Buckle (BKE) reported mildly disappointing annual earnings per share of $1.97 for the most recent year versus our internal projection of $2.14. The difference was driven largely by lower than anticipated fourth quarter gross margins and revenues. The gross margin result for the fourth quarter reversed a trend from the year’s first three quarters of gross margin improvement over the corresponding prior year periods. In the holiday season, this is a concerning sign combined with the lack of any meaningful boost in comparable store sales performance in contrast to what was, by and