バックル（BKE）2026年度第2四半期決算説明会：売上高4.6%増、ウィメンズ事業が牽引

主要なポイント

• バックルの2026年度第2四半期売上高は前年同期比4.6%増の3億1,980万ドルとなり、既存店売上高は2.1%増、オンライン売上高は2.3%増の4,460万ドルとなりました。
• 希薄化後EPSは前年同期の0.89ドルから0.87ドルに減少しました。粗利益率は40ベーシスポイント改善して47.8%となりましたが、販売管理費の増加により営業利益率は18.4%から17.4%に低下しました。
• ウィメンズ部門の売上高は9.5%増となり、総売上高の50%に達しました。ウィメンズデニムは11%増加し、オルタナティブパンツはほぼ50%増加しました。
• メンズ部門の売上高はほぼ横ばいとなり、メンズデニムの3.5%減が含まれます。キッズ部門の売上高は前年同期の23%増に続き11%増加しました。
• 棚卸資産は13.3%増の1億6,140万ドルとなりました。バックルは現金および有価証券3億2,290万ドル、実店舗446店舗で当四半期を終えました。
• 商品利益率は関税の払い戻しにより65ベーシスポイント押し上げられました。経営陣によると、予想される払い戻しはすべて受領済みであり、財務上の影響の大半はすでに計上されているとのことです。

主要財務データ

2026年度の最初の26週間（上半期）の売上高は前年同期比5.3%増の6億860万ドル、既存店売上高は3.5%増となりました。当期純利益は9,130万ドル（希薄化後1株当たり1.79ドル）となり、前年同期の8,020万ドル（同1.59ドル）から増加しました。年初来の営業利益率は前年同期の17.3%から19.0%に上昇しました。

1取引当たりの販売点数は当四半期および年初来累計期間のいずれも約1%減少しました。平均単価は約4.5%上昇し、1取引当たりの平均購入金額は約3.5%増加しました。

事業および業績

ウィメンズ部門は引き続きバックルの主な成長推進力となりました。売上高は2025年度第2四半期の18.5%増に加えてさらに9.5%増加し、全社売上高に占める同部門の割合は47.5%から50%に上昇しました。

ウィメンズデニムの売上高は、多様な裾幅や股上への需要に支えられて11%増加しました。ウィメンズデニムの平均価格は85.35ドルから92.50ドルに上昇しました。オルタナティブパンツはほぼ50%増加し、ウィメンズトップスは約10.5%増加、ショートパンツは7月に好調を示しました。

メンズ部門の売上高はほぼ横ばいとなり、全社売上高に占める割合は前年同期の52.5%から50%に低下しました。メンズデニムは約3.5%減少しましたが、不振の大部分は高価格帯のナショナルブランドに集中していました。メンズトップスは、グラフィックTシャツ、半袖シャツ、ポロシャツ、パーカーに支えられて3.5%増加しました。

キッズ部門の売上高は前年同期の23%増に続き11%増加しました。アクセサリー類は約2.5%増加し、フットウェアは約0.5%増加しました。プライベートブランド（PB）比率は売上高の43.5%から44.5%に上昇しました。

当四半期中、バックルは5店舗を新規出店し、5店舗の全面改装を完了、1店舗を閉店しました。設備投資額は当四半期で2,980万ドル、年初来累計で4,450万ドルとなりました。

業績見通し（ガイダンス）

バックルは、今後の売上高や利益に関する業績見通し（ガイダンス）を提供しない方針を改めて表明しました。

当会計年度の残りの期間について、経営陣はさらに5店舗の新規出店と4店舗の全面改装を予定しています。四半期終了後の1店舗の出店を含め、年初来の累計は新規出店9店舗、全面改装10店舗、閉店2店舗となりました。

また経営陣は、関税払い戻しによる恩恵の大半はすでに認識されているものの、残りの僅かな部分が第3四半期に計上されると述べました。

リスクと注視すべき点

• 販売管理費率は、マーケティング投資、店舗人件費、健康保険料、店舗用品費などの増加を反映し、売上高の30.4%に上昇しました。
• 店舗の追加や移転に伴い、仕入れ・物流・店舗占有コストは70ベーシスポイント増加しました。
• 棚卸資産は13.3%増加し、当四半期の売上高の伸び（4.6%）を上回るペースで拡大しました。
• メンズデニムは3.5%減少し、経営陣は、強力なトレンド商品やヒットブランドが存在しないこともあり、フットウェアは引き続き厳しい状況にあると述べました。
• 経営陣は、免税期間や新学期の開始時期の変更が、地域ごとの既存店売上高のばらつきを生む可能性があると指摘しました。

