What Buckle, Inc. told the SEC could break it.

Buckle routes all merchandise for its 440 stores (42 states) and its e-commerce platform through one centralized receiving and distribution center in Kearney, Nebraska, where goods are received daily, sorted, tagged and packaged for distribution primarily via FedEx. This single-facility logistics model is a concentrated point of failure: a fire, severe-weather event (Nebraska is tornado-prone), labor disruption, or systems outage at Kearney would impair replenishment across the entire fleet at once, with no second DC to absorb volume. A genuine single-distribution-center concentration risk.

“The Company uses a centralized receiving and distribution center located in Kearney, Nebraska.”

Buckle sources merchandise overseas through foreign buying agents and domestic vendors that manufacture abroad, holds no long-term merchandise supply contracts, and its imports are subject to duties, tariffs and quotas. During fiscal 2025, U.S. tariffs imposed under the International Emergency Economic Powers Act (IEEPA) applied to some of its direct-import products; on February 20, 2026 the U.S. Supreme Court ruled those tariffs unauthorized without addressing refunds, leaving uncertainty over the likelihood and timing of any recovery pending direction from the courts/U.S. Customs. The episode illustrates direct, swinging trade-policy exposure on its import-dependent, contract-free supply chain. A specific, dated tariff/import-policy exposure.

“that applied to some of the Company's direct import products. On February 20, 2026, the U.S. Supreme Court ruled that the tariffs were unauthorized.”