m pairm en ts , i n clu din g t h e l e n gth o f t im e a n d e x te n t to w hic h th e fa ir v alu e h as b een le ss th an th e C om pan y’s c o st b asis , th e fin an cia l c o nditio n a n d n ear-te rm p ro sp ects o f th e is su er, a n d th e C om pan y’s in te n t a n d a b ility to h old th e in vestm en ts fo r a p erio d o f tim e s u ffic ie n t to a llo w fo r a n y a n tic ip ate d re co very in m ark et v alu e. T he C om pan y b elie v es it h as th e a b ility a n d m ain ta in s its in te n t to h old its in vestm en ts u ntil re co very o f m ark et v alu e o ccu rs o r u ntil th e u ltim ate m atu rity o f th e i n vestm en ts .

T he C om pan y’s i n vestm en ts i n A RS a n d p re fe rre d s e cu ritie s a re r e p orte d a t f a ir m ark et v alu e, a n d a s o f Ja n uary 3 1, 2 015 , t h e r e p orte d i n vestm en t a m ount i s n et o f a $0.7 m illio n te m pora ry im pairm en t to a cco unt fo r th e im pairm en t o f c erta in s e cu ritie s fro m th eir s ta te d p ar v alu e. T he C om pan y re p orte d th e $0.7 m illio n t e m pora ry i m pairm en t, n et o f t a x , a s a n “ accu m ula te d o th er c o m pre h en siv e l o ss” o f $0.4 m illio n i n s to ck hold ers ’ e q uity a s o f Ja n uary 3 1, 2 015 . T he C om pan y h as a cco unte d f o r t h e i m pairm en t a s t e m pora ry , a s i t c u rre n tly b elie v es t h at t h ese A RS c an b e s u ccessfu lly r e d eem ed o r l iq uid ate d i n t h e f u tu re a t p ar v alu e p lu s a ccru ed in te re st. T he C om pan y re v ie w s a ll in vestm en ts fo r o th er-th an -te m pora ry im pairm en t (" O TTI" ) a t le ast q uarte rly o r a s in dic ato rs o f i m pairm en t e x is t. I n dic ato rs o f i m pairm en t i n clu de t h e d ura tio n a n d s e v erity o f t h e d eclin e i n m ark et v alu e. I n a d ditio n, t h e C om pan y c o nsid ers q ualita tiv e f a cto rs in clu din g, b ut n ot lim ite d to , th e fin an cia l c o nditio n o f th e in veste e, th e c re d it ra tin g o f th e in veste e, a n d th e c u rre n t a n d e x pecte d m ark et a n d i n dustry c o nditio ns in w hic h th e in veste e o pera te s. G iv en c u rre n t m ark et c o nditio ns in th e A RS m ark et, th e C om pan y m ay in cu r a d ditio nal te m pora ry i m pairm en t o r O TTI i n t h e f u tu re i f m ark et c o nditio ns p ers is t a n d t h e C om pan y i s u nab le t o r e co ver t h e c o st o f i ts i n vestm en ts i n A RS.

I n te rest R ate R is k .

To t h e e x te n t t h at t h e C om pan y b orro w s u nder i ts l in e o f c re d it f a cility , t h e C om pan y w ould b e e x pose d t o m ark et r is k r e la te d t o c h an ges i n in te re st ra te s. A s o f Ja n uary 3 1, 2 015 , n o b orro w in gs w ere o uts ta n din g u nder th e lin e o f c re d it fa cility . T he C om pan y is n ot a p arty to a n y d eriv ativ e f in an cia l in stru m en ts . A dditio nally , th e C om pan y is e x pose d to m ark et ris k re la te d to in te re st ra te ris k o n th e c ash a n d in vestm en ts in in te re st-b earin g s e cu ritie s. T hese i n vestm en ts h av e c arry in g v alu es t h at a re s u bje ct t o i n te re st r a te c h an ges t h at c o uld i m pact e arn in gs t o t h e e x te n t t h at t h e C om pan y d id n ot h old t h e i n vestm en ts t o m atu rity . I f t h ere a re c h an ges i n i n te re st r a te s, t h ose c h an ges w ould a ls o a ffe ct t h e i n vestm en t i n co m e t h e C om pan y e arn s o n i ts c ash a n d i n vestm en ts . F or e ach o ne-q uarte r p erc en t d eclin e i n t h e i n te re st/d iv id en d r a te e arn ed o n c ash a n d i n vestm en ts ( a p pro xim ate ly a 5 0% c h an ge i n t h e r a te e arn ed ), t h e C om pan y’s n et i n co m e w ould d ecre ase a p pro xim ate ly $ 0.3 m illio n o r l e ss t h an $ 0.0 1 p er s h are . T his a m ount c o uld v ary b ase d u pon t h e n um ber o f s h are s o f t h e C om pan y’s s to ck o uts ta n din g a n d t h e l e v el o f c ash a n d i n vestm en ts h eld b y t h e C om pan y.

T he C om pan y c au tio ns th at th e ris k fa cto rs d esc rib ed a b ove c o uld c au se a ctu al re su lts to v ary m ate ria lly fro m th ose a n tic ip ate d in a n y fo rw ard -lo okin g s ta te m en ts m ad e b y o r o n b eh alf o f t h e C om pan y. M an ag em en t c an not a sse ss t h e i m pact o f e ach f a cto r o n t h e C om pan y’s b usin ess o r t h e e x te n t t o w hic h a n y f a cto r, o r c o m bin atio n o f f a cto rs , m ay c au se a ctu al r e su lts t o v ary f ro m t h ose c o nta in ed i n f o rw ard -lo okin g s ta te m en ts .

I T EM 1 B - U NRESO LVED S T AFF C O M MENTS N one.

14 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 2 - P R O PE RTIE S A ll o f th e s to re lo catio ns o pera te d b y th e C om pan y a re le ase d fa cilitie s. M ost o f th e C om pan y's s to re s h av e le ase te rm s o f a p pro xim ate ly te n y ears a n d g en era lly d o n ot c o nta in r e n ew al o ptio ns. I n t h e p ast, t h e C om pan y h as n ot e x perie n ced p ro ble m s r e n ew in g i ts l e ase s, a lth ough n o a ssu ra n ce c an b e g iv en t h at t h e C om pan y c an r e n ew e x is tin g l e ase s o n f a v ora b le t e rm s. T he C om pan y s e ek s t o n eg otia te e x te n sio ns o n l e ase s f o r s to re s u nderg oin g r e m odelin g t o p ro vid e t e rm s o f a p pro xim ate ly t e n y ears a fte r c o m ple tio n o f r e m odelin g. C onse n t o f t h e l a n dlo rd g en era lly i s r e q uire d t o r e m odel o r c h an ge t h e n am e u nder w hic h th e C om pan y d oes b usin ess. T he C om pan y h as n ot e x perie n ced p ro ble m s in o bta in in g s u ch c o nse n t in th e p ast. M ost le ase s p ro vid e fo r a fix ed m in im um r e n ta l c o st p lu s a n a d ditio nal r e n ta l c o st b ase d u pon a s e t p erc en ta g e o f s a le s b ey ond a s p ecifie d b re ak poin t, p lu s c o m mon a re a a n d o th er c h arg es.

T he c u rre n t t e rm s o f t h e C om pan y's l e ase s, i n clu din g a u to m atic r e n ew al o ptio ns, e x pirin g o n o r b efo re J a n uary 3 1 st o f e ach y ear i s a s f o llo w s:

Y ea r Num ber o f e x pir in g l e a se s 2 016 69 2 017 56 2 018 55 2 019 54 2 020 56 2 021 45 2 022 32 2 023 a n d l a te r 93 T ota l 460 T he c o rp ora te h ead quarte rs a n d o nlin e f u lfillm en t c en te r f o r t h e C om pan y a re l o cate d w ith in a f a cility p urc h ase d b y t h e C om pan y i n 1 988, w hic h i s l o cate d i n K earn ey, N eb ra sk a. T he b uild in g c u rre n tly p ro vid es a p pro xim ate ly 2 61,2 00 s q uare f e et o f s p ace, w hic h i n clu des a p pro xim ate ly 8 2,2 00 s q uare f e et r e la te d t o t h e C om pan y’s 2 005 a d ditio n. T he C om pan y a ls o o w ns a 4 0,0 00 s q uare f o ot b uild in g w ith w are h ouse a n d o ffic e s p ace n ear t h e c o rp ora te h ead quarte rs .

T his b uild in g h ouse s th e C om pan y’s s c re en prin tin g o pera tio ns. T he C om pan y a cq uire d th e le ase , w ith fa v ora b le te rm s, o n th e la n d th e b uild in g is b uilt u pon. T he l e ase i s c u rre n tly i n t h e t h ird o f t e n f iv e-y ear r e n ew al o ptio ns, w hic h e x pire s o n O cto ber 3 1, 2 016. D urin g f is c al 2 010, t h e C om pan y c o m ple te d c o nstru ctio n o f a n ew 2 40,0 00 s q uare f o ot d is trib utio n c en te r i n K earn ey, N eb ra sk a. T he C om pan y t ra n sitio ned t o t h e n ew d is trib utio n c en te r i n S ep te m ber 2 010 a n d th e n ew fa cility is n ow th e C om pan y’s o nly o pera tin g s to re d is trib utio n c en te r. T he C om pan y is a ls o in th e p ro cess o f b uild in g a n ew o ffic e b uild in g a s a p art o f i ts h om e o ffic e c am pus i n K earn ey, N eb ra sk a. T he C om pan y b ro ke g ro und o n a n ew 8 0,0 00 s q uare f o ot b uild in g i n t h e f o urth q uarte r o f f is c al 2013 a n d a n tic ip ate s th at c o nstru ctio n w ill b e c o m ple te d d urin g th e firs t q uarte r o f fis c al 2 015. W hen c o m ple te , th e n ew b uild in g w ill p ro vid e a d ditio nal o ffic e s p ace n ecessa ry t o s u pport t h e C om pan y's c o ntin ued g ro w th .

I T EM 3 - L EG AL P R O CEEDIN G S F ro m t im e t o t im e, t h e C om pan y i s i n volv ed i n l itig atio n r e la tin g t o c la im s a ris in g o ut o f i ts o pera tio ns i n t h e n orm al c o urs e o f b usin ess. A s o f t h e d ate o f t h is f o rm , t h e C om pan y w as n ot e n gag ed i n l e g al p ro ceed in gs t h at a re e x pecte d , i n div id ually o r i n t h e a g gre g ate , t o h av e a m ate ria l e ffe ct o n t h e C om pan y.

I T EM 4 - M IN E S A FE TY D IS C LO SU RES N ot a p plic ab le .

15 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . PA RT I I I T EM 5 - M ARK ET F O R R EG IS T RANT'S C O M MON E Q UIT Y, R ELAT ED S H AREH OLDER M AT TERS, A ND I S SU ER P U RCH ASE S O F E Q UIT Y S E CURIT IE S T he C om pan y’s c o m mon s to ck tra d es o n th e N ew Y ork S to ck E xch an ge u nder th e s y m bol B KE. P rio r to th e C om pan y’s in itia l p ublic o ffe rin g o n M ay 6 , 1 992, t h ere w as n o p ublic m ark et f o r t h e C om pan y’s c o m mon s to ck .

D iv id en d P ay m en ts D urin g f is c al 2 012, t h e C om pan y p aid c ash d iv id en ds o f $ 0.2 0 p er s h are i n e ach o f t h e f o ur q uarte rs a n d a ls o p aid a s p ecia l c ash d iv id en d o f $ 4.5 0 p er s h are i n th e fo urth q uarte r. D urin g fis c al 2 013, th e C om pan y p aid c ash d iv id en ds o f $ 0.2 0 p er s h are in e ach o f th e firs t th re e q uarte rs a n d $ 0.2 2 p er s h are in th e f o urth q uarte r a n d a ls o p aid a s p ecia l c ash d iv id en d o f $ 1.2 0 p er s h are i n t h e f o urth q uarte r. D urin g f is c al 2 014, t h e C om pan y p aid c ash d iv id en ds o f $ 0.2 2 p er s h are in e ach o f th e firs t th re e q uarte rs a n d $ 0.2 3 p er s h are in th e fo urth q uarte r a n d a ls o p aid a s p ecia l c ash d iv id en d o f $ 2.7 7 p er s h are in th e fo urth q uarte r. T he C om pan y p la n s t o c o ntin ue i ts q uarte rly d iv id en ds d urin g f is c al 2015 .

I s su er P urc h ase s o f E quity S ecu ritie s T he f o llo w in g t a b le s e ts f o rth i n fo rm atio n c o ncern in g p urc h ase s m ad e b y t h e C om pan y o f i ts c o m mon s to ck f o r e ach o f t h e m onth s i n t h e f is c al q uarte r e n ded J a n uary 3 1, 2 015 :

Tota l N um ber of S hare s Purc h ase d Avera g e P ric e P aid P er Share Tota l N um ber o f Share s P urc h ase d as P art o f P ublic ly Announced P la n s Appro xim ate Num ber o f S hare s Y et T o B e Purc h ase d U nder Public ly A nnounced P la n s N ov. 2 , 2 014 t o N ov. 2 9, 2 014 — — — 543,9 00 N ov. 3 0, 2 014 t o J a n . 3 , 2 015 — — — 543,9 00 J a n . 4 , 2 015 t o J a n . 3 1, 2 015 — — — 543,9 00 T ota l — — — T he B oard o f D ir e cto rs a uth oriz e d a 1 ,0 00,0 00 s h are r e p urc h ase p la n o n N ovem ber 2 0, 2 008. T he C om pany h as 5 43,9 00 s h are s r e m ain in g t o c o m ple te t h is a uth oriz a tio n.

16 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . S to ck P ric e P erfo rm an ce G ra p h T he g ra p h b elo w c o m pare s t h e c u m ula tiv e t o ta l r e tu rn o n c o m mon s h are s o f t h e C om pan y f o r t h e l a st f iv e f is c al y ears w ith t h e c u m ula tiv e t o ta l r e tu rn o n t h e R usse ll 2 000 S to ck I n dex a n d a p eer g ro up o f R eta il T ra d e S to ck s:

T ota l R etu rn A naly sis 1/3 0/2 010 1/2 9/2 011 1/2 8/2 012 2/2 /2 013 2/1 /2 014 1/3 1/2 015 T he B uck le , I n c.

$ 100.0 0 $ 128.5 2 $ 168.1 9 $ 204.8 7 $ 201.3 1 $ 248.1 4 N ew P eer G ro up 100.0 0 121.8 1 132.1 8 177.1 3 179.6 8 218.3 5 O ld P eer G ro up 100.0 0 122.5 8 136.4 2 188.8 4 191.4 9 239.1 9 R usse ll 2 000 I n dex 100.0 0 130.3 8 136.1 4 157.6 1 198.2 0 206.9 4 I n a d ditio n t o t h e C om pan y, t h e N ew P eer G ro up i n clu ded i n t h e a b ove p erfo rm an ce g ra p h i n clu des t h e f o llo w in g r e ta il c o m pan y s to ck s: A EO , A NF, A RO, E X PR , G ES, G PS, L B , P SU N, T LY S, U RBN, a n d Z U M Z. I n a d ditio n t o t h e C om pan y, t h e O ld P eer G ro up i n clu des t h e f o llo w in g r e ta il c o m pan y s to ck s: A EO , A NF, A RO, G PS, L B , P SU N, T LY S, U RBN, W TSL , a n d Z U M Z. T he C om pan y r e p la ced W TSL w ith E X PR a n d G ES, a s W TSL i s n o l o nger p ublic ly t ra d ed , a n d b elie v es t h e N ew P eer G ro up p ro vid es a m ean in gfu l c o m paris o n i n t e rm s o f c o m para b le p ro ducts , r e v en ue c o m positio n, a n d s iz e.

17 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he f o llo w in g t a b le l is ts t h e C om pan y’s q uarte rly m ark et r a n ge f o r f is c al y ears 2014 , 2013 , a n d 2012 , a s r e p orte d b y t h e N ew Y ork S to ck E xch an ge:

Fis c a l Y ea rs E nded January 3 1, 2 015 Feb ru ary 1 , 2 014 Feb ru ary 2 , 2 013 Q uarte r Hig h Low Hig h Low Hig h Low F irs t $ 48.4 4 $ 41.4 5 $ 49.2 8 $ 43.0 9 $ 50.0 0 $ 42.7 5 S eco nd 49.1 5 41.9 6 57.3 9 48.5 6 47.4 9 36.3 3 T hird 50.0 4 44.5 4 57.6 8 46.2 6 47.8 0 36.8 0 F ourth 56.1 3 47.6 1 53.5 7 43.4 5 51.7 4 41.5 0 T he n um ber o f r e co rd h old ers o f t h e C om pan y’s c o m mon s to ck a s o f M arc h 2 6, 2 015 w as 4 50. B ase d u pon i n fo rm atio n f ro m t h e p rin cip al m ark et m ak ers , t h e C om pan y b elie v es t h ere a re m ore t h an 2 5,0 00 b en efic ia l o w ners . T he c lo sin g p ric e o f t h e C om pan y’s c o m mon s to ck o n M arc h 2 6, 2 015 w as $ 49.2 5.

A dditio nal i n fo rm atio n r e q uire d b y t h is i te m a p pears i n t h e N ote s t o C onso lid ate d F in an cia l S ta te m en ts u nder F ootn ote J " S to ck -B ase d C om pen sa tio n" o n p ag es 4 5 t o 4 6 o f t h is r e p ort a n d i s i n co rp ora te d b y r e fe re n ce.

18 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 6 - S E LECTED F IN ANCIA L D ATA SE LECTED F IN ANCIA L D ATA (A m ounts in T housa nds E xcep t S hare, P er S hare A m ounts, a nd S ele cte d O pera tin g D ata ) Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 ( d ) January 2 8, 2012 January 2 9, 2011 I n co m e S ta te m en t D ata Net s a le s $ 1,1 53,1 42 $ 1,1 28,0 01 $ 1,1 24,0 07 $ 1,0 62,9 46 $ 949,8 38 Cost o f s a le s ( in clu din g b uyin g, d is trib utio n, a n d occu pan cy c o sts ) 645,8 10 628,8 56 624,6 92 594,2 91 530,7 09 Gro ss p ro fit 507,3 32 499,1 45 499,3 15 468,6 55 419,1 29 Sellin g e x pen se s 212,6 88 206,8 93 201,9 63 195,2 94 177,6 10 Gen era l a n d a d m in is tra tiv e e x pen se s 37,6 71 35,2 58 39,1 77 37,0 41 30,7 52 In co m e f ro m o pera tio ns 256,9 73 256,9 94 258,1 75 236,3 20 210,7 67 Oth er i n co m e, n et 2,7 23 3,4 62 3,5 24 4,1 61 3,9 11 In co m e b efo re i n co m e t a x es 259,6 96 260,4 56 261,6 99 240,4 81 214,6 78 Pro vis io n f o r i n co m e t a x es 97,1 32 97,8 72 97,3 94 89,0 25 79,9 96 Net i n co m e $ 162,5 64 $ 162,5 84 $ 164,3 05 $ 151,4 56 $ 134,6 82 Basic e arn in gs p er s h are $ 3.3 9 $ 3.4 1 $ 3.4 7 $ 3.2 3 $ 2.9 2 Dilu te d e arn in gs p er s h are $ 3.3 8 $ 3.3 9 $ 3.4 4 $ 3.2 0 $ 2.8 6 Div id en ds d ecla re d p er s h are ( a ) $ 3.6 6 $ 2.0 2 $ 5.3 0 $ 3.0 5 $ 3.3 0 S ele cte d O pera tin g D ata Sto re s o pen a t e n d o f p erio d 460 450 440 431 420 Avera g e s a le s p er s q uare f o ot $ 459 $ 461 $ 475 $ 462 $ 428 Avera g e s a le s p er s to re ( 0 00's ) $ 2,3 21 $ 2,3 18 $ 2,3 80 $ 2,3 14 $ 2,1 33 Com para b le s to re s a le s c h an ge ( b ) — % — % 2.1 % 8.4 % 1.2 % B ala nce S heet D ata ( c ) Work in g c ap ita l $ 202,3 18 $ 218,7 56 $ 147,9 17 $ 210,2 96 $ 160,6 63 Long-te rm i n vestm en ts $ 43,6 98 $ 43,4 36 $ 35,7 35 $ 39,9 85 $ 66,1 62 Tota l a sse ts $ 542,9 93 $ 546,2 93 $ 477,9 74 $ 531,5 39 $ 494,8 44 Long-te rm d eb t $ — $ — $ — $ — $ — Sto ck hold ers ' e q uity $ 355,2 78 $ 361,9 30 $ 289,6 49 $ 363,1 47 $ 345,6 65 ( a ) Durin g f is c al 2 010, c ash d iv id en ds w ere $ 0.2 0 p er s h are i n e ach o f t h e f o ur q uarte rs . I n a d ditio n, t h e C om pan y p aid a s p ecia l c ash d iv id en d o f $ 2.5 0 p er sh are i n t h e f o urth q uarte r o f f is c al 2 010. D urin g f is c al 2 011, c ash d iv id en ds w ere $ 0.2 0 p er s h are i n e ach o f t h e f o ur q uarte rs . T he C om pan y a ls o p aid a sp ecia l c ash d iv id en d o f $ 2.2 5 p er s h are i n t h e t h ird q uarte r o f f is c al 2 011. D urin g f is c al 2 012, c ash d iv id en ds w ere $ 0.2 0 p er s h are i n e ach o f t h e f o ur quarte rs . T he C om pan y a ls o p aid a s p ecia l c ash d iv id en d o f $ 4.5 0 p er s h are i n t h e f o urth q uarte r o f f is c al 2 012. D urin g f is c al 2 013, c ash d iv id en ds w ere $0.2 0 p er s h are i n e ach o f t h e f irs t t h re e q uarte rs a n d $ 0.2 2 p er s h are i n t h e f o urth q uarte r. T he C om pan y a ls o p aid a s p ecia l c ash d iv id en d o f $ 1.2 0 p er sh are i n t h e f o urth q uarte r o f f is c al 2 013. D urin g f is c al 2 014, t h e C om pan y p aid c ash d iv id en ds o f $ 0.2 2 p er s h are i n e ach o f t h e f irs t t h re e q uarte rs a n d $0.2 3 p er s h are i n t h e f o urth q uarte r. T he C om pan y a ls o p aid a s p ecia l c ash d iv id en d o f $ 2.7 7 p er s h are i n t h e f o urth q uarte r o f f is c al 2 014.

( b ) Sto re s a re d eem ed to b e c o m para b le s to re s if th ey w ere o pen in th e p rio r y ear o n th e firs t d ay o f th e fis c al p erio d p re se n te d . S to re s w hic h h av e b een re m odele d , e x pan ded , a n d/o r re lo cate d , b ut w ould o th erw is e b e in clu ded a s c o m para b le sto re s, a re n ot e x clu ded fro m th e c o m para b le sto re sa le s calc u la tio n. O nlin e s a le s h av e h is to ric ally b een e x clu ded fro m c o m para b le s to re s a le s. F or fo r fis c al y ear b eg in nin g F eb ru ary 1 , 2 015, h ow ev er, th e Com pan y w ill b eg in i n clu din g o nlin e s a le s i n i ts r e p orte d c o m para b le s to re s a le s.

( c ) At t h e e n d o f t h e p erio d.

( d ) Consis ts o f 5 3 w eek s.

19 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 7 - M ANAG EM ENT'S D IS C USSIO N A ND A NALYSIS O F F IN ANCIA L C O NDIT IO N A ND R ESU LTS O F O PE RATIO NS T he f o llo w in g d is c u ssio n s h ould b e r e ad i n c o nju nctio n w ith t h e c o nso lid ate d f in an cia l s ta te m en ts a n d n ote s t h ere to o f t h e C om pan y i n clu ded i n t h is F orm 1 0-K . T he fo llo w in g is m an ag em en t’s d is c u ssio n a n d a n aly sis o f c erta in s ig nific an t fa cto rs w hic h h av e a ffe cte d th e C om pan y’s fin an cia l c o nditio n a n d r e su lts o f o pera tio ns d urin g t h e p erio ds i n clu ded i n t h e a cco m pan yin g c o nso lid ate d f in an cia l s ta te m en ts i n clu ded i n t h is F orm 1 0-K .

E XECUTIV E O VERVIE W C om pan y m an ag em en t c o nsid ers t h e f o llo w in g i te m s t o b e k ey p erfo rm an ce i n dic ato rs i n e v alu atin g C om pan y p erfo rm an ce.

C om para ble S to re S ale s – S to re s a re d eem ed t o b e c o m para b le s to re s i f t h ey w ere o pen i n t h e p rio r y ear o n t h e f irs t d ay o f t h e f is c al p erio d b ein g p re se n te d .

S to re s w hic h h av e b een r e m odele d , e x pan ded , a n d/o r r e lo cate d , b ut w ould o th erw is e b e i n clu ded a s c o m para b le s to re s, a re n ot e x clu ded f ro m t h e c o m para b le s to re s a le s c alc u la tio n. O nlin e s a le s h av e h is to ric ally b een e x clu ded f ro m c o m para b le s to re s a le s. F or f o r f is c al y ear b eg in nin g F eb ru ary 1 , 2 015, h ow ev er, t h e C om pan y w ill b eg in i n clu din g o nlin e s a le s i n i ts r e p orte d c o m para b le s to re s a le s. M an ag em en t c o nsid ers c o m para b le s to re s a le s t o b e a n i m porta n t i n dic ato r o f c u rre n t C om pan y p erfo rm an ce, h elp in g le v era g e c erta in fix ed c o sts w hen re su lts a re p ositiv e. N eg ativ e c o m para b le s to re s a le s re su lts c o uld re d uce n et s a le s a n d h av e a n eg ativ e i m pact o n o pera tin g l e v era g e, t h us r e d ucin g n et e arn in gs.

N et M erc h andis e M arg in s – M an ag em en t e v alu ate s t h e c o m ponen ts o f m erc h an dis e m arg in i n clu din g i n itia l m ark up a n d t h e a m ount o f m ark dow ns d urin g a p erio d. A ny i n ab ility t o o bta in a ccep ta b le l e v els o f i n itia l m ark ups o r a n y s ig nific an t i n cre ase i n t h e C om pan y’s u se o f m ark dow ns c o uld h av e a n a d vers e e ffe ct o n t h e C om pan y’s g ro ss m arg in a n d r e su lts o f o pera tio ns.

O pera tin g M arg in – O pera tin g m arg in is a g ood in dic ato r fo r m an ag em en t o f th e C om pan y’s s u ccess. O pera tin g m arg in c an b e p ositiv ely o r n eg ativ ely a ffe cte d b y c o m para b le s to re s a le s, m erc h an dis e m arg in s, o ccu pan cy c o sts , a n d t h e C om pan y’s a b ility t o c o ntro l o pera tin g c o sts .

C ash F lo w a nd L iq uid ity ( w ork in g c a pita l) – M an ag em en t r e v ie w s c u rre n t c ash a n d s h ort-te rm i n vestm en ts a lo ng w ith c ash f lo w f ro m o pera tin g, i n vestin g, a n d fin an cin g a ctiv itie s to d ete rm in e th e C om pan y’s s h ort-te rm c ash n eed s fo r o pera tio ns a n d e x pan sio n. T he C om pan y b elie v es th at e x is tin g c ash , s h ort- t e rm in vestm en ts , a n d c ash flo w fro m o pera tio ns w ill b e su ffic ie n t to fu nd c u rre n t a n d lo ng-te rm a n tic ip ate d c ap ita l e x pen ditu re s a n d w ork in g c ap ita l r e q uire m en ts f o r t h e n ex t s e v era l y ears .

20 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . R ESU LTS O F O PE RATIO NS T he fo llo w in g ta b le s e ts fo rth c erta in fin an cia l d ata e x pre sse d a s a p erc en ta g e o f n et s a le s a n d th e p erc en ta g e c h an ge in th e d olla r a m ount o f s u ch ite m s c o m pare d t o t h e p rio r p erio d:

Percen ta ge o f N et S ale s Percen ta ge I n crea se For F is c a l Y ea rs E nded (D ecrea se ) January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 Fis c a l Y ea r 2 013 to 2 014 Fis c a l Y ea r 2 012 to 2 013 N et s a le s 100.0 % 100.0 % 100.0 % 2.2 % 0.4 % C ost o f s a le s ( in clu din g b uyin g, d is trib utio n, an d o ccu pan cy c o sts ) 56.0 % 55.8 % 55.6 % 2.7 % 0.7 % G ro ss p ro fit 44.0 % 44.2 % 44.4 % 1.6 % — % S ellin g e x pen se s 18.4 % 18.3 % 18.0 % 2.8 % 2.4 % G en era l a n d a d m in is tra tiv e e x pen se s 3.3 % 3.1 % 3.5 % 6.8 % (1 0.0 )% I n co m e f ro m o pera tio ns 22.3 % 22.8 % 22.9 % — % (0 .5 )% O th er i n co m e, n et 0.2 % 0.3 % 0.3 % (2 1.4 )% (1 .7 )% I n co m e b efo re i n co m e t a x es 22.5 % 23.1 % 23.2 % (0 .3 )% (0 .5 )% P ro vis io n f o r i n co m e t a x es 8.4 % 8.7 % 8.6 % (0 .8 )% 0.5 % N et i n co m e 14.1 % 14.4 % 14.6 % — % (1 .0 )% F is c a l 2 014 C om pared t o F is c a l 2 013 N et s a le s fo r th e 5 2-w eek fis c al y ear e n ded Ja n uary 3 1, 2 015 , in cre ase d 2.2 % to $1.1 53 b illio n fro m n et s a le s o f $1.1 28 b illio n fo r th e 5 2-w eek fis c al y ear e n ded Feb ru ary 1 , 2 014 . C om para b le s to re n et s a le s fo r th e 5 2-w eek fis c al y ear w ere fla t in c o m paris o n to th e 5 2-w eek p erio d e n ded Feb ru ary 1 , 2 014 .

C om para b le s to re s a le s f o r t h e y ear w ere t h e r e su lt o f a 3 .5 % i n cre ase i n t h e a v era g e n um ber o f u nits s o ld p er t ra n sa ctio n a n d a 1 .3 % i n cre ase i n t h e a v era g e r e ta il p ric e o f m erc h an dis e s o ld , o ffs e t b y a 4 .8 % r e d uctio n i n t h e n um ber o f t ra n sa ctio ns a t c o m para b le s to re s d urin g t h e y ear. S ale s g ro w th f o r t h e f is c al y ear w as, t h ere fo re , a ttrib uta b le t o t h e i n clu sio n o f a f u ll y ear o f o pera tin g r e su lts f o r t h e 13 n ew s to re s o pen ed d urin g f is c al 2013 , t o t h e o pen in g o f 16 n ew s to re s d urin g fis c al 2014 , a n d t o g ro w th i n o nlin e s a le s. O nlin e s a le s f o r t h e f is c al y ear ( w hic h a re n ot i n clu ded i n c o m para b le s to re s a le s) i n cre ase d 6 .0 % t o $ 94.3 m illio n f o r t h e 5 2-w eek f is c al y ear e n ded Ja n uary 3 1, 2 015 c o m pare d t o $ 89.0 m illio n f o r t h e 5 2-w eek f is c al y ear e n ded Feb ru ary 1 , 2 014 . A vera g e s a le s p er s q uare f o ot f o r f is c al 2014 d ecre ase d 0 .4 % f ro m $ 461 t o $ 459. T ota l s q uare f o ota g e a s o f Ja n uary 3 1, 2 015 w as 2 .3 43 m illio n c o m pare d t o 2 .2 71 m illio n a s o f F eb ru ary 1 , 2 014 .

T he C om pan y’s a v era g e r e ta il p ric e p er p ie ce o f m erc h an dis e s o ld i n cre ase d $ 0.6 6, o r 1 .3 % , d urin g f is c al 2014 c o m pare d t o f is c al 2013 . T his $ 0.6 6 i n cre ase w as p rim arily a ttrib uta b le t o t h e f o llo w in g c h an ges ( w ith t h eir c o rre sp ondin g e ffe ct o n t h e o vera ll a v era g e p ric e p er p ie ce): a 1 .4 % i n cre ase i n a v era g e d en im p ric e p oin t ( $ 0.3 0), a n 8 .7 % i n cre ase i n a v era g e f o otw ear p ric e p oin ts ( $ 0.2 4), a 1 .9 % i n cre ase i n a v era g e k nit s h irt p ric e p oin ts ( $ 0.2 0), a 3 .3 % i n cre ase i n a v era g e a ccesso ry p ric e p oin ts ($ 0.1 4), a 4 .4 % in cre ase in a v era g e a ctiv e a p pare l p ric e p oin ts ($ 0.1 2), a n d in cre ase d a v era g e p ric e p oin ts in c erta in o th er m erc h an dis e cate g orie s ($ 0.1 2); w hic h w ere p artia lly o ffs e t b y a sh ift in th e m erc h an dis e m ix (-$ 0.4 6). T hese ch an ges are p rim arily a re fle ctio n o f m erc h an dis e s h ifts i n t e rm s o f b ra n ds a n d p ro duct s ty le s, f a b ric s, d eta ils , a n d f in is h es.

