Buckle Inc (BKE) 2025 Q1 法說會逐字稿

Good morning. Thank you for standing by and welcome to Buckle's first quarter earnings release webcast.

早安.感謝您的支持，歡迎收聽 Buckle 第一季財報發佈網路直播。

(Operator Instructions)

（操作員指示）

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.

今天參加電話會議的 Buckle 管理層成員包括總裁兼首席執行官丹尼斯·尼爾森 (Dennis Nelson)；湯姆·希科克 (Tom Heacock)，財務高級副總裁、財務主管兼首席財務官；財務副總裁兼公司財務總監 Adam Akerson；以及高級副總裁、總法律顧問兼公司秘書 Brady Fritz。

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.

在開始之前，該公司想重申其不提供未來銷售或獲利預測的政策。電話會議中所做的所有前瞻性陳述均依據 1995 年《私人證券訴訟改革法案》的安全港條款。

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.

由於公司提交給美國證券交易委員會的文件中所述的風險和不確定性，實際結果可能存在重大差異。除法律要求外，本公司不承擔公開更新或修改這些聲明的義務。

Additionally, the company does not authorize the reproduction or dissemination of transcripts or audio recordings of the company's quarterly conference calls without its expressed written consent. Any unauthorized reproductions or recordings of the cause should not be relied upon as the information may be inaccurate.

此外，未經本公司明確書面同意，本公司不授權複製或傳播公司季度電話會議的記錄或錄音。不應依賴任何未經授權的複製或記錄，因為資訊可能不準確。

As a reminder, today's webcast is being recorded. And now, I'd like to turn the conference over to your host, Tom Heacock.

提醒一下，今天的網路直播正在錄製中。現在，我想將會議交給主持人湯姆希科克。

Good morning and thanks for joining us this morning. Our May 23, 2025 press release reported that net income for the 13 week first quarter ended May 3, 2025 was $35.2 million or $0.70 per share on a diluted basis compared to net income of $34.8 million or $0.69 per share on a diluted basis for the prior year 13-week first quarter, which ended May 4, 2024.

早安，感謝您今天早上加入我們。我們於 2025 年 5 月 23 日發布的新聞稿報道稱，截至 2025 年 5 月 3 日的 13 週第一季度的淨收入為 3520 萬美元，即每股攤薄收益 0.70 美元，而去年同期（截至 2024 年 5 月 4 日的 13 週第一季收益 480 萬美元的淨收入為 480 萬美元。

Net sales for the 13-week first quarter increased 3.7% to $272.1 million compared to net sales of $262.5 million for the prior year 13-week first quarter. Comparable source sales for the quarter increased 3% in comparison to the same 13-week period in the prior year, and our online sales increased 4.5% to $46.4 million.

第一季 13 週的淨銷售額達到 2.721 億美元，而去年同期的淨銷售額為 2.625 億美元，成長 3.7%。本季可比來源銷售額與去年同期 13 週相比成長 3%，我們的線上銷售額成長 4.5%，達到 4,640 萬美元。

For the quarter, UPTs increased slightly, the average unit retail increased approximately 1%, and the average transaction value increased approximately 1.5%. Gross margin for the quarter was 46.7%, a 70 basis point increase from 46% in the first quarter of last year, with the current quarter margin improvement being the result of a 60 basis point increase in merchandise margins, along with the 10 basis points of leverage buying, distribution, and occupancy expenses.

本季度，UPT 略有增加，平均單位零售量增加約 1%，平均交易價值增加約 1.5%。本季毛利率為 46.7%，較去年第一季的 46% 成長 70 個基點，本季利潤率的提高是由於商品利潤率增長 60 個基點，以及槓桿購買、分銷和入住費用增長 10 個基點。

Selling general administrative expenses for the quarter were 30.7% of net sales compared to 29.8% for the first quarter of last year. And the first quarter increase was due to a 45 basis point increase in incentive compensation accruals, a 25 basis point increase in health insurance related costs, a 20 basis point increase in equity compensation expense, and a 40 basis point increase in other SG&A expense categories. These increases were partially offset by a 25 basis point decrease in e-commerce shipping expenses and a 15 basis point reduction in certain marketing expenses.