アナリスト質疑応答のハイライト

商品利益率の拡大について問われた際、経営陣は、関税払い戻しを除く実質45ベーシスポイントの改善要因として、プライベートブランド比率の上昇、定価販売の好調、値引きの減少、およびメンズ・ウィメンズ双方における幅広い好調さを挙げました。なお、バックルは当四半期中に250万ドルの関税払い戻しを受領しました。

マーケティングについて、経営陣は45ベーシスポイントの費用増加について、新規顧客獲得と維持を目的としたコネクテッドTV、Spotify、検索、ソーシャルクリエイター、Eメール施策をカバーするものだと説明しました。プロバイダー費用の増加やデータ・分析ツールへの投資も寄与しました。

経営陣はウィメンズ部門の相対的な好調さについて、新ファッション商品、デニムのトレンド、カジュアル商品、トータルコーディネートの品揃えの結果であると説明しました。一方、メンズ部門は堅調ながらもより安定的で、やや天候の影響を受けやすいビジネスにとどまりました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning, and thank you for standing by, and welcome to Buckle's Second Quarter Earnings Release Webcast. [Operator Instructions] Members of Buckle's management on the call today are Dennis Nelson, President and CEO; Tom Heacock, Senior Vice President of Finance, Treasurer and CFO; Adam Akerson, Vice President of Finance and Corporate Controller; and Brady Fritz, Senior Vice President, General Counsel and Corporate Secretary.

Before beginning, the company would like to reiterate its policy of not providing future sales or earnings guidance. All forward-looking statements made on the call are pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, actual results may differ materially due to risks and uncertainties described in the company's SEC filings. The company undertakes no obligation to publicly update or revise these statements, except as required by law. Additionally, the company does not authorize the reproduction or dissemination of transcripts or audio recordings of the company's quarterly conference calls without its express written consent. Any unauthorized reproductions or recording of the calls should not be relied upon as the information may be inaccurate. As a reminder, today's webcast is being recorded.

And I'd now like to turn the conference over to your host, Tom Heacock.

Thomas Heacock

Good morning, and thanks for joining us this morning. Our August 21, 2026 press release reported that net income for the 13-week second quarter, which ended August 1, 2026, was $44.4 million or $0.87 per share on a diluted basis, which compares to net income of $45 million or $0.89 per share on a diluted basis for the prior year 13-week second quarter which ended August 2, 2025. Year-to-date net income for the 26-week period ended August 1, 2026, was $91.3 million or $1.79 per share on a diluted basis, which compares to net income of $80.2 million or $1.59 per share on a diluted basis for the prior year 26-week period ended August 2, 2025. .

Net sales for the 13-week second quarter increased 4.6% to $319.8 million compared to net sales of $305.7 million for the prior year 13-week second quarter. Comparable store sales for the quarter increased 2.1% in comparison to the same 13-week period in the prior year, and our online sales increased 2.3% to $44.6 million. Year-to-date, net sales increased 5.3% to $608.6 million compared to net sales of $577.9 million for the prior year 26-week fiscal period. And comparable store sales for the year-to-date period increased 3.5% in comparison to the same 26-week period in the prior year, and our online sales increased 2.5% to $92.2 million.

For both the quarter and year-to-date periods, UPTs decreased approximately 1%, the average unit retail increased approximately 4.5%, and the average transaction value increased about 3.5%. Gross margin for the quarter was 47.8%, a 40 basis point increase from 47.4% in the second quarter of 2025. For the quarter, merchandise margins improved by 110 basis points which includes 65 basis points of impact from tariff refunds received during the quarter and was partially offset by a 70 basis point increase in buying, distribution and occupancy expenses related to continued growth in the number of both new and relocated store locations. Year-to-date, gross margin was 47.1%, consistent with the same period in the prior year. And during the period, a 55 basis point increase in merchandise margins was offset by a 55 basis point increase in buying, distribution and occupancy expenses.

Selling, general and administrative expenses for the quarter were 30.4% of net sales compared to 29.0% for the second quarter of 2025. Year-to-date, SG&A was 28.1% of sales compared to 29.8% for the same period in the prior year. The second quarter increase was due to a 45 basis point increase in marketing expenses as we increased investments and initiatives aimed at driving guest acquisition and strengthening long-term brand momentum as well as a 35 basis point increase in store labor related expenses, a 30 basis point increase in health insurance benefits, a 20 basis point increase in store supplies and a 45 basis point increase in certain other SG&A categories. These increases were partially offset by a 35 basis point reduction in incentive and equity compensation accrual.

Our operating margin for the quarter was 17.4% compared to 18.4% for the second quarter of 2025. And for the year-to-date period, our operating margin was 19% compared to 17.3% for the same period last year. Income tax expense as a percentage of pretax net income for each of the current and prior year quarter and year-to-date periods was 24.5%.