G ro ss p ro fit a fte r b uyin g, d is trib utio n, a n d o ccu pan cy c o sts i n cre ase d $ 8.2 m illio n f ro m $499.1 m illio n i n f is c al 2013 to $507.3 m illio n in fis c al 2014 . A s a p erc en ta g e o f n et s a le s, g ro ss p ro fit d ecre ase d to 44.0 % in fis c al 2014 c o m pare d to 44.2 % in fis c al 2013 . T he d ecre ase w as d riv en b y a s lig ht re d uctio n in m erc h an dis e m arg in s ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s) a n d d ele v era g ed o ccu pan cy , b uyin g, a n d d is trib utio n e x pen se s r e su ltin g f ro m f la t c o m para b le s to re s a le s ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s). M erc h an dis e s h rin kag e w as 0 .5 % o f n et s a le s f o r b oth f is c al 2014 a n d f is c al 2013 .

21 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . S ellin g e x pen se s i n cre ase d f ro m $206.9 m illio n i n f is c al 2013 t o $212.7 m illio n i n f is c al 2014 , a 2.8 % i n cre ase . S ellin g e x pen se s a s a p erc en ta g e o f n et s a le s i n cre ase d fro m 18.3 % in fis c al 2013 to 18.4 % in fis c al 2014 . T he i n cre ase w as p rim arily a ttrib uta b le t o i n cre ase s i n s to re p ay ro ll e x pen se a n d c erta in o th er s e llin g e x pen se s ( 0 .2 0% , a s a p erc en ta g e o f n et s a le s), w hic h w ere p artia lly o ffs e t b y a r e d uctio n i n e x pen se r e la te d t o t h e i n cen tiv e b onus a ccru al ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s).

G en era l a n d a d m in is tra tiv e e x pen se s i n cre ase d f ro m $35.3 m illio n i n f is c al 2013 t o $37.7 m illio n i n f is c al 2014 , a 6.8 % i n cre ase . A s a p erc en ta g e o f n et s a le s, g en era l a n d a d m in is tra tiv e e x pen se s in cre ase d fro m 3.1 % in fis c al 2013 to 3.3 % in fis c al 2014 . T he in cre ase w as p rim arily a ttrib uta b le to in cre ase s e q uity c o m pen sa tio n e x pen se ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s) a n d c erta in o th er g en era l a n d a d m in is tra tiv e e x pen se s ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s).

A s a r e su lt o f t h e a b ove c h an ges, t h e C om pan y’s i n co m e f ro m o pera tio ns w as $257.0 m illio n fo r b oth fis c al 2014 a n d fis c al 2013 . In co m e fro m o pera tio ns w as 22.3 % a s a p erc en ta g e o f n et s a le s i n f is c al 2014 c o m pare d t o 22.8 % a s a p erc en ta g e o f n et s a le s i n f is c al 2013 .

O th er in co m e w as $2.7 m illio n in fis c al 2014 c o m pare d to $3.5 m illio n in fis c al 2013 . T he C om pan y’s o th er in co m e is d eriv ed p rim arily fro m in vestm en t i n co m e r e la te d t o t h e C om pan y’s c ash a n d i n vestm en ts .

I n co m e t a x e x pen se a s a p erc en ta g e o f p re -ta x i n co m e w as 3 7.4 % i n f is c al 2014 c o m pare d t o 3 7.6 % i n f is c al 2013 , b rin gin g n et i n co m e t o $162.6 m illio n fo r b oth f is c al 2014 a n d f is c al 2013 .

F is c a l 2 013 C om pared t o F is c a l 2 012 N et s a le s fo r th e 5 2-w eek fis c al y ear e n ded F eb ru ary 1 , 2 014, in cre ase d 0 .4 % to $ 1.1 28 b illio n fro m n et s a le s o f $ 1.1 24 b illio n fo r th e 5 3-w eek fis c al y ear e n ded F eb ru ary 2 , 2 013. C om para b le s to re n et s a le s f o r t h e f is c al y ear w ere f la t i n c o m paris o n t o t h e 5 2-w eek p erio d e n ded F eb ru ary 2 , 2 013. C om para b le s to re s a le s fo r th e y ear w ere th e re su lt o f a 3 .7 % in cre ase in th e a v era g e n um ber o f u nits s o ld p er tra n sa ctio n, p artia lly o ffs e t b y a 1 .0 % re d uctio n in th e a v era g e r e ta il p ric e p ric e o f m erc h an dis e s o ld a n d a 2 .6 % r e d uctio n i n t h e n um ber o f t ra n sa ctio ns a t c o m para b le s to re s d urin g t h e y ear. S ale s g ro w th f o r t h e f is c al y ear w as a ttrib uta b le t o t h e i n clu sio n o f a f u ll y ear o f o pera tin g r e su lts f o r t h e 1 0 n ew s to re s o pen ed d urin g f is c al 2 012, t o t h e o pen in g o f 1 3 n ew s to re s d urin g f is c al 2 013, a n d t o g ro w th i n o nlin e s a le s; p artia lly o ffs e t b y o ne l e ss w eek o f s a le s d ue t o t h e f a ct t h at f is c al 2 013 w as a 5 2-w eek y ear a n d f is c al 2 012 w as a 5 3-w eek f is c al y ear. O nlin e s a le s f o r t h e f is c al y ear ( w hic h a re n ot i n clu ded i n c o m para b le s to re s a le s) i n cre ase d 5 .3 % t o $ 89.0 m illio n. A vera g e s a le s p er s q uare f o ot f o r f is c al 2 013 d ecre ase d 2 .8 % f ro m $ 475 t o $ 461. T ota l s q uare f o ota g e a s o f F eb ru ary 1 , 2 014 w as 2 .2 71 m illio n c o m pare d t o 2 .2 08 m illio n a s o f F eb ru ary 2 , 2 013.

T he C om pan y’s a v era g e r e ta il p ric e p er p ie ce o f m erc h an dis e s o ld d ecre ase d $ 0.5 1, o r 1 .0 % , d urin g f is c al 2 013 c o m pare d t o f is c al 2 012. T his $ 0.5 1 d ecre ase w as p rim arily a ttrib uta b le t o t h e f o llo w in g c h an ges ( w ith t h eir c o rre sp ondin g e ffe ct o n t h e o vera ll a v era g e p ric e p er p ie ce): a s h ift i n t h e m erc h an dis e m ix ( - $ 0.3 5), a 7 .9 % r e d uctio n i n a v era g e w oven s h irt p ric e p oin ts ( -$ 0.2 9), a 3 .5 % r e d uctio n i n a v era g e a ccesso ry p ric e p oin ts ( -$ 0.1 6), a n d a r e d uctio n i n a v era g e p ric e p oin ts i n c erta in o th er m erc h an dis e c ate g orie s ( -$ 0.0 9); w hic h w ere p artia lly o ffs e t b y a 1 5.0 % i n cre ase i n a v era g e f o otw ear p ric e p oin ts ( $ 0.3 8). T hese c h an ges a re p rim arily a r e fle ctio n o f m erc h an dis e s h ifts i n t e rm s o f b ra n ds a n d p ro duct s ty le s, f a b ric s, d eta ils , a n d f in is h es.

G ro ss p ro fit a fte r b uyin g, d is trib utio n, a n d o ccu pan cy c o sts d ecre ase d $ 0.2 m illio n f ro m $ 499.3 m illio n i n f is c al 2 012 t o $ 499.1 m illio n i n f is c al 2 013. A s a p erc en ta g e o f n et s a le s, g ro ss p ro fit d ecre ase d t o 4 4.2 % i n f is c al 2 013 c o m pare d t o 4 4.4 % i n f is c al 2 012. T he d ecre ase w as d riv en b y d ele v era g ed o ccu pan cy, b uyin g, a n d d is trib utio n e x pen se s re su ltin g fro m fla t c o m para b le sto re sa le s a n d o ne fe w er w eek in fis c al 2 013 c o m pare d to fis c al 2 012 (0 .5 5% , a s a p erc en ta g e o f n et s a le s), w hic h w as p artia lly o ffs e t b y a n im pro vem en t in m erc h an dis e m arg in s (0 .2 5% , a s a p erc en ta g e o f n et s a le s) a n d a re d uctio n in e x pen se r e la te d t o t h e i n cen tiv e b onus a ccru al ( 0 .1 0% , a s a p erc en ta g e o f n et s a le s). M erc h an dis e s h rin kag e w as 0 .5 % o f n et s a le s f o r f is c al 2 013 c o m pare d t o 0 .4 % f o r f is c al 2 012.

S ellin g e x pen se s i n cre ase d f ro m $ 202.0 m illio n i n f is c al 2 012 t o $ 206.9 m illio n i n f is c al 2 013, a 2 .4 % i n cre ase . S ellin g e x pen se s a s a p erc en ta g e o f n et s a le s i n cre ase d fro m 1 8.0 % in fis c al 2 012 to 1 8.3 % in fis c al 2 013. T he in cre ase w as p rim arily a ttrib uta b le to in cre ase s in s to re p ay ro ll e x pen se (0 .3 0% , a s a p erc en ta g e o f n et s a le s), h ealth i n su ra n ce c la im s e x pen se ( 0 .1 5% , a s a p erc en ta g e o f n et s a le s), a n d c erta in o th er s e llin g e x pen se s ( 0 .0 5% , a s a p erc en ta g e o f n et s a le s), w hic h w ere p artia lly o ffs e t b y a r e d uctio n i n e x pen se r e la te d t o t h e i n cen tiv e b onus a ccru al ( 0 .2 0% , a s a p erc en ta g e o f n et s a le s).

22 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . G en era l a n d a d m in is tra tiv e e x pen se s d ecre ase d f ro m $ 39.2 m illio n i n f is c al 2 012 t o $ 35.3 m illio n i n f is c al 2 013, a 1 0.0 % d ecre ase . A s a p erc en ta g e o f n et s a le s, g en era l a n d a d m in is tra tiv e e x pen se s w ere 3 .5 % fo r fis c al 2 012 a n d 3 .1 % fo r fis c al 2 013. R ed uctio ns in e q uity c o m pen sa tio n e x pen se (0 .3 0% , a s a p erc en ta g e o f n et s a le s) a n d e x pen se r e la te d t o t h e i n cen tiv e b onus a ccru al ( 0 .2 5% , a s a p erc en ta g e o f n et s a le s) w ere p artia lly o ffs e t b y i n cre ase s i n c erta in o th er g en era l a n d a d m in is tra tiv e e x pen se s ( 0 .1 5% , a s a p erc en ta g e o f n et s a le s).

A s a re su lt o f th e a b ove c h an ges, th e C om pan y’s in co m e fro m o pera tio ns d ecre ase d $ 1.2 m illio n to $ 257.0 m illio n fo r fis c al 2 013, a d ecre ase o f 0 .5 % c o m pare d to fis c al 2 012. In co m e fro m o pera tio ns w as 2 2.8 % a s a p erc en ta g e o f n et s a le s in fis c al 2 013 c o m pare d to 2 2.9 % a s a p erc en ta g e o f n et s a le s in f is c al 2 012.

O th er i n co m e w as $ 3.5 m illio n i n b oth f is c al 2 012 a n d f is c al 2 013. T he C om pan y’s o th er i n co m e i s d eriv ed p rim arily f ro m i n vestm en t i n co m e r e la te d t o t h e C om pan y’s c ash a n d i n vestm en ts .

I n co m e t a x e x pen se a s a p erc en ta g e o f p re -ta x i n co m e w as 3 7.6 % i n f is c al 2 013 c o m pare d t o 3 7.2 % i n f is c al 2 012, b rin gin g n et i n co m e t o $ 162.6 m illio n i n f is c al 2 013 v ers u s $ 164.3 m illio n i n f is c al 2 012, a d ecre ase o f 1 .0 % .

L IQ UID IT Y A ND C APIT AL R ESO URCES A s o f Ja n uary 3 1, 2 015 , th e C om pan y h ad w ork in g c ap ita l o f $202.3 m illio n , in clu din g $133.7 m illio n o f c ash a n d c ash e q uiv ale n ts a n d $25.9 m illio n o f s h ort-te rm i n vestm en ts . T he C om pan y’s c ash r e ceip ts a re g en era te d f ro m r e ta il s a le s a n d f ro m i n vestm en t i n co m e, a n d t h e C om pan y's p rim ary o ngoin g c ash r e q uire m en ts a re f o r i n ven to ry , p ay ro ll, o ccu pan cy c o sts , d iv id en d p ay m en ts , n ew s to re e x pan sio n, r e m odelin g, a n d o th er c ap ita l e x pen ditu re s. H is to ric ally , t h e C om pan y’s p rim ary s o urc e o f w ork in g c ap ita l h as b een c ash flo w fro m o pera tio ns. D urin g fis c al 2014 , 2013 , a n d 2012 th e C om pan y's c ash flo w fro m o pera tio ns w as $195.8 m illio n , $174.0 m illio n , a n d $220.9 m illio n , r e sp ectiv ely .

D urin g fis c al 2014 , 2013 , a n d 2012 , th e C om pan y in veste d $ 31.2 m illio n, $ 21.0 m illio n, a n d $ 27.8 m illio n, re sp ectiv ely , in n ew s to re c o nstru ctio n, s to re r e n ovatio n, a n d s to re t e ch nolo gy u pgra d es. T he C om pan y s p en t $ 14.3 m illio n, $ 7.8 m illio n, a n d $ 2.5 m illio n i n f is c al 2014 , 2013 , a n d 2012 , r e sp ectiv ely , i n c ap ita l e x pen ditu re s f o r t h e c o rp ora te h ead quarte rs a n d d is trib utio n f a cility . C ap ita l s p en din g f o r t h e c o rp ora te h ead quarte rs a n d d is trib utio n c en te r f o r f is c al 2 013 i n clu des $ 5.4 m illio n f o r t h e p urc h ase o f a n ew c o rp ora te a irp la n e a s a r e p la cem en t f o r a p la n e t h at w as s o ld b y t h e C om pan y i n t h e f o urth q uarte r o f f is c al 2 012. F or f is c al 2 014, c ap ita l s p en din g f o r t h e c o rp ora te h ead quarte rs a n d d is trib utio n c en te r i n clu des e x pen ditu re s r e la te d t o t h e c o nstru ctio n o f a n ew o ffic e b uild in g a s a p art o f t h e C om pan y's h om e o ffic e c am pus i n K earn ey, N eb ra sk a. T he n ew b uild in g i s e x pecte d t o b e c o m ple te d d urin g t h e f irs t q uarte r o f f is c al 2 015.

D urin g fis c al 2015 , th e C om pan y an tic ip ate s co m ple tin g ap pro xim ate ly 20 sto re co nstru ctio n pro je cts , in clu din g ap pro xim ate ly 9 new sto re s an d a p pro xim ate ly 11 s to re s to b e re m odele d a n d/o r re lo cate d . T he a v era g e c o st o f o pen in g a n ew s to re d urin g fis c al 2014 w as a p pro xim ate ly $ 1.0 m illio n, i n clu din g c o nstru ctio n c o sts o f a p pro xim ate ly $ 0.8 m illio n a n d i n ven to ry c o sts o f a p pro xim ate ly $ 0.2 m illio n, n et o f p ay ab le s. M an ag em en t e stim ate s t h at t o ta l c ap ita l e x pen ditu re s d urin g f is c al 2015 w ill b e a p pro xim ate ly $ 35.0 t o $ 39.0 m illio n, w hic h i n clu des p rim arily n ew s to re a n d s to re r e m odelin g p ro je cts , I T in vestm en ts , a n d c o m ple tio n o f th e c o nstru ctio n o f a n ew o ffic e b uild in g a s a p art o f th e C om pan y's h om e o ffic e c am pus in K earn ey, N eb ra sk a. T he C om pan y b elie v es th at e x is tin g c ash a n d c ash e q uiv ale n ts , in vestm en ts , a n d c ash flo w fro m o pera tio ns w ill b e s u ffic ie n t to fu nd c u rre n t a n d lo ng-te rm a n tic ip ate d c ap ita l e x pen ditu re s a n d w ork in g c ap ita l r e q uire m en ts f o r t h e n ex t s e v era l y ears . T he C om pan y h as h ad a c o nsis te n t r e co rd o f g en era tin g p ositiv e c ash flo w e ach y ear a n d, a s o f Ja n uary 3 1, 2 015 , h ad to ta l c ash a n d in vestm en ts o f $203.3 m illio n , in clu din g $43.7 m illio n o f lo ng-te rm in vestm en ts . T he C om pan y d oes n ot c u rre n tly h av e p la n s f o r a n y m erg er o r a cq uis itio n, a n d h as f a irly c o nsis te n t p la n s f o r n ew s to re e x pan sio n a n d r e m odels . B ase d u pon p ast r e su lts a n d c u rre n t p la n s, m an ag em en t d oes n ot a n tic ip ate a n y l a rg e s w in gs i n t h e C om pan y’s n eed f o r c ash i n t h e u pco m in g y ears .

F utu re c o nditio ns, h ow ev er, m ay re d uce th e a v aila b ility o f fu nds b ase d u pon fa cto rs s u ch a s a d ecre ase in d em an d fo r th e C om pan y’s p ro duct, c h an ge in p ro duct m ix , c o m petitiv e fa cto rs , a n d g en era l e co nom ic c o nditio ns a s w ell a s o th er ris k s a n d u ncerta in tie s w hic h w ould re d uce th e C om pan y’s s a le s, n et p ro fita b ility , a n d c ash f lo w s. A ls o , t h e C om pan y’s a ccele ra tio n i n s to re o pen in gs a n d/o r r e m odels , o r e n te rin g i n to a m erg er, a cq uis itio n, o r o th er f in an cia l r e la te d t ra n sa ctio n c o uld r e d uce t h e a m ount o f c ash a v aila b le f o r f u rth er c ap ita l e x pen ditu re s a n d w ork in g c ap ita l r e q uire m en ts .

23 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he C om pan y h as a v aila b le a n u nse cu re d lin e o f c re d it o f $ 25.0 m illio n w ith W ells F arg o B an k, N .A . fo r o pera tin g n eed s a n d le tte rs o f c re d it. T he lin e o f c re d it p ro vid es th at o uts ta n din g le tte rs o f c re d it c an not e x ceed $ 20.0 m illio n. B orro w in gs u nder th e lin e o f c re d it p ro vid e fo r in te re st to b e p aid a t a ra te b ase d o n L IB OR. T he C om pan y h as, f ro m t im e t o t im e, b orro w ed a g ain st t h ese l in es o f c re d it. T here w ere n o b orro w in gs d urin g f is c al 2014 , 2013 , a n d 2012 .

T he C om pan y h ad n o b an k b orro w in gs a s o f Ja n uary 3 1, 2 015 a n d w as i n c o m plia n ce w ith t h e t e rm s a n d c o nditio ns o f t h e l in e o f c re d it a g re em en t. T he l in e o f c re d it a g re em en t w as a m en ded e ffe ctiv e F eb ru ary 1 6, 2 015, s u bse q uen t t o t h e e n d o f t h e f is c al y ear. T he a m en ded a g re em en t e x te n ded t h e e x pira tio n d ate o f t h e n ote f ro m J u ly 3 1, 2 015 t o J u ly 3 1, 2 017 a n d r e d uced t h e a m ount a v aila b le f o r l e tte rs o f c re d it f ro m $ 20.0 m illio n t o $ 10.0 m illio n.

D iv id en d p aym en ts - D urin g fis c al 2014 , th e C om pan y p aid to ta l c ash d iv id en ds o f $176.6 m illio n a s fo llo w s: $ 0.2 2 p er s h are in e ach o f th e firs t th re e q uarte rs , $ 0.2 3 p er s h are i n t h e f o urth q uarte r, a n d a s p ecia l c ash d iv id en d o f $ 2.7 7 p er s h are i n t h e f o urth q uarte r. D urin g f is c al 2013 , t h e C om pan y p aid t o ta l c ash d iv id en ds o f $97.1 m illio n a s f o llo w s: $ 0.2 0 p er s h are i n e ach o f t h e f irs t t h re e q uarte rs , $ 0.2 2 p er s h are i n t h e f o urth q uarte r, a n d a s p ecia l c ash d iv id en d o f $ 1.2 0 p er s h are i n t h e f o urth q uarte r. D urin g f is c al 2012 , t h e C om pan y p aid t o ta l c ash d iv id en ds o f $254.6 m illio n a s f o llo w s: $ 0.2 0 p er s h are i n e ach o f t h e f o ur q uarte rs a n d a s p ecia l c ash d iv id en d o f $ 4.5 0 p er s h are i n t h e f o urth q uarte r. T he C om pan y p la n s t o c o ntin ue i ts q uarte rly d iv id en ds i n f is c al 2015 .

S to ck r ep urch ase p la n - T he C om pan y d id n ot r e p urc h ase a n y s h are s o f i ts c o m mon s to ck d urin g f is c al 2 014, f is c al 2 013, o r f is c al 2 012. A s o f Ja n uary 3 1, 2 015 , 5 43,9 00 s h are s re m ain ed a v aila b le u nder th e C om pan y's c u rre n t 1 ,0 00,0 00 s h are re p urc h ase p la n th at w as a p pro ved b y th e B oard o f D ire cto rs o n N ovem ber 2 0, 2 008.

A uctio n-R ate S ecu ritie s - A s o f Ja n uary 3 1, 2 015 , to ta l c ash a n d in vestm en ts in clu ded $7.4 m illio n o f a u ctio n-ra te s e cu ritie s (“ A RS”), w hic h c o m pare s to $ 9.6 m illio n o f A RS a s o f Feb ru ary 1 , 2 014 . O f t h e $7.4 m illio n i n A RS a s o f Ja n uary 3 1, 2 015 , a ll w as c la ssifie d i n l o ng-te rm i n vestm en ts . A RS h av e a l o ng- t e rm s ta te d m atu rity , b ut a re r e se t t h ro ugh a “ d utc h a u ctio n” p ro cess t h at o ccu rs e v ery 7 t o 4 9 d ay s, d ep en din g o n t h e t e rm s o f t h e i n div id ual s e cu rity . D urin g F eb ru ary 2 008, a s ig nific an t n um ber o f a u ctio ns re la te d to th ese s e cu ritie s fa ile d , m ean in g th at th ere w as n ot e n ough d em an d to s e ll th e e n tire is su e a t a u ctio n. T he f a ile d a u ctio ns h av e l im ite d t h e c u rre n t l iq uid ity o f t h e C om pan y’s i n vestm en ts i n A RS. T he C om pan y d oes n ot a n tic ip ate , h ow ev er, t h at f u rth er a u ctio n f a ilu re s w ill h av e a m ate ria l i m pact o n t h e C om pan y’s a b ility t o f u nd i ts b usin ess.

A RS a re r e p orte d a t f a ir m ark et v alu e, a n d a s o f Ja n uary 3 1, 2 015 , t h e r e p orte d i n vestm en t a m ount i s n et o f a $0.7 m illio n te m pora ry im pairm en t to a cco unt f o r th e im pairm en t o f c erta in se cu ritie s fro m th eir sta te d p ar v alu e. T he C om pan y re p orte d th e $0.7 m illio n te m pora ry im pairm en t, n et o f ta x , as an “ accu m ula te d o th er c o m pre h en siv e l o ss” o f $0.4 m illio n i n s to ck hold ers ’ e q uity a s o f Ja n uary 3 1, 2 015 . T he C om pan y h as a cco unte d f o r t h e i m pairm en t a s t e m pora ry , a s it c u rre n tly b elie v es th at th ese A RS c an b e s u ccessfu lly re d eem ed o r liq uid ate d in th e fu tu re a t p ar v alu e p lu s a ccru ed in te re st. D urin g fis c al 2 014 , t h e C om pan y w as a b le t o s u ccessfu lly l iq uid ate A RS w ith a p ar v alu e o f $2.9 m illio n .

T he C om pan y re v ie w s a ll in vestm en ts fo r o th er-th an -te m pora ry im pairm en t (“ O TTI” ) a t le ast q uarte rly o r a s in dic ato rs o f im pairm en t e x is t. T he v alu e a n d l iq uid ity o f A RS h eld b y th e C om pan y m ay b e a ffe cte d b y c o ntin ued a u ctio n-ra te fa ilu re s, th e c re d it q uality o f e ach s e cu rity , th e a m ount a n d tim in g o f i n te re st p ay m en ts , th e a m ount a n d tim in g o f fu tu re p rin cip al p ay m en ts , a n d th e p ro bab ility o f fu ll re p ay m en t o f th e p rin cip al. A dditio nal in dic ato rs o f i m pairm en t i n clu de t h e d ura tio n a n d s e v erity o f t h e d eclin e i n m ark et v alu e. T he i n te re st r a te s o n t h ese i n vestm en ts w ill b e d ete rm in ed b y t h e t e rm s o f e ach i n div id ual A RS. T he m ate ria l r is k s a sso cia te d w ith t h e A RS h eld b y t h e C om pan y i n clu de t h ose s ta te d a b ove a s w ell a s t h e c u rre n t e co nom ic e n viro nm en t, d ow ngra d in g o f c re d it ra tin gs o n in vestm en ts h eld , a n d th e v ola tility o f th e e n titie s b ack in g e ach o f th e is su es. In a d ditio n, th e C om pan y c o nsid ers q ualita tiv e f a cto rs i n clu din g, b ut n ot l im ite d t o , t h e f in an cia l c o nditio n o f t h e i n veste e, t h e c re d it r a tin g o f t h e i n veste e, a n d t h e c u rre n t a n d e x pecte d m ark et a n d i n dustry c o nditio ns i n w hic h t h e i n veste e o pera te s. T he C om pan y b elie v es i t h as t h e a b ility a n d i n te n t t o h old t h ese i n vestm en ts u ntil r e co very o f m ark et v alu e o ccu rs o r u ntil t h e u ltim ate m atu rity o f t h e i n vestm en ts .

24 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . C RIT IC AL A CCO UNTIN G P O LIC IE S A ND E ST IM ATES M an ag em en t’s D is c u ssio n an d A naly sis o f F in an cia l C onditio n an d R esu lts o f O pera tio ns are b ase d u pon T he B uck le , In c.’s co nso lid ate d fin an cia l s ta te m en ts , w hic h h av e b een p re p are d i n a cco rd an ce w ith a cco untin g p rin cip le s g en era lly a ccep te d i n t h e U nite d S ta te s o f A m eric a. T he p re p ara tio n o f t h ese c o nso lid ate d fin an cia l s ta te m en ts re q uire s th at m an ag em en t m ak e e stim ate s a n d ju dgm en ts th at a ffe ct th e re p orte d a m ounts o f a sse ts a n d lia b ilitie s, th e d is c lo su re o f c o ntin gen t a sse ts a n d l ia b ilitie s a t t h e f in an cia l s ta te m en t d ate , a n d t h e r e p orte d a m ounts o f s a le s a n d e x pen se s d urin g t h e r e p ortin g p erio d. T he C om pan y re g ula rly e v alu ate s its e stim ate s, in clu din g th ose re la te d to in ven to ry , in vestm en ts , in cen tiv e b onuse s, a n d in co m e ta x es. M an ag em en t b ase s its e stim ate s o n p ast e x perie n ce a n d o n v ario us o th er f a cto rs t h at a re t h ought t o b e r e aso nab le u nder t h e c irc u m sta n ces, t h e r e su lts o f w hic h f o rm t h e b asis f o r m ak in g ju dgm en ts a b out th e c arry in g v alu es o f a sse ts a n d lia b ilitie s th at a re n ot re ad ily a p pare n t fro m o th er s o urc es. A ctu al re su lts m ay d iffe r fro m th ese e stim ate s u nder d iffe re n t a ssu m ptio ns o r c o nditio ns. M an ag em en t b elie v es t h at t h e e stim ate s a n d j u dgm en ts u se d i n p re p arin g t h ese c o nso lid ate d f in an cia l s ta te m en ts w ere t h e m ost a p pro pria te a t t h at t im e. P re se n te d b elo w a re t h ose c ritic al a cco untin g p olic ie s t h at m an ag em en t b elie v es r e q uire s u bje ctiv e a n d/o r c o m ple x j u dgm en ts t h at c o uld p ote n tia lly a ffe ct r e p orte d r e su lts o f o pera tio ns.

1 .

Reven ue R eco gnitio n.

R eta il s to re s a le s a re re co rd ed u pon th e p urc h ase o f m erc h an dis e b y c u sto m ers . O nlin e s a le s a re re co rd ed w hen m erc h an dis e is deliv ere d to th e c u sto m er, w ith th e tim e o f d eliv ery b ein g b ase d o n e stim ate d s h ip pin g tim e fro m th e C om pan y’s d is trib utio n c en te r to th e c u sto m er.

Ship pin g f e es c h arg ed t o c u sto m ers a re i n clu ded i n r e v en ue a n d s h ip pin g c o sts a re i n clu ded i n s e llin g e x pen se s. T he C om pan y r e co gniz es r e v en ue f ro m sa le s m ad e u nder i ts l a y aw ay p ro gra m u pon d eliv ery o f t h e m erc h an dis e t o t h e c u sto m er. R ev en ue i s n ot r e co rd ed w hen g ift c ard s a n d g ift c ertific ate s a re so ld , b ut r a th er w hen a c ard o r c ertific ate i s r e d eem ed f o r m erc h an dis e . A c u rre n t l ia b ility f o r u nre d eem ed g ift c ard s a n d c ertific ate s i s r e co rd ed a t t h e t im e th e c ard o r c ertific ate is p urc h ase d . T he lia b ility re co rd ed fo r u nre d eem ed g ift c ertific ate s a n d g ift c ard s w as $24.0 m illio n an d $23.1 m illio n a s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , re sp ectiv ely . T he a m ounts o f th e g ift c ertific ate a n d g ift c ard lia b ilitie s a re d ete rm in ed u sin g th e o uts ta n din g bala n ces fro m th e p rio r th re e an d fo ur y ears o f is su an ce, re sp ectiv ely . T he C om pan y re co rd s b re ak ag e as o th er in co m e w hen th e p ro bab ility o f re d em ptio n i s r e m ote , b ase d o n h is to ric al i s su an ce a n d r e d em ptio n p atte rn s. B re ak ag e r e co rd ed f o r t h e f is c al y ears e n ded Ja n uary 3 1, 2 015 , Feb ru ary 1 , 2014 , a n d Feb ru ary 2 , 2 013 w as $0.9 m illio n , $1.1 m illio n , a n d $0.8 m illio n , r e sp ectiv ely .

The C om pan y e sta b lis h es a l ia b ility f o r e stim ate d m erc h an dis e r e tu rn s b ase d u pon t h e h is to ric al a v era g e s a le s r e tu rn p erc en ta g e. C usto m er r e tu rn s c o uld pote n tia lly e x ceed th e h is to ric al a v era g e, th us re d ucin g fu tu re n et s a le s re su lts a n d p ote n tia lly re d ucin g fu tu re n et e arn in gs. T he a ccru ed lia b ility fo r re se rv e f o r s a le s r e tu rn s w as $0.9 m illio n a s o f Ja n uary 3 1, 2 015 a n d $0.8 m illio n a s o f Feb ru ary 1 , 2 014 . S ale s t a x c o lle cte d f ro m c u sto m ers i s e x clu ded fro m r e v en ue a n d i s i n clu ded a s p art o f “ accru ed s to re o pera tin g e x pen se s” o n t h e C om pan y's c o nso lid ate d b ala n ce s h eets .

2 .