本季銷售一般管理費用佔淨銷售額的 30.7%，而去年第一季為 29.8%。第一季的成長是由於激勵薪酬應計費用增加了 45 個基點、健康保險相關成本增加了 25 個基點、股權薪酬費用增加了 20 個基點以及其他銷售、一般和行政費用類別增加了 40 個基點。這些成長部分被電子商務運輸費用減少 25 個基點和某些行銷費用減少 15 個基點所抵銷。

Our operating margin for the quarter was 16% compared to 16.2% for the first quarter of fiscal 2024. Income tax expense as a percentage of pre-tax net income for both the current and prior year fiscal quarter was 24.5%, bringing first quarter net income to $35.2 million for fiscal 2025 compared to $34.8 million for fiscal 2024.

本季我們的營業利益率為 16%，而 2024 財年第一季為 16.2%。本財季和上一財季的所得稅費用佔稅前淨收入的百分比均為 24.5%，使得 2025 財年第一季淨收入達到 3,520 萬美元，而 2024 財年第一季淨收入為 3,480 萬美元。

Our press release also included a balance sheet as of May 3, 2025, which included the following, inventory of $132.4 million, up 1.3% from the same time a year ago, and $320 million of total cash and investments. We ended the quarter with $152.1 million in fixed assets, net of accumulated depreciation. Our capital expenditures for the quarter were $11.4 million, and depreciation expense was $5.9 million.

我們的新聞稿還包括截至 2025 年 5 月 3 日的資產負債表，其中包括：庫存 1.324 億美元，比去年同期增長 1.3%，現金和投資總額 3.2 億美元。本季末，我們扣除累計折舊後的固定資產總額為 1.521 億美元。本季我們的資本支出為 1,140 萬美元，折舊支出為 590 萬美元。

First quarter capital spending is broken down as follows. $10 million for new store construction, store remodels, and technology upgrades and $1.4 million for capital spending at the corporate headquarters and distribution center.

第一季資本支出細分如下。 1000 萬美元用於新店建設、店面改造和技術升級，140 萬美元用於公司總部和配送中心的資本支出。

During the quarter, we completed five full store remodels, three of which were relocations into new outdoor shopping centers and closed two stores. For the remainder of the year, we anticipate opening seven new stores, completing 16 additional full remodel projects, and closing one youth store as it combines with our full line location as a part of a remodel.

本季度，我們完成了五家門市的全面改造，其中三家搬遷至新的戶外購物中心，並關閉了兩家門市。在今年剩餘的時間裡，我們預計將開設 7 家新店，完成另外 16 個全面改造項目，並關閉一家青年商店，因為它將與我們的全線門市合併作為改造的一部分。

Buckle ended the quarter with 439 retail stores in 42 states compared with 440 stores in 42 states at the end of the first quarter of last year. And now I'll turn the call over to Adam Akerson, Vice President of Finance.

截至本季末，Buckle 在 42 個州擁有 439 家零售店，而去年第一季末，Buckle 在 42 個州擁有 440 家零售店。現在我將電話轉給財務副總裁亞當‧阿克森 (Adam Akerson)。

Thanks, Tom, and good morning. Our women's business continued its strong momentum from the back half of 2024 through the first quarter of 2025, with merchandise sales increasing about 10.5% against the prior year and representing approximately 50% of sales, which compares to 47% last year. The strong results continue to be headlined by the performance of our denim category.

謝謝，湯姆，早安。我們的女裝業務從 2024 年下半年到 2025 年第一季持續保持強勁勢頭，商品銷售額較上年增長約 10.5%，約佔銷售額的 50%，而去年這一比例為 47%。我們的牛仔布類別的出色表現繼續引領著強勁的業績。

For the quarter, women's denim increased approximately 11%, with average denim price points increasing from $80.85 in the first quarter of fiscal 2024 to $84.85 in the first quarter of fiscal 2025.

本季度，女式牛仔布價格上漲約 11%，平均牛仔布價格從 2024 財年第一季的 80.85 美元上漲至 2025 財年第一季的 84.85 美元。

This AUR increase is primarily the result of continued growth in our private -- in our buckle black label, increasing its percentage of our total denim mix, along with strong performance of higher price point national brands.