Our press release also included a balance sheet as of August 1, 2026, which included the following: inventory of $161.4 million, up 13.3% from the same time a year ago, and $322.9 million of total cash and investments. We ended the quarter with $191.7 million in fixed assets, net of accumulated depreciation. Our capital expenditures for the quarter were $29.8 million and depreciation expense was $6.9 million.

For the year-to-date period, capital expenditures were $44.5 million and depreciation expense was $13.4 million. Year-to-date, capital spending is broken down as follows: $24.4 million for new store construction, store remodels and technology upgrades and $20.1 million for capital spending at the corporate headquarters and distribution center, which includes the purchase of a new corporate aircraft as a replacement for the plane that was sold during fiscal 2025.

During the quarter, we opened 5 new stores, completed 5 full store remodels, 4 of which were relocations in the new outdoor shopping centers and closed 1 store. Following quarter end, we opened 1 additional new store which brings our year-to-date count through today to 9 new stores, 10 full remodels and 2 store closures. For the remainder of the year, we anticipate opening 5 additional new stores and completing 4 more full remodel projects. Buckle ended the quarter with 446 retail stores in 42 states compared with 440 stores in 42 states at the end of the second quarter of 2025.

And now I'll turn the call over to Adam Akerson, our Vice President of Finance.

Adam Akerson

Thanks, Tom, and good morning. Our women's business continued its strong performance during the quarter, increasing 9.5% on top of an 18.5% increase in the second quarter of 2025. The women's business represented 50% of total sales for the quarter, up from 47.5% last year, reflecting broad-based strength across key categories. Women's denim remained a standout performer, growing 11% year-over-year, supported by strong denim trends across a variety of leg openings and rises. Guests responded particularly well to the depth and versatility of the assortment, driving both unit and dollar growth with average denim price points increasing from $85.35 to $92.50 during the quarter.

Beyond traditional denim, the alternative pants category continued to be the fastest-growing segment of the women's business, increasing almost 50% year-over-year. This growth was fueled by strong guest demand for prints and colors across a wide -- a range of wider leg silhouettes. Women's tops also delivered strong performance, growing approximately 10.5% year-over-year led by fashion and graphic styles that paired well with wider leg and pattern bottoms. Additionally, women's shorts experienced strong selling during the quarter, accelerating in July as customers shop this summer season and began preparing for back-to-school.

Our men's business delivered consistent performance during the quarter with total sales remaining essentially flat to last year, representing 50% of the total company sales compared to 52.5% in the prior year. While men's denim sales declined approximately 3.5% year-over-year, private label denim outperformed the category as the majority of the softness was concentrated in higher price point national brands. Despite the shift in brand mix, average denim price points remained consistent at $89.20 versus $89.3 last year. Slight growth in our shorts category helped offset a portion of the denim decline, reflecting guest positive response to our seasonal assortment.

Tops continued to be a bright spot within the men's business, growing 3.5% year-over-year showcasing the strength and breadth of our assortment. Graphic tees performed particularly well across a variety of lifestyles, fabric weights and designs, while short sleeve wovens and shirts delivered strong results in both print and solid styles. Our expanded Polo assortment also resonated with guests providing style options for a range of occasions. Strong selling in hoodies generated incremental sales growth during the quarter, reflecting consistent guest demand for casual and versatile apparel.

On a combined basis, accessory sales for the quarter increased approximately 2.5% against the prior year and footwear sales increased about 0.5%. These 2 categories accounted for approximately 11.5% and 5%, respectively, of second quarter net sales for both fiscal 2025 and 2026. For the quarter, average accessory price points were up approximately 5%, and average footwear price points were up 10%.

Our kids business delivered another outstanding quarter, increasing 11% on top of a 23% increase in the second quarter of '25. Growth was broad-based across the category, led by strong performance in denim, shorts and casual bottoms and tees. Many of the same trends driving success in our adult business resonated well with kids and parents alike as [ Mini Me ] styling remain a meaningful driver of demand. For the quarter, denim accounted for approximately 35.5% of sales and tops accounted for approximately 30.5%, which compares with 36% and 29.5% for each in the second quarter of fiscal '25.

Our private label business for the quarter represented 44.5% of sales versus 43.5% for the second quarter of 2025. And with that, we welcome your questions.

Operator

[Operator Instructions] Our first question comes from Mauricio Serna from UBS.

質疑応答

Mauricio Serna Vega

Great. Just going back to the comment on merchandise margin. I think you mentioned it was up 110 basis points. That included 65 basis points of tariff refunds. Two-part question, I guess. What drove the other 45 basis points included in merchandise margin expansion? And just on the tariff refund, are you expecting any other tariff refunds going into the back half? And how are the tariff funds being accounted for like in the balance sheet at this point.