In ven to ry . In ven to ry is v alu ed a t th e lo w er o f c o st o r m ark et. C ost is d ete rm in ed u sin g a n a v era g e c o st m eth od th at a p pro xim ate s th e firs t-in , firs t-o ut (F IF O ) m eth od. M an ag em en t m ak es a d ju stm en ts t o i n ven to ry a n d c o st o f g oods s o ld , b ase d u pon e stim ate s, t o a cco unt f o r m erc h an dis e o bso le sc en ce a n d mark dow ns t h at c o uld a ffe ct m ark et v alu e, b ase d o n a ssu m ptio ns u sin g c alc u la tio ns a p plie d t o c u rre n t i n ven to ry l e v els w ith in e ach d iffe re n t m ark dow n le v el. M an ag em en t a ls o re v ie w s th e le v els o f in ven to ry in e ach m ark dow n g ro up a n d th e o vera ll a g in g o f th e in ven to ry v ers u s th e e stim ate d fu tu re dem an d f o r s u ch p ro duct a n d t h e c u rre n t m ark et c o nditio ns. S uch j u dgm en ts c o uld v ary s ig nific an tly f ro m a ctu al r e su lts , e ith er f a v ora b ly o r u nfa v ora b ly , due t o f lu ctu atio ns i n f u tu re e co nom ic c o nditio ns, i n dustry t re n ds, c o nsu m er d em an d, a n d t h e c o m petitiv e r e ta il e n viro nm en t. S uch c h an ges i n m ark et co nditio ns c o uld n eg ativ ely i m pact t h e s a le o f m ark dow n i n ven to ry , c au sin g f u rth er m ark dow ns o r i n ven to ry o bso le sc en ce, r e su ltin g i n i n cre ase d c o st o f goods s o ld f ro m w rite -o ffs a n d r e d ucin g t h e C om pan y’s n et e arn in gs. T he a d ju stm en t t o i n ven to ry f o r m ark dow ns a n d/o r o bso le sc en ce w as $8.0 m illio n as o f Ja n uary 3 1, 2 015 a n d $7.4 m illio n a s o f Feb ru ary 1 , 2 014 , r e sp ectiv ely . T he C om pan y i s n ot a w are o f a n y e v en ts , c o nditio ns, o r c h an ges i n d em an d or p ric e t h at w ould i n dic ate t h at i ts i n ven to ry v alu atio n m ay n ot b e m ate ria lly a ccu ra te a t t h is t im e.

3 .

In co m e T axes . T he C om pan y re co rd s a d efe rre d ta x a sse t a n d lia b ility fo r e x pecte d fu tu re ta x c o nse q uen ces re su ltin g fro m te m pora ry d iffe re n ces betw een f in an cia l r e p ortin g a n d t a x b ase s o f a sse ts a n d l ia b ilitie s. T he C om pan y c o nsid ers f u tu re t a x ab le i n co m e a n d o ngoin g t a x p la n nin g i n a sse ssin g th e v alu e o f i ts d efe rre d t a x a sse ts . I f t h e C om pan y d ete rm in es t h at i t i s m ore t h an l ik ely t h at t h ese a sse ts w ill n ot b e r e aliz ed , t h e C om pan y w ould r e d uce th e v alu e o f th ese a sse ts to th eir e x pecte d re aliz ab le v alu e, th ere b y d ecre asin g n et in co m e. E stim atin g th e v alu e o f th ese a sse ts is b ase d u pon th e Com pan y’s ju dgm en t. If th e C om pan y s u bse q uen tly d ete rm in ed th at th e d efe rre d ta x a sse ts , w hic h h ad b een w ritte n d ow n, w ould b e re aliz ed in th e fu tu re , s u ch v alu e w ould b e i n cre ase d . A dju stm en t w ould b e m ad e t o i n cre ase n et i n co m e i n t h e p erio d s u ch d ete rm in atio n w as m ad e. A s o f Ja n uary 3 1, 2015 a n d Feb ru ary 1 , 2 014 , r e sp ectiv ely , t h e C om pan y’s n on-c u rre n t d efe rre d t a x l ia b ility i n clu des a $ 0.5 m illio n a n d $ 0.9 m illio n v alu atio n a llo w an ce re co rd ed t o r e d uce t h e v alu e o f t h e C om pan y’s c ap ita l l o ss c arry fo rw ard t o i ts e x pecte d r e aliz ab le a m ount p rio r t o e x pira tio n.

25 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . 4 .

Opera tin g L ea se s . T he C om pan y le ase s re ta il sto re s u nder o pera tin g le ase s. M ost le ase a g re em en ts c o nta in te n an t im pro vem en t a llo w an ces, re n t holid ay s, re n t e sc ala tio n c la u se s, a n d/o r c o ntin gen t re n t p ro vis io ns. F or p urp ose s o f re co gniz in g le ase in cen tiv es a n d m in im um re n ta l e x pen se o n a stra ig ht-lin e b asis o ver th e te rm s o f th e le ase s, th e C om pan y u se s th e d ate o f in itia l p osse ssio n to b eg in a m ortiz atio n, w hic h is g en era lly w hen th e Com pan y e n te rs t h e s p ace a n d b eg in s t o m ak e i m pro vem en ts i n p re p ara tio n o f i n te n ded u se . F or t e n an t i m pro vem en t a llo w an ces a n d r e n t h olid ay s, t h e Com pan y r e co rd s a d efe rre d r e n t l ia b ility o n t h e c o nso lid ate d b ala n ce s h eets a n d a m ortiz es t h e d efe rre d r e n t o ver t h e t e rm s o f t h e l e ase s a s r e d uctio ns t o re n t e x pen se o n t h e c o nso lid ate d s ta te m en ts o f i n co m e.

For s c h ed ule d re n t e sc ala tio n c la u se s d urin g th e le ase te rm s o r fo r re n ta l p ay m en ts c o m men cin g a t a d ate o th er th an th e d ate o f in itia l o ccu pan cy, th e Com pan y r e co rd s m in im um r e n ta l e x pen se o n a s tra ig ht-lin e b asis o ver t h e t e rm s o f t h e l e ase s o n t h e c o nso lid ate d s ta te m en ts o f i n co m e. C erta in l e ase s pro vid e f o r c o ntin gen t r e n ts , w hic h a re d ete rm in ed a s a p erc en ta g e o f g ro ss s a le s i n e x cess o f s p ecifie d l e v els . T he C om pan y r e co rd s a c o ntin gen t r e n t lia b ility o n t h e c o nso lid ate d b ala n ce s h eets a n d t h e c o rre sp ondin g r e n t e x pen se w hen s p ecifie d l e v els h av e b een a ch ie v ed o r a re r e aso nab ly p ro bab le t o be a ch ie v ed .

5 .

In vestm en ts . A s m ore f u lly d esc rib ed i n L iq uid ity a n d C ap ita l R eso urc es o n p ag es 2 3 t o 2 4 a n d i n N ote B t o t h e c o nso lid ate d f in an cia l s ta te m en ts o n pag es 3 8 t o 3 9, i n p rio r y ears t h e C om pan y i n veste d a p ortio n o f i ts i n vestm en ts i n a u ctio n-ra te s e cu ritie s ( “ A RS”). T hese i n vestm en ts a re c la ssifie d a s av aila b le -fo r-s a le se cu ritie s a n d a re re p orte d a t fa ir m ark et v alu es o f $7.4 m illio n an d $9.6 m illio n as o f Ja n uary 3 1, 2 015 an d Feb ru ary 1 , 2 014 , re sp ectiv ely The C om pan y re v ie w s im pairm en t to d ete rm in e th e c la ssific atio n o f p ote n tia l im pairm en ts a s e ith er te m pora ry o r o th er-th an -te m pora ry . A te m pora ry im pairm en t r e su lts i n a n u nre aliz ed l o ss b ein g r e co rd ed i n o th er c o m pre h en siv e i n co m e. A n i m pairm en t t h at i s c o nsid ere d o th er-th an -te m pora ry w ould be re co gniz ed in n et in co m e. T he C om pan y c o nsid ers v ario us fa cto rs in re v ie w in g im pairm en t, in clu din g th e d ura tio n a n d s e v erity o f th e d eclin e in mark et v alu e. In a d ditio n, th e C om pan y c o nsid ers q ualita tiv e fa cto rs in clu din g, b ut n ot lim ite d to , th e fin an cia l c o nditio n o f th e in veste e, th e c re d it ra tin g o f t h e i n veste e, t h e c u rre n t a n d e x pecte d m ark et a n d i n dustry c o nditio ns i n w hic h t h e i n veste e o pera te s, a n d t h e C om pan y’s i n te n t a n d a b ility t o hold t h e i n vestm en ts f o r a p erio d o f t im e s u ffic ie n t t o a llo w f o r a n y a n tic ip ate d r e co very i n m ark et v alu e. T he C om pan y b elie v es i t h as t h e a b ility a n d main ta in s i ts i n te n t t o h old t h ese i n vestm en ts u ntil r e co very o f m ark et v alu e o ccu rs o r u ntil t h e u ltim ate m atu rity o f t h e i n vestm en ts .

The C om pan y d ete rm in ed t h e f a ir v alu e o f A RS u sin g L ev el 1 i n puts f o r k now n o r a n tic ip ate d s u bse q uen t r e d em ptio ns a t p ar v alu e, L ev el 2 i n puts u sin g obse rv ab le i n puts , a n d L ev el 3 u sin g u nobse rv ab le i n puts , w here t h e f o llo w in g c rite ria w ere c o nsid ere d i n e stim atin g f a ir v alu e:

• Pric in g w as p ro vid ed b y t h e c u sto dia n o r t h ird p arty b ro ker f o r A RS; • Sale s o f s im ila r s e cu ritie s; • Quote d p ric es f o r s im ila r s e cu ritie s i n a ctiv e m ark ets ; • Quote d p ric es f o r s im ila r a sse ts i n m ark ets t h at a re n ot a ctiv e - i n clu din g m ark ets w here t h ere a re f e w t ra n sa ctio ns f o r t h e a sse t, t h e p ric es a re n ot cu rre n t, o r p ric e q uota tio ns v ary s u bsta n tia lly e ith er o ver t im e o r a m ong m ark et m ak ers , o r i n w hic h l ittle i n fo rm atio n i s r e le ase d p ublic ly ; • Pric in g w as p ro vid ed b y a t h ird -p arty v alu atio n c o nsu lta n t ( u sin g L ev el 3 i n puts ).

In a d ditio n, th e C om pan y c o nsid ers o th er fa cto rs in clu din g, b ut n ot lim ite d to , th e fin an cia l c o nditio n o f th e in veste e, th e c re d it ra tin g, in su ra n ce, guara n te es, c o lla te ra l, c ash f lo w s, a n d t h e c u rre n t a n d e x pecte d m ark et a n d i n dustry c o nditio ns i n w hic h t h e i n veste e o pera te s. M an ag em en t b elie v es i t has u se d i n fo rm atio n t h at w as r e aso nab ly o bta in ab le i n o rd er t o c o m ple te i ts v alu atio n p ro cess a n d d ete rm in e i f t h e C om pan y’s i n vestm en ts i n A RS h ad in cu rre d a n y t e m pora ry a n d/o r o th er-th an -te m pora ry i m pairm en t a s o f Ja n uary 3 1, 2 015 .

The C om pan y h as c o nclu ded t h at c erta in o f i ts A RS r e p re se n t L ev el 3 v alu atio n. A d is c o unte d c ash f lo w a n aly sis w as u se d t o v alu e t h ese i n vestm en ts .

The a ssu m ptio ns u se d i n p re p arin g t h e d is c o unte d c ash f lo w m odel i n clu de e stim ate s f o r i n te re st r a te s, t im in g a n d a m ount o f c ash f lo w s, a n d e x pecte d hold in g p erio ds o f t h e A RS. A s o f Ja n uary 3 1, 2 015 , t h e u nobse rv ab le i n puts u se d b y t h e C om pan y a n d i ts i n dep en den t t h ird -p arty v alu atio n c o nsu lta n t in v alu in g i ts L ev el 3 i n vestm en ts i n A RS i n clu ded :

• Dura tio ns u ntil r e d em ptio n r a n gin g f ro m 6.4 t o 10.5 y ears , w ith a w eig hte d a v era g e o f 8.8 y ears .

• Dis c o unt r a te s r a n gin g f ro m 3.0 0% t o 3.7 0% , w ith a w eig hte d a v era g e o f 3.2 6% .

26 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . O FF-B ALANCE S H EET A RRANG EM ENTS, C O NTRACTUAL O BLIG ATIO NS, A ND C O M MERCIA L C O M MIT M ENTS A s re fe re n ced in th e ta b le b elo w , th e C om pan y h as c o ntra ctu al o blig atio ns a n d c o m merc ia l c o m mitm en ts th at m ay a ffe ct th e fin an cia l c o nditio n o f th e C om pan y. B ase d o n m an ag em en t’s r e v ie w o f t h e t e rm s a n d c o nditio ns o f i ts c o ntra ctu al o blig atio ns a n d c o m merc ia l c o m mitm en ts , t h ere i s n o k now n t re n d, d em an d, c o m mitm en t, e v en t, o r u ncerta in ty th at is re aso nab ly lik ely to o ccu r w hic h w ould h av e a m ate ria l e ffe ct o n th e C om pan y’s fin an cia l c o nditio n, r e su lts o f o pera tio ns, o r c ash f lo w s.

I n a d ditio n, t h e c o m merc ia l o blig atio ns a n d c o m mitm en ts m ad e b y t h e C om pan y a re c u sto m ary t ra n sa ctio ns w hic h a re s im ila r t o t h ose o f o th er c o m para b le r e ta il c o m pan ie s. T he o pera tin g le ase o blig atio ns s h ow n in th e ta b le b elo w re p re se n t fu tu re c ash p ay m en ts to la n dlo rd s re q uire d to fu lfill th e C om pan y’s m in im um r e n t r e q uire m en ts . S uch a m ounts a re a ctu al c ash r e q uire m en ts b y y ear a n d a re n ot r e p orte d n et o f a n y t e n an t i m pro vem en t a llo w an ces r e ceiv ed f ro m l a n dlo rd s.

T he f o llo w in g t a b le i d en tifie s t h e m ate ria l o blig atio ns a n d c o m mitm en ts a s o f Ja n uary 3 1, 2 015 :

Paym en ts D ue b y P erio d C ontr a ctu al o blig atio ns ( d olla r a m ounts i n t h ousa nds):

Tota l Less t h an 1 yea r 1-3 y ea rs 4-5 y ea rs Afte r 5 yea rs P urc h ase o blig atio ns $ 10,6 65 $ 7,9 66 $ 2,0 95 $ 584 $ 20 D efe rre d c o m pen sa tio n 14,2 61 — — — 14,2 61 O pera tin g l e ase s 366,2 92 66,1 47 117,4 08 90,1 97 92,5 40 T ota l c o ntra ctu al o blig atio ns $ 391,2 18 $ 74,1 13 $ 119,5 03 $ 90,7 81 $ 106,8 21 T he C om pan y h as a v aila b le a n u nse cu re d l in e o f c re d it o f $ 25.0 m illio n, o f w hic h $ 20.0 m illio n i s a v aila b le f o r l e tte rs o f c re d it, w hic h i s e x clu ded f ro m t h e p re ced in g ta b le . C erta in m erc h an dis e p urc h ase o rd ers re q uire th at th e C om pan y o pen le tte rs o f cre d it. W hen th e C om pan y ta k es p osse ssio n o f th e m erc h an dis e , i t r e le ase s p ay m en t o n t h e l e tte rs o f c re d it. T he a m ounts o f o uts ta n din g l e tte rs o f c re d it r e p orte d r e fle ct t h e o pen l e tte rs o f c re d it o n m erc h an dis e o rd ere d , b ut n ot y et re ceiv ed o r fu nded . T he C om pan y b elie v es it h as s u ffic ie n t c re d it a v aila b le to o pen le tte rs o f c re d it fo r m erc h an dis e p urc h ase s. T here w ere n o b an k b orro w in gs d urin g f is c al 2014 , 2013 a n d 2012 . T he C om pan y h ad o uts ta n din g l e tte rs o f c re d it t o ta lin g $ 2.0 m illio n a s o f Ja n uary 3 1, 2 015 a n d $ 3.2 m illio n a s o f Feb ru ary 1 , 2 014 . T he lin e o f c re d it a g re em en t w as a m en ded e ffe ctiv e F eb ru ary 1 6, 2 015, s u bse q uen t to th e e n d o f th e fis c al y ear. T he a m en ded a g re em en t e x te n ded t h e e x pira tio n d ate o f t h e n ote f ro m J u ly 3 1, 2 015 t o J u ly 3 1, 2 017 a n d r e d uced t h e a m ount a v aila b le f o r l e tte rs o f c re d it f ro m $ 20.0 m illio n t o $ 10.0 m illio n. T he C om pan y h as n o o th er o ff-b ala n ce s h eet a rra n gem en ts .

S E ASO NALIT Y A ND I N FL ATIO N T he C om pan y's b usin ess is se aso nal, w ith th e h olid ay se aso n (fro m a p pro xim ate ly N ovem ber 1 5 to D ecem ber 3 0) a n d th e b ack -to -s c h ool se aso n (fro m a p pro xim ate ly J u ly 1 5 to S ep te m ber 1 ) h is to ric ally c o ntrib utin g th e g re ate st v olu m e o f n et s a le s. F or fis c al y ears 2014 , 2013 , an d 2012 , th e h olid ay a n d b ack -to -s c h ool s e aso ns a cco unte d f o r a p pro xim ate ly 3 5% o f t h e C om pan y's f is c al y ear n et s a le s. A lth ough t h e o pera tio ns o f t h e C om pan y a re i n flu en ced b y g en era l e co nom ic c o nditio ns, t h e C om pan y d oes n ot b elie v e t h at i n fla tio n h as h ad a m ate ria l e ffe ct o n t h e r e su lts o f o pera tio ns d urin g t h e p ast t h re e f is c al y ears . Q uarte rly re su lts m ay v ary s ig nific an tly d ep en din g o n a v arie ty o f fa cto rs in clu din g th e tim in g a n d a m ount o f s a le s a n d c o sts a sso cia te d w ith th e o pen in g o f n ew s to re s, th e tim in g a n d le v el o f m ark dow ns, th e tim in g o f s to re c lo sin gs, th e re m odelin g o f e x is tin g s to re s, c o m petitiv e fa cto rs , a n d g en era l e co nom ic c o nditio ns.

R ELATED P A RTY T RANSA CTIO NS I n clu ded i n o th er a sse ts i s a n ote r e ceiv ab le o f $ 1.2 m illio n a s o f b oth Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , f ro m a l ife i n su ra n ce t ru st f u nd c o ntro lle d b y t h e C om pan y’s C hairm an . T he n ote w as c re ate d o ver t h re e y ears , b eg in nin g i n J u ly 1 994, w hen t h e C om pan y p aid l ife i n su ra n ce p re m iu m s o f $ 0.2 m illio n e ach y ear f o r t h e C hairm an o n a p ers o nal p olic y. T he n ote a ccru es i n te re st a t 5 % o f t h e p rin cip al b ala n ce p er y ear a n d i s t o b e p aid f ro m t h e l ife i n su ra n ce p ro ceed s. T he n ote i s s e cu re d b y a l ife i n su ra n ce p olic y o n t h e C hairm an .

27 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . R ECENTLY I S SU ED A CCO UNTIN G P R O NO UNCEM ENTS I n M ay 2 014, th e F in an cia l A cco untin g S ta n dard s B oard (" F A SB ") is su ed A cco untin g S ta n dard s U pdate (" A SU ") 2 014-0 9, R ev en ue fro m C ontra cts w ith C usto m ers ( T opic 6 06), w hic h s u pers e d es t h e r e v en ue r e co gnitio n r e q uire m en ts i n A cco untin g S ta n dard s C odific atio n ( " A SC ") 6 05, R ev en ue R eco gnitio n.

T he n ew r e v en ue r e co gnitio n s ta n dard r e q uire s e n titie s t o r e co gniz e r e v en ue i n a w ay t h at d ep ic ts t h e t ra n sfe r o f p ro m is e d g oods o r s e rv ic es t o c u sto m ers i n a n a m ount t h at r e fle cts t h e c o nsid era tio n t o w hic h t h e e n tity e x pects t o b e e n title d t o i n e x ch an ge f o r t h ose g oods o r s e rv ic es. A SU 2 014-0 9 i s e ffe ctiv e f o r i n te rim a n d a n nual r e p ortin g p erio ds b eg in nin g a fte r D ecem ber 1 5, 2 016 a n d i s t o b e a p plie d r e tro sp ectiv ely . T he C om pan y i s c u rre n tly e v alu atin g t h e e ffe ct t h at a d optin g t h is n ew a cco untin g g uid an ce w ill h av e o n i ts c o nso lid ate d r e su lts o f o pera tio ns a n d f in an cia l p ositio n.

F O RW ARD L O OKIN G S T ATEM ENTS I n fo rm atio n i n t h is r e p ort, o th er t h an h is to ric al i n fo rm atio n, m ay b e c o nsid ere d t o b e f o rw ard -lo okin g s ta te m en ts w ith in t h e m ean in g o f t h e P riv ate S ecu ritie s L itig atio n R efo rm A ct o f 1 995 ( th e “ 1 995 A ct” ). S uch s ta te m en ts a re m ad e i n g ood f a ith b y t h e C om pan y p urs u an t t o t h e s a fe -h arb or p ro vis io ns o f t h e 1 995 A ct. I n c o nnectio n w ith t h ese s a fe -h arb or p ro vis io ns, t h is m an ag em en t’s d is c u ssio n a n d a n aly sis c o nta in s c erta in f o rw ard -lo okin g s ta te m en ts , w hic h r e fle ct m an ag em en t’s c u rre n t v ie w s a n d e stim ate s o f fu tu re e co nom ic c o nditio ns, C om pan y p erfo rm an ce, a n d fin an cia l re su lts . T he s ta te m en ts a re b ase d o n m an y a ssu m ptio ns a n d f a cto rs t h at c o uld c au se f u tu re r e su lts t o d iffe r m ate ria lly . S uch f a cto rs i n clu de, b ut a re n ot l im ite d t o , c h an ges i n p ro duct m ix , c h an ges i n f a sh io n tre n ds, co m petitiv e fa cto rs , an d g en era l eco nom ic co nditio ns, eco nom ic co nditio ns in th e re ta il ap pare l in dustry , as w ell as o th er ris k s an d u ncerta in tie s i n here n t i n t h e C om pan y’s b usin ess a n d t h e r e ta il i n dustry i n g en era l. A ny c h an ges i n t h ese f a cto rs c o uld r e su lt i n s ig nific an tly d iffe re n t r e su lts f o r t h e C om pan y. T he C om pan y f u rth er c au tio ns t h at t h e f o rw ard -lo okin g i n fo rm atio n c o nta in ed h ere in i s n ot e x hau stiv e o r e x clu siv e. T he C om pan y d oes n ot u nderta k e t o u pdate a n y f o rw ard -lo okin g s ta te m en ts , w hic h m ay b e m ad e f ro m t im e t o t im e b y o r o n b eh alf o f t h e C om pan y.

I T EM 7 A – Q UANTIT ATIV E A ND Q UALIT ATIV E D IS C LO SU RES A BO UT M ARK ET R IS K I n te re st R ate R is k - T o t h e e x te n t t h at t h e C om pan y b orro w s u nder i ts l in e o f c re d it f a cility , t h e C om pan y w ould b e e x pose d t o m ark et r is k r e la te d t o c h an ges i n in te re st ra te s. A s o f Ja n uary 3 1, 2 015 , n o b orro w in gs w ere o uts ta n din g u nder th e lin e o f c re d it fa cility . T he C om pan y is n ot a p arty to a n y d eriv ativ e f in an cia l in stru m en ts . A dditio nally , th e C om pan y is e x pose d to m ark et ris k re la te d to in te re st ra te ris k o n th e c ash a n d in vestm en ts in in te re st-b earin g s e cu ritie s. T hese i n vestm en ts h av e c arry in g v alu es t h at a re s u bje ct t o i n te re st r a te c h an ges t h at c o uld i m pact e arn in gs t o t h e e x te n t t h at t h e C om pan y d id n ot h old t h e i n vestm en ts t o m atu rity . I f t h ere a re c h an ges i n i n te re st r a te s, t h ose c h an ges w ould a ls o a ffe ct t h e i n vestm en t i n co m e t h e C om pan y e arn s o n i ts c ash a n d i n vestm en ts . F or e ach o ne-q uarte r p erc en t d eclin e i n t h e i n te re st/d iv id en d r a te e arn ed o n c ash a n d i n vestm en ts ( a p pro xim ate ly a 5 0% c h an ge i n t h e r a te e arn ed ), t h e C om pan y’s n et i n co m e w ould d ecre ase a p pro xim ate ly $ 0.3 m illio n, o r l e ss t h an $ 0.0 1 p er s h are . T his a m ount c o uld v ary b ase d u pon t h e n um ber o f s h are s o f t h e C om pan y’s s to ck o uts ta n din g a n d t h e l e v el o f c ash a n d i n vestm en ts h eld b y t h e C om pan y.

O th er M ark et R is k – A t Ja n uary 3 1, 2 015 , th e C om pan y h eld $8.1 m illio n , a t p ar v alu e, o f in vestm en ts in a u ctio n-ra te s e cu ritie s (“ A RS”). T he C om pan y c o nclu ded th at a $0.7 m illio n t e m pora ry i m pairm en t e x is te d r e la te d t o t h ese s e cu ritie s a s o f Ja n uary 3 1, 2 015 . G iv en c u rre n t m ark et c o nditio ns in th e A RS m ark et, th e C om pan y m ay in cu r a d ditio nal te m pora ry o r o th er-th an -te m pora ry im pairm en t in th e fu tu re if m ark et c o nditio ns p ers is t a n d th e C om pan y is u nab le t o r e co ver t h e c o st o f i ts i n vestm en ts i n A RS.

28 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 8 - F IN ANCIA L S T ATEM ENTS A ND S U PPL EM ENTARY D ATA R EPO RT O F I N DEPE NDENT R EG IS T ERED P U BLIC A CCO UNTIN G F IR M T o t h e B oard o f D ire cto rs a n d S to ck hold ers o f T he B uck le , I n c.

K earn ey , N eb ra sk a W e h av e a u dite d t h e a cco m pan yin g c o nso lid ate d b ala n ce s h eets o f T he B uck le , I n c. a n d s u bsid ia ry ( th e “ C om pan y”) a s o f J a n uary 3 1, 2 015 a n d F eb ru ary 1 , 2 014, a n d t h e r e la te d c o nso lid ate d s ta te m en ts o f i n co m e, c o m pre h en siv e i n co m e, s to ck hold ers ’ e q uity , a n d c ash f lo w s f o r e ach o f t h e t h re e f is c al y ears i n t h e p erio d e n ded J a n uary 3 1, 2 015. O ur a u dits a ls o in clu ded th e fin an cia l s ta te m en t s c h ed ule lis te d in th e In dex a t Ite m 1 5. T hese fin an cia l s ta te m en ts a n d f in an cia l s ta te m en t s c h ed ule a re t h e r e sp onsib ility o f t h e C om pan y’s m an ag em en t. O ur r e sp onsib ility i s t o e x pre ss a n o pin io n o n t h e f in an cia l s ta te m en ts a n d f in an cia l s ta te m en t s c h ed ule b ase d o n o ur a u dits .

W e c o nducte d o ur a u dits i n a cco rd an ce w ith t h e s ta n dard s o f t h e P ublic C om pan y A cco untin g O vers ig ht B oard ( U nite d S ta te s). T hose s ta n dard s r e q uire t h at w e p la n a n d p erfo rm th e a u dit to o bta in re aso nab le a ssu ra n ce a b out w heth er th e fin an cia l s ta te m en ts a re fre e o f m ate ria l m is sta te m en t. A n a u dit in clu des e x am in in g, o n a te st b asis , e v id en ce s u pportin g th e a m ounts a n d d is c lo su re s in th e fin an cia l s ta te m en ts . A n a u dit a ls o in clu des a sse ssin g th e a cco untin g p rin cip le s u se d a n d s ig nific an t e stim ate s m ad e b y m an ag em en t, a s w ell a s e v alu atin g t h e o vera ll f in an cia l s ta te m en t p re se n ta tio n. W e b elie v e t h at o ur a u dits p ro vid e a r e aso nab le b asis f o r o ur o pin io n.

I n o ur o pin io n, s u ch c o nso lid ate d f in an cia l s ta te m en ts p re se n t f a irly , i n a ll m ate ria l r e sp ects , t h e f in an cia l p ositio n o f T he B uck le , I n c. a n d s u bsid ia ry a s o f J a n uary 3 1, 2 015 a n d F eb ru ary 1 , 2 014, a n d t h e r e su lts o f t h eir o pera tio ns a n d t h eir c ash f lo w s f o r e ach o f t h e t h re e f is c al y ears i n t h e p erio d e n ded J a n uary 3 1, 2 015, in c o nfo rm ity w ith a cco untin g p rin cip le s g en era lly a ccep te d in th e U nite d S ta te s o f A m eric a. A ls o , in o ur o pin io n, su ch fin an cia l sta te m en t s c h ed ule , w hen c o nsid ere d i n r e la tio n t o t h e b asic c o nso lid ate d f in an cia l s ta te m en ts t a k en a s a w hole , p re se n ts f a irly , i n a ll m ate ria l r e sp ects , t h e i n fo rm atio n s e t f o rth t h ere in .

W e h av e a ls o a u dite d , i n a cco rd an ce w ith t h e s ta n dard s o f t h e P ublic C om pan y A cco untin g O vers ig ht B oard ( U nite d S ta te s), t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g a s o f J a n uary 3 1, 2 015, b ase d o n t h e c rite ria e sta b lis h ed i n In te rn al C ontr o l - I n te g ra te d F ra m ew ork ( 2 013) i s su ed b y t h e C om mitte e o f S ponso rin g O rg an iz atio ns o f t h e T re ad w ay C om mis sio n a n d o ur r e p ort d ate d A pril 1 , 2 015 e x pre sse d a n u nqualifie d o pin io n o n t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g.

/ s / D elo itte & T ouch e L LP D ELO IT TE & T O UCH E L LP O m ah a, N eb ra sk a A pril 1 , 2 015 29 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T H E B UCK LE, I N C.

C O NSO LID ATED B ALANCE S H EETS ( A m ounts i n T housa nds E xcep t S hare a nd P er S hare A m ounts ) A SSE TS January 3 1, 2015 Feb ru ary 1 , 2014 C U RREN T A SSETS:

Cash a n d c ash e q uiv ale n ts $ 133,7 08 $ 164,8 68 Short- te rm in vestm en ts ( N ote s A , B , a n d C ) 25,8 57 20,1 97 Receiv ab le s 8,5 67 4,3 18 In ven to ry 129,9 21 124,1 41 Pre p aid e x pen ses a n d o th er a ssets ( N ote F ) 26,5 36 28,6 13 Tota l c u rre n t a ssets 324,5 89 342,1 37 P R O PER TY A ND E Q UIP M EN T ( N ote D ) 427,9 15 393,6 56 Less a ccu m ula te d d ep re cia tio n a n d a m ortiz atio n (2 55,2 52 ) (2 35,0 87 ) 172,6 63 158,5 69 L O NG-T ER M I N VESTM EN TS ( N ote s A , B , a n d C ) 43,6 98 43,4 36 O TH ER A SSETS ( N ote G ) 2,0 43 2,1 51 $ 542,9 93 $ 546,2 93 L IA BIL IT IE S A ND S T O CKHOLD ER S’ E Q UIT Y C U RREN T L IA BIL IT IE S:

Acco unts p ay ab le $ 35,7 14 $ 37,1 47 Accru ed e m plo yee c o m pen satio n 36,9 20 36,9 33 Accru ed s to re o pera tin g e x pen ses 9,9 84 9,9 83 Gif t c ertif ic ate s r e d eem ab le 23,9 92 23,1 31 In co m e ta x es p ay ab le 15,6 61 16,1 87 Tota l c u rre n t lia b ilitie s 122,2 71 123,3 81 D EFER RED C O M PEN SA TIO N ( N ote I ) 14,2 61 12,7 97 D EFER RED R EN T L IA BIL IT Y 40,5 66 37,5 64 O TH ER L IA BIL IT IE S ( N ote F ) 10,6 17 10,6 21 Tota l lia b ilitie s 187,7 15 184,3 63 C O M MIT M EN TS ( N ote s E a n d H ) S TO CK HOLD ER S’ E Q UIT Y ( N ote J ):

Com mon s to ck , a u th oriz ed 1 00,0 00,0 00 s h are s o f $ .0 1 p ar v alu e; 4 8,3 79,6 13 a n d 4 8,3 36,3 92 s h are s is su ed a n d o uts ta n din g at J an uary 3 1, 2 015 a n d F eb ru ary 1 , 2 014, r e sp ectiv ely 484 483 Additio nal p aid -in c ap ita l 131,1 12 124,1 34 Reta in ed e arn in gs 224,1 11 238,1 51 Accu m ula te d o th er c o m pre h en siv e lo ss (4 29 ) (8 38 ) Tota l s to ck hold ers ’ e q uity 355,2 78 361,9 30 $ 542,9 93 $ 546,2 93 S ee n ote s t o c o nso lid ate d f in an cia l s ta te m en ts .

30 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T H E B UCK LE, I N C.