AUR 的成長主要得益於我們自有品牌——扣環黑標的持續成長，其在我們整個牛仔布組合中的佔比不斷增加，以及高價位全國品牌的強勁表現。

Complementing our strong denim selection, our merchandizing team did a great job delivering a balanced assortment of tops, shorts, dresses, outerwear, footwear, and accessories, which all delivered growth for the quarter.

除了我們強大的牛仔布選擇之外，我們的銷售團隊還出色地提供了均衡的上衣、短褲、連身裙、外套、鞋類和配飾，這些都為本季帶來了成長。

For the quarter, average women's price points increased about 2% from $48 to $49.05. On the men's size, we were pleased to see sequential improvement throughout the quarter, resulting in positive year-over-year sales in fiscal April.

本季度，女裝平均價格上漲約 2%，從 48 美元上漲至 49.05 美元。就男裝尺寸而言，我們很高興看到整個季度的連續改善，導致四月份的銷售額同比增長。

For the quarter, men's merchandise sales were down about 2.5% against the prior year, representing approximately 50% of total sales compared to 53% in the prior year.

本季度，男士商品銷售額較前一年下降約 2.5%，佔總銷售額的約 50%，而上年為 53%。

For the quarter, our men's denim category was down about 0.5%, with private brand addendum increasing about 1%. Average denim price points increased from $88.65 in the first quarter of fiscal 2024 to $89.70 in the first quarter of 2025.

本季度，我們的男士牛仔類別下降了約 0.5%，而自有品牌附錄則增加了約 1%。牛仔布平均價格從 2024 財年第一季的 88.65 美元上漲至 2025 年第一季的 89.70 美元。

In other categories, we saw stronger performance in our tees, polos, denim shorts, and fragrance selections. For the quarter, overall average men's price points increased approximately 1.5% from $53.60 to $54.40.

在其他類別中，我們的 T 卹、polo 衫、牛仔短褲和香水選擇表現更為出色。本季度，男裝整體平均價格上漲約 1.5%，從 53.60 美元上漲至 54.40 美元。

On a combined basis, accessory sales for the quarter increased approximately 3.5% against the prior year, while footwear sales were down about 7%. These two categories accounted for approximately 11% and 5.5%, respectively of the first quarter net sales, which compares to 11% and 6% for each in the first quarter of fiscal 2024.

綜合來看，本季配件銷售額較上年同期成長約 3.5%，而鞋類銷售額則下降約 7%。這兩個類別分別佔第一季淨銷售額的約 11% 和 5.5%，而 2024 財年第一季這兩個類別分別佔 11% 和 6%。

For the quarter, average accessory price points were up approximately 1%, and average footwear price points were up about 2.5%. Also on a combined basis, our youth business continued its growth during the quarter, increasing approximately 11.5% year over year.

本季，平均配件價格上漲約 1%，平均鞋類價格上漲約 2.5%。此外，綜合來看，我們的青少年業務在本季持續成長，年增約 11.5%。

For the quarter, denim accounted for approximately 43.5% of sales, and tops accounted for approximately 27%, which compares with 43% and 27.5% for each in the first quarter of 2024.

本季度，牛仔布約佔銷售額的 43.5%，上衣約佔 27%，而 2024 年第一季分別為 43% 和 27.5%。

As previously mentioned, we continue to see nice growth in our private brands across nearly every category. For the quarter, private label represented 47.5% of sales versus 46% in the first quarter of 2024. With that, we welcome your questions.

如前所述，我們幾乎在所有類別中都看到自有品牌的良好成長。本季度，自有品牌佔銷售額的 47.5%，而 2024 年第一季為 46%。我們歡迎您提出問題。

(Operator Instructions)

（操作員指示）

Mauricio.

毛里西奧。

Great, good morning. This is Mauricio Serma from UBS Research. Just a couple of questions, maybe could you elaborate a little bit more on -- how are you thinking about the China tariffs and other tariffs impact on your gross margin as we head to second quarter, upcoming quarters, like, yeah, how do you think about that?

太好了，早安。我是瑞銀研究部的 Mauricio Serma。我只想問幾個問題，您能否詳細說明一下——隨著我們進入第二季度和接下來的幾個季度，您如何看待中國關稅和其他關稅對您的毛利率的影響，是的，您對此有何看法？

And then on the report, just one thing that sticks out just on the balance sheet, we see a big uptick, I think like 10% increase or so in the op operating these assets, right of use. Just wanted to understand what was like the driver we had that behind that big increase? Thank you.

