Buckle (BKE) 2026 財年第二季財報電話會議：銷售額成長 4.6%，女裝業務領跑

核心要點

• Buckle 2026 財年第 2 季淨銷售額年增 4.6% 至 3.198 億美元，同店銷售額成長 2.1%，線上銷售額成長 2.3% 至 4,460 萬美元。
• 稀釋每股盈餘（EPS）從 0.89 美元降至 0.87 美元。毛利率上升 40 個基點至 47.8%，但由於營業費用（SG&A）增加，營業利益率從 18.4% 下降至 17.4%。
• 女裝銷售額成長 9.5%，占總銷售額的 50%。女用牛仔系列成長 11%，而其他款式長褲成長近 50%。
• 男裝銷售額基本持平，其中男用牛仔系列下降 3.5%。童裝銷售額在去年同期成長 23% 的基礎上，本季成長 11%。
• 庫存成長 13.3% 至 1.614 億美元。截至本季末，Buckle 擁有的現金與投資為 3.229 億美元，並設有 446 家零售門市。
• 商品毛利率受惠於關稅退稅 65 個基點。管理層表示，所有預期退稅均已收到，且大部分財務影響已獲確認。

核心財務數據

2026 財年前 26 週，淨銷售額成長 5.3% 至 6.086 億美元，同店銷售額成長 3.5%。淨利為 9,130 萬美元，即稀釋每股盈餘 1.79 美元，而去年同期為 8,020 萬美元，即每股 1.59 美元。今年累計營業利益率從 17.3% 提升至 19.0%。

本季與今年累計期間的每筆交易件數均下降約 1%。平均零售單價上升約 4.5%，而平均交易金額成長約 3.5%。

業務與營運表現

女裝仍是 Buckle 的主要成長引擎。銷售額在 2025 財年第 2 季成長 18.5% 的基礎上再次成長 9.5%，使該業務占總銷售額的比重從 47.5% 提高到 50%。

受多種褲腳寬度與腰頭高度需求帶動，女用牛仔系列銷售額成長 11%。女用牛仔褲平均售價從 85.35 美元上漲至 92.50 美元。其他款式長褲成長近 50%，而女用上衣成長約 10.5%，短褲需求在 7 月增強。

男裝銷售額基本持平，占公司總銷售額的 50%，低於去年同期的 52.5%。男用牛仔系列下滑約 3.5%，疲軟主要集中在高單價的全國性品牌。受印花 T 恤、短袖梭織襯衫、POLO 衫與連帽衫支撐，男用上衣成長 3.5%。

童裝銷售額在去年同期成長 23% 後，本季成長 11%。配件成長約 2.5%，鞋類成長約 0.5%。自有品牌滲透率從銷售額的 43.5% 提升至 44.5%。

Buckle 本季新開 5 家門市，完成 5 家門市的全店改裝，並關閉 1 家門市。本季資本支出共計 2,980 萬美元，今年累計為 4,450 萬美元。

管理層指引

Buckle 重申其不提供未來銷售額或盈餘指引的政策。

在本財年的剩餘時間裡，管理層預計再新開 5 家門市，並完成 4 家門市的改裝。加上季末後新開的 1 家門市，今年累計達到 9 家新門市、10 家門市全店改裝及 2 家關閉。

管理層亦表示，關稅退稅收益的少數剩餘部分將計入 2026 財年第 3 季，但大部分影響已獲確認。

風險與關注焦點

• SG&A 升至銷售額的 30.4%，反映出行銷投資、門市勞工、醫療保險、門市耗材及其他費用的增加。
• 隨著 Buckle 新增門市與搬遷門市，採購、物流與店面承租成本上升 70 個基點。
• 庫存成長 13.3%，增速高於本季 4.6% 的銷售額成長。
• 男用牛仔系列下降 3.5%，管理層表示鞋類業務依然困難，特別是在缺乏強勢時尚單品或高銷量品牌的情況下。
• 管理層指出，免稅日與開學日期的變動可能會引致各個市場同店銷售額的波動。

分析師問答重點

在被問及商品毛利率擴大時，管理層將扣除關稅退稅後的 45 個基點基本改善歸因於自有品牌滲透率提高、正價銷售強勁、降價促銷減少，以及男女裝產品線的廣泛成長。Buckle 在本季收到了 250 萬美元的關稅退稅。

在行銷方面，管理層表示 45 個基點的增加涵蓋了連網電視、Spotify、搜尋引擎、社群創作者及電子郵件等專注於客戶獲取與留存的推廣項目。服務商成本上升以及對資料與分析工具的投資亦有影響。

管理層將女裝的相對強勢歸因於時尚新品、牛仔趨勢、休閒商品以及協調搭配的商品組合。男裝則仍是一項穩健、但表現更平穩且對天氣較敏感的業務。

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完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.