C O NSO LID ATED S T ATEM ENTS O F I N CO M E ( A m ounts i n T housa nds E xcep t P er S hare A m ounts ) Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 S A LES, N et o f r e tu rn s a n d a llo w an ces o f $ 110,7 93, $ 108,8 51, a n d $ 106,6 12, r e sp ectiv ely $ 1,1 53,1 42 $ 1,1 28,0 01 $ 1,1 24,0 07 C OST O F S A LES ( In clu din g b uyin g, d is trib utio n, a n d o ccu pan cy c o sts ) 645,8 10 628,8 56 624,6 92 Gro ss p ro fit 507,3 32 499,1 45 499,3 15 O PE R ATIN G E X PE N SE S:

Sellin g 212,6 88 206,8 93 201,9 63 Gen era l a n d a d m in is tra tiv e 37,6 71 35,2 58 39,1 77 250,3 59 242,1 51 241,1 40 I N COM E F R OM O PE R ATIO NS 256,9 73 256,9 94 258,1 75 O TH ER I N COM E, N et ( N ote A ) 2,7 23 3,4 62 3,5 24 I N COM E B EFO RE I N COM E T A XES 259,6 96 260,4 56 261,6 99 P R OVIS IO N F O R I N COM E T A XES ( N ote F ) 97,1 32 97,8 72 97,3 94 N ET I N COM E $ 162,5 64 $ 162,5 84 $ 164,3 05 E A RNIN GS P E R S H ARE ( N ote K ):

Basic $ 3.3 9 $ 3.4 1 $ 3.4 7 Dilu te d $ 3.3 8 $ 3.3 9 $ 3.4 4 S ee n ote s t o c o nso lid ate d f in an cia l s ta te m en ts .

31 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T H E B UCK LE, I N C.

C O NSO LID ATED S T ATEM ENTS O F C O M PR EH ENSIV E I N CO M E ( A m ounts i n T housa nds) Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 N ET I N CO M E $ 162,5 64 $ 162,5 84 $ 164,3 05 O TH ER C O M PR EH EN SIV E I N CO M E, N ET O F T A X:

Chan ge in u nre aliz ed lo ss o n in vestm en ts , n et o f ta x o f $ 240, $ 56, a n d $ (1 38), r e sp ectiv ely 409 96 (2 35 ) O th er c o m pre h en siv e in co m e 409 96 (2 35 ) C O M PR EH EN SIV E I N CO M E $ 162,9 73 $ 162,6 80 $ 164,0 70 S ee n ote s t o c o nso lid ate d f in an cia l s ta te m en ts .

32 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T H E B UCK LE, I N C.

C O NSO LID ATED S T ATEM ENTS O F S T O CK HOLDERS' E Q UIT Y ( A m ounts i n T housa nds E xcep t S hare a nd P er S hare A m ounts ) Num ber of S hares Com mon Sto ck Addit io nal Paid -in Capit a l Reta in ed Earn in gs Accu m ula te d Oth er Com preh en siv e Loss Tota l BA LA NCE, J a n uary 2 8, 2 012 47,4 32,0 89 $ 474 $ 100,3 33 $ 263,0 39 $ (6 99 ) $ 363,1 47 Net in co m e — — — 164,3 05 — 164,3 05 Div id en ds p aid o n c o m mon s to ck , ( $ 5.3 0 p er s h are ) — — — (2 54,6 33 ) — (2 54,6 33 ) Com mon s to ck is su ed o n e x erc is e o f s to ck o ptio ns 377,5 20 4 842 — — 846 Issu an ce o f n on-v este d s to ck , n et o f f o rfe itu re s 249,6 60 3 (3 ) — — — Am ortiz atio n o f n on-v este d s to ck g ra n ts , n et o f fo rfe itu re s — — 8,3 88 — — 8,3 88 In co m e ta x b en efit r e la te d to e x erc is e o f s to ck o ptio ns — — 7,8 31 — — 7,8 31 Chan ge in u nre aliz ed lo ss o n in vestm en ts , n et o f ta x — — — — (2 35 ) (2 35 ) B A LA NCE, F eb ru ary 2 , 2 013 48,0 59,2 69 $ 481 $ 117,3 91 $ 172,7 11 $ (9 34 ) $ 289,6 49 Net in co m e — — — 162,5 84 — 162,5 84 Div id en ds p aid o n c o m mon s to ck , ( $ 2.0 2 p er s h are ) — — — (9 7,1 44 ) — (9 7,1 44 ) Com mon s to ck is su ed o n e x erc is e o f s to ck o ptio ns 25,5 55 — — — — — Issu an ce o f n on-v este d s to ck , n et o f f o rfe itu re s 251,5 68 2 (2 ) — — — Am ortiz atio n o f n on-v este d s to ck g ra n ts , n et o f fo rfe itu re s — — 5,0 66 — — 5,0 66 In co m e ta x b en efit r e la te d to e x erc is e o f s to ck o ptio ns — — 1,6 79 — — 1,6 79 Chan ge in u nre aliz ed lo ss o n in vestm en ts , n et o f ta x — — — — 96 96 B A LA NCE, F eb ru ary 1 , 2 014 48,3 36,3 92 $ 483 $ 124,1 34 $ 238,1 51 $ (8 38 ) $ 361,9 30 Net in co m e — — — 162,5 64 — 162,5 64 Div id en ds p aid o n c o m mon s to ck , ( $ 3.6 6 p er s h are ) — — — (1 76,6 04 ) — (1 76,6 04 ) Com mon s to ck is su ed o n e x erc is e o f s to ck o ptio ns 17,0 91 — 70 — — 70 Issu an ce o f n on-v este d s to ck , n et o f f o rfe itu re s 26,1 30 1 (1 ) — — — Am ortiz atio n o f n on-v este d s to ck g ra n ts , n et o f fo rfe itu re s — — 6,0 13 — — 6,0 13 In co m e ta x b en efit r e la te d to e x erc is e o f s to ck o ptio ns — — 896 — — 896 Chan ge in u nre aliz ed lo ss o n in vestm en ts , n et o f ta x — — — — 409 409 B A LA NCE, J a n uary 3 1, 2 015 48,3 79,6 13 $ 484 $ 131,1 12 $ 224,1 11 $ (4 29 ) $ 355,2 78 S ee n ote s t o c o nso lid ate d f in an cia l s ta te m en ts .

33 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T H E B UCK LE, I N C.

C O NSO LID ATED S T ATEM ENTS O F C ASH F L O W S ( A m ounts i n T housa nds) Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 C ASH F L O W S F R OM O PE R ATIN G A CTIV IT IE S:

Net i n co m e $ 162,5 64 $ 162,5 84 $ 164,3 05 Adju stm en ts t o r e co ncile n et i n co m e t o n et c ash f lo w s f ro m o pera tin g a ctiv itie s:

Dep re cia tio n a n d a m ortiz atio n 31,6 79 32,6 31 33,8 34 Am ortiz atio n o f n on-v este d s to ck g ra n ts , n et o f f o rfe itu re s 6,0 13 5,0 66 8,3 88 Defe rre d i n co m e t a x es (1 ,6 75 ) (2 ,0 86 ) (1 ,9 39 ) Oth er 1,1 63 988 1,5 28 Chan ges i n o pera tin g a sse ts a n d l ia b ilitie s:

Receiv ab le s (2 ,1 34 ) (9 89 ) 596 In ven to ry (5 ,7 80 ) (2 0,2 88 ) 356 Pre p aid e x pen se s a n d o th er a sse ts 3,5 08 (2 ,2 55 ) (1 0,2 81 ) Acco unts p ay ab le (2 ,9 15 ) 2,7 38 6,5 34 Accru ed e m plo yee c o m pen sa tio n (1 3 ) (5 ,2 50 ) (6 71 ) Accru ed s to re o pera tin g e x pen se s 1 (1 38 ) (1 ,0 04 ) Gift c ertific ate s r e d eem ab le 861 910 1,9 35 In co m e t a x es p ay ab le (1 ,9 70 ) (2 ,6 99 ) 14,8 97 Defe rre d r e n t l ia b ilitie s a n d d efe rre d c o m pen sa tio n 4,4 66 2,8 14 2,4 63 Net c ash f lo w s f ro m o pera tin g a ctiv itie s 195,7 68 174,0 26 220,9 41 C ASH F L O W S F R OM I N VEST IN G A CTIV IT IE S:

Purc h ase s o f p ro perty a n d e q uip m en t (4 5,4 54 ) (2 8,8 11 ) (3 0,2 97 ) Pro ceed s f ro m s a le o f p ro perty a n d e q uip m en t — 11 1,1 40 Oth er 108 112 130 Purc h ase s o f i n vestm en ts (4 3,4 04 ) (3 2,3 14 ) (2 9,9 33 ) Pro ceed s f ro m s a le s/m atu ritie s o f i n vestm en ts 38,1 31 30,9 81 37,2 94 Net c ash f lo w s f ro m i n vestin g a ctiv itie s (5 0,6 19 ) (3 0,0 21 ) (2 1,6 66 ) C ASH F L O W S F R OM F IN ANCIN G A CTIV IT IE S:

Pro ceed s f ro m t h e e x erc is e o f s to ck o ptio ns 70 — 846 Excess t a x b en efit f ro m s to ck o ptio n e x erc is e s 225 399 5,6 09 Pay m en t o f d iv id en ds (1 76,6 04 ) (9 7,1 44 ) (2 54,6 33 ) Net c ash f lo w s f ro m f in an cin g a ctiv itie s (1 76,3 09 ) (9 6,7 45 ) (2 48,1 78 ) N ET I N CREA SE ( D EC REA SE ) I N C ASH A ND C ASH E Q UIV ALEN TS (3 1,1 60 ) 47,2 60 (4 8,9 03 ) C ASH A ND C ASH E Q UIV ALEN TS, B eg in nin g o f y ear 164,8 68 117,6 08 166,5 11 C ASH A ND C ASH E Q UIV ALEN TS, E nd o f y ear $ 133,7 08 $ 164,8 68 $ 117,6 08 S ee n ote s t o c o nso lid ate d f in an cia l s ta te m en ts .

34 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . TH E B UCK LE, I N C.

NO TES T O C O NSO LID ATED F IN ANCIA L S T ATEM ENTS (D olla r A m ounts i n T housa nds E xcep t S hare a nd P er S hare A m ounts ) A .

SU M MARY O F S IG NIF IC ANT A CCO UNTIN G P O LIC IE S F is c a l Y ea r - T he B uck le , In c. (th e “ C om pan y”) h as its fis c al y ear e n d o n th e S atu rd ay n eare st J a n uary 3 1. A ll re fe re n ces in th ese c o nso lid ate d fin an cia l s ta te m en ts t o f is c al y ears a re t o t h e c ale n dar y ear i n w hic h t h e f is c al y ear b eg in s. F is c al 2014 re p re se n ts th e 5 2-w eek p erio d e n ded Ja n uary 3 1, 2 015 , fis c al 2 013 r e p re se n ts t h e 5 2-w eek p erio d e n ded Feb ru ary 1 , 2 014 , a n d f is c al 2012 r e p re se n ts t h e 5 3-w eek p erio d e n ded Feb ru ary 2 , 2 013 .

N atu re o f O pera tio ns - T he C om pan y i s a r e ta ile r o f m ed iu m t o b ette r-p ric ed c asu al a p pare l, f o otw ear, a n d a ccesso rie s f o r f a sh io n-c o nsc io us y oung m en a n d w om en o pera tin g 460 s to re s l o cate d i n 44 s ta te s t h ro ughout t h e U nite d S ta te s a s o f Ja n uary 3 1, 2 015 .

D urin g f is c al 2014 , t h e C om pan y o pen ed 16 n ew s to re s, s u bsta n tia lly r e m odele d 18 s to re s, a n d c lo se d 6 s to re s. D urin g f is c al 2013 , th e C om pan y o pen ed 13 n ew s to re s, s u bsta n tia lly r e m odele d 8 s to re s, a n d c lo se d 3 s to re s. D urin g f is c al 2012 , t h e C om pan y o pen ed 10 n ew s to re s, s u bsta n tia lly r e m odele d 21 s to re s, a n d c lo se d 1 s to re .

P rin cip le s of C onso lid atio n - The co nso lid ate d fin an cia l sta te m en ts in clu de th e acco unts o f T he B uck le , In c. an d its w holly -o w ned su bsid ia ry . A ll i n te rc o m pan y a cco unts a n d t ra n sa ctio ns h av e b een e lim in ate d i n c o nso lid atio n.

R even ue R eco gnitio n - R eta il sto re sa le s a re re co rd ed u pon th e p urc h ase o f m erc h an dis e b y c u sto m ers . O nlin e sa le s a re re co rd ed w hen m erc h an dis e is d eliv ere d to th e c u sto m er, w ith th e tim e o f d eliv ery b ein g b ase d o n e stim ate d sh ip pin g tim e fro m th e C om pan y’s d is trib utio n c en te r to th e c u sto m er.

S hip pin g fe es c h arg ed to c u sto m ers a re in clu ded in re v en ue a n d s h ip pin g c o sts a re in clu ded in s e llin g e x pen se s. S hip pin g c o sts w ere $6,5 49 , $6,2 23 , a n d $ 6,4 77 d urin g fis c al 2014 , 2013 , a n d 2012 , re sp ectiv ely . M erc h an dis e re tu rn s a re e stim ate d b ase d u pon th e h is to ric al a v era g e s a le s re tu rn p erc en ta g e a n d a ccru ed a t th e e n d o f th e p erio d. T he re se rv e fo r m erc h an dis e re tu rn s w as $943 a n d $750 a s o f Ja n uary 3 1, 2 015 an d Feb ru ary 1 , 2 014 , re sp ectiv ely . T he C om pan y r e co gniz es r e v en ue f ro m s a le s m ad e u nder i ts l a y aw ay p ro gra m u pon d eliv ery o f t h e m erc h an dis e t o t h e c u sto m er.

T he C om pan y re co rd s th e s a le o f g ift c ard s a n d g ift c ertific ate s a s a c u rre n t lia b ility a n d re co gniz es a s a le w hen a c u sto m er re d eem s th e g ift c ard o r g ift c ertific ate . T he a m ount o f th e g ift c ertific ate lia b ility is d ete rm in ed u sin g th e o uts ta n din g b ala n ces fro m th e p rio r th re e y ears o f is su an ce a n d th e g ift c ard l ia b ility is d ete rm in ed u sin g th e o uts ta n din g b ala n ces fro m th e p rio r fo ur y ears o f is su an ce. T he C om pan y re co rd s b re ak ag e a s o th er in co m e w hen th e p ro bab ility o f re d em ptio n is re m ote , b ase d o n h is to ric al is su an ce a n d re d em ptio n p atte rn s. B re ak ag e re co rd ed fo r th e fis c al y ears e n ded Ja n uary 3 1, 2 015 , F eb ru ary 1 , 2 014 , a n d Feb ru ary 2 , 2 013 w as $860 , $1,1 46 , a n d $755 , re sp ectiv ely . T he C om pan y re co gniz es a c u rre n t lia b ility fo r th e d ow n p ay m en t a n d s u bse q uen t in sta llm en t p ay m en ts m ad e w hen m erc h an dis e is p la ced o n la y aw ay a n d re co gniz es la y aw ay s a s a s a le a t th e tim e th e c u sto m er m ak es fin al p ay m en t a n d p ic k s u p t h e m erc h an dis e .

C ash a nd C ash E quiv a le n ts - T he C om pan y c o nsid ers a ll h ig hly l iq uid d eb t i n stru m en ts w ith a n o rig in al m atu rity o f t h re e m onth s o r l e ss w hen p urc h ase d t o b e c ash e q uiv ale n ts .

I n vestm en ts - In vestm en ts c la ssifie d a s s h ort-te rm in vestm en ts in clu de s e cu ritie s w ith a m atu rity o f g re ate r th an th re e m onth s a n d le ss th an o ne y ear, a n d a p ortio n o f t h e C om pan y’s i n vestm en ts i n a u ctio n-ra te s e cu ritie s ( “ A RS”), w hic h a re a v aila b le -fo r-s a le s e cu ritie s. A vaila b le -fo r-s a le s e cu ritie s a re r e p orte d a t f a ir v alu e, w ith u nre aliz ed g ain s a n d l o sse s e x clu ded f ro m e arn in gs a n d r e p orte d a s a s e p ara te c o m ponen t o f s to ck hold ers ’ e q uity ( n et o f t h e e ffe ct o f i n co m e t a x es), u sin g th e sp ecific id en tific atio n m eth od, u ntil th ey are so ld . T he C om pan y re v ie w s im pairm en ts to d ete rm in e th e cla ssific atio n o f p ote n tia l i m pairm en ts a s e ith er “ te m pora ry ” o r “ o th er-th an -te m pora ry .” A t e m pora ry i m pairm en t r e su lts i n a n u nre aliz ed l o ss b ein g r e co rd ed i n o th er c o m pre h en siv e i n co m e. Im pairm en ts th at a re c o nsid ere d o th er-th an -te m pora ry a re re co gniz ed a s a lo ss in th e c o nso lid ate d s ta te m en ts o f in co m e. T he C om pan y c o nsid ers v ario us fa cto rs in re v ie w in g im pairm en ts , in clu din g th e le n gth o f tim e a n d e x te n t to w hic h th e fa ir v alu e h as b een le ss th an th e C om pan y’s c o st b asis , th e f in an cia l c o nditio n a n d n ear-te rm p ro sp ects o f t h e i s su er, a n d t h e C om pan y’s i n te n t a n d a b ility t o h old t h e i n vestm en ts f o r a p erio d o f t im e s u ffic ie n t t o a llo w f o r a n y a n tic ip ate d re co very in m ark et v alu e. T he C om pan y b elie v es it h as th e a b ility a n d m ain ta in s its in te n t to h old th ese in vestm en ts u ntil re co very o f m ark et v alu e o ccu rs o r u ntil t h e u ltim ate m atu rity o f t h e i n vestm en ts . H eld -to -m atu rity s e cu ritie s a re c arrie d a t a m ortiz ed c o st. T ra d in g s e cu ritie s a re r e p orte d a t f a ir v alu e, w ith u nre aliz ed g ain s a n d l o sse s i n clu ded i n e arn in gs, u sin g t h e s p ecific i d en tific atio n m eth od.

35 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I n ven to ry - I n ven to ry i s s ta te d a t t h e l o w er o f c o st o r m ark et. C ost i s d ete rm in ed u sin g t h e a v era g e c o st m eth od. M an ag em en t m ak es a d ju stm en ts t o i n ven to ry a n d c o st o f g oods s o ld t o a cco unt f o r m erc h an dis e o bso le sc en ce a n d m ark dow ns b ase d o n a ssu m ptio ns u sin g c alc u la tio ns a p plie d t o c u rre n t i n ven to ry l e v els b y d ep artm en t w ith in e ach d iffe re n t m ark dow n le v el. M an ag em en t a ls o re v ie w s th e le v els o f in ven to ry in e ach m ark dow n g ro up, a n d th e o vera ll a g in g o f i n ven to ry , v ers u s th e estim ate d fu tu re d em an d fo r su ch p ro duct an d th e cu rre n t m ark et co nditio ns. T he calc u la tio n fo r estim ate d m ark dow ns an d/o r o bso le sc en ce re d uced th e C om pan y’s in ven to ry v alu atio n b y $7,9 70 a n d $7,4 15 a s o f Ja n uary 3 1, 2 015 an d Feb ru ary 1 , 2 014 , re sp ectiv ely . T he a m ount c h arg ed ( c re d ite d ) t o c o st o f g oods s o ld , r e su ltin g f ro m a d ju stm en ts f o r e stim ate d m ark dow ns a n d/o r o bso le sc en ce, w as $555 , $1,1 29 , a n d $1,3 82 , fo r fis c al y ears 2014 , 2013 , a n d 2012 , r e sp ectiv ely .

P ro perty a nd E quip m en t - P ro perty a n d e q uip m en t a re s ta te d o n t h e b asis o f h is to ric al c o st. D ep re cia tio n i s p ro vid ed u sin g a c o m bin atio n o f a ccele ra te d a n d s tra ig ht-lin e m eth ods b ase d u pon t h e e stim ate d u se fu l l iv es o f t h e a sse ts . T he m ajo rity o f p ro perty a n d e q uip m en t h av e u se fu l l iv es o f fiv e to te n y ears w ith t h e e x cep tio n o f b uild in gs, w hic h h av e e stim ate d u se fu l l iv es o f 31.5 to 39 y ears . L ease h old i m pro vem en ts a re s ta te d o n t h e b asis o f h is to ric al c o st a n d a re a m ortiz ed o ver t h e s h orte r o f t h e l ife o f t h e l e ase o r t h e e stim ate d e co nom ic l ife o f t h e a sse ts . W hen c irc u m sta n ces i n dic ate t h e c arry in g v alu es o f l o ng-liv ed a sse ts m ay b e i m paire d , a n e v alu atio n i s p erfo rm ed o n c u rre n t n et b ook v alu e a m ounts . J u dgm en ts m ad e b y t h e C om pan y r e la te d t o t h e e x pecte d u se fu l l iv es o f p ro perty a n d e q uip m en t a n d th e a b ility to re aliz e c ash flo w s in e x cess o f c arry in g a m ounts o f s u ch a sse ts a re a ffe cte d b y fa cto rs s u ch a s c h an ges in e co nom ic c o nditio ns a n d c h an ges in o pera tin g p erfo rm an ce. A s th e C om pan y a sse sse s th e e x pecte d c ash flo w s a n d c arry in g a m ounts o f lo ng-liv ed a sse ts , a d ju stm en ts a re m ad e t o s u ch c arry in g v alu es.

P re -O pen in g E xpen se s - C osts r e la te d t o o pen in g n ew s to re s a re e x pen se d a s i n cu rre d .

A dvertis in g C osts - A dvertis in g c o sts a re e x pen se d a s i n cu rre d a n d w ere $12,0 41 , $11,0 88 a n d $10,2 14 f o r f is c al y ears 2014 , 2013 , a n d 2012 , r e sp ectiv ely .

H ea lth C are C osts - T he C om pan y i s s e lf-fu nded f o r h ealth a n d d en ta l c la im s u p t o $200 p er i n div id ual p er p la n y ear. T he C om pan y’s p la n c o vers e lig ib le e m plo yees, a n d m an ag em en t m ak es e stim ate s a t p erio d e n d to re co rd a re se rv e fo r u npaid c la im s b ase d u pon h is to ric al c la im s in fo rm atio n. T he a ccru ed l ia b ility a s a r e se rv e f o r u npaid h ealth c are c la im s w as $845 a n d $875 a s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , r e sp ectiv ely .

O pera tin g L ea se s - T he C om pan y l e ase s r e ta il s to re s u nder o pera tin g l e ase s. M ost l e ase a g re em en ts c o nta in t e n an t i m pro vem en t a llo w an ces, r e n t h olid ay s, r e n t e sc ala tio n c la u se s, a n d/o r c o ntin gen t r e n t p ro vis io ns. F or p urp ose s o f r e co gniz in g l e ase i n cen tiv es a n d m in im um r e n ta l e x pen se s o n a s tra ig ht-lin e b asis o ver t h e t e rm s o f t h e l e ase s, t h e C om pan y u se s t h e d ate o f i n itia l p osse ssio n t o b eg in e x pen sin g r e n t, w hic h i s g en era lly w hen t h e C om pan y e n te rs t h e s p ace a n d b eg in s t o m ak e i m pro vem en ts i n p re p ara tio n o f i n te n ded u se .

F or te n an t im pro vem en t a llo w an ces a n d re n t h olid ay s, th e C om pan y re co rd s a d efe rre d re n t lia b ility o n th e c o nso lid ate d b ala n ce s h eets a n d a m ortiz es th e d efe rre d r e n t o ver t h e t e rm s o f t h e l e ase s a s r e d uctio ns t o r e n t e x pen se o n t h e c o nso lid ate d s ta te m en ts o f i n co m e.

F or sc h ed ule d re n t e sc ala tio n c la u se s d urin g th e le ase te rm s o r fo r re n ta l p ay m en ts c o m men cin g a t a d ate o th er th an th e d ate o f in itia l o ccu pan cy, th e C om pan y re co rd s m in im um re n ta l e x pen se s o n a s tra ig ht-lin e b asis o ver th e te rm s o f th e le ase s o n th e c o nso lid ate d s ta te m en ts o f in co m e. C erta in le ase s p ro vid e fo r c o ntin gen t re n ts , w hic h a re d ete rm in ed a s a p erc en ta g e o f g ro ss s a le s in e x cess o f s p ecifie d le v els . T he C om pan y re co rd s a c o ntin gen t re n t l ia b ility in “ accru ed s to re o pera tin g e x pen se s” o n th e c o nso lid ate d b ala n ce s h eets a n d th e c o rre sp ondin g re n t e x pen se w hen s p ecifie d le v els h av e b een a ch ie v ed o r a re r e aso nab ly p ro bab le t o b e a ch ie v ed .

O th er I n co m e - T he C om pan y’s o th er i n co m e i s d eriv ed p rim arily f ro m i n te re st a n d d iv id en ds r e ceiv ed o n c ash a n d i n vestm en ts .

36 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I n co m e T axes - The C om pan y r e co rd s a d efe rre d t a x a sse t a n d l ia b ility f o r e x pecte d f u tu re t a x c o nse q uen ces r e su ltin g f ro m t e m pora ry d iffe re n ces b etw een f in an cia l r e p ortin g a n d t a x b ase s o f a sse ts a n d l ia b ilitie s. T he C om pan y c o nsid ers f u tu re t a x ab le i n co m e a n d o ngoin g t a x p la n nin g i n a sse ssin g t h e v alu e o f i ts d efe rre d t a x a sse ts . I f t h e j u dgm en t o f t h e C om pan y’s m an ag em en t d ete rm in es t h at i t i s m ore t h an l ik ely t h at t h ese a sse ts w ill n ot b e r e aliz ed , t h e C om pan y w ould r e d uce t h e v alu e o f t h ese a sse ts t o t h eir e x pecte d r e aliz ab le v alu e, t h ere b y d ecre asin g n et i n co m e. I f t h e C om pan y s u bse q uen tly d ete rm in ed t h at t h e d efe rre d t a x a sse ts , w hic h h ad b een w ritte n d ow n, w ould b e r e aliz ed i n t h e f u tu re , s u ch v alu e w ould b e i n cre ase d , t h us i n cre asin g n et i n co m e i n t h e p erio d s u ch d ete rm in atio n w as m ad e. T he C om pan y r e co rd s t a x b en efits o nly f o r t a x p ositio ns t h at a re m ore t h an l ik ely t o b e s u sta in ed u pon e x am in atio n b y t a x a u th oritie s. T he a m ount re co gniz ed is m easu re d a s th e la rg est a m ount o f b en efit th at is g re ate r th an 50% lik ely to b e re aliz ed u pon u ltim ate s e ttle m en t.

U nre co gniz ed t a x b en efits a re t a x b en efits c la im ed i n t h e C om pan y’s t a x r e tu rn s t h at d o n ot m eet t h ese r e co gnitio n a n d m easu re m en t s ta n dard s.

F in ancia l I n str u m en ts a nd C re d it R is k C oncen tr a tio ns - F in an cia l i n stru m en ts , w hic h p ote n tia lly s u bje ct t h e C om pan y t o c o ncen tra tio ns o f c re d it r is k , a re p rim arily c ash , i n vestm en ts , a n d a cco unts r e ceiv ab le . T he C om pan y’s i n vestm en ts a re p rim arily i n t a x -fre e m unic ip al b onds, a u ctio n-ra te s e cu ritie s, c o rp ora te b onds, o r U .S . T re asu ry s e cu ritie s w ith s h ort-te rm m atu ritie s. T he m ajo rity o f t h e C om pan y’s c ash a n d c ash e q uiv ale n ts a re h eld b y W ells F arg o B an k, N .A .

T his a m ount, a s w ell a s c ash a n d i n vestm en ts h eld b y c erta in o th er f in an cia l i n stitu tio ns, e x ceed s f e d era lly i n su re d l im its .

O f th e C om pan y’s $203,2 63 i n t o ta l c ash a n d i n vestm en ts a s o f Ja n uary 3 1, 2 015 , $7,3 68 w as c o m pris e d o f in vestm en ts in a u ctio n-ra te s e cu ritie s (“ A RS”).

A RS h av e a lo ng-te rm sta te d m atu rity , b ut a re re se t th ro ugh a “ d utc h a u ctio n” p ro cess th at o ccu rs e v ery 7 to 49 d ay s, d ep en din g o n th e te rm s o f th e i n div id ual s e cu rity . U ntil F eb ru ary 2 008, th e A RS m ark et w as h ig hly liq uid . D urin g F eb ru ary 2 008, h ow ev er, a s ig nific an t n um ber o f a u ctio ns re la te d to t h ese s e cu ritie s f a ile d , m ean in g t h at t h ere w as n ot e n ough d em an d t o s e ll t h e e n tire i s su e a t a u ctio n. T he f a ile d a u ctio ns h av e l im ite d t h e c u rre n t l iq uid ity o f c erta in o f th e C om pan y’s in vestm en ts in A RS. T he C om pan y d oes n ot, h ow ev er, a n tic ip ate th at fu rth er a u ctio n fa ilu re s w ill h av e a m ate ria l im pact o n th e C om pan y’s a b ility t o f u nd i ts b usin ess.

C oncen tra tio ns o f c re d it ris k w ith re sp ect to a cco unts re ceiv ab le a re lim ite d d ue to th e n atu re o f th e C om pan y’s re ceiv ab le s, w hic h in clu de p rim arily e m plo yee re ceiv ab le s th at c an b e o ffs e t a g ain st fu tu re c o m pen sa tio n. T he C om pan y’s fin an cia l in stru m en ts h av e a fa ir v alu e a p pro xim atin g th e c arry in g v alu e.

E arn in gs P er S hare - B asic e arn in gs p er s h are d ata a re b ase d o n t h e w eig hte d a v era g e o uts ta n din g c o m mon s h are s d urin g t h e p erio d. D ilu te d e arn in gs p er s h are d ata a re b ase d o n t h e w eig hte d a v era g e o uts ta n din g c o m mon s h are s a n d t h e e ffe ct o f a ll d ilu tiv e p ote n tia l c o m mon s h are s.

U se o f E stim ate s - T he p re p ara tio n o f c o nso lid ate d f in an cia l s ta te m en ts i n c o nfo rm ity w ith a cco untin g p rin cip le s g en era lly a ccep te d i n t h e U nite d S ta te s o f A m eric a re q uire s m an ag em en t to m ak e estim ate s an d assu m ptio ns th at affe ct th e re p orte d am ounts o f certa in asse ts an d lia b ilitie s, th e d is c lo su re o f c o ntin gen t a sse ts a n d l ia b ilitie s a t t h e d ate o f t h e f in an cia l s ta te m en ts , a n d t h e r e p orte d a m ounts o f r e v en ues a n d e x pen se s d urin g t h e r e p ortin g p erio d. A ctu al r e su lts c o uld d iffe r f ro m t h ese e stim ate s.

R ecen tly I ssu ed A cco untin g P ro nouncem en ts - In M ay 2 014, th e F in an cia l A cco untin g S ta n dard s B oard (" F A SB ") is su ed A cco untin g S ta n dard s U pdate ( " A SU ") 2 014-0 9, R ev en ue fro m C ontra cts w ith C usto m ers (T opic 6 06), w hic h s u pers e d es th e re v en ue re co gnitio n re q uire m en ts in A cco untin g S ta n dard s C odific atio n (" A SC ") 6 05, R ev en ue R eco gnitio n. T he n ew re v en ue re co gnitio n s ta n dard re q uire s e n titie s to re co gniz e re v en ue in a w ay th at d ep ic ts th e t ra n sfe r o f p ro m is e d g oods o r s e rv ic es t o c u sto m ers i n a n a m ount t h at r e fle cts t h e c o nsid era tio n t o w hic h t h e e n tity e x pects t o b e e n title d t o i n e x ch an ge f o r t h ose g oods o r se rv ic es. A SU 2 014-0 9 is e ffe ctiv e fo r in te rim a n d a n nual re p ortin g p erio ds b eg in nin g a fte r D ecem ber 1 5, 2 016 a n d is to b e a p plie d r e tro sp ectiv ely . T he C om pan y is c u rre n tly e v alu atin g th e e ffe ct th at a d optin g th is n ew a cco untin g g uid an ce w ill h av e o n its c o nso lid ate d re su lts o f o pera tio ns a n d f in an cia l p ositio n.