然後在報告中，資產負債表上突出的一件事是，我們看到了大幅的上升，我認為營運這些資產、使用權的成長幅度約為 10%。只是想了解一下，是什麼因素推動了大幅成長？謝謝。

Good morning, Mauricio. Thank you for the question.

早安，毛里西奧。謝謝你的提問。

We have vendors and brands where we have had no increases in our costs as we look even forward to the second quarter, as well, we've had others that have low to mid-single digit increases. So we think we're working with our vendors, managing the tariffs and our product, has worked out well. Do you want to comment on the other?

我們甚至展望第二季度，我們的供應商和品牌的成本沒有增加，而其他供應商和品牌的成本則出現了低至中等個位數的成長。因此，我們認為我們與供應商的合作、關稅管理以及產品的管理都取得了良好的效果。您想評論其他內容嗎？

And then Mauricio, was your second question just on the least liability on the balance sheet? Is that what the question was?

然後毛里西奧，你的第二個問題只是關於資產負債表上的最低負債嗎？問題就是這個嗎？

I'm sorry, it looks like we lost, but yeah, Mauricio, that's really just a function of new stores and remodels over the last 12 months, so every one of those at the inception of the lease would have both assets and liabilities that are recognized on the balance sheet.

對不起，看起來我們輸了，但是是的，毛里西奧，這實際上只是過去 12 個月新店和改造的結果，因此在租賃開始時，每一家店都會有資產和負債，這些都會在資產負債表上確認。

Okay, there are no further questions in queue. As a reminder, if you would like to ask a question. Oh, I believe Mauricio is raising his hand again. Let me go ahead and prompt him to unmute.

好的，沒有其他問題了。提醒一下，如果您想提問。哦，我相信毛里西奧又舉手了。讓我繼續並提示他取消靜音。

Great. Yeah. Thanks for taking a follow up. Maybe could you talk about in the gross margin result, this quarter saw a nice uptick on the merch like contribution from merchandise margin, like what is driving that?

偉大的。是的。感謝您的跟進。或許您可以談談毛利率結果，本季商品利潤率的貢獻有了很大的提升，是什麼推動了這個趨勢？

And then, on the part that is actually like the occupancy, it seems that you got a little bit of leverage. I was just curious on that too because I think that you have recall that maybe like in the first quarter you kind of require a higher, calm sales growth to kind of like leverage expenses.

然後，在實際的入住率方面，似乎您獲得了一點優勢。我對此也很好奇，因為我認為您記得，也許像在第一季度，您需要更高、更平穩的銷售成長來利用費用。

And then just lastly, again just following up on the tariff commentary, like anything that you're doing on your side in terms of like relocating the production or for your private labels. How are you dealing with the tariff for the private labels? I guess that's like the part that I'm just like concerned because I recall it just that that particular business had a huge exposure to China. Thank you.

最後，再次跟進關稅評論，就像您在轉移生產或為您的自有品牌方面所做的任何事情一樣。您如何處理自有品牌的關稅？我想這就是我擔心的部分，因為我記得那家公司在中國的業務量很大。謝謝。

Correct. Yes, on the -- as I mentioned, we're working closely with our vendors. They are sourcing other countries as well as wanting to maintain our business and long history of working with the key vendors and helping us out on holding price and working ahead.

正確的。是的，正如我所提到的，我們正在與我們的供應商密切合作。他們在從其他國家採購的同時，也希望維持我們的業務以及與主要供應商的長期合作，並幫助我們保持價格穩定並繼續前進。

As well as the first quarter, we're very excited about our ladies' business. The trends have been very good, strong denim, but also all categories we're having good sell-throughs at regular price. And the men's business is still 50% of our business, and we're having good sell-throughs, in all our key categories there, and we're feeling really good about the inventory. Do you want to comment on the other?

和第一季一樣，我們對女裝業務也感到非常興奮。趨勢非常好，牛仔布強勁，而且所有類別的正常價格銷售情況都很好。男裝業務仍占我們業務的 50%，我們在所有主要類別中都擁有良好的銷售業績，我們對庫存感到非常滿意。您想評論其他內容嗎？

And then Mauricio, I think your second questions were about merchandise margin drivers during the quarter and really, that's a function and we've seen continued growth there, but increase in private label is a big driver and we saw an increase there again in the first quarter and then also strong regular price selling during the quarter. So both of those were contributing factors to the 60 basis point increase.