Thomas Heacock

Yes. Thank you, Mauricio. Thanks for the question. On the merchandise margins, the numbers that we gave, total merchandise margins for the quarter were up 110 basis points, offset by about 65 basis points of tariff refund impact. So absolutely, they were up 45% without -- or 45 basis points without the impact of tariff refunds. The driver of that was really slight increase in private label. Private label was up about 100 basis points, strong regular price selling, markdowns are down, really clean business there and strong [indiscernible] of new product and really pretty broad-based, both men's and women's merchandise margins were up, so just continue to work at it and find opportunities to grow that margin. So no one specific thing, kind of a combination of things.

As far as tariffs, all of the refunds that we expect to receive were received. So we received a total of $2.5 million during the quarter, a little over $2 million was a credit to cost of goods sold to impacted tariff or merchandise margins in Q1 and a small amount will flow into -- or in Q2 and a small amount will flow into Q3. So a little bit more impact, but most of it has been recognized.

Mauricio Serna Vega

Got it. A quick follow-up just on -- I think on the SG&A side, you [indiscernible] 45 basis points of marketing deleverage. Could you give us a sense of how much were marketing dollars up on a year-over-year? And like where are you seeing that? Like how are you feeling about that the return of that investment as you think about like potential acceleration in the back half of the year?

Thomas Heacock

I don't know if we'll give out the dollar amount of how much it was up, it was 45 basis points. And so it was spread across a number of initiatives and really pretty broad-based focus on both new to file and acquisition and also retention. So when you look kind of at all of our programs, it was spread between CTV, Spotify search, social creators, really all of those things, we've increased our investment in all of them to, again, an e-mail as well to really focus on, again, both retention and acquisition. So we have seen a nice response are pleased with the response we've seen and how more plans to continue to review and build there going forward.

Part of it in each of those channels, I mean we're seeing cost increases from the providers. So that's a part of it, too, it's not just increasing spend just to attract more guests, but costs are rising, too. So that's part of it. And then we also have invested over the last several quarters in tooling for our marketing team to increase the data and analytics and the insights that they have to really help drive our marketing programs going forward. So that's a part of it as well.

Operator

Our next question comes from Jon Braatz with Kansas City Capital.

Jon Braatz

Tom, Adam, when you look at the results over the last year or so, women's business has been relatively stronger than the men's. And I'm wondering if you could comment on maybe the relative weakness in the men's category versus the women.

Dennis Nelson

Jon, this is Dennis. I think the excitement with all the new product and fashion and the denim and casual and the ladies doing a great job of doing collective groups for the top in our brands have really created excitement and grown their business substantially. The men's has been more consistent and there's probably a little more weather sensitive, but it's a solid business, and we feel really good about the men's business as well.

Jon Braatz

Okay. And Dennis, I don't want to nitpick or anything like that. But it's been -- I look back at the numbers, 50 consecutive months of year-over-year declines in footwear volumes. And I know early on, you had some tough comps with [indiscernible] but is footwear being deemphasized at all? Is there -- what might account for just sort of the softness in footwear -- in the footwear category? Or is it soft across the board in all footwear companies. Any thoughts on that?

Dennis Nelson

Well, the men's we need a strong brand like [indiscernible] or somebody like that to have huge volume and seeing how it's still a steady business for us, but not where we had the big business several years ago where we had kind of exclusive styles in depth there. On the -- ladies business, it's pretty consistent and kind of depends on the fashion -- but the men's will be a small part of our business until we hit the right new fashion item to drive it. And my understanding is that the footwear business is difficult right now for most people. .

Operator

Our next question comes from Mauricio Serna with UBS Investment Bank.

Mauricio Serna Vega

Yes. Just a quick follow-up. I think you talked a little bit about back-to-school. There's been some talk about -- there's been like a bit of a delay on that, and that might be weighing on the retail environment. Any thoughts on that? Like maybe like in July, that was a bit of a reason why comps were a little bit relatively slow. And maybe that you're seeing some of that improvement as like that spending shifted a little bit more towards August. So just any comments on what you're seeing related to back-to-school would be very helpful.

Dennis Nelson

Well, I think it's each year, the tax [ freeze ] kind of change dates, which months they're in, and we hear certain states maybe start school a little later or a little earlier at different times. So it's -- over the total stores, it's difficult to call that out. But I know that creates some challenges for comps in certain markets. But overall, it seems to average out most of the time.

Operator

[Operator Instructions] There are no further questions. I'll now hand the call back over to Buckle for any closing remarks.

Thomas Heacock

If there are no further questions, we'll wrap up the call. Thank you, everyone, for participating, and have a wonderful rest of the day.