S upple m en ta l C ash F lo w I n fo rm atio n - T he C om pan y h ad n on-c ash i n vestin g a ctiv itie s d urin g f is c al y ears 2014 , 2013 , a n d 2012 o f $(1 ,4 82) , $(2 85) , a n d $ (1 74) , r e sp ectiv ely . T he n on-c ash i n vestin g a ctiv ity r e la te s t o t h e c h an ge i n t h e b ala n ce o f u npaid p urc h ase s o f p ro perty , p la n t, a n d e q uip m en t i n clu ded i n a cco unts p ay ab le a s o f th e e n d o f th e y ear. T he lia b ility fo r u npaid p urc h ase s o f p ro perty , p la n t, a n d e q uip m en t in clu ded in a cco unts p ay ab le w as $2,7 86 , $ 1,3 04 , a n d $1,0 19 a s o f Ja n uary 3 1, 2 015 , Feb ru ary 1 , 2 014 , a n d Feb ru ary 2 , 2 013 , r e sp ectiv ely . A m ounts r e p orte d a s u npaid p urc h ase s a re r e co rd ed a s c ash o utflo w s f ro m i n vestin g a ctiv itie s f o r p urc h ase s o f p ro perty , p la n t, a n d e q uip m en t i n t h e c o nso lid ate d s ta te m en t o f c ash f lo w s i n t h e p erio d t h ey a re p aid .

A dditio nal c ash f lo w i n fo rm atio n f o r t h e C om pan y i n clu des c ash p aid f o r i n co m e t a x es d urin g f is c al y ears 2014 , 2013 , a n d 2012 o f $100,5 51 , $102,2 59 , a n d $ 78,8 28 , r e sp ectiv ely .

37 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . B .

IN VEST M ENTS T he f o llo w in g i s a s u m mary o f i n vestm en ts a s o f Ja n uary 3 1, 2 015 :

Am ortiz ed Cost o r Par V alu e Gro ss Unrea liz ed Gain s Gro ss Unrea liz ed Losse s Oth er-th an- Tem pora ry Im pair m en t Estim ate d Fair Valu e A vaila b le -fo r-S ale S ecu ritie s:

Auctio n-ra te s e cu ritie s $ 8,0 50 $ — $ (6 82 ) $ — $ 7,3 68 H eld -to -M atu rity S ecu ritie s:

Sta te a n d m unic ip al b onds $ 47,9 26 $ 216 $ (4 ) $ — $ 48,1 38 T ra d in g S ecu ritie s:

Mutu al f u nds $ 13,3 16 $ 945 $ — $ — $ 14,2 61 T he f o llo w in g i s a s u m mary o f i n vestm en ts a s o f Feb ru ary 1 , 2 014 :

Am ortiz ed Cost o r Par V alu e Gro ss Unrea liz ed Gain s Gro ss Unrea liz ed Losse s Oth er-th an- Tem pora ry Im pair m en t Estim ate d Fair Valu e A vaila b le -fo r-S ale S ecu ritie s:

Auctio n-ra te s e cu ritie s $ 10,9 75 $ — $ (1 ,3 31 ) $ — $ 9,6 44 H eld -to -M atu rity S ecu ritie s:

Sta te a n d m unic ip al b onds $ 41,1 92 $ 210 $ (2 ) $ — $ 41,4 00 T ra d in g S ecu ritie s:

Mutu al f u nds $ 11,7 69 $ 1,0 28 $ — $ — $ 12,7 97 T he a u ctio n-ra te s e cu ritie s w ere i n veste d a s f o llo w s a s o f Ja n uary 3 1, 2 015 :

N atu re Underly in g C olla te ra l Par V alu e M unic ip al r e v en ue b onds 100% i n su re d b y A AA/A A/A -ra te d b ond i n su re rs $ 5,0 50 M unic ip al b ond f u nds Fix ed i n co m e i n stru m en ts w ith in i s su ers ' m oney m ark et f u nds 50 S tu den t l o an b onds Stu den t l o an s g uara n te ed b y s ta te e n titie s 2,9 50 T ota l p ar v alu e $ 8,0 50 A s o f Ja n uary 3 1, 2 015 , t h e C om pan y’s a u ctio n-ra te s e cu ritie s p ortfo lio w as 100% A A/A a-ra te d .

T he a m ortiz ed c o st a n d f a ir v alu e o f d eb t s e cu ritie s b y c o ntra ctu al m atu rity a s o f Ja n uary 3 1, 2 015 i s a s f o llo w s:

Am ortiz ed Cost Fair Valu e H eld -to -M atu rity S ecu ritie s L ess t h an 1 y ear $ 25,8 57 $ 25,8 85 1 - 5 y ears 22,0 69 22,2 53 T ota l $ 47,9 26 $ 48,1 38 38 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . A s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , $7,3 68 a n d $9,6 44 o f a v aila b le -fo r-s a le s e cu ritie s a n d $22,0 69 a n d $20,9 95 o f h eld -to -m atu rity s e cu ritie s a re c la ssifie d in lo ng-te rm in vestm en ts . T ra d in g se cu ritie s a re h eld in a R ab bi T ru st, in te n ded to fu nd th e C om pan y’s d efe rre d c o m pen sa tio n p la n , a n d a re c la ssifie d i n l o ng-te rm i n vestm en ts .

T he C om pan y’s i n vestm en ts i n a u ctio n-ra te s e cu ritie s ( “ A RS”) a re c la ssifie d a s a v aila b le -fo r-s a le a n d r e p orte d a t f a ir m ark et v alu e. A s o f Ja n uary 3 1, 2 015 , t h e re p orte d in vestm en t a m ount is n et o f $682 o f t e m pora ry i m pairm en t t o a cco unt f o r t h e i m pairm en t o f c erta in s e cu ritie s f ro m t h eir s ta te d p ar v alu e. T he $ 682 t e m pora ry i m pairm en t i s r e p orte d , n et o f t a x , a s a n “ accu m ula te d o th er c o m pre h en siv e l o ss” o f $429 i n s to ck hold ers ’ e q uity a s o f Ja n uary 3 1, 2 015 . F or t h e in vestm en ts c o nsid ere d te m pora rily im paire d , a ll o f w hic h h av e b een in lo ss p ositio ns fo r o ver a y ear, th e C om pan y b elie v es th at th ese A RS c an b e s u ccessfu lly r e d eem ed o r l iq uid ate d i n t h e f u tu re a t p ar v alu e p lu s a ccru ed i n te re st. T he C om pan y b elie v es i t h as t h e a b ility a n d m ain ta in s i ts i n te n t t o h old t h ese in vestm en ts u ntil su ch re co very o f m ark et v alu e o ccu rs ; th ere fo re , th e C om pan y b elie v es th e c u rre n t la ck o f liq uid ity h as c re ate d th e te m pora ry i m pairm en t i n v alu atio n a n d h as c la ssifie d t h e i n vestm en ts i n l o ng-te rm i n vestm en ts .

A s o f Ja n uary 3 1, 2 015 , th e C om pan y h ad $8,0 50 i n veste d i n A RS, a t p ar v alu e, w hic h w as r e p orte d a t i ts e stim ate d f a ir v alu e o f $7,3 68 . A s o f Feb ru ary 1 , 2 014 , th e C om pan y h ad $10,9 75 in veste d in A RS, w hic h w as re p orte d a t its e stim ate d fa ir v alu e o f $9,6 44 . A RS h av e a lo ng-te rm s ta te d m atu rity , b ut a re r e se t th ro ugh a “ d utc h a u ctio n” p ro cess th at o ccu rs e v ery 7 to 49 d ay s, d ep en din g o n th e te rm s o f th e in div id ual s e cu rity . U ntil F eb ru ary 2 008, th e A RS m ark et w as h ig hly liq uid . D urin g F eb ru ary 2 008, h ow ev er, a s ig nific an t n um ber o f a u ctio ns re la te d to th ese s e cu ritie s fa ile d , m ean in g th at th ere w as n ot e n ough d em an d t o s e ll t h e e n tire i s su e a t a u ctio n. T he f a ile d a u ctio ns h av e l im ite d t h e c u rre n t l iq uid ity o f c erta in o f t h e C om pan y’s i n vestm en ts i n A RS. T he C om pan y d oes n ot, h ow ev er, a n tic ip ate t h at f u rth er a u ctio n f a ilu re s w ill h av e a m ate ria l i m pact o n t h e C om pan y’s a b ility t o f u nd i ts b usin ess. D urin g f is c al y ears 2014 , 2013 , a n d 2012 , th e C om pan y w as a b le to s u ccessfu lly liq uid ate A RS a n d p re fe rre d s e cu ritie s w ith a p ar v alu e o f $2,9 25 , $4,1 00 , a n d $2,9 00 , r e sp ectiv ely . T he C om pan y re v ie w s a ll in vestm en ts fo r o th er-th an -te m pora ry im pairm en t (" O TTI" ) a t le ast q uarte rly o r a s in dic ato rs o f im pairm en t e x is t.

I n dic ato rs o f i m pairm en t i n clu de t h e d ura tio n a n d s e v erity o f d eclin e i n m ark et v alu e. I n a d ditio n, t h e C om pan y c o nsid ers q ualita tiv e f a cto rs i n clu din g, b ut n ot l im ite d t o , t h e f in an cia l c o nditio n o f t h e i n veste e, t h e c re d it r a tin g o f t h e i n veste e, a n d t h e c u rre n t a n d e x pecte d m ark et a n d i n dustry c o nditio ns i n w hic h t h e i n veste e o pera te s.

A s o f b oth Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , a ll o f t h e C om pan y’s i n vestm en ts i n A RS w ere c la ssifie d i n l o ng-te rm i n vestm en ts .

C .

FA IR V ALUE M EASU REM ENTS F air v alu e is th e p ric e th at w ould b e re ceiv ed to s e ll a n a sse t o r p aid to tra n sfe r a lia b ility in a n o rd erly tra n sa ctio n b etw een m ark et p artic ip an ts a t th e m easu re m en t d ate . F in an cia l a sse ts a n d l ia b ilitie s m easu re d a n d r e p orte d a t f a ir v alu e a re c la ssifie d a n d d is c lo se d i n o ne o f t h e f o llo w in g c ate g orie s:

• Lev el 1 – Q uote d m ark et p ric es in a ctiv e m ark ets fo r id en tic al a sse ts o r lia b ilitie s. S hort-te rm a n d lo ng-te rm in vestm en ts w ith a ctiv e m ark ets o r know n r e d em ptio n v alu es a re r e p orte d a t f a ir v alu e u tiliz in g L ev el 1 i n puts .

• Lev el 2 – O bse rv ab le m ark et-b ase d i n puts ( e ith er d ire ctly o r i n dire ctly ) s u ch a s q uote d p ric es f o r s im ila r a sse ts o r l ia b ilitie s, q uote d p ric es i n m ark ets th at a re n ot a ctiv e, o r o th er i n puts t h at a re o bse rv ab le o r i n puts t h at a re c o rro bora te d b y m ark et d ata .

• Lev el 3 – U nobse rv ab le i n puts t h at a re n ot c o rro bora te d b y m ark et d ata a n d a re p ro je ctio ns, e stim ate s, o r i n te rp re ta tio ns t h at a re s u pporte d b y l ittle or n o m ark et a ctiv ity a n d a re s ig nific an t to th e fa ir v alu e o f th e a sse ts . T he C om pan y h as c o nclu ded th at c erta in o f its A RS re p re se n t L ev el 3 valu atio n. A d is c o unte d c ash f lo w a n aly sis w as u se d t o v alu e t h ese i n vestm en ts . T he a ssu m ptio ns u se d i n p re p arin g t h e d is c o unte d c ash f lo w m odel in clu de e stim ate s fo r in te re st ra te s, tim in g a n d a m ount o f c ash flo w s, a n d e x pecte d h old in g p erio ds o f th e A RS. A s o f Ja n uary 3 1, 2 015 , th e unobse rv ab le i n puts u se d b y t h e C om pan y a n d i ts i n dep en den t t h ird -p arty v alu atio n c o nsu lta n t i n v alu in g i ts L ev el 3 i n vestm en ts i n A RS i n clu ded :

◦ Dura tio ns u ntil r e d em ptio n r a n gin g f ro m 6.4 t o 10.5 y ears , w ith a w eig hte d a v era g e o f 8.8 y ears .

◦ Dis c o unt r a te s r a n gin g f ro m 3.0 0% t o 3.7 0% , w ith a w eig hte d a v era g e o f 3.2 6% .

39 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . A s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , t h e C om pan y h eld c erta in a sse ts t h at a re r e q uire d t o b e m easu re d a t f a ir v alu e o n a r e cu rrin g b asis i n clu din g a v aila b le -fo r-s a le a n d tra d in g s e cu ritie s. T he C om pan y’s a v aila b le -fo r-s a le s e cu ritie s in clu de its in vestm en ts in A RS, a s fu rth er d esc rib ed in N ote B . T he f a ile d a u ctio ns, b eg in nin g i n F eb ru ary 2 008, r e la te d t o c erta in o f t h e C om pan y’s i n vestm en ts i n A RS h av e l im ite d t h e a v aila b ility o f q uote d m ark et p ric es.

T he C om pan y h as d ete rm in ed t h e f a ir v alu e o f i ts A RS u sin g L ev el 1 i n puts f o r k now n o r a n tic ip ate d s u bse q uen t r e d em ptio ns a t p ar v alu e, L ev el 2 i n puts u sin g o bse rv ab le i n puts , a n d L ev el 3 u sin g u nobse rv ab le i n puts w here t h e f o llo w in g c rite ria w ere c o nsid ere d i n e stim atin g f a ir v alu e:

• Pric in g w as p ro vid ed b y t h e c u sto dia n o r t h ird -p arty b ro ker f o r A RS; • Sale s o f s im ila r s e cu ritie s; • Quote d p ric es f o r s im ila r s e cu ritie s i n a ctiv e m ark ets ; • Quote d p ric es fo r s im ila r a sse ts in m ark ets th at a re n ot a ctiv e - in clu din g m ark ets w here th ere a re fe w tra n sa ctio ns fo r th e a sse t, th e p ric es a re n ot cu rre n t, o r p ric e q uota tio ns v ary s u bsta n tia lly e ith er o ver t im e o r a m ong m ark et m ak ers , o r i n w hic h l ittle i n fo rm atio n i s r e le ase d p ublic ly ; • Pric in g w as p ro vid ed b y a t h ird -p arty v alu atio n c o nsu lta n t ( u sin g L ev el 3 i n puts ).

I n a d ditio n, t h e C om pan y c o nsid ers o th er f a cto rs i n clu din g, b ut n ot l im ite d t o , t h e f in an cia l c o nditio n o f t h e i n veste e, t h e c re d it r a tin g, i n su ra n ce, g uara n te es, c o lla te ra l, c ash flo w s, a n d th e c u rre n t a n d e x pecte d m ark et a n d in dustry c o nditio ns in w hic h th e in veste e o pera te s. M an ag em en t b elie v es it h as u se d i n fo rm atio n t h at w as r e aso nab ly o bta in ab le i n o rd er t o c o m ple te i ts v alu atio n p ro cess a n d d ete rm in e i f t h e C om pan y’s i n vestm en ts i n A RS h ad i n cu rre d a n y t e m pora ry a n d/o r o th er-th an -te m pora ry i m pairm en t a s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 .

F utu re f lu ctu atio ns i n f a ir v alu e o f A RS t h at t h e C om pan y j u dges t o b e t e m pora ry , i n clu din g a n y r e co verie s o f p re v io us w rite -d ow ns, w ould b e r e co rd ed a s a n a d ju stm en t to “ accu m ula te d o th er c o m pre h en siv e lo ss.” T he v alu e a n d liq uid ity o f A RS h eld b y th e C om pan y m ay b e a ffe cte d b y c o ntin ued a u ctio n-ra te f a ilu re s, th e c re d it q uality o f e ach se cu rity , th e a m ount a n d tim in g o f in te re st p ay m en ts , th e a m ount a n d tim in g o f fu tu re p rin cip al p ay m en ts , a n d th e p ro bab ility o f fu ll re p ay m en t o f th e p rin cip al. A dditio nal in dic ato rs o f im pairm en t in clu de th e d ura tio n a n d s e v erity o f th e d eclin e in m ark et v alu e. T he i n te re st r a te s o n t h ese i n vestm en ts w ill b e d ete rm in ed b y t h e t e rm s o f e ach i n div id ual A RS. T he m ate ria l r is k s a sso cia te d w ith t h e A RS h eld b y t h e C om pan y i n clu de t h ose s ta te d a b ove a s w ell a s t h e c u rre n t e co nom ic e n viro nm en t, d ow ngra d in g o f c re d it r a tin gs o n i n vestm en ts h eld , a n d t h e v ola tility o f t h e e n titie s b ack in g e ach o f t h e i s su es.

T he C om pan y’s f in an cia l a sse ts m easu re d a t f a ir v alu e o n a r e cu rrin g b asis a re a s f o llo w s:

Fair V alu e M ea su rem en ts a t R ep ortin g D ate U sin g Quote d P ric es i n Activ e M ark ets fo r I d en tic a l Asse ts Sig nific a nt Obse rv able In puts Sig nific a nt Unobse rv able In puts J anuary 3 1, 2 015 (L ev el 1 ) (L ev el 2 ) (L ev el 3 ) Tota l A vaila b le -fo r-s a le s e cu ritie s:

Auctio n-ra te s e cu ritie s $ — $ 182 $ 7,1 86 $ 7,3 68 T ra d in g s e cu ritie s ( in clu din g m utu al f u nds) 14,2 61 — — 14,2 61 T ota l $ 14,2 61 $ 182 $ 7,1 86 $ 21,6 29 Fair V alu e M ea su rem en ts a t R ep ortin g D ate U sin g Quote d P ric es i n Activ e M ark ets fo r I d en tic a l Asse ts Sig nific a nt Obse rv able In puts Sig nific a nt Unobse rv able In puts F eb ru ary 1 , 2 014 (L ev el 1 ) (L ev el 2 ) (L ev el 3 ) Tota l A vaila b le -fo r-s a le s e cu ritie s:

Auctio n-ra te s e cu ritie s $ — $ 177 $ 9,4 67 $ 9,6 44 T ra d in g s e cu ritie s ( in clu din g m utu al f u nds) 12,7 97 — — 12,7 97 T ota l $ 12,7 97 $ 177 $ 9,4 67 $ 22,4 41 40 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . S ecu ritie s in clu ded in L ev el 1 re p re se n t s e cu ritie s w hic h h av e a k now n o r a n tic ip ate d u pco m in g re d em ptio n a s o f th e re p ortin g d ate a n d th ose th at h av e p ublic ly t ra d ed q uote d p ric es. A RS i n clu ded i n L ev el 2 r e p re se n t s e cu ritie s w hic h h av e n ot e x perie n ced a s u ccessfu l a u ctio n s u bse q uen t t o t h e e n d o f f is c al 2 007. T he fa ir m ark et v alu e fo r th ese s e cu ritie s w as d ete rm in ed b y a p ply in g a d is c o unt to p ar v alu e b ase d o n a u ctio n p ric es fo r s im ila r s e cu ritie s a n d b y u tiliz in g a d is c o unte d c ash flo w m odel, u sin g m ark et-b ase d in puts , to d ete rm in e fa ir v alu e. T he C om pan y u se d a d is c o unte d c ash flo w m odel to v alu e its L ev el 3 in vestm en ts , u sin g e stim ate s re g ard in g re co very p erio ds, y ie ld , a n d liq uid ity . T he a ssu m ptio ns u se d a re su bje ctiv e b ase d u pon m an ag em en t’s j u dgm en t a n d v ie w s o n c u rre n t m ark et c o nditio ns, a n d r e su lte d i n $664 o f t h e C om pan y’s r e co rd ed t e m pora ry i m pairm en t a s o f Ja n uary 3 1, 2 015 . T he u se o f d iffe re n t a ssu m ptio ns w ould r e su lt i n a d iffe re n t v alu atio n a n d r e la te d t e m pora ry i m pairm en t c h arg e.

C han ges i n t h e f a ir v alu e o f t h e C om pan y’s f in an cia l a sse ts m easu re d a t f a ir v alu e o n a r e cu rrin g b asis a re a s f o llo w s:

Fifty -tw o W eek s E nded J anuary 3 1, 2 015 Fair V alu e M ea su rem en ts U sin g S ig nific a nt U nobse rv able I n puts ( L ev el 3 ) Availa ble -fo r-S ale Secu ritie s Tra din g S ecu ritie s Auctio n-r a te Secu ritie s Mutu al Funds Tota l B ala n ce, b eg in nin g o f y ear $ 9,4 67 $ — $ 9,4 67 Tota l g ain s a n d l o sse s:

In clu ded i n o th er c o m pre h en siv e i n co m e 644 — 644 Purc h ase s, I s su an ces, S ale s, a n d S ettle m en ts :

Sale s (2 ,9 25 ) — (2 ,9 25 ) B ala n ce, e n d o f y ear $ 7,1 86 $ — $ 7,1 86 Fifty -tw o W eek s E nded F eb ru ary 1 , 2 014 Fair V alu e M ea su rem en ts U sin g S ig nific a nt U nobse rv able I n puts ( L ev el 3 ) Availa ble -fo r-S ale Secu ritie s Tra din g S ecu ritie s Auctio n-r a te Secu ritie s Mutu al Funds Tota l B ala n ce, b eg in nin g o f y ear $ 10,6 90 $ — $ 10,6 90 Tota l g ain s a n d l o sse s:

In clu ded i n o th er c o m pre h en siv e i n co m e 152 — 152 Purc h ase s, I s su an ces, S ale s, a n d S ettle m en ts :

Sale s (1 ,3 75 ) — (1 ,3 75 ) B ala n ce, e n d o f y ear $ 9,4 67 $ — $ 9,4 67 T here w ere n o t ra n sfe rs o f s e cu ritie s b etw een L ev els 1 , 2 , o r 3 d urin g t h e fis c al y ears e n ded Ja n uary 3 1, 2 015 o r Feb ru ary 1 , 2 014 . T he C om pan y’s p olic y i s t o r e co gniz e t ra n sfe rs i n a n d t ra n sfe rs o ut a s o f t h e b eg in nin g o f t h e r e p ortin g p erio d i n w hic h t h e t ra n sfe r o ccu rre d .

T he c arry in g v alu e o f c ash e q uiv ale n ts a p pro xim ate s f a ir v alu e d ue t o t h e l o w l e v el o f r is k t h ese a sse ts p re se n t a n d t h eir r e la tiv ely l iq uid n atu re , p artic u la rly g iv en th eir s h ort m atu ritie s. T he C om pan y a ls o h old s c erta in fin an cia l in stru m en ts th at a re n ot c arrie d a t fa ir v alu e o n th e c o nso lid ate d b ala n ce s h eets , i n clu din g h eld -to -m atu rity s e cu ritie s. H eld -to -m atu rity s e cu ritie s c o nsis t p rim arily o f s ta te a n d m unic ip al b onds. T he f a ir v alu es o f t h ese d eb t s e cu ritie s a re b ase d o n q uote d m ark et p ric es a n d y ie ld s f o r t h e s a m e o r s im ila r s e cu ritie s, w hic h t h e C om pan y d ete rm in ed t o b e L ev el 2 i n puts . A s o f Ja n uary 3 1, 2 015 , th e f a ir v alu e o f h eld -to -m atu rity s e cu ritie s w as $48,1 38 c o m pare d t o t h e c arry in g a m ount o f $47,9 26 . A s o f Feb ru ary 1 , 2 014 , t h e f a ir v alu e o f h eld -to -m atu rity s e cu ritie s w as $41,4 00 c o m pare d t o t h e c arry in g a m ount o f $41,1 92 .

41 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . T he c arry in g v alu es o f re ceiv ab le s, a cco unts p ay ab le , a ccru ed e x pen se s a n d o th er c u rre n t lia b ilitie s a p pro xim ate s fa ir v alu e b ecau se o f th eir sh ort-te rm n atu re . F ro m tim e to tim e, th e C om pan y m easu re s certa in asse ts at fa ir v alu e o n a n on-re cu rrin g b asis , sp ecific ally lo ng-liv ed asse ts ev alu ate d fo r i m pairm en t. T hese a re ty pic ally sto re sp ecific a sse ts , w hic h a re re v ie w ed fo r im pairm en t w hen c irc u m sta n ces in dic ate im pairm en t m ay e x is t d ue to th e q uestio nab le re co vera b ility o f th e c arry in g v alu es o f lo ng-liv ed a sse ts . If e x pecte d fu tu re c ash flo w s re la te d to a s to re ’s a sse ts a re le ss th an th eir c arry in g v alu e, a n i m pairm en t l o ss w ould b e r e co gniz ed f o r t h e d iffe re n ce b etw een t h e c arry in g v alu e a n d t h e e stim ate d f a ir v alu e o f t h e s to re 's a sse ts . T he f a ir v alu e o f t h e s to re 's a sse ts i s e stim ate d u tiliz in g a n i n co m e-b ase d a p pro ach b ase d o n t h e e x pecte d c ash f lo w s o ver t h e r e m ain in g l ife o f t h e s to re 's l e ase . T he a m ount o f i m pairm en t r e la te d t o l o ng-liv ed a sse ts w as i m mate ria l a s o f b oth Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , r e sp ectiv ely .

D .

PR O PE RTY A ND E Q UIP M ENT January 3 1, 2015 Feb ru ary 1 , 2014 L an d $ 2,1 65 $ 2,1 65 B uild in g a n d i m pro vem en ts 28,0 33 28,0 06 O ffic e e q uip m en t 10,0 80 9,3 57 T ra n sp orta tio n e q uip m en t 20,7 90 20,7 82 L ease h old i m pro vem en ts 154,4 41 146,6 55 F urn itu re a n d f ix tu re s 167,5 75 157,7 71 S hip pin g/re ceiv in g e q uip m en t 27,1 72 26,3 92 S cre en prin tin g e q uip m en t 111 111 C onstru ctio n-in -p ro gre ss 17,5 48 2,4 17 T ota l $ 427,9 15 $ 393,6 56 E .

FIN ANCIN G A RRANG EM ENTS T he C om pan y h as a v aila b le a n u nse cu re d l in e o f c re d it o f $25,0 00 w ith W ells F arg o B an k, N .A . f o r o pera tin g n eed s a n d l e tte rs o f c re d it. T he l in e o f c re d it p ro vid es th at o uts ta n din g le tte rs o f c re d it c an not e x ceed $20,0 00 .

Borro w in gs u nder th e lin e o f c re d it p ro vid e fo r in te re st to b e p aid a t a ra te b ase d o n L IB OR.

T he C om pan y h as, f ro m t im e t o t im e, b orro w ed a g ain st t h ese l in es d urin g p erio ds o f p eak i n ven to ry b uild -u p. T here w ere n o b an k b orro w in gs a s o f J a n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 . T here w ere n o b an k b orro w in gs d urin g f is c al 2014 , 2013 , a n d 2012 . T he C om pan y h ad o uts ta n din g l e tte rs o f c re d it t o ta lin g $2,0 26 a n d $3,2 26 a s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , r e sp ectiv ely . T he l in e o f c re d it a g re em en t w as a m en ded e ffe ctiv e Feb ru ary 1 6, 2 015 , s u bse q uen t t o t h e e n d o f t h e f is c al y ear. T he a m en ded a g re em en t e x te n ded t h e e x pira tio n d ate o f t h e n ote f ro m Ju ly 3 1, 2 015 to Ju ly 3 1, 2 017 a n d re d uced t h e a m ount a v aila b le f o r l e tte rs o f c re d it f ro m $20,0 00 t o $10,0 00 .

42 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . F .

IN CO M E T AXES T he p ro vis io n f o r i n co m e t a x es c o nsis ts o f:

Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 C urre n t i n co m e t a x e x pen se :

F ed era l $ 87,6 79 $ 89,1 98 $ 88,2 65 S ta te 11,1 28 10,7 60 11,0 68 D efe rre d i n co m e t a x e x pen se ( b en efit) (1 ,6 75 ) (2 ,0 86 ) (1 ,9 39 ) T ota l $ 97,1 32 $ 97,8 72 $ 97,3 94 T ota l i n co m e t a x e x pen se f o r t h e y ear v arie s f ro m t h e a m ount w hic h w ould b e p ro vid ed b y a p ply in g t h e s ta tu to ry i n co m e t a x r a te t o e arn in gs b efo re i n co m e t a x es. T he p rim ary r e aso ns f o r t h is d iffe re n ce ( e x pre sse d a s a p erc en t o f p re -ta x i n co m e) a re a s f o llo w s:

Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 S ta tu to ry r a te 35.0 % 35.0 % 35.0 % S ta te i n co m e t a x e ffe ct 2.8 2.7 2.8 T ax e x em pt i n te re st i n co m e (0 .1 ) (0 .1 ) (0 .1 ) O th er (0 .3 ) — (0 .5 ) E ffe ctiv e t a x r a te 37.4 % 37.6 % 37.2 % D efe rre d i n co m e t a x a sse ts a n d l ia b ilitie s a re c o m pris e d o f t h e f o llo w in g:

January 3 1, 2015 Feb ru ary 1 , 2014 D efe rre d i n co m e t a x a sse ts ( lia b ilitie s):

I n ven to ry $ 5,3 45 $ 5,0 20 S to ck -b ase d c o m pen sa tio n 3,9 85 4,0 12 A ccru ed c o m pen sa tio n 5,4 09 4,9 03 A ccru ed s to re o pera tin g c o sts 1,1 76 655 R ealiz ed a n d u nre aliz ed l o ss o n s e cu ritie s 662 1,2 64 G ift c ertific ate s r e d eem ab le 1,5 92 1,3 11 A llo w an ce f o r d oubtfu l a cco unts 3 4 D efe rre d r e n t l ia b ility 15,0 09 13,8 99 P ro perty a n d e q uip m en t (3 2,4 96 ) (3 1,4 11 ) L ess: V alu atio n a llo w an ce (5 18 ) (9 25 ) N et d efe rre d i n co m e t a x a sse t ( lia b ility ) $ 167 $ (1 ,2 68 ) A s o f Ja n uary 3 1, 2 015 an d Feb ru ary 1 , 2 014 , re sp ectiv ely , th e n et c u rre n t d efe rre d in co m e ta x a sse ts o f $10,7 84 an d $9,3 53 a re c la ssifie d in “ p re p aid e x pen se s a n d o th er a sse ts .” A s o f Ja n uary 3 1, 2 015 a n d Feb ru ary 1 , 2 014 , re sp ectiv ely , th e n et n on-c u rre n t d efe rre d in co m e ta x lia b ilitie s o f $10,6 17 a n d $ 10,6 21 a re c la ssifie d in “ o th er lia b ilitie s.” T here a re n o u nre co gniz ed ta x b en efits re co rd ed in th e C om pan y’s c o nso lid ate d fin an cia l sta te m en ts a s o f J a n uary 3 1, 2 015 o r Feb ru ary 1 , 2 014 . T he C om pan y h as n o o pen e x am in atio ns w ith th e In te rn al R ev en ue S erv ic e a n d fis c al y ears 2011 , 2 012, 2 013 a n d 2 014 r e m ain s u bje ct t o e x am in atio n b y t h e I n te rn al R ev en ue S erv ic e a s w ell a s s ta te t a x in g a u th oritie s.

43 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . V alu atio n a llo w an ces a re r e co rd ed t o r e d uce t h e v alu e o f d efe rre d t a x a sse ts t o t h e a m ount t h at i s m ore l ik ely t h an n ot t o b e r e aliz ed . A s o f Ja n uary 3 1, 2 015 , t h e C om pan y h ad $760 in d efe rre d ta x a sse ts fo r c ap ita l lo ss c arry fo rw ard s, w hic h e x pire in p erio ds fro m fis c al 2 015 th ro ugh fis c al 2 019, a n d a re la te d v alu atio n a llo w an ce o f $(5 18) . A s o f Feb ru ary 1 , 2 014 , t h e C om pan y h ad a d efe rre d t a x a sse t o f $1,1 52 f o r c ap ita l l o ss c arry fo rw ard s a n d a r e la te d v alu atio n a llo w an ce o f $(9 25) .

G .

RELATED P A RTY T RANSA CTIO NS I n clu ded i n o th er a sse ts i s a n ote r e ceiv ab le o f $1,1 85 a s o f Ja n uary 3 1, 2 015 a n d $1,1 55 a s o f Feb ru ary 1 , 2 014 , r e sp ectiv ely , f ro m a l ife i n su ra n ce t ru st f u nd c o ntro lle d b y t h e C om pan y’s C hairm an . T he n ote w as c re ate d o ver th re e y ears , b eg in nin g i n J u ly 1 994, w hen t h e C om pan y p aid l ife i n su ra n ce p re m iu m s o f $ 200 e ach y ear fo r th e C hairm an o n a p ers o nal p olic y. T he n ote a ccru es in te re st a t 5% o f th e p rin cip al b ala n ce p er y ear a n d is to b e p aid fro m th e life i n su ra n ce p ro ceed s. T he n ote i s s e cu re d b y a l ife i n su ra n ce p olic y o n t h e C hairm an .