然後是毛里西奧，我認為您的第二個問題是關於本季度商品利潤驅動因素的，實際上，這是一個功能，我們看到了持續的增長，但自有品牌的增長是一個很大的驅動力，我們在第一季度再次看到了增長，並且本季度的正常價格銷售也很強勁。因此，這兩個因素都是導致利率增加 60 個基點的因素。

And then on the leverage that we saw, which was about 10 basis points for Q1, looking at total occupancy cost for Q1, we're up about 3.5%, so with total sales better than that we did get a little bit of leverage.

然後，就我們看到的槓桿率而言，第一季約為 10 個基點，從第一季的總入住成本來看，我們上漲了約 3.5%，因此，由於總銷售額好於此，我們確實獲得了一點槓桿率。

And then, sorry, can you hear me? I don't know if I'm still like on mute or not. We can hear you. Oh, perfect. So I guess just the other one on SG&A was, it seems like was elevated, anything there that's like you called out and you do a very good job.

然後，抱歉，你聽得到我說話嗎？我不知道我是否仍然處於靜音狀態。我們能聽到你的聲音。哦，完美。所以我想，關於銷售、一般和行政費用的另一個問題似乎被提高了，任何你提到的問題都得到了解決，而且你做得很好。

It's like breaking that on the components, but like anything on how should we thinking about maybe like the ability opportunity to actually see some leverage MSG&As if we continue to see actually like the good progress in in the com sale.

這就像在組件上打破這一點，但就像我們應該如何思考任何事情一樣，也許像能力機會那樣真正看到一些槓桿 MSG&A，如果我們繼續看到 com 銷售中實際上取得的良好進展。

They kind of walking through the drivers and we called them out in the script, but total SG&A dollars were up just a little bit over $5 million. And so, for the quarter looking at store payroll was flat as a percentage of sales, which was the first quarter that's been the case for several quarters.

他們大致了解了驅動因素，我們在劇本中也提到了這些因素，但銷售、一般和行政費用總額僅略高於 500 萬美元。因此，本季商店工資佔銷售額的百分比持平，這是幾個季度以來首次出現這種情況。

But even with that, total payroll dollars were during the quarter were up just over $2 million, so that was the biggest driver of SG&A expense and a lot of that is again store labor, sales labor. It's variable based on top line results.

但即便如此，本季的總薪資支出仍增加了 200 多萬美元，因此這是銷售、一般和行政費用 (SG&A) 的最大驅動因素，其中很大一部分又是店內勞動力和銷售勞動力。它根據頂線結果而變化。

The other components that we called out were incentive comp and again the strong performance during the quarter with pre-bonus and income being up year over year and then, again looking for our expectation for the rest of the year for that, and the accrual was up year over year and then equity comp and health insurance, which health insurance was self-funded, so a little bit I just reacted to claims that come in and we had better performance a year ago during Q1. And then equity comp is largely a function of stock price on the date of grant for new shares.

我們提到的其他組成部分是激勵薪酬，本季度表現強勁，獎金前收入同比增長，然後，再次期待我們對今年剩餘時間的預期，應計項目同比增長，然後是股權薪酬和健康保險，其中健康保險是自籌資金的，所以我只是對收到的索賠做出了一點反應，我們在一年前第一季度的表現更好。然後，股權補償在很大程度上取決於新股授予日的股票價格。

Understood. Thank you so much.

明白了。太感謝了。

There are no further questions in queue. As a reminder, if you would like to ask the question, please raise your hand in the Zoom app.

隊列中沒有其他問題。提醒一下，如果您想提問，請在 Zoom 應用程式中舉手。

Okay, looks like there's no further questions. I will now turn the call back over to Buckle for any closing remarks.

好的，看起來沒有其他問題了。現在我將把電話轉回給巴克爾，請他做最後發言。

Thank you everybody for participating in the call. And we hope you enjoy the rest of the day and have a wonderful holiday weekend.

感謝大家參加電話會議。我們希望您能享受剩餘的一天並度過一個美好的假日週末。