巴克尔 (BKE) 2026财年第二季度业绩电话会议：销售额增长4.6%，女装业务领跑

核心要点

• Buckle 2026财年第二季度净销售额同比增长4.6%至3.198亿美元，同店销售额增长2.1%，线上销售额增长2.3%至4460万美元。
• 摊薄后每股收益（EPS）从0.89美元下滑至0.87美元。毛利率改善40个基点至47.8%，但因销售、一般及行政费用（SG&A）增加，营业利润率从18.4%降至17.4%。
• 女装销售额增长9.5%，占总销售额的50%。女式牛仔系列增长11%，而其他裤装增长近50%。
• 男装销售额基本持平，其中男式牛仔系列下降3.5%。童装销售额在上年同期增长23%的基础上，本季度增长11%。
• 存货增长13.3%至1.614亿美元。截至季度末，Buckle拥有3.229亿美元的现金及投资以及446家零售门店。
• 关税退款推动商品毛利率提升了65个基点。管理层表示，所有预期的关税退款均已到账，且大部分财务影响已被确认。

核心财务数据

在2026财年前26周，净销售额增长5.3%至6.086亿美元，同店销售额增长3.5%。净利润为9130万美元（即摊薄后每股收益1.79美元），而上年同期为8020万美元（即每股收益1.59美元）。今年迄今营业利润率从17.3%提升至19.0%。

在本季度和今年迄今，单笔交易件数均下降约1%。平均单件零售价上涨约4.5%，而客单价增长约3.5%。

业务与经营业绩

女装依然是Buckle的主要增长驱动力。在2025财年第二季度增长18.5%的基础上，本季度销售额增长9.5%，将该板块占总销售额的份额从47.5%提升至50%。

受多种裤脚口和裤腰款式需求的推动，女式牛仔系列销售额增长11%。女式牛仔裤平均售价从85.35美元升至92.50美元。其他裤装增长近50%，女式上衣增长约10.5%，短裤销量也在7月有所增强。

男装销售额基本持平，占公司销售额的50%，低于上年同期的52.5%。男式牛仔系列下降约3.5%，疲软主要集中在价格较高的知名品牌上。在图案T恤、短袖梭织衬衫、POLO衫和连帽衫的支撑下，男式上衣增长3.5%。

童装销售额在上年同期增长23%的基础上，本季度增长11%。配饰增长约2.5%，鞋类增长约0.5%。自有品牌的渗透率从销售额的43.5%提升至44.5%。

Buckle在本季度新开5家门店，完成5家门店的全翻新，并关闭了1家门店。本季度资本支出总计2980万美元，今年迄今资本支出为4450万美元。

管理层业绩指引

Buckle重申了其不提供未来销售额或盈利指引的既定政策。

在本财年的剩余时间内，管理层预计将再开5家新店，并完成4家门店的全翻新。算上本季度末后新开的1家门店，今年迄今累计新开门店9家，全翻新10家，关店2家。

管理层还表示，关税退款带来的收益将有一小部分剩余延续至第三财季，不过大部分影响已被确认。

风险与关注事项

• SG&A占销售额的比重升至30.4%，反映出营销投资、门店劳工、医疗保险、门店用品及其他费用的增加。
• 随着Buckle新增和搬迁门店，采购、分销及场地租金成本上升了70个基点。
• 存货增长13.3%，高于本季度4.6%的销售额增速。
• 男式牛仔下滑3.5%，管理层表示鞋类业务依然面临困难，特别是在缺乏强有力时尚单品或高销量品牌的情况下。
• 管理层指出，免税日和开学日期的变动可能会导致各个区域市场的同店销售额出现波动。

分析师问答亮点

在被问及商品毛利率扩大时，管理层将扣除关税退款后基础毛利率45个基点的改善归因于自有品牌渗透率提高、强劲的正价销售、打折促销减少以及男女装产品的广泛增长。Buckle在本季度收到了250万美元的关税退款。

在营销方面，管理层表示，45个基点的费用增加涵盖了智能电视（CTV）、Spotify、搜索、社交媒体创作者和电子邮件营销活动，重点在于获取与留存客户。供应商成本上涨以及对数据和分析工具的投资也是原因之一。

管理层将女装业务的相对强劲归因于时尚新品、牛仔趋势、休闲商品以及协调搭配的产品组合。男装则依然是一项稳健但更为平稳且在一定程度上受天气影响的业务。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.