H .

CO M MIT M ENTS L ea se s - T he C om pan y c o nducts i ts o pera tio ns i n l e ase d f a cilitie s u nder n um ero us n on-c an cela b le o pera tin g l e ase s e x pirin g a t v ario us d ate s t h ro ugh f is c al 2 025. M ost o f th e C om pan y’s s to re s h av e le ase te rm s o f a p pro xim ate ly te n y ears a n d g en era lly d o n ot c o nta in re n ew al o ptio ns. M ost le ase a g re em en ts c o nta in te n an t im pro vem en t allo w an ces, re n t h olid ay s, re n t esc ala tio n cla u se s, an d/o r co ntin gen t re n t p ro vis io ns. F or p urp ose s o f re co gniz in g le ase i n cen tiv es a n d m in im um re n ta l e x pen se s o n a s tra ig ht-lin e b asis o ver th e te rm s o f th e le ase s, th e C om pan y u se s th e d ate o f in itia l p osse ssio n to b eg in a m ortiz atio n, w hic h is g en era lly w hen th e C om pan y en te rs th e sp ace an d b eg in s to m ak e im pro vem en ts in p re p ara tio n o f in te n ded u se . F or te n an t i m pro vem en t a llo w an ces a n d r e n t h olid ay s, t h e C om pan y r e co rd s a d efe rre d r e n t l ia b ility o n t h e c o nso lid ate d b ala n ce s h eets a n d a m ortiz es t h e d efe rre d r e n t o ver th e te rm s o f th e le ase s a s re d uctio ns to re n t e x pen se o n th e c o nso lid ate d s ta te m en ts o f in co m e. F or s c h ed ule d re n t e sc ala tio n c la u se s d urin g th e le ase t e rm s o r f o r r e n ta l p ay m en ts c o m men cin g a t a d ate o th er t h an t h e d ate o f i n itia l o ccu pan cy, t h e C om pan y r e co rd s m in im um r e n ta l e x pen se s o n a s tra ig ht-lin e b asis o ver t h e t e rm s o f t h e l e ase s o n t h e c o nso lid ate d s ta te m en ts o f i n co m e. C erta in l e ase s p ro vid e f o r c o ntin gen t r e n ts , w hic h a re d ete rm in ed a s a p erc en ta g e o f g ro ss s a le s i n e x cess o f s p ecifie d l e v els . T he C om pan y r e co rd s a c o ntin gen t r e n t l ia b ility o n t h e c o nso lid ate d b ala n ce s h eets a n d t h e c o rre sp ondin g r e n t e x pen se w hen s p ecifie d l e v els h av e b een a ch ie v ed o r a re r e aso nab ly p ro bab le t o b e a ch ie v ed . O pera tin g l e ase b ase r e n ta l e x pen se f o r f is c al 2014 , 2013 , a n d 2 012 w as $65,7 12 , $61,6 40 , an d $58,6 83 , re sp ectiv ely . M ost o f th e re n ta l p ay m en ts a re b ase d o n a m in im um a n nual re n ta l p lu s a p erc en ta g e o f s a le s in e x cess o f a s p ecifie d a m ount. P erc en ta g e r e n ts f o r f is c al 2014 , 2013 , a n d 2012 w ere $4,4 34 , $5,0 80 , a n d $5,1 63 , r e sp ectiv ely .

T ota l f u tu re m in im um r e n ta l c o m mitm en ts u nder t h ese o pera tin g l e ase s w ith r e m ain in g l e ase t e rm s i n e x cess o f o ne y ear a s o f Ja n uary 3 1, 2 015 a re a s f o llo w s:

Min im um R en ta l F is c a l Y ea r Com mitm en ts 2 015 $ 66,1 47 2 016 61,3 88 2 017 56,0 20 2 018 48,8 42 2 019 41,3 55 T here afte r 92,5 40 T ota l m in im um r e n ta l c o m mitm en ts $ 366,2 92 L itig atio n - F ro m t im e t o t im e, t h e C om pan y i s i n volv ed i n l itig atio n r e la tin g t o c la im s a ris in g o ut o f i ts o pera tio ns i n t h e n orm al c o urs e o f b usin ess. A s o f t h e d ate o f th ese c o nso lid ate d fin an cia l sta te m en ts , th e C om pan y w as n ot e n gag ed in a n y le g al p ro ceed in gs th at a re e x pecte d , in div id ually o r in th e a g gre g ate , t o h av e a m ate ria l e ffe ct o n t h e C om pan y.

44 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I .

EM PL O YEE B ENEFIT S T he C om pan y h as a 4 01(k ) p ro fit s h arin g p la n c o verin g a ll e lig ib le e m plo yees w ho e le ct t o p artic ip ate . C ontrib utio ns t o t h e p la n a re b ase d u pon t h e a m ount o f t h e e m plo yees’ d efe rra ls a n d t h e e m plo yer’s d is c re tio nary m atc h in g f o rm ula . T he C om pan y m ay c o ntrib ute t o t h e p la n a t i ts d is c re tio n.

T he t o ta l e x pen se u nder t h e p ro fit s h arin g p la n w as $1,3 38 , $1,1 66 , a n d $1,0 59 f o r f is c al y ears 2014 , 2013 , a n d 2012 , r e sp ectiv ely .

T he B uck le , In c. D efe rre d C om pen sa tio n P la n c o vers th e C om pan y’s e x ecu tiv e o ffic ers . T he p la n is fu nded b y p artic ip an t c o ntrib utio ns a n d a s p ecifie d a n nual C om pan y m atc h in g c o ntrib utio n n ot t o e x ceed 6% o f t h e p artic ip an t’s c o m pen sa tio n. T he C om pan y’s c o ntrib utio ns w ere $217 , $326 , a n d $429 fo r f is c al y ears 2014 , 2013 , a n d 2012 , r e sp ectiv ely .

J .

ST O CK -B ASE D C O M PE NSA TIO N T he C om pan y h as s e v era l s to ck o ptio n p la n s w hic h a llo w f o r g ra n tin g o f s to ck o ptio ns t o e m plo yees, e x ecu tiv es, a n d d ire cto rs . T he o ptio ns a re i n t h e f o rm o f n on-q ualifie d s to ck o ptio ns a n d a re g ra n te d w ith a n e x erc is e p ric e e q ual to th e m ark et v alu e o f th e C om pan y’s c o m mon s to ck o n th e d ate o f g ra n t. T he o ptio ns g en era lly e x pire te n y ears f ro m t h e d ate o f g ra n t. T he C om pan y a ls o h as a r e stric te d s to ck p la n t h at a llo w s f o r t h e g ra n tin g o f n on-v este d s h are s o f c o m mon s to ck t o e m plo yees a n d e x ecu tiv es a n d a r e stric te d s to ck p la n t h at a llo w s f o r t h e g ra n tin g o f n on-v este d s h are s o f c o m mon s to ck t o n on-e m plo yee d ire cto rs .

A s o f Ja n uary 3 1, 2 015 , 635,3 15 s h are s w ere a v aila b le fo r g ra n t u nder th e v ario us s to ck o ptio n p la n s, o f w hic h 447,4 57 s h are s w ere a v aila b le fo r g ra n t to e x ecu tiv e o ffic ers . A ls o a s o f Ja n uary 3 1, 2 015 , 1,1 13,1 66 s h are s w ere a v aila b le fo r g ra n t u nder th e C om pan y’s v ario us re stric te d s to ck p la n s, o f w hic h 1 ,1 01,5 42 s h are s w ere a v aila b le f o r g ra n t t o e x ecu tiv e o ffic ers .

C om pen sa tio n e x pen se w as r e co gniz ed d urin g f is c al 2014 , 2013 , a n d 2012 f o r e q uity -b ase d g ra n ts , b ase d o n t h e g ra n t d ate f a ir v alu e o f t h e a w ard s. T he f a ir v alu e o f g ra n ts o f n on-v este d c o m mon s to ck a w ard s i s t h e s to ck p ric e o n t h e d ate o f g ra n t.

I n fo rm atio n r e g ard in g t h e i m pact o f c o m pen sa tio n e x pen se r e la te d t o g ra n ts o f n on-v este d s h are s o f c o m mon s to ck i s a s f o llo w s:

Fis c a l Y ea rs E nded January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 S to ck -b ase d c o m pen sa tio n e x pen se , b efo re t a x $ 6,0 13 $ 5,0 66 $ 8,3 88 S to ck -b ase d c o m pen sa tio n e x pen se , a fte r t a x $ 3,7 88 $ 3,1 92 $ 5,2 84 F A SB A SC 7 18 re q uire s th e b en efits o f ta x d ed uctio ns in e x cess o f th e c o m pen sa tio n c o st re co gniz ed fo r s to ck o ptio ns e x erc is e d d urin g th e p erio d to b e c la ssifie d a s f in an cin g c ash i n flo w s. T his a m ount i s s h ow n a s “ ex cess t a x b en efit f ro m s to ck o ptio n e x erc is e s” o n t h e c o nso lid ate d s ta te m en ts o f c ash f lo w s.

F or f is c al 2014 , 2013 , a n d 2012 , t h e e x cess t a x b en efit r e aliz ed f ro m e x erc is e d s to ck o ptio ns w as $225 , $399 , a n d $5,6 09 , r e sp ectiv ely .

T he C om pan y p aid a s p ecia l c ash d iv id en d i n e ach o f t h e p ast t h re e f is c al y ears . O n Novem ber 5 , 2 012 , t h e B oard o f D ire cto rs a u th oriz ed a $4.5 0 p er s h are s p ecia l c ash d iv id en d to b e p aid o n Decem ber 2 1, 2 012 to s h are h old ers o f re co rd a t th e c lo se o f b usin ess o n Decem ber 7 , 2 012 . O n Decem ber 9 , 2 013 , th e B oard o f D ire cto rs a u th oriz ed a $1.2 0 p er s h are s p ecia l c ash d iv id en d to b e p aid o n Ja n uary 2 7, 2 014 to s h are h old ers o f re co rd a t th e c lo se o f b usin ess o n J a n uary 1 5, 2 014 . O n Decem ber 8 , 2 014 , th e B oard o f D ire cto rs a u th oriz ed a $2.7 7 p er sh are sp ecia l c ash d iv id en d to b e p aid o n Ja n uary 2 7, 2 015 to s h are h old ers o f r e co rd a t t h e c lo se o f b usin ess o n Ja n uary 1 5, 2 015 . T o p re se rv e t h e i n trin sic v alu e f o r o ptio n h old ers f o r t h e s p ecia l c ash d iv id en ds p aid i n f is c al 2 013 a n d 2 012, th e B oard a ls o a p pro ved , p urs u an t to th e te rm s o f th e C om pan y’s v ario us s to ck o ptio n p la n s, a p ro portio nal a d ju stm en t to b oth th e e x erc is e p ric e a n d th e n um ber o f sh are s c o vere d b y e ach a w ard fo r a ll o uts ta n din g sto ck o ptio ns. T his a d ju stm en t d id n ot re su lt in a n y in cre m en ta l c o m pen sa tio n e x pen se . N o su ch a d ju stm en t w as m ad e fo r th e sp ecia l c ash d iv id en d p aid in fis c al 2 014 a s th ere w ere n o u nex erc is e d sto ck o ptio ns o uts ta n din g.

45 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . A s u m mary o f t h e C om pan y’s s to ck -b ase d c o m pen sa tio n a ctiv ity r e la te d t o s to ck o ptio ns f o r t h e f is c al y ear e n ded Ja n uary 3 1, 2 015 i s a s f o llo w s:

Shares Weig hte d Avera ge Exercis e Pric e Weig hte d Avera ge Rem ain in g Contr a ctu al Life Aggreg ate In tr in sic Valu e O uts ta n din g - b eg in nin g o f y ear 17,0 91 $ 4.1 2 G ra n te d — — E xpire d /fo rfe ite d — — E xerc is e d (1 7,0 91 ) 4.1 2 O uts ta n din g - e n d o f y ear — $ — 0.0 0 years $ — E xerc is a b le - e n d o f y ear — $ — 0.0 0 years $ — N o s to ck o ptio ns w ere g ra n te d d urin g fis c al 2014 , 2013 , a n d 2012 . T he to ta l in trin sic v alu e o f o ptio ns e x erc is e d d urin g fis c al 2014 , 2013 , an d 2012 w as $ 733 , $1,2 44 , a n d $17,3 86 , r e sp ectiv ely . A s o f Ja n uary 3 1, 2 015 , t h ere w as no u nre co gniz ed c o m pen sa tio n e x pen se a s a ll s to ck o ptio ns h ad v este d a n d b een e x erc is e d .

N on-v este d s h are s o f c o m mon s to ck g ra n te d d urin g e ach o f t h e p ast t h re e f is c al y ears w ere g ra n te d p urs u an t t o t h e C om pan y’s 2 005 R estric te d S to ck P la n a n d th e C om pan y’s 2 008 D ire cto r R estric te d S to ck P la n . S hare s g ra n te d u nder th e 2 005 P la n ty pic ally v est o ver a p erio d o f fo ur y ears , o nly u pon c ertific atio n b y t h e C om pen sa tio n C om mitte e o f t h e B oard o f D ire cto rs t h at t h e C om pan y h as a ch ie v ed i ts p re -e sta b lis h ed p erfo rm an ce t a rg ets f o r t h e f is c al y ear. S hare s g ra n te d u nder t h e 2 008 D ire cto r P la n v est 25% o n t h e d ate o f g ra n t a n d t h en i n e q ual p ortio ns o n e ach o f t h e f irs t t h re e a n niv ers a rie s o f t h e d ate o f g ra n t.

A s u m mary o f t h e C om pan y’s s to ck -b ase d c o m pen sa tio n a ctiv ity r e la te d t o g ra n ts o f n on-v este d s h are s o f c o m mon s to ck f o r t h e f is c al y ear e n ded Ja n uary 3 1, 2 015 i s a s f o llo w s:

Shares Weig hte d A vera ge Gra nt D ate Fair V alu e N on-V este d - b eg in nin g o f y ear 463,7 99 $ 44.1 9 G ra n te d 266,6 00 44.3 2 F orfe ite d (2 40,4 70 ) 47.0 2 V este d (1 49,2 92 ) 39.8 9 N on-V este d - e n d o f y ear 340,6 37 $ 44.1 7 A s o f Ja n uary 3 1, 2 015 , t h ere w as $3,7 39 o f u nre co gniz ed c o m pen sa tio n e x pen se r e la te d t o g ra n ts o f n on-v este d s h are s. I t i s e x pecte d t h at t h is e x pen se w ill b e re co gniz ed o ver a w eig hte d a v era g e p erio d o f a p pro xim ate ly 1.9 y ears . T he to ta l fa ir v alu e o f sh are s v este d d urin g fis c al 2014 , 2013 , an d 2012 w as $ 7,5 35 , $9,3 29 , a n d $10,1 99 r e sp ectiv ely . D urin g t h e f is c al y ear e n ded Ja n uary 3 1, 2 015 , 240,2 00 s h are s ( re p re se n tin g a ll o f t h e s h are s g ra n te d d urin g f is c al 2 013 u nder t h e 2 005 R estric te d S to ck P la n ) were f o rfe ite d b ecau se t h e C om pan y d id n ot a ch ie v e e ith er o f t h e p erfo rm an ce t a rg ets e sta b lis h ed f o r t h e f is c al 2 013 g ra n ts .

46 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . K .

EARNIN G S P E R S H ARE T he f o llo w in g t a b le p ro vid es r e co ncilia tio n b etw een b asic a n d d ilu te d e arn in gs p er s h are :

Fis c a l Y ea rs E nded Jan uary 3 1, 2 015 Feb ru ary 1 , 2 014 Feb ru ary 2 , 2 013 In co m e Weig h te d Avera ge Shares Per S hare Am ou nt In co m e Weig h te d Avera ge Shares Per S hare Am ou nt In co m e Weig h te d Avera ge Shares Per S hare Am ou nt B asic E PS $ 162,5 64 47,9 27 $ 3.3 9 $ 162,5 84 47,7 44 $ 3.4 1 $ 164,3 05 47,3 83 $ 3.4 7 E ffe ct o f D ilu tiv e S ecu ritie s:

Sto ck o ptio ns a n d n on- veste d s h are s — 163 (0 .0 1 ) — 232 (0 .0 2 ) — 327 (0 .0 3 ) D ilu te d E PS $ 162,5 64 48,0 90 $ 3.3 8 $ 162,5 84 47,9 76 $ 3.3 9 $ 164,3 05 47,7 10 $ 3.4 4 N o s to ck o ptio ns w ere d eem ed a n ti-d ilu tiv e a n d e x clu ded f ro m t h e c o m puta tio n o f d ilu te d e arn in gs p er s h are f o r f is c al 2014 , 2013 o r 2012 .

L .

SE G M ENT I N FO RM ATIO N T he C om pan y i s a r e ta ile r o f m ed iu m t o b ette r p ric ed c asu al a p pare l, f o otw ear, a n d a ccesso rie s. T he C om pan y o pera te s i ts b usin ess a s one r e p orta b le s e g m en t.

T he C om pan y o pera te d 460 s to re s l o cate d i n 44 s ta te s t h ro ughout t h e U nite d S ta te s a s o f Ja n uary 3 1, 2 015 .

T he f o llo w in g i s i n fo rm atio n r e g ard in g t h e C om pan y’s m ajo r p ro duct l in es, s ta te d a s a p erc en ta g e o f t h e C om pan y’s n et s a le s:

Fis c a l Y ea rs E nded M erch andis e G ro up January 3 1, 2015 Feb ru ary 1 , 2014 Feb ru ary 2 , 2013 D en im s 43.7 % 45.3 % 46.4 % T ops ( in clu din g s w eate rs ) 30.8 30.2 30.9 A ccesso rie s 8.6 8.5 8.4 S ports w ear/F ash io ns 6.2 6.0 5.7 F ootw ear 5.9 5.8 5.3 O ute rw ear 2.3 2.3 2.2 C asu al b otto m s 1.2 0.9 0.8 O th er 1.3 1.0 0.3 T ota l 100.0 % 100.0 % 100.0 % 47 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . M .

SE LECTED Q UARTERLY F IN ANCIA L D ATA ( U NAUDIT ED) S ele cte d u nau dite d q uarte rly f in an cia l i n fo rm atio n f o r f is c al 2014 a n d 2013 a re a s f o llo w s:

Quarte r F is c a l 2 014 Fir st Seco nd Thir d Fourth N et s a le s $ 271,6 75 $ 235,7 25 $ 292,2 01 $ 353,5 41 G ro ss p ro fit $ 117,2 00 $ 94,9 25 $ 127,7 92 $ 167,4 15 N et i n co m e $ 37,3 42 $ 24,4 73 $ 40,6 16 $ 60,1 33 B asic e arn in gs p er s h are $ 0.7 8 $ 0.5 1 $ 0.8 5 $ 1.2 5 D ilu te d e arn in gs p er s h are $ 0.7 8 $ 0.5 1 $ 0.8 4 $ 1.2 5 Quarte r F is c a l 2 013 Fir st Seco nd Thir d Fourth N et s a le s $ 269,7 12 $ 232,5 29 $ 286,7 61 $ 338,9 99 G ro ss p ro fit $ 117,0 07 $ 94,4 87 $ 126,2 25 $ 161,4 26 N et i n co m e $ 37,5 52 $ 25,1 44 $ 40,5 84 $ 59,3 04 B asic e arn in gs p er s h are $ 0.7 9 $ 0.5 3 $ 0.8 5 $ 1.2 4 D ilu te d e arn in gs p er s h are $ 0.7 8 $ 0.5 2 $ 0.8 5 $ 1.2 3 B asic a n d d ilu te d s h are s o uts ta n din g a re c o m pute d in dep en den tly fo r e ach o f th e q uarte rs p re se n te d a n d, th ere fo re , m ay n ot s u m to th e to ta ls fo r th e y ear.

E ach o f t h e q uarte rs p re se n te d i s a 1 3-w eek q uarte r.

48 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 9 - C H ANG ES I N A ND D IS A G REEM ENTS W IT H A CCO UNTANTS O N A CCO UNTIN G A ND F IN ANCIA L D IS C LO SU RE N one.

I T EM 9 A – C O NTRO LS A ND P R O CEDURES T he C om pan y m ain ta in s a s y ste m o f d is c lo su re c o ntro ls a n d p ro ced ure s t h at a re d esig ned t o p ro vid e r e aso nab le a ssu ra n ce t h at m ate ria l i n fo rm atio n, w hic h i s r e q uire d t o b e t im ely d is c lo se d , i s a ccu m ula te d a n d c o m munic ate d t o m an ag em en t i n a t im ely m an ner. A n e v alu atio n o f t h e e ffe ctiv en ess o f t h e d esig n a n d o pera tio n o f t h e C om pan y’s d is c lo su re c o ntro ls a n d p ro ced ure s ( a s d efin ed i n R ule s 1 3a-1 5(e ) o f t h e S ecu ritie s E xch an ge A ct o f 1 934 ( th e “ E xch an ge A ct” )) w as p erfo rm ed a s o f th e e n d o f th e p erio d c o vere d b y th is re p ort. T his e v alu atio n w as p erfo rm ed u nder th e s u perv is io n a n d w ith th e p artic ip atio n o f th e C om pan y’s C hie f E xecu tiv e O ffic er a n d C hie f F in an cia l O ffic er. B ase d u pon th at e v alu atio n, th e C hie f E xecu tiv e O ffic er a n d C hie f F in an cia l O ffic er c o nclu ded th at th e C om pan y’s d is c lo su re c o ntro ls a n d p ro ced ure s a s o f th e e n d o f th e p erio d c o vere d b y th is re p ort w ere e ffe ctiv e to p ro vid e re aso nab le a ssu ra n ce t h at i n fo rm atio n r e q uire d t o b e d is c lo se d b y t h e C om pan y i n t h e C om pan y’s r e p orts t h at i t f ile s o r s u bm its u nder t h e E xch an ge A ct i s a ccu m ula te d a n d c o m munic ate d to m an ag em en t, in clu din g its C hie f E xecu tiv e O ffic er a n d C hie f F in an cia l O ffic er, a s a p pro pria te , to a llo w tim ely d ecis io ns re g ard in g r e q uire d d is c lo su re a n d a re e ffe ctiv e t o p ro vid e r e aso nab le a ssu ra n ce t h at s u ch i n fo rm atio n i s r e co rd ed , p ro cesse d , s u m mariz ed , a n d r e p orte d w ith in t h e t im e p erio ds s p ecifie d b y t h e S E C ’s r u le s a n d f o rm s.

C hange in I n te rn al C ontr o l O ver F in ancia l R ep ortin g - There w ere n o c h an ges in th e C om pan y's in te rn al c o ntro l o ver fin an cia l re p ortin g th at o ccu rre d d urin g th e C om pan y's la st fis c al q uarte r th at h av e m ate ria lly a ffe cte d , o r a re re aso nab ly lik ely to m ate ria lly a ffe ct, th e C om pan y's in te rn al c o ntro l o ver f in an cia l r e p ortin g.

M anagem en t’s R ep ort o n In te rn al C ontr o l O ver F in ancia l R ep ortin g - M an ag em en t o f th e C om pan y is re sp onsib le fo r e sta b lis h in g a n d m ain ta in in g a d eq uate in te rn al c o ntro l o ver fin an cia l re p ortin g a s d efin ed in R ule s 1 3a-1 5(f) a n d 1 5d-1 5(f) u nder th e S ecu ritie s E xch an ge A ct o f 1 934. T he C om pan y’s i n te rn al c o ntro l o ver fin an cia l re p ortin g is d esig ned to p ro vid e re aso nab le a ssu ra n ce re g ard in g th e re lia b ility o f fin an cia l re p ortin g a n d th e p re p ara tio n o f f in an cia l s ta te m en ts f o r e x te rn al p urp ose s i n a cco rd an ce w ith a cco untin g p rin cip le s g en era lly a ccep te d i n t h e U nite d S ta te o f A m eric a ( “ G AAP”).

A ll i n te rn al c o ntro l s y ste m s, n o m atte r h ow w ell d esig ned , h av e i n here n t l im ita tio ns. T here fo re , e v en t h ose s y ste m s d ete rm in ed t o b e e ffe ctiv e c an p ro vid e o nly r e aso nab le a ssu ra n ce w ith r e sp ect t o f in an cia l s ta te m en t p re p ara tio n a n d p re se n ta tio n. B ecau se o f i ts i n here n t l im ita tio ns, i n te rn al c o ntro l o ver f in an cia l r e p ortin g m ay n ot p re v en t o r d ete ct m is sta te m en ts .

M an ag em en t h as a sse sse d t h e e ffe ctiv en ess o f t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g a s o f Ja n uary 3 1, 2 015 , b ase d o n t h e c rite ria s e t f o rth b y t h e C om mitte e o f S ponso rin g O rg an iz atio ns ( “ C OSO ”) o f t h e T re ad w ay C om mis sio n i n t h eir In te rn al C ontr o l-In te g ra te d F ra m ew ork ( 2 013) . I n m ak in g i ts a sse ssm en t o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g, m an ag em en t h as c o nclu ded t h at t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g w as e ffe ctiv e a s o f Ja n uary 3 1, 2 015 .

T he C om pan y’s i n dep en den t r e g is te re d p ublic a cco untin g f irm , D elo itte & T ouch e L LP, h as a u dite d t h e e ffe ctiv en ess o f t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g. T heir r e p ort a p pears h ere in .

49 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . R EPO RT O F I N DEPE NDENT R EG IS T ERED P U BLIC A CCO UNTIN G F IR M T o t h e B oard o f D ire cto rs a n d S to ck hold ers o f T he B uck le , I n c.

K earn ey , N eb ra sk a W e h av e a u dite d t h e i n te rn al c o ntro l o ver f in an cia l r e p ortin g o f T he B uck le , I n c. a n d s u bsid ia ry ( th e “ C om pan y”) a s o f J a n uary 3 1, 2 015, b ase d o n c rite ria e sta b lis h ed in In te rn al C ontr o l - In te g ra te d F ra m ew ork (2 013) is su ed b y th e C om mitte e o f S ponso rin g O rg an iz atio ns o f th e T re ad w ay C om mis sio n. T he C om pan y’s m an ag em en t is re sp onsib le fo r m ain ta in in g e ffe ctiv e in te rn al c o ntro l o ver fin an cia l re p ortin g a n d fo r its a sse ssm en t o f th e e ffe ctiv en ess o f i n te rn al co ntro l over fin an cia l re p ortin g, in clu ded in th e acco m pan yin g Managem en t’s R ep ort o n In te rn al C ontr o l O ver F in ancia l R ep ortin g . O ur r e sp onsib ility i s t o e x pre ss a n o pin io n o n t h e C om pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g b ase d o n o ur a u dit.

W e c o nducte d o ur a u dit i n a cco rd an ce w ith t h e s ta n dard s o f t h e P ublic C om pan y A cco untin g O vers ig ht B oard ( U nite d S ta te s). T hose s ta n dard s r e q uire t h at w e p la n a n d p erfo rm t h e a u dit t o o bta in r e aso nab le a ssu ra n ce a b out w heth er e ffe ctiv e i n te rn al c o ntro l o ver f in an cia l r e p ortin g w as m ain ta in ed i n a ll m ate ria l r e sp ects . O ur a u dit i n clu ded o bta in in g a n u nders ta n din g o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g, a sse ssin g t h e r is k t h at a m ate ria l w eak ness e x is ts , t e stin g a n d e v alu atin g t h e d esig n a n d o pera tin g e ffe ctiv en ess o f i n te rn al c o ntro l b ase d o n t h e a sse sse d r is k , a n d p erfo rm in g s u ch o th er p ro ced ure s a s w e c o nsid ere d n ecessa ry i n t h e c irc u m sta n ces. W e b elie v e t h at o ur a u dit p ro vid es a r e aso nab le b asis f o r o ur o pin io n.

A c o m pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g i s a p ro cess d esig ned b y, o r u nder t h e s u perv is io n o f, t h e c o m pan y’s p rin cip al e x ecu tiv e a n d p rin cip al f in an cia l o ffic ers , o r p ers o ns p erfo rm in g s im ila r fu nctio ns, a n d e ffe cte d b y th e c o m pan y’s b oard o f d ire cto rs , m an ag em en t, a n d o th er p ers o nnel to p ro vid e r e aso nab le a ssu ra n ce re g ard in g th e re lia b ility o f fin an cia l re p ortin g a n d th e p re p ara tio n o f fin an cia l s ta te m en ts fo r e x te rn al p urp ose s in a cco rd an ce w ith g en era lly a ccep te d a cco untin g p rin cip le s. A c o m pan y’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g i n clu des t h ose p olic ie s a n d p ro ced ure s t h at ( 1 ) p erta in t o t h e m ain te n an ce o f re co rd s th at, in re aso nab le d eta il, a ccu ra te ly a n d fa irly re fle ct th e tra n sa ctio ns a n d d is p ositio ns o f th e a sse ts o f th e c o m pan y; (2 ) p ro vid e r e aso nab le assu ra n ce th at tra n sa ctio ns are re co rd ed as n ecessa ry to p erm it p re p ara tio n o f fin an cia l sta te m en ts in acco rd an ce w ith g en era lly accep te d a cco untin g p rin cip le s, a n d th at re ceip ts a n d e x pen ditu re s o f th e c o m pan y a re b ein g m ad e o nly in a cco rd an ce w ith a u th oriz atio ns o f m an ag em en t a n d d ire cto rs o f t h e c o m pan y; a n d ( 3 ) p ro vid e r e aso nab le a ssu ra n ce r e g ard in g p re v en tio n o r t im ely d ete ctio n o f u nau th oriz ed a cq uis itio n, u se , o r d is p ositio n o f t h e c o m pan y’s a sse ts t h at c o uld h av e a m ate ria l e ffe ct o n t h e f in an cia l s ta te m en ts .

B ecau se o f th e in here n t lim ita tio ns o f in te rn al c o ntro l o ver fin an cia l re p ortin g, in clu din g th e p ossib ility o f c o llu sio n o r im pro per m an ag em en t o verrid e o f c o ntro ls , m ate ria l m is sta te m en ts d ue to e rro r o r fra u d m ay n ot b e p re v en te d o r d ete cte d o n a tim ely b asis . A ls o , p ro je ctio ns o f a n y e v alu atio n o f th e e ffe ctiv en ess o f th e in te rn al c o ntro l o ver fin an cia l re p ortin g to fu tu re p erio ds a re s u bje ct to th e ris k th at th e c o ntro ls m ay b eco m e in ad eq uate b ecau se o f c h an ges i n c o nditio ns, o r t h at t h e d eg re e o f c o m plia n ce w ith t h e p olic ie s o r p ro ced ure s m ay d ete rio ra te .

I n o ur o pin io n, th e C om pan y m ain ta in ed , in a ll m ate ria l re sp ects , e ffe ctiv e in te rn al c o ntro l o ver fin an cia l re p ortin g a s o f J a n uary 3 1, 2 015, b ase d o n th e c rite ria e sta b lis h ed i n In te rn al C ontr o l - I n te g ra te d F ra m ew ork ( 2 013) is su ed b y t h e C om mitte e o f S ponso rin g O rg an iz atio ns o f t h e T re ad w ay C om mis sio n.

W e h av e a ls o a u dite d , in a cco rd an ce w ith th e s ta n dard s o f th e P ublic C om pan y A cco untin g O vers ig ht B oard (U nite d S ta te s), th e c o nso lid ate d fin an cia l s ta te m en ts a n d f in an cia l s ta te m en t s c h ed ule a s o f a n d f o r t h e f is c al y ear e n ded J a n uary 3 1, 2 015 o f t h e C om pan y a n d o ur r e p ort d ate d A pril 1 , 2 015 e x pre sse d a n u nqualifie d o pin io n o n t h ose f in an cia l s ta te m en ts a n d f in an cia l s ta te m en t s c h ed ule .

/ s / D elo itte & T ouch e L LP D ELO IT TE & T O UCH E L LP O m ah a, N eb ra sk a A pril 1 , 2 015 50 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . I T EM 9 B - O TH ER I N FO RM ATIO N A s re q uire d b y S ectio n 3 03A o f th e N ew Y ork S to ck E xch an ge’s C orp ora te G overn an ce S ta n dard s, th e C om pan y’s C hie f E xecu tiv e O ffic er s u bm itte d a c ertific atio n to th e N ew Y ork S to ck E xch an ge in fis c al 2014 th at h e w as n ot a w are o f a n y v io la tio n b y th e C om pan y o f th e N ew Y ork S to ck E xch an ge’s C orp ora te G overn an ce S ta n dard s a s o f t h e d ate o f t h e c ertific atio n, J u ne 2 4, 2 014.

