버클(BKE) 2026 회계연도 2분기 실적 발표 콘퍼런스 콜: 매출 4.6% 증가, 여성 사업 부문 실적 견인

핵심 요약

• 버클의 2026 회계연도 2분기 매출액은 전년 동기 대비 4.6% 증가한 3억 1,980만 달러를 기록했으며, 동일점포 매출은 2.1% 증가하고 온라인 매출은 2.3% 증가한 4,460만 달러를 기록했습니다.
• 희석 주당순이익(EPS)은 0.89달러에서 0.87달러로 감소했습니다. 매출총이익률은 47.8%로 40베이시스 포인트(bp) 개선되었으나, 판매관리비(SG&A) 증가로 영업이익률은 18.4%에서 17.4%로 하락했습니다.
• 여성복 매출은 9.5% 증가해 전체 매출의 50%를 차지했습니다. 여성 데님 매출은 11% 성장했으며, 대체 팬츠 매출은 거의 50% 증가했습니다.
• 남성 데님 매출이 3.5% 감소한 것을 포함해 남성복 매출은 전년과 비슷한 수준을 유지했습니다. 아동복 매출은 전년 동기 23% 성장한 데 이어 이번 분기에도 11% 증가했습니다.
• 재고는 13.3% 증가한 1억 6,140만 달러를 기록했습니다. 버클은 현금 및 투자자산 3억 2,290만 달러와 446개 소매 매장을 보유하며 분기를 마감했습니다.
• 상품 이익률은 관세 환급으로 인해 65bp의 개선 효과를 얻었습니다. 경영진은 예상된 환급금을 모두 수령했으며 재무적 영향의 대부분이 이미 반영되었다고 밝혔습니다.

핵심 재무 데이터

2026 회계연도 상반기(첫 26주) 매출액은 전년 동기 대비 5.3% 증가한 6억 860만 달러를 기록했으며, 동일점포 매출은 3.5% 상승했습니다. 순이익은 9,130만 달러(희석 주당 1.79달러)로, 전년 동기의 8,020만 달러(주당 1.59달러) 대비 증가했습니다. 연초 대비 누적 영업이익률은 17.3%에서 19.0%로 상승했습니다.

거래당 수량은 이번 분기와 누적 기간 모두 약 1% 감소했습니다. 평균 판매 단가는 약 4.5% 상승했으며, 평균 거래 금액은 약 3.5% 증가했습니다.

사업 및 영업 실적

여성복은 여전히 버클의 핵심 성장 동력으로 작용했습니다. 2025 회계연도 2분기 18.5% 성장한 데 이어 이번 분기에도 매출이 9.5% 증가하여, 전체 매출에서 여성복 부문이 차지하는 비중은 47.5%에서 50%로 확대되었습니다.

다양한 밑단 폭과 밑위 길이에 대한 수요에 힘입어 여성 데님 매출은 11% 증가했습니다. 여성 데님의 평균 가격은 85.35달러에서 92.50달러로 상승했습니다. 대체 팬츠 매출은 거의 50% 성장했으며, 여성 탑은 약 10.5% 증가했고 반바지 매출은 7월 들어 호조를 보였습니다.

남성복 매출은 전년과 비슷한 수준을 유지하며 회사 전체 매출의 50%를 차지해 전년 동기의 52.5%에서 비중이 감소했습니다. 남성 데님은 약 3.5% 감소했으며, 부진은 주로 고가 내셔널 브랜드에 집중되었습니다. 남성 탑 매출은 그래픽 티셔츠, 반팔 우븐 셔츠, 폴로 셔츠, 후드티의 호조에 힘입어 3.5% 증가했습니다.

아동복 매출은 전년 동기 23% 증가한 데 이어 이번 분기에도 11% 상승했습니다. 액세서리 매출은 약 2.5% 성장한 반면, 신발 매출은 약 0.5% 증가하는 데 그쳤습니다. 자체 브랜드(PB) 비중은 매출의 43.5%에서 44.5%로 확대되었습니다.

버클은 이번 분기 동안 5개 매장을 신규 오픈하고 5개 매장의 전면 리모델링을 완료했으며, 1개 매장을 폐점했습니다. 설비투자(CAPEX)는 분기 동안 2,980만 달러, 연초 대비 누적 4,450만 달러를 기록했습니다.

경영진 가이던스

버클은 향후 매출이나 이익에 대한 가이던스를 제공하지 않는 기존 방침을 재확인했습니다.

남은 회계연도 동안 경영진은 5개 매장을 추가 오픈하고 4개 매장의 전면 리모델링을 추가 진행할 것으로 예상하고 있습니다. 분기 종료 후 1개 매장이 신규 오픈함에 따라, 연초 대비 누적 기준으로 신규 매장 9개, 전면 리모델링 10개, 폐점 2개를 기록했습니다.

경영진은 대부분의 영향이 이미 반영되었지만, 관세 환급 혜택의 소액 잔여분이 3분기 실적에 반영될 것이라고 덧붙였습니다.

리스크 및 주요 관전 포인트

• 판매관리비는 마케팅 투자, 매장 인건비, 건강보험, 매장 소모품비 및 기타 비용의 증가를 반영하며 매출액 대비 30.4%로 상승했습니다.
• 매장 신설 및 이전에 따라 구매, 물류, 임차 관련 비용은 70bp 증가했습니다.
• 재고 성장률은 13.3%로, 이번 분기 매출 성장률인 4.6%를 상회했습니다.
• 남성 데님 매출이 3.5% 감소했으며, 경영진은 강한 패션 아이템이나 대량 판매 브랜드가 부재한 상황에서 신발 부문이 여전히 고전하고 있다고 언급했습니다.
• 경영진은 면세 기간(Tax-holiday) 및 개학 시기의 변화로 인해 지역 시장별 동일점포 매출 변동성이 발생할 수 있다고 지적했습니다.

애널리스트 Q&A 주요 내용

상품 이익률 확대에 대한 질문에 경영진은 관세 환급 효과를 제외한 기본 45bp 개선의 원인으로 자체 브랜드(PB) 비중 확대, 견조한 정가 판매, 할인 판매 감소, 남성 및 여성 제품 전반의 광범위한 실적 개선을 꼽았습니다. 버클은 이번 분기 동안 250만 달러의 관세 환급금을 수령했습니다.

마케팅과 관련해 경영진은 45bp의 마케팅비 증가가 커넥티드 TV, 스포티파이(Spotify), 검색, 소셜 크리에이터, 이메일 마케팅 등 고객 유치 및 유지에 집중된 활동에 투입되었다고 설명했습니다. 또한 대행사 비용 상승과 데이터 및 분석 툴에 대한 투자도 이에 기여했습니다.

경영진은 여성복 부문의 상대적 강세가 신상품 패션 제품, 데님 트렌드, 캐주얼 상품, 세트 상품 구성의 결과라고 설명했습니다. 남성복 부문은 견조하지만 상대적으로 일정하며 날씨 변화에 다소 민감한 흐름을 유지하고 있습니다.

실적 발표 콘퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.