PA RT I II I T EM 1 0 - D IR ECTO RS, E XECUTIV E O FFIC ERS, A ND C O RPO RATE G OVERNANCE T he in fo rm atio n re q uire d b y th is ite m a p pears u nder th e c ap tio ns " E xecu tiv e O ffic ers o f th e C om pan y" a p pearin g o n p ag es 1 0 a n d 1 1 o f th is re p ort a n d " E le ctio n o f D ire cto rs " i n t h e C om pan y's P ro xy S ta te m en t f o r i ts 2015 A nnual S hare h old ers ' M eetin g a n d i s i n co rp ora te d b y r e fe re n ce.

I T EM 1 1 - E XECUTIV E C O M PE NSA TIO N T he i n fo rm atio n r e q uire d b y t h is i te m a p pears u nder t h e f o llo w in g c ap tio ns i n t h e C om pan y's P ro xy S ta te m en t f o r i ts 2015 A nnual S hare h old ers ' M eetin g a n d i s i n co rp ora te d b y r e fe re n ce: “ E xecu tiv e C om pen sa tio n,” “ D ire cto r C om pen sa tio n” ( in clu ded u nder t h e “ E le ctio n o f D ire cto rs ” s e ctio n), a n d “ R ep ort o f t h e A udit C om mitte e.” I T EM 1 2 - S E CURIT Y O W NERSH IP O F C ERTAIN B ENEFIC IA L O W NERS A ND M ANAG EM ENT A ND R ELATED S T O CK HOLDER M ATTERS T he in fo rm atio n re q uire d b y th is ite m a p pears u nder th e c ap tio ns " B en efic ia l O wners h ip o f C om mon S to ck " a n d “ E le ctio n o f D ire cto rs ” in th e C om pan y's P ro xy S ta te m en t f o r i ts 2015 A nnual S hare h old ers ' M eetin g a n d i n t h e N ote s t o C onso lid ate d F in an cia l S ta te m en ts u nder F ootn ote J o n p ag es 4 5 t o 4 6 o f t h is r e p ort a n d i s i n co rp ora te d b y r e fe re n ce.

I T EM 1 3 - C ERTAIN R ELATIO NSH IP S A ND R ELATED T RANSA CTIO NS A ND D IR ECTO R I N DEPE NDENCE T he in fo rm atio n re q uire d b y th is ite m a p pears u nder th e c ap tio ns “ In dep en den ce” a n d “ R ela te d P arty T ra n sa ctio ns” (in clu ded u nder th e “ E le ctio n o f D ire cto rs ” s e ctio n) i n t h e C om pan y's P ro xy S ta te m en t f o r i ts 2015 A nnual S hare h old ers ' M eetin g a n d i s i n co rp ora te d b y r e fe re n ce.

I T EM 1 4 - P R IN CIP A L A CCO UNTANT F E ES A ND S E RVIC ES I n fo rm atio n r e g ard in g t h e f e es b ille d b y o ur i n dep en den t r e g is te re d p ublic a cco untin g f irm a n d t h e n atu re o f s e rv ic es c o m pris in g t h e f e es f o r e ach o f t h e t w o m ost r e cen t f is c al y ears i s s e t f o rth u nder t h e c ap tio n “ R atific atio n o f I n dep en den t R eg is te re d P ublic A cco untin g F irm ” i n t h e C om pan y’s P ro xy S ta te m en t f o r i ts 2015 A nnual S hare h old ers ' M eetin g a n d i s i n co rp ora te d b y r e fe re n ce.

PA RT I V I T EM 1 5 - E XH IB IT S A ND F IN ANCIA L S T ATEM ENT S C H EDULE ( a ) F in ancia l S ta te m en t S ch ed ule V alu atio n a n d Q ualify in g A cco unt. T his s c h ed ule i s o n p ag e 5 3.

A ll o th er s c h ed ule s a re o m itte d b ecau se th ey a re n ot a p plic ab le o r th e re q uire d in fo rm atio n is p re se n te d in th e c o nso lid ate d fin an cia l s ta te m en ts o r n ote s t h ere to .

( b ) E xhib its S ee i n dex t o e x hib its o n p ag es 5 4 a n d 5 5.

51 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . SIG NATURES P urs u an t to th e re q uire m en ts o f S ectio n 1 3 o r 1 5(d ) o f th e S ecu ritie s E xch an ge A ct o f 1 934, th e R eg is tra n t h as d uly c au se d th is re p ort to b e s ig ned o n its b eh alf b y t h e u nders ig ned t h ere u nto d uly a u th oriz ed .

TH E B UCKLE, I N C.

D ate :

April 1 , 2 015 By:

/s / D EN NIS H . N ELSO N DEN NIS H . N ELSO N, Pre sid en t a n d C EO (p rin cip al e x ecu tiv e o ffic er) D ate :

April 1 , 2 015 By:

/s / K AREN B . R HOADS KAREN B . R HOADS, Sen io r V ic e P re sid en t o f F in an ce a n d C FO (p rin cip al a cco untin g o ffic er) P urs u an t t o t h e r e q uire m en ts o f t h e S ecu ritie s E xch an ge A ct o f 1 934, t h is r e p ort h as b een s ig ned b y t h e f o llo w in g p ers o ns o n b eh alf o f t h e r e g is tra n t a n d i n t h e c ap acitie s i n dic ate d o n t h e 1 st d ay o f A pril, 2 015.

/ s / D ANIE L J . H IR SC HFE LD /s / B IL L L . F A IR FIE LD D an ie l J . H irs c h fe ld Bill L . F airfie ld C hairm an o f t h e B oard a n d D ire cto r Dire cto r / s / D EN NIS H . N ELSO N /s / B RUCE L . H OBER M AN D en nis H . N els o n Bru ce L . H oberm an P re sid en t a n d C hie f E xecu tiv e O ffic er Dire cto r a n d D ire cto r / s / K AREN B . R HOADS /s / M IC HAEL E . H USS K are n B . R hoad s Mic h ael E . H uss S en io r V ic e P re sid en t o f F in an ce a n d Dire cto r P rin cip al A cco untin g O ffic er a n d D ire cto r / s / J O HN P . P E ETZ /s / J A M ES E . S H ADA J o hn P . P eetz , I II Ja m es E . S had a D ire cto r Dire cto r / s / R OBER T E . C AM PB ELL R obert E . C am pbell D ire cto r 52 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . SC H EDULE I I - V alu atio n a nd Q ualify in g A cco unts (A m ounts i n T housa nds) Allo w ance f o r Doubtfu l A cco unts Rese rv e f o r S ale s Retu rn s Valu atio n Allo w ance - Defe rred T ax A sse ts B ala n ce, J a n uary 2 8, 2 012 $ 18 $ 832 $ 194 A m ounts c h arg ed t o c o sts a n d e x pen se s 591 — — A m ounts c h arg ed t o o th er a cco unts — 106,6 12 — D ed uctio ns (6 01 ) (1 06,5 91 ) — B ala n ce, F eb ru ary 2 , 2 013 $ 8 $ 853 $ 194 A m ounts c h arg ed t o c o sts a n d e x pen se s 729 — 731 A m ounts c h arg ed t o o th er a cco unts — 108,8 51 — D ed uctio ns (7 26 ) (1 08,9 54 ) — B ala n ce, F eb ru ary 1 , 2 014 $ 11 $ 750 $ 925 A m ounts c h arg ed t o c o sts a n d e x pen se s 737 — — A m ounts c h arg ed t o o th er a cco unts — 110,7 93 — D ed uctio ns (7 41 ) (1 10,6 00 ) (4 07 ) B ala n ce, J a n uary 3 1, 2 015 $ 7 $ 943 $ 518 53 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . IN DEX T O E XH IB IT S Exhib its Page N um ber o r I n co rp ora tio n b y R efe ren ce t o ( 3 ) Artic le s o f I n co rp ora tio n a n d B y-L aw s.

(3 .1 ) Artic le s o f I n co rp ora tio n o f T he B uck le , I n c. a s a m en ded Exhib it 3 .1 t o F orm S -1 N o. 3 3-4 6294 (3 .1 .1 ) Am en dm en t t o t h e A rtic le s o f I n co rp ora tio n o f T he B uck le , I n c.

(3 .2 ) By-L aw s o f T he B uck le , I n c.

Exhib it 3 .2 t o F orm S -1 N o. 3 3-4 6294 ( 4 ) In stru m en ts d efin in g t h e r ig hts o f s e cu rity h old ers , i n clu din g i n den tu re s (4 .1 ) See E xhib its 3 .1 a n d 3 .2 f o r p ro vis io ns o f t h e A rtic le s o f I n co rp ora tio n a n d By-la w s o f t h e R eg is tra n t d efin in g r ig hts o f h old ers o f C om mon S to ck o f t h e re g is tra n t (4 .2 ) Form o f s to ck c ertific ate f o r C om mon S to ck Exhib it 4 .1 t o F orm S -1 N o. 3 3-4 6294 ( 9 ) Not a p plic ab le ( 1 0) Mate ria l C ontra cts (1 0.1 ) Am en ded a n d R esta te d N on-Q ualifie d D efe rre d C om pen sa tio n P la n ( * ) Exhib it 1 0.6 a n d 1 0.6 .1 t o F orm 1 0-K f ile d f o r t h e f is c al year e n ded J a n uary 2 8, 2 012 (1 0.2 ) Rev olv in g L in e o f C re d it N ote a n d F irs t A m en dm en t t o C re d it A gre em en t, date d J u ne 8 , 2 012 b etw een T he B uck le , I n c. a n d B uck le B ra n ds, I n c. a n d Wells F arg o B an k, N .A . f o r a $ 25.0 m illio n l in e o f c re d it Exhib it 1 0.1 t o F orm 1 0-Q f ile d f o r t h e f is c al q uarte r en ded J u ly 2 8, 2 012 (1 0.2 .1 ) Rev olv in g L in e o f C re d it N ote a n d S eco nd A m en dm en t t o C re d it Agre em en t, d ate d F eb ru ary 1 6, 2 015 b etw een T he B uck le , I n c. a n d B uck le Bra n ds, I n c. a n d W ells F arg o B an k, N .A . f o r a $ 25.0 m illio n l in e o f c re d it (1 0.3 ) 1993 D ire cto r S to ck O ptio n P la n A m en ded a n d R esta te d ( * ) Exhib it B t o P ro xy S ta te m en t f o r A nnual M eetin g h eld Ju ne 2 , 2 006 (1 0.4 ) 1997 E xecu tiv e S to ck O ptio n P la n ( * ) Exhib it B t o P ro xy S ta te m en t f o r A nnual M eetin g h eld May 2 8, 1 998 (1 0.5 ) 1998 R estric te d S to ck P la n ( * ) Exhib it C t o P ro xy S ta te m en t f o r A nnual M eetin g h eld May 2 8, 1 998 (1 0.6 ) 2005 R estric te d S to ck P la n A m en ded a n d R esta te d ( * ) Exhib it B t o P ro xy S ta te m en t f o r A nnual M eetin g h eld May 3 1, 2 013 (1 0.7 ) 2008 D ire cto r R estric te d S to ck P la n ( * ) Exhib it B t o P ro xy S ta te m en t F or A nnual M eetin g h eld May 2 8, 2 008 (1 0.8 ) 2013 M an ag em en t I n cen tiv e P la n ( * ) Exhib it A t o P ro xy S ta te m en t f o r A nnual M eetin g h eld May 3 1, 2 013 (1 0.9 ) 2014 M an ag em en t I n cen tiv e P la n ( * ) Exhib it A t o P ro xy S ta te m en t f o r A nnual M eetin g h eld May 2 7, 2 014 (1 0.1 0) Sum mary o f N am ed E xecu tiv e O ffic er C om pen sa tio n In co rp ora te d b y r e fe re n ce f ro m t h e s e ctio n t itle d "E xecu tiv e C om pen sa tio n a n d O th er I n fo rm atio n" i n Pro xy S ta te m en t f o r A nnual M eetin g t o b e h eld M ay 2 9, 2015 (1 0.1 1) Sum mary o f N on-E m plo yee D ire cto r C om pen sa tio n In co rp ora te d b y r e fe re n ce f ro m t h e s e ctio n t itle d "D ire cto r C om pen sa tio n" i n P ro xy S ta te m en t f o r A nnual Meetin g t o b e h eld M ay 2 9, 2 015 54 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . Exhib its Page N um ber o r I n co rp ora tio n b y R efe ren ce t o ( 1 1) Not a p plic ab le ( 1 2) Not a p plic ab le ( 1 3) Not a p plic ab le ( 1 4) Not a p plic ab le ( 1 6) Not a p plic ab le ( 1 8) Not a p plic ab le ( 2 1) Lis t o f S ubsid ia rie s ( 2 3) Conse n t o f D elo itte & T ouch e L LP ( 3 1a) Certific atio n P urs u an t t o R ule 1 3a-1 4(a ) o r 1 5d-1 4(a ) U nder t h e S ecu ritie s E xch an ge Act o f 1 934, a s A dopte d P urs u an t t o S ectio n 3 02 o f t h e S arb an es-O xle y A ct o f 2 002.

( 3 1b) Certific atio n P urs u an t t o R ule 1 3a-1 4(a ) o r 1 5d-1 4(a ) U nder t h e S ecu ritie s E xch an ge Act o f 1 934, a s A dopte d P urs u an t t o S ectio n 3 02 o f t h e S arb an es-O xle y A ct o f 2 002.

( 3 2) Certific atio ns P urs u an t t o 1 8 U .S .C . S ectio n 1 350, a s A dopte d P urs u an t t o S ectio n 906 o f t h e S arb an es-O xle y A ct o f 2 002.

( 1 01) In clu des t h e f o llo w in g m ate ria ls f ro m T he B uck le , I n c.’ s A nnual R ep ort o n F orm 1 0- K f o r t h e f is c al y ear e n ded J a n uary 3 1, 2 015, f o rm atte d i n X BRL ( e X te n sib le B usin ess Rep ortin g L an guag e): ( i) C onso lid ate d B ala n ce S heets ; ( ii) C onso lid ate d S ta te m en ts of I n co m e; ( iii) C onso lid ate d S ta te m en ts o f C om pre h en siv e I n co m e; ( iv ) Conso lid ate d S ta te m en ts o f S to ck hold ers ’ E quity ; ( v ) C onso lid ate d S ta te m en ts o f Cash F lo w s; a n d ( v i) N ote s t o C onso lid ate d F in an cia l S ta te m en ts , t a g ged a s b lo ck s o f te x t a n d i n d eta il.

( * ) Den ote s m an ag em en t c o ntra ct o r c o m pen sa to ry p la n o r a rra n gem en t.

55 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 1 0.2 .1 REV OLV IN G L IN E O F C RED IT N OTE $ 25,0 00,0 00.0 0 Om ah a, N eb ra sk a Feb ru ary 1 6, 2 015 F O R V A LU E R EC EIV ED , th e u nders ig ned T H E B U CK LE, IN C. a n d B U CK LE B RA NDS, IN C. (" B orro w er" )p ro m is e s to p ay to th e o rd er o f W ELLS F A RG O B A NK, N ATIO NAL A SSO CIA TIO N ( " B an k") a t its o ffic e a t M AC: N 8069-0 20, 1 3625 C alif o rn ia S tr e et, 2 nd F lo or, O m ah a, N eb ra sk a 6 8154, o r a t s u ch o th er p la ce a s th e h old er h ere o f m ay d esig nate , in la w fu l m oney o f th e U nite d S ta te s o f A m eric a a n d in im med ia te ly a v aila b le f u nds, th e p rin cip al s u m o f T w en ty -F iv e M illio n D olla rs ( $ 25,0 00,0 00.0 0), o r s o m uch th ere o f a s m ay b e a d van ced a n d b e o uts ta n din g, w ith in te re st th ere o n, to b e c o m pute d o n e ach a d van ce f ro m th e d ate o f its d is b urs e m en t a s s e t f o rth h ere in .

D EFIN IT IO NS:

A s u se d h ere in , th e f o llo w in g te rm s s h all h av e th e m ean in gs s e t f o rth a fte r e ach , a n d a n y o th er te rm d efin ed in th is N ote s h all h av e th e m ean in g s e t f o rth a t th e p la ce d efin ed :

( a ) " D aily O ne M onth L IB O R" m ean s, f o r a n y d ay, th e r a te o f in te re st e q ual to L IB O R th en in e ffe ct f o r d eliv ery f o r a o ne ( 1 ) m onth p erio d.

( b ) " L IB O R" m ean s th e r a te o f in te re st p er a n num d ete rm in ed b y B an k b ase d o n th e r a te f o r U nite d S ta te s d olla r d ep osits f o r d eliv ery o f f u nds fo r o ne (1 ) m onth a s re p orte d o n R eu te rs S cre en L IB O R01 p ag e (o r a n y s u ccesso r p ag e) a t a p pro xim ate ly 1 1 :0 0 a .m ., L ondon t im e, o r, fo r a n y d ay n ot a L ondon B usin ess D ay, th e im med ia te ly p re ced in g L ondon B usin ess D ay (o r if n ot so re p orte d , th en a s d ete rm in ed b y B an k f ro m a n oth er r e co gniz ed s o urc e o r in te rb an k q uota tio n).

( c ) " L ondon B usin ess D ay " m ean s a n y d ay th at is a d ay f o r tr a d in g b y a n d b etw een b an ks in D olla r d ep osits in th e L ondon in te rb an k m ark et.

I N TER EST :

( a ) In te re st . T he o uts ta n din g p rin cip al b ala n ce o f th is N ote s h all b ear in te re st (c o m pute d o n th e b asis o f a 3 60-d ay y ear, a ctu al d ay s e la p se d ) a t a f lu ctu atin g r a te p er a n num d ete rm in ed b y B an k to b e o ne a n d tw en ty -fiv e h undre d th s p erc en t ( 1 .2 5% ) a b ove D aily O ne M onth L IB O R in e ffe ct f ro m tim e to tim e. B an k is h ere b y a u th oriz ed to n ote th e d ate a n d in te re st r a te a p plic ab le to th is N ote a n d a n y p ay m en ts m ad e th ere o n o n B an k's b ooks a n d r e co rd s ( e ith er m an ually o r b y e le ctr o nic e n tr y ) a n d/o r o n a n y s c h ed ule a tta ch ed to th is N ote , w hic h n ota tio ns s h all b e p rim a f a cie e v id en ce o f th e a ccu ra cy o f th e in fo rm atio n n ote d .

( b ) Tax es a n d R eg ula to ry C osts . B orro w er s h all p ay to B an k im med ia te ly u pon d em an d, in a d ditio n to a n y o th er a m ounts d ue o r to b eco m e d ue h ere u nder, a n y a n d a ll ( i) w ith hold in gs, in te re st e q ualiz atio n ta x es, s ta m p ta x es o r o th er ta x es ( e x cep t in co m e a n d f ra n ch is e t a x es) im pose d b y a n y d om estic o r fo re ig n g overn m en ta l a u th ority a n d re la te d in a n y m an ner to L IB O R, a n d (ii) c o sts , e x pen se s a n d l ia b ilitie s a ris in g f ro m o r in c o nnectio n w ith r e se rv e p erc en ta g es p re sc rib ed b y th e B oard o f G overn ors o f th e F ed era l R ese rv e S yste m ( o r a n y s u ccesso r) fo r " E uro cu rre n cy L ia b ilitie s" (a s d efin ed in R eg ula tio n D o f th e F ed era l R ese rv e B oard , a s a m en ded ), a sse ssm en t r a te s im pose d b y th e F ed era l D ep osit In su ra n ce C orp ora tio n, o r sim ila r re q uir e m en ts o r c o sts im pose d b y a n y d om estic o r fo re ig n g overn m en ta l a u th ority o r re su ltin g fro m c o m plia n ce b y B an k w ith a n y re q uest o r d ir e ctiv e (w heth er o r n ot h av in g th e fo rc e o f la w ) f ro m a n y c en tr a l b an k o r o th er g overn m en ta l a u th ority a n d r e la te d in a n y m an ner to L IB O R. I n d ete rm in in g w hic h o f th e f o re g oin g a re a ttr ib uta b le to a n y L IB O R o ptio n a v aila b le to B orro w er h ere u nder, a n y r e aso nab le a llo catio n m ad e b y B an k a m ong its o pera tio ns s h all b e c o nclu siv e a n d b in din g u pon B orro w er. S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . ( c ) Pay m en t o f I n te re st . I n te re st a ccru ed o n th is N ote s h all b e p ay ab le o n th e la st d ay o f e ach m onth , c o m men cin g F eb ru ary 2 8, 2 015.

( d ) Defa u lt I n te re st . F ro m a n d a fte r th e m atu rity d ate o f th is N ote , o r s u ch e arlie r d ate a s a ll p rin cip al o w in g h ere u nder b eco m es d ue a n d p ay ab le b y a ccele ra tio n o r o th erw is e , o r a t B an k's o ptio n u pon th e o ccu rre n ce, a n d d urin g th e c o ntin uan ce o f a n E ven t o f D efa u lt, th e o uts ta n din g p rin cip al b ala n ce o f th is N ote s h all b ear in te re st a t a n in cre ase d r a te p er a n num ( c o m pute d o n th e b asis o f a 3 60-d ay y ear, a ctu al d ay s e la p se d ) e q ual to f o ur p erc en t ( 4 % ) a b ove th e r a te o f in te re st f ro m tim e to tim e a p plic ab le to th is N ote .

B O RRO W IN G A ND R EPA YM EN T:

( a ) Borro w in g a n d R ep ay m en t . B orro w er m ay fro m tim e to tim e d urin g th e te rm o f th is N ote b orro w , p artia lly o r w holly re p ay its o uts ta n din g b orro w in gs, a n d r e b orro w , s u bje ct to a ll o f th e lim ita tio ns, te rm s a n d c o nditio ns o f th is N ote a n d o f a n y d ocu m en t e x ecu te d i n c o nnectio n w ith o r g overn in g th is N ote ; p ro vid ed h ow ev er, th at th e to ta l o uts ta n din g b orro w in gs u nder th is N ote s h all n ot a t a n y tim e e x ceed th e p rin cip al a m ount sta te d a b ove. T he u npaid p rin cip al b ala n ce o f th is o blig atio n a t a n y tim e sh all b e th e to ta l a m ounts a d van ced h ere u nder b y th e h old er h ere o f le ss th e a m ount o f p rin cip al p ay m en ts m ad e h ere o n b y o r f o r B orro w er, w hic h b ala n ce m ay b e e n dors e d h ere o n f ro m tim e to tim e b y th e h old er. T he o uts ta n din g p rin cip al b ala n ce o f th is N ote s h all b e d ue a n d p ay ab le in f u ll o n J u ly 3 1, 2 017.

( b ) Advan ces . A dvan ces h ere u nder, to th e to ta l a m ount o f th e p rin cip al s u m s ta te d a b ove, m ay b e m ad e b y th e h old er a t th e o ra l o r w ritte n re q uest o f (i) D EN NIS H . N ELSO N, K AREN B . R H OADS o r T H OM AS B . H EA CO CK , an y o ne actin g alo ne, w ho are a u th oriz ed to re q uest a d van ces a n d d ir e ct th e d is p ositio n o f a n y a d van ces u ntil w ritte n n otic e o f th e re v ocatio n o f s u ch a u th ority is r e ceiv ed b y th e h old er a t th e o ffic e d esig nate d a b ove, o r ( ii) a n y p ers o n, w ith r e sp ect to a d van ces d ep osite d to th e c re d it o f a n y d ep osit a cco unt o f B orro w er, w hic h a d van ces, w hen s o d ep osite d , s h all b e c o nclu siv ely p re su m ed to h av e b een m ad e to o r fo r th e b en efit o f B orro w er re g ard le ss o f th e fa ct th at p ers o ns o th er th an th ose a u th oriz ed to re q uest a d van ces m ay h av e a u th ority to d ra w a g ain st s u ch a cco unt. T he h old er s h all h av e n o o blig atio n to d ete rm in e w heth er a n y p ers o n re q uestin g a n a d van ce is o r h as b een a u th oriz ed b y B orro w er.

( c ) Applic atio n o f P ay m en ts . E ach p ay m en t m ad e o n th is N ote sh all b e c re d ite d fir s t, to a n y in te re st th en d ue a n d se co nd, to th e o uts ta n din g p rin cip al b ala n ce h ere o f.

E V EN TS O F D EFA ULT:

T his N ote is m ad e p urs u an t to a n d is s u bje ct to th e te rm s a n d c o nditio ns o f th at c erta in C re d it A gre em en t b etw een B orro w er a n d B an k d ate d a s o f J a n uary 3 1, 2 011 , a s a m en ded f ro m tim e to tim e ( th e " C re d it A gre em en t" ). A ny d efa u lt in th e p ay m en t o r p erfo rm an ce o f a n y o blig atio n u nder th is N ote , o r a n y d efin ed e v en t o f d efa u lt u nder th e C re d it A gre em en t, s h all c o nstitu te a n " E ven t o f D efa u lt" u nder t h is N ote . S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . M IS C ELLA NEO US:

( a ) Rem ed ie s . U pon th e o ccu rre n ce o f a n y E ven t o f D efa u lt, th e h old er o f th is N ote , a t th e h old er's o ptio n, m ay d ecla re a ll s u m s o f p rin cip al an d in te re st outs ta n din g here u nder to be im med ia te ly due an d pay ab le w ith out pre se n tm en t, dem an d, notic e of n onperfo rm an ce, n otic e o f p ro te st, p ro te st o r n otic e o f d is h onor, a ll o f w hic h a re e x pre ssly w aiv ed b y B orro w er, a n d th e o blig atio n, if a n y, o f th e h old er to e x te n d a n y fu rth er c re d it h ere u nder sh all im med ia te ly c ease a n d te rm in ate . B orro w er sh all p ay to th e h old er i m med ia te ly u pon d em an d th e f u ll a m ount o f a ll p ay m en ts , a d van ces, c h arg es, c o sts a n d e x pen se s, in clu din g r e aso nab le a tto rn ey s' f e es ( to in clu de o uts id e c o unse l fe es a n d a ll a llo cate d c o sts o f th e h old er's in -h ouse c o unse l) , e x pen ded o r in cu rre d b y th e h old er in c o nnectio n w ith th e e n fo rc em en t o f th e h old er's r ig hts a n d/o r th e c o lle ctio n o f a n y a m ounts w hic h b eco m e d ue to th e h old er u nder th is N ote , an d th e p ro se cu tio n o r d efe n se o f an y actio n in an y w ay re la te d to th is N ote , in clu din g w ith out lim ita tio n, an y actio n fo r d ecla ra to ry re lie f, w heth er in cu rre d a t th e tr ia l o r a p pella te le v el, in a n a rb itr a tio n p ro ceed in g o r o th erw is e , a n d in clu din g a n y o f th e f o re g oin g in cu rre d in c o nnectio n w ith a n y b an kru ptc y p ro ceed in g (in clu din g w ith out lim ita tio n, a n y a d vers a ry p ro ceed in g, c o nte ste d m atte r o r m otio n b ro ught b y B an k o r a n y o th er p ers o n) r e la tin g to B orro w er o r a n y o th er p ers o n o r e n tity .

( b ) Oblig atio ns J o in t a n d S ev era l . S hould m ore th an o ne p ers o n o r e n tity s ig n th is N ote a s a B orro w er, th e o blig atio ns o f e ach s u ch B orro w er s h all b e jo in t a n d s e v era l.

( c ) Govern in g L aw . T his N ote s h all b e g overn ed b y a n d c o nstr u ed in a cco rd an ce w ith th e la w s o f th e S ta te o f N eb ra sk a.

I N W IT N ESS W HER EO F, th e u nders ig ned h as e x ecu te d th is N ote a s o f th e d ate f ir s t w ritte n a b ove.

T H E B U CK LE, I N C.

B y:

/s / D EN NIS H . N ELSO N DEN NIS H . N ELSO N, PR ESID EN T A ND C EO B U CK LE B RA NDS, I N C.

B y:

/s / D EN NIS H . N ELSO N DEN NIS H . N ELSO N, PR ESID EN T A ND C EO S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . SE C O ND A M EN DM EN T T O C RED IT A GREEM EN T T H IS A M EN DM EN T T O C RED IT A GREEM EN T (th is " A m en dm en t" ) is e n te re d in to a s o f F eb ru ary 1 6, 2 015, b y a n d b etw een T H E B U CK LE, I N C., a N eb ra sk a c o rp ora tio n a n d B U CK LE B RA NDS, I N C., a N eb ra sk a c o rp ora tio n ( e ach in div id ually , a " B orro w er" ), a n d W ELLS F A RG O B A NK, N ATIO NAL A SSO CIA TIO N ( " B an k"). E ach r e fe re n ce h ere in to " B orro w er" s h all m ean e ach a n d e v ery p arty , c o lle ctiv ely a n d in div id ually , d efin ed a b ove a s a B orro w er.

REC IT A LS W HER EA S, B orro w er is c u rre n tly in deb te d to B an k p urs u an t to th e te rm s a n d c o nditio ns o f th at c erta in C re d it A gre em en t b etw een B orro w er a n d B an k d ate d a s o f J a n uary 3 1, 2 011, a s a m en ded f ro m tim e to tim e ( " C re d it A gre em en t" ).

W HER EA S, B an k a n d B orro w er h av e a g re ed to c erta in c h an ges in th e te rm s a n d c o nditio ns s e t f o rth in th e C re d it A gre em en t a n d h av e a g re ed to a m en d th e C re d it A gre em en t to r e fle ct s a id c h an ges.

N OW , T H ER EFO RE, fo r v alu ab le c o nsid era tio n, th e re ceip t a n d su ffic ie n cy o f w hic h a re h ere b y a ck now le d ged , th e p artie s h ere to a g re e th at th e C re d it A gre em en t s h all b e a m en ded a s f o llo w s:

1 . S ectio n 1 .1 .( a ) is h ere b y a m en ded b y d ele tin g " Ju ly 3 1, 2 015" a s th e la st d ay o n w hic h B an k w ill m ak e a d van ces u nder th e L in e o f C re d it, a n d b y s u bstitu tin g f o r s a id d ate " Ju ly 3 1, 2 017," w ith s u ch c h an ge to b e e ffe ctiv e u pon th e e x ecu tio n a n d d eliv ery to B an k o f a p ro m is so ry n ote d ate d a s o f F eb ru ary 1 6, 2 015 ( w hic h p ro m is so ry n ote s h all r e p la ce a n d b e d eem ed th e L in e o f C re d it N ote d efin ed in a n d m ad e p urs u an t to th e C re d it A gre em en t) a n d a ll o th er c o ntr a cts , in str u m en ts a n d d ocu m en ts re q uir e d b y B an k to e v id en ce s u ch c h an ge.

2 . S ectio n 1 .1 .( b ) is h ere b y d ele te d in its e n tir e ty , a n d th e f o llo w in g s u bstitu te d th ere fo r:

"(b ) Lette r o f C re d it S ubfe atu re . A s a s u bfe atu re u nder th e L in e o f C re d it, B an k a g re es f ro m tim e to tim e d urin g th e te rm th ere o f to is su e o r c au se a n a ffilia te to is su e sta n dby a n d/o r sig ht c o m merc ia l le tte rs o f c re d it fo r th e a cco unt o f B orro w er (e ach , a "L ette r o f C re d it" a n d c o lle ctiv ely , " L ette rs o f C re d it" ); p ro vid ed h ow ev er, th at th e a g gre g ate u ndra w n a m ount o f a ll o uts ta n din g Lette rs o f C re d it s h all n ot a t a n y tim e e x ceed T en M illio n D olla rs ( $ 10,0 00,0 00.0 0). T he f o rm a n d s u bsta n ce o f e ach L ette r o f Cre d it s h all b e s u bje ct to a p pro val b y B an k, in its s o le d is c re tio n. N o L ette r o f C re d it s h all h av e a n e x pir a tio n d ate s u bse q uen t to th e m atu rity d ate o f th e L in e o f C re d it. T he u ndra w n a m ount o f a ll L ette rs o f C re d it s h all b e r e se rv ed u nder th e L in e o f C re d it an d sh all n ot b e av aila b le fo r b orro w in gs th ere u nder. E ach L ette r o f C re d it sh all b e su bje ct to th e ad ditio nal te rm s an d co nditio ns o f th e L ette r o f C re d it a g re em en ts , a p plic atio ns a n d a n y r e la te d d ocu m en ts r e q uir e d b y B an k in c o nnectio n w ith th e is su an ce th ere o f. E ach d ra w in g p aid u nder a L ette r o f C re d it s h all b e d eem ed a n a d van ce u nder th e L in e o f C re d it a n d s h all b e re p aid b y B orro w er in a cco rd an ce w ith th e te rm s a n d c o nditio ns o f th is A gre em en t a p plic ab le to su ch a d van ces; p ro vid ed how ev er, th at if a d van ces u nder th e L in e o f C re d it a re n ot a v aila b le , fo r a n y re aso n, a t th e tim e a n y d ra w in g is p aid , th en Borro w er s h all im med ia te ly p ay to B an k th e fu ll a m ount d ra w n, to geth er w ith in te re st th ere o n fro m th e d ate s u ch d ra w in g is paid to th e d ate s u ch a m ount is f u lly r e p aid b y B orro w er, a t th e r a te o f in te re st a p plic ab le to a d van ces u nder th e L in e o f C re d it.

In s u ch e v en t B orro w er a g re es th at B an k, in its s o le d is c re tio n, m ay d eb it a n y a cco unt m ain ta in ed b y B orro w er w ith B an k f o r th e a m ount o f a n y s u ch d ra w in g." S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . 3 . T he f o llo w in g is h ere b y a d ded to th e C re d it A gre em en t a s S ectio n 7 .1 2:

"S E C TIO N 7 .1 2. J O IN T A ND S E V ER A L L IA BIL IT Y .

(a ) E ach B orro w er h as d ete rm in ed a n d re p re se n ts to B an k th at it is a le g itim ate b usin ess p urp ose a n d in its b est in te re sts to in duce B an k to e x te n d c re d it p urs u an t to th is A gre em en t. E ach B orro w er a ck now le d ges a n d re p re se n ts th at its b usin ess is re la te d to th e b usin ess o f e v ery o th er B orro w er h ere u nder, a n d a ll c o m mitm en ts , a d van ces a n d o th er c re d it e x te n sio ns u nder th is Agre em en t w ill in div id ually a n d c o lle ctiv ely b en efit e ach B orro w er h ere u nder.

(b ) E ach B orro w er h as d ete rm in ed a n d r e p re se n ts to B an k th at it h as, a n d a fte r g iv in g e ffe ct to th e tr a n sa ctio ns c o nte m pla te d b y th is A gre em en t w ill h av e, a sse ts h av in g a f a ir m ark et v alu e in e x cess o f its lia b ilitie s, a fte r g iv in g e ffe ct to a n y a v aila b le r ig hts o f co ntr ib utio n o r s u bro gatio n, a n d e ach B orro w er h as, a n d w ill h av e, a ccess to a d eq uate c ap ita l f o r th e c o nduct o f its b usin ess a n d th e a b ility to p ay its d eb ts a s th ey m atu re .

(c ) E ach B orro w er a g re es th at it is jo in tly a n d s e v era lly a n d u nco nditio nally lia b le to B an k f o r, a n d w ill p ay to B an k w hen d ue, th e fu ll a m ount o f a ll e x is tin g a n d fu tu re in deb te d ness a ris in g in c o nnectio n w ith a n y fa cility e x te n ded u nder th is A gre em en t, an d a ll m odif ic atio ns, e x te n sio ns a n d r e n ew als th ere to , in clu din g w ith out lim ita tio n a ll p rin cip al a n d in te re st, a n d a ll f e es, c o sts an d ex pen se s ch arg eab le to each B orro w er in div id ually o r co lle ctiv ely in co nnectio n w ith an y fa cility h ere u nder. T hese oblig atio ns s h all b e in a d ditio n to a n y o th er o blig atio ns u nder a n y o th er a g re em en t w ith B an k e n te re d in to b efo re o r a fte r th e date o f th is A gre em en t, u nle ss s u ch o th er a g re em en t is e x pre ssly m odif ie d o r r e v oked in w ritin g, a n d th is A gre em en t s h all n ot affe ct o r in valid ate th e te rm s o f a n y s u ch o th er a g re em en t, u nle ss o th erw is e e x pre ssly p ro vid ed h ere in .

(d ) T he lia b ility o f a B orro w er f o r in deb te d ness h ere u nder s h all b e r e in sta te d a n d r e v iv ed a n d th e r ig hts o f B an k s h all c o ntin ue if a n d to th e e x te n t th at fo r a n y re aso n a n y a m ount a t a n y tim e p aid o n a cco unt o f a n y fa cility u nder th is A gre em en t b y a n y Borro w er o r an y o th er p ers o n o r en tity is re sc in ded o r m ust o th erw is e b e re sto re d b y B an k, w heth er as a re su lt o f an y pro ceed in gs in b an kru ptc y o r r e o rg an iz atio n o r o th erw is e , a ll a s th ough s u ch a m ount h ad n ot b een p aid .

(e ) E ach B orro w er a u th oriz es B an k, w ith out n otic e to o r d em an d o n su ch B orro w er, a n d w ith out a ffe ctin g su ch B orro w er's lia b ility f o r in deb te d ness in cu rre d u nder a n y f a cility e x te n ded u nder th is A gre em en t, f ro m tim e to tim e to : ( i) a lte r, c o m pro m is e , ex te n d, a ccele ra te o r o th erw is e c h an ge th e tim e f o r p ay m en t o f, o r o th erw is e c h an ge th e te rm s o f, th e in deb te d ness o f a n y o th er Borro w er to B an k o n a cco unt o f a n y s u ch fa cilitie s; (ii) ta k e a n d h old s e cu rity fro m a n y o th er B orro w er fo r th e p ay m en t o f in deb te d ness in cu rre d u nder a n y f a cility e x te n ded u nder th is A gre em en t, a n d e x ch an ge, e n fo rc e, w aiv e, s u bord in ate o r r e le ase an y s u ch s e cu rity ; (iii) a p ply s u ch s e cu rity a n d d ir e ct th e o rd er o r m an ner o f s a le th ere o f, in clu din g w ith out lim ita tio n, a n on- ju dic ia l s a le p erm itte d b y th e te rm s o f th e c o ntr o llin g s e cu rity a g re em en t, m ortg ag e, o r d eed o f tr u st, a s B an k in its d is c re tio n may d ete rm in e; (iv ) re le ase o r s u bstitu te a n y o ne o r m ore o f th e e n dors e rs o r a n y g uara n to rs o f a n y fa cility h ere u nder, o r a n y oth er p arty o blig ate d th ere o n; a n d ( v ) a p ply p ay m en ts r e ceiv ed b y B an k f ro m a n y o th er B orro w er to in deb te d ness o f s u ch o th er Borro w er to B an k o th er th an to a n y f a cility e x te n ded u nder th is A gre em en t.

(f) E ach B orro w er re p re se n ts an d w arra n ts to B an k th at it h as esta b lis h ed ad eq uate m ean s o f o bta in in g fro m ev ery o th er Borro w er o n a c o ntin uin g b asis f in an cia l a n d o th er in fo rm atio n r e la tin g to th e f in an cia l c o nditio n o f e v ery o th er B orro w er, a n d each B orro w er a g re es to k eep a d eq uate ly in fo rm ed b y s u ch m ean s o f a n y fa cts , e v en ts o r c ir c u m sta n ces w hic h m ig ht in a n y way a ffe ct its r is k s h ere u nder. E ach B orro w er f u rth er a g re es th at B an k s h all h av e n o o blig atio n to d is c lo se to it a n y in fo rm atio n or m ate ria l a b out a n y o th er B orro w er w hic h is a cq uir e d b y B an k in a n y m an ner. S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . (g ) E ach B orro w er w aiv es a n y r ig ht to r e q uir e B an k to : ( i) p ro ceed a g ain st a n y o th er B orro w er o r a n y o th er p ers o n; ( ii) p ro ceed ag ain st o r e x hau st a n y se cu rity h eld fro m a n y o th er B orro w er o r a n y o th er p ers o n; (iii) p urs u e a n y o th er re m ed y in B an k's pow er; (iv ) a p ply p ay m en ts re ceiv ed b y B an k fro m a n y o th er B orro w er to a n y fa cility e x te n ded u nder th is A gre em en t; o r (v ) mak e a n y p re se n tm en ts o r d em an ds fo r p erfo rm an ce, o r g iv e a n y n otic es o f n onperfo rm an ce, p ro te sts , n otic es o f p ro te st o r notic es o f d is h onor in c o nnectio n w ith a n y f a cility e x te n ded u nder th is A gre em en t.

(h ) E ach B orro w er w aiv es to th e e x te n t p erm itte d b y a p plic ab le la w a n y d efe n se to its lia b ility f o r r e p ay in g a n y f a cility e x te n ded under th is A gre em en t b ase d u pon o r a ris in g b y r e aso n o f: ( i) a n y d is a b ility o r o th er d efe n se o f a n y o th er B orro w er o r a n y o th er pers o n; (ii) th e c essa tio n o r lim ita tio n fro m a n y c au se w hats o ev er, o th er th an p ay m en t in fu ll, o f th e lia b ility o f a n y o th er Borro w er fo r th e fa cility e x te n ded u nder th is A gre em en t; (iii) a n y la ck o f a u th ority o f a n y o ffic er, d ir e cto r, p artn er, a g en t o r oth er p ers o n a ctin g o r p urp ortin g to a ct o n b eh alf o f a n y o th er B orro w er o r a n y d efe ct in th e f o rm atio n o f a n y o th er B orro w er; (iv ) th e a p plic atio n b y a n y o th er B orro w er o f th e p ro ceed s o f a n y fa cility e x te n ded u nder th is A gre em en t fo r p urp ose s o th er th an th e p urp ose s in te n ded o r u nders to od b y B an k o r e ach o th er B orro w er; ( v ) a n y a ct o r o m is sio n b y B an k w hic h d ir e ctly o r in dir e ctly r e su lts in o r a id s th e d is c h arg e o f a n y o th er B orro w er b y o pera tio n o f la w o r o th erw is e , o r w hic h in a n y w ay im pair s or s u sp en ds a n y r ig hts o r r e m ed ie s o f B an k a g ain st a n y o th er B orro w er; ( v i) a n y im pair m en t o f th e v alu e o f a n y in te re st in a n y se cu rity f o r a n y f a cility e x te n ded u nder th is A gre em en t, in clu din g w ith out lim ita tio n, th e f a ilu re to o bta in o r m ain ta in p erfe ctio n or re co rd atio n o f a n y in te re st in a n y s u ch s e cu rity , th e re le ase o f a n y s u ch s e cu rity w ith out s u bstitu tio n, a n d/o r th e fa ilu re to pre se rv e th e v alu e o f, o r to c o m ply w ith a p plic ab le la w in d is p osin g o f, a n y su ch se cu rity ; o r (v ii) a n y m odif ic atio n o f th e in deb te d ness o f a n y o th er B orro w er fo r a n y fa cility e x te n ded u nder th is A gre em en t, in clu din g w ith out lim ita tio n th e re n ew al, ex te n sio n, a ccele ra tio n o r o th er c h an ge in tim e fo r p ay m en t o f, o r o th er c h an ge in th e te rm s o f, th e in deb te d ness o f a n y Borro w er f o r a n y f a cility e x te n ded u nder th is A gre em en t, in clu din g in cre ase o r d ecre ase o f th e r a te o f in te re st th ere o n.

(i) U ntil e ach fa cility e x te n ded u nder th is A gre em en t a n d a ll in deb te d ness a ris in g u nder o r in c o nnectio n w ith th is A gre em en t sh all h av e b een p aid in f u ll, n o B orro w er s h all h av e a n y r ig ht o f s u bro gatio n. E ach B orro w er w aiv es a ll r ig hts a n d d efe n se s it may h av e a ris in g o ut o f (i) a n y e le ctio n o f re m ed ie s b y B an k, e v en th ough th at e le ctio n o f re m ed ie s, s u ch a s a n on- ju dic ia l fo re clo su re w ith r e sp ect to a n y s e cu rity f o r e ach f a cility e x te n ded u nder th is A gre em en t, d estr o ys its r ig hts o f s u bro gatio n o r its rig hts to p ro ceed a g ain st a n y o th er B orro w er f o r r e im burs e m en t, o r ( ii) a n y lo ss o f r ig hts it m ay s u ffe r b y r e aso n o f a n y r ig hts , pow ers o r r e m ed ie s o f a n y o th er B orro w er in c o nnectio n w ith a n y a n ti- d efic ie n cy la w s o r a n y o th er la w s lim itin g, q ualif y in g o r dis c h arg in g a n y B orro w er's in deb te d ness f o r e ach f a cility e x te n ded u nder th is A gre em en t, w heth er b y o pera tio n o f o r o th erw is e in clu din g a n y r ig hts B orro w er m ay h av e, in th e e v en t B orro w er h as g iv en s e cu rity , to a f a ir m ark et v alu e h earin g to d ete rm in e th e s iz e o f a d efic ie n cy fo llo w in g a n y fo re clo su re s a le o r o th er d is p ositio n o f a n y re al p ro perty s e cu rity fo r a n y p ortio n o f th e in deb te d ness, a n d B orro w er w aiv es a n y r ig hts B orro w er m ay h av e u nder th e S D CL § 21-4 9-1 8 et s e q . (th e S outh D ak ota " o ne- actio n" ru le ). U ntil a ll in deb te d ness o f e ach B orro w er to B an k a ris in g u nder o r in c o nnectio n w ith th is A gre em en t s h all h av e been p aid in fu ll, e ach B orro w er w aiv es a n y rig ht to e n fo rc e a n y re m ed y w hic h B an k n ow h as o r m ay h ere afte r h av e a g ain st an y o th er B orro w er o r a n y o th er p ers o n, a n d w aiv es a n y b en efit o f, o r a n y r ig ht to p artic ip ate in , a n y s e cu rity n ow o r h ere afte r held b y B an k." S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . 4 . E xcep t a s s p ecif ic ally p ro vid ed h ere in , a ll te rm s a n d c o nditio ns o f th e C re d it A gre em en t re m ain in fu ll fo rc e a n d e ffe ct, w ith out w aiv er o r m odif ic atio n. A ll te rm s d efin ed in th e C re d it A gre em en t s h all h av e th e s a m e m ean in g w hen u se d in th is A m en dm en t. T his A m en dm en t a n d th e C re d it A gre em en t s h all b e r e ad to geth er, a s o ne d ocu m en t.

5 . B orro w er h ere b y r e m ak es a ll r e p re se n ta tio ns a n d w arra n tie s c o nta in ed in th e C re d it A gre em en t a n d r e affir m s a ll c o ven an ts s e t f o rth t h ere in . B orro w er fu rth er c ertif ie s th at a s o f th e d ate o f th is A m en dm en t th ere e x is ts n o E ven t o f D efa u lt a s d efin ed in th e C re d it A gre em en t, n or a n y c o nditio n, a ct o r e v en t w hic h w ith th e g iv in g o f n otic e o r th e p assa g e o f tim e o r b oth w ould c o nstitu te a n y s u ch E ven t o f D efa u lt.

A C RED IT A GREEM EN T M UST B E IN W RIT IN G T O B E E N FO RCEA BLE U NDER N EB RA SK A L A W . T O PR O TEC T T H E P A RTIE S F R O M A NY M IS U NDER STA NDIN GS O R D IS A PPO IN TM EN TS, A NY C O NTR A CT, P R O M IS E , U NDERTA KIN G O R O FFE R TO FO REB EA R REPA Y M EN T O F M ONEY O R TO M AKE A NY O TH ER FIN ANCIA L A CCO M MODATIO N IN C O NNEC TIO N W IT H TH IS LO AN O F M ONEY O R G RA NT O R EX TEN SIO N O F C RED IT , O R A NY A M EN DM EN T O F, C A NCELLATIO N O F, W AIV ER O F, O R SU BST IT U TIO N FO R A NY O R A LL O F T H E T ER M S O R PR O VIS IO NS O F A NY I N ST R U M EN T O R D OCU M EN T E X EC U TED I N C O NNEC TIO N W IT H T H IS L O AN O F M ONEY O R G RA NT O R E X TEN SIO N O F C RED IT , M UST B E I N W RIT IN G T O B E E FFE C TIV E.

I N W IT N ESS W HER EO F, th e p artie s h ere to h av e c au se d th is A m en dm en t to b e e x ecu te d a s o f th e d ay a n d y ear f ir s t w ritte n a b ove.

WELLS F A RG O B A NK, T H E B U CK LE, I N C.

NATIO NAL A SSO CIA TIO N B y:

/s / D EN NIS H . N ELSO N By:

/s / D AVID W IS E DEN NIS H . N ELSO N, VIC E P R ESID EN T PR ESID EN T A ND C EO B U CK LE B RA NDS, I N C.

B y:

/s / D EN NIS H . N ELSO N DEN NIS H . N ELSO N, PR ESID EN T A ND C EO S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 2 1 TH E B UCKLE, I N C.

SU BSID IA RIE S B uck le B ra n ds, I n c., a N eb ra sk a c o rp ora tio n S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 2 3 C O NSE NT O F I N DEPE NDENT R EG IS T ERED P U BLIC A CCO UNTIN G F IR M W e c o nse n t t o t h e i n co rp ora tio n b y r e fe re n ce i n R eg is tra tio n S ta te m en t N o. 3 33-1 69286, R eg is tra tio n S ta te m en t N o. 3 33-1 58379, P ost-E ffe ctiv e A m en dm en t N o. 1 to R eg is tra tio n N o. 3 33-1 33384, P ost-E ffe ctiv e A m en dm en t N o. 2 to R eg is tra tio n S ta te m en t N o. 3 33-7 0633, P ost-E ffe ctiv e A m en dm en t N o. 2 to R eg is tra tio n S ta te m en t N o. 3 33-7 0641, a n d P ost-E ffe ctiv e A m en dm en t N o. 2 t o R eg is tra tio n S ta te m en t N o. 3 33-7 0643 o n F orm S -8 o f o ur r e p orts d ate d A pril 1 , 2 015, r e la tin g t o t h e c o nso lid ate d f in an cia l s ta te m en ts a n d f in an cia l s ta te m en t s c h ed ule o f T he B uck le , I n c. a n d s u bsid ia ry , a n d t h e e ffe ctiv en ess o f T he B uck le I n c. a n d s u bsid ia ry ’s i n te rn al c o ntro l o ver f in an cia l r e p ortin g, a p pearin g i n t h is A nnual R ep ort o n F orm 1 0-K o f T he B uck le , I n c. f o r t h e y ear e n ded J a n uary 3 1, 2 015.

/ s / D elo itte & T ouch e L LP D ELO IT TE & T O UCH E L LP O m ah a, N eb ra sk a A pril 1 , 2 015 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 3 1a CER TIF IC ATIO N O F P R IN CIP A L E X EC UTIV E O FFIC ER P U RSU ANT T O R ULE 1 3a-1 4(a ) o r 15d-1 4(a ) U NDER T H E S E C URIT IE S E X CHANGE A CT O F 1 934, A S A DOPT ED PU RSU ANT T O S E C TIO N 3 02 O F T H E S A RBANES-O XLEY A CT O F 2 002 I , D en nis H . N els o n, c ertify t h at:

1 .

I h av e r e v ie w ed t h is a n nual r e p ort o f T he B uck le , I n c. o n F orm 1 0-K f o r t h e f is c al y ear e n ded Ja n uary 3 1, 2 015 ; 2 .

Base d o n m y k now le d ge, t h is a n nual r e p ort d oes n ot c o nta in a n y u ntru e s ta te m en t o f a m ate ria l f a ct o r o m it t o s ta te a m ate ria l f a ct n ecessa ry t o m ak e th e s ta te m en ts m ad e, i n l ig ht o f t h e c irc u m sta n ces u nder w hic h s u ch s ta te m en ts w ere m ad e, n ot m is le ad in g w ith r e sp ect t o t h e p erio d c o vere d b y t h is re p ort; 3 .

Base d o n m y k now le d ge, t h e f in an cia l s ta te m en ts , a n d o th er f in an cia l i n fo rm atio n i n clu ded i n t h is r e p ort, f a irly p re se n t i n a ll m ate ria l r e sp ects t h e fin an cia l c o nditio n, r e su lts o f o pera tio ns, a n d c ash f lo w s o f t h e r e g is tra n t a s o f, a n d f o r, t h e p erio ds p re se n te d i n t h is r e p ort; 4 .

The R eg is tra n t's o th er c ertify in g o ffic er a n d I a re re sp onsib le fo r e sta b lis h in g a n d m ain ta in in g d is c lo su re c o ntro ls a n d p ro ced ure s (a s d efin ed in Exch an ge A ct R ule s 1 3a-1 5(e ) a n d 1 5d-1 5(e )) a n d in te rn al c o ntro l o ver fin an cia l re p ortin g (a s d efin ed in E xch an ge A ct R ule s 1 3a-1 5(f) a n d 1 5d- 15(f)) f o r t h e r e g is tra n t a n d h av e:

a. D esig ned s u ch d is c lo su re c o ntro ls a n d p ro ced ure s o r c au se d s u ch d is c lo su re c o ntro ls a n d p ro ced ure s to b e d esig ned u nder o ur s u perv is io n, to en su re th at m ate ria l in fo rm atio n re la tin g to th e re g is tra n t, in clu din g its c o nso lid ate d su bsid ia rie s, is m ad e k now n to u s b y o th ers w ith in th ose en titie s, p artic u la rly d urin g t h e p erio d i n w hic h t h is r e p ort i s b ein g p re p are d ; b. D esig ned su ch in te rn al c o ntro l o ver fin an cia l re p ortin g, o r c au se d su ch in te rn al c o ntro l o ver fin an cia l re p ortin g to b e d esig ned u nder o ur su perv is io n, to p ro vid e re aso nab le a ssu ra n ce re g ard in g th e re lia b ility o f fin an cia l re p ortin g a n d p re p ara tio n o f fin an cia l s ta te m en ts fo r e x te rn al purp ose s i n a cco rd an ce w ith g en era lly a ccep te d a cco untin g p rin cip le s; c. E valu ate d th e effe ctiv en ess o f th e re g is tra n t's d is c lo su re co ntro ls an d p ro ced ure s an d p re se n te d in th is re p ort o ur co nclu sio ns ab out th e effe ctiv en ess o f t h e d is c lo su re c o ntro ls a n d p ro ced ure s, a s o f t h e e n d o f t h e p erio d c o vere d b y t h is r e p ort, b ase d o n s u ch e v alu atio n; a n d d. D is c lo se d in th is re p ort a n y c h an ge in th e re g is tra n t's in te rn al c o ntro l o ver fin an cia l re p ortin g th at o ccu rre d d urin g th e re g is tra n t's m ost re cen t fis c al q uarte r (th e re g is tra n t's fo urth fis c al q uarte r) th at h as m ate ria lly a ffe cte d , o r is re aso nab ly lik ely to m ate ria lly a ffe ct, th e re g is tra n t's in te rn al co ntro l o ver f in an cia l r e p ortin g; a n d 5 .

The R eg is tra n t's o th er c ertify in g o ffic er a n d I h av e d is c lo se d , b ase d o n o ur m ost r e cen t e v alu atio n o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g, t o t h e re g is tra n t's a u dito rs a n d t h e a u dit c o m mitte e o f r e g is tra n t's b oard o f d ire cto rs :

a. A ll s ig nific an t d efic ie n cie s a n d m ate ria l w eak nesse s i n t h e d esig n o r o pera tio n o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g w hic h a re r e aso nab ly lik ely t o a d vers e ly a ffe ct t h e r e g is tra n t's a b ility t o r e co rd , p ro cess, s u m mariz e, a n d r e p ort f in an cia l i n fo rm atio n; a n d b. A ny f ra u d, w heth er o r n ot m ate ria l, t h at i n volv es m an ag em en t o r o th er e m plo yees w ho h av e a s ig nific an t r o le i n t h e r e g is tra n t's i n te rn al c o ntro ls over f in an cia l r e p ortin g.

D ate : A pril 1 , 2 015 /s / D EN NIS H . N ELSO N Den nis H . N els o n Chie f E xecu tiv e O ffic er S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 3 1b CER TIF IC ATIO N O F P R IN CIP A L F IN ANCIA L O FFIC ER P U RSU ANT T O R ULE 1 3a-1 4(a ) o r 15d-1 4(a ) U NDER T H E S E C URIT IE S E X CHANGE A CT O F 1 934, A S A DOPT ED PU RSU ANT T O S E C TIO N 3 02 O F T H E S A RBANES-O XLEY A CT O F 2 002 I , K are n B . R hoad s, c ertify t h at:

1 .

I h av e r e v ie w ed t h is a n nual r e p ort o f T he B uck le , I n c. o n F orm 1 0-K f o r t h e f is c al y ear e n ded Ja n uary 3 1, 2 015 ; 2 .

Base d o n m y k now le d ge, t h is a n nual r e p ort d oes n ot c o nta in a n y u ntru e s ta te m en t o f a m ate ria l f a ct o r o m it t o s ta te a m ate ria l f a ct n ecessa ry t o m ak e th e s ta te m en ts m ad e, i n l ig ht o f t h e c irc u m sta n ces u nder w hic h s u ch s ta te m en ts w ere m ad e, n ot m is le ad in g w ith r e sp ect t o t h e p erio d c o vere d b y t h is re p ort; 3 .

Base d o n m y k now le d ge, t h e f in an cia l s ta te m en ts , a n d o th er f in an cia l i n fo rm atio n i n clu ded i n t h is r e p ort, f a irly p re se n t i n a ll m ate ria l r e sp ects t h e fin an cia l c o nditio n, r e su lts o f o pera tio ns, a n d c ash f lo w s o f t h e r e g is tra n t a s o f, a n d f o r, t h e p erio ds p re se n te d i n t h is r e p ort; 4 .

The R eg is tra n t's o th er c ertify in g o ffic er a n d I a re re sp onsib le fo r e sta b lis h in g a n d m ain ta in in g d is c lo su re c o ntro ls a n d p ro ced ure s (a s d efin ed in Exch an ge A ct R ule s 1 3a-1 5(e ) a n d 1 5d-1 5(e )) a n d in te rn al c o ntro l o ver fin an cia l re p ortin g (a s d efin ed in E xch an ge A ct R ule s 1 3a-1 5(f) a n d 1 5d- 15(f)) f o r t h e r e g is tra n t a n d h av e:

a. D esig ned s u ch d is c lo su re c o ntro ls a n d p ro ced ure s o r c au se d s u ch d is c lo su re c o ntro ls a n d p ro ced ure s to b e d esig ned u nder o ur s u perv is io n, to en su re th at m ate ria l in fo rm atio n re la tin g to th e re g is tra n t, in clu din g its c o nso lid ate d su bsid ia rie s, is m ad e k now n to u s b y o th ers w ith in th ose en titie s, p artic u la rly d urin g t h e p erio d i n w hic h t h is r e p ort i s b ein g p re p are d ; b. D esig ned su ch in te rn al c o ntro l o ver fin an cia l re p ortin g, o r c au se d su ch in te rn al c o ntro l o ver fin an cia l re p ortin g to b e d esig ned u nder o ur su perv is io n, to p ro vid e re aso nab le a ssu ra n ce re g ard in g th e re lia b ility o f fin an cia l re p ortin g a n d p re p ara tio n o f fin an cia l s ta te m en ts fo r e x te rn al purp ose s i n a cco rd an ce w ith g en era lly a ccep te d a cco untin g p rin cip le s; c. E valu ate d th e effe ctiv en ess o f th e re g is tra n t's d is c lo su re co ntro ls an d p ro ced ure s an d p re se n te d in th is re p ort o ur co nclu sio ns ab out th e effe ctiv en ess o f t h e d is c lo su re c o ntro ls a n d p ro ced ure s, a s o f t h e e n d o f t h e p erio d c o vere d b y t h is r e p ort, b ase d o n s u ch e v alu atio n; a n d d. D is c lo se d in th is re p ort a n y c h an ge in th e re g is tra n t's in te rn al c o ntro l o ver fin an cia l re p ortin g th at o ccu rre d d urin g th e re g is tra n t's m ost re cen t fis c al q uarte r (th e re g is tra n t's fo urth fis c al q uarte r) th at h as m ate ria lly a ffe cte d , o r is re aso nab ly lik ely to m ate ria lly a ffe ct, th e re g is tra n t's in te rn al co ntro l o ver f in an cia l r e p ortin g; a n d 5 .

The R eg is tra n t's o th er c ertify in g o ffic er a n d I h av e d is c lo se d , b ase d o n o ur m ost r e cen t e v alu atio n o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g, t o t h e re g is tra n t's a u dito rs a n d t h e a u dit c o m mitte e o f r e g is tra n t's b oard o f d ire cto rs :

a. A ll s ig nific an t d efic ie n cie s a n d m ate ria l w eak nesse s i n t h e d esig n o r o pera tio n o f i n te rn al c o ntro l o ver f in an cia l r e p ortin g w hic h a re r e aso nab ly lik ely t o a d vers e ly a ffe ct t h e r e g is tra n t's a b ility t o r e co rd , p ro cess, s u m mariz e, a n d r e p ort f in an cia l i n fo rm atio n; a n d b. A ny f ra u d, w heth er o r n ot m ate ria l, t h at i n volv es m an ag em en t o r o th er e m plo yees w ho h av e a s ig nific an t r o le i n t h e r e g is tra n t's i n te rn al c o ntro ls over f in an cia l r e p ortin g.

D ate : A pril 1 , 2 015 /s / K AREN B . R HOADS Kare n B . R hoad s Prin cip al A cco untin g O ffic er S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . EX HIB IT 3 2 CER TIF IC ATIO N P U RSU ANT T O 18 U .S .C . S E C TIO N 1 350, AS A DOPT ED P U RSU ANT T O SE C TIO N 9 06 O F T H E S A RBANES-O XLEY A CT O F 2 002 I n c o nnectio n w ith t h e A nnual R ep ort o f T he B uck le , I n c. ( th e “ C om pan y”) o n F orm 1 0-K f o r t h e p erio d e n ded Ja n uary 3 1, 2 015 , a s f ile d w ith t h e S ecu ritie s a n d E xch an ge C om mis sio n o n th e d ate h ere o f (th e “ R ep ort” ), I, D en nis H . N els o n, C hie f E xecu tiv e O ffic er o f th e C om pan y, c ertify , p urs u an t to 1 8 U .S .C .

S ectio n 1 350, a s a d opte d p urs u an t t o S ectio n 9 06 o f t h e S arb an es-O xle y A ct o f 2 002, t h at:

( 1 ) The R ep ort f u lly c o m plie s w ith t h e r e q uire m en ts o f S ectio n 1 3(a ) o r 1 5(d ) o f t h e S ecu ritie s E xch an ge A ct o f 1 934; a n d ( 2 ) The i n fo rm atio n c o nta in ed i n t h e R ep ort f a irly p re se n ts , i n a ll m ate ria l r e sp ects , t h e f in an cia l c o nditio n a n d r e su lts o f o pera tio ns o f t h e C om pan y.

/s / D EN NIS H . N ELSO N Den nis H . N els o n Chie f E xecu tiv e O ffic er April 1 , 2 015 I n c o nnectio n w ith t h e A nnual R ep ort o f T he B uck le , I n c. ( th e “ C om pan y”) o n F orm 1 0-K f o r t h e p erio d e n ded Ja n uary 3 1, 2 015 , a s f ile d w ith t h e S ecu ritie s a n d E xch an ge C om mis sio n o n th e d ate h ere o f (th e “ R ep ort” ), I, K are n B . R hoad s, C hie f F in an cia l O ffic er o f th e C om pan y, c ertify , p urs u an t to 1 8 U .S .C .

S ectio n 1 350, a s a d opte d p urs u an t t o S ectio n 9 06 o f t h e S arb an es-O xle y A ct o f 2 002, t h at:

( 1 ) The R ep ort f u lly c o m plie s w ith t h e r e q uire m en ts o f S ectio n 1 3(a ) o r 1 5(d ) o f t h e S ecu ritie s E xch an ge A ct o f 1 934; a n d ( 2 ) The i n fo rm atio n c o nta in ed i n t h e R ep ort f a irly p re se n ts , i n a ll m ate ria l r e sp ects , t h e f in an cia l c o nditio n a n d r e su lts o f o pera tio ns o f t h e C om pan y.

/s / K AREN B . R HOADS Kare n B . R hoad s Prin cip al A cco untin g O ffic er April 1 , 2 015 S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s . S ourc e: B U CKLE IN C, 1 0-K , A pril 0 1, 2 015 Pow ere d b y M orn in gsta r ® D ocum ent R ese arc h ℠ T he in fo rm atio n c o nta in ed h ere in m ay n ot b e c o pie d , a d ap te d o r d is trib ute d a n d is n ot w arra n te d t o b e a ccu ra te , c o m ple te o r t im ely . T he u ser a ssu m es a ll r is ks f o r a n y d am ag es o r lo sses a ris in g f ro m a n y u se o f t h is in fo rm atio n, e xcep t t o t h e e xte n t s u ch d am ag es o r lo sses c an not b e lim it e d o r e xclu ded b y a p plic ab le la w . P ast f in an cia l p erfo rm an ce is n o g uara n te e o f f u tu re r e su lt s .