Buckle Inc (BKE) 2025 Q2 法說會逐字稿

Good morning. 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.

早安.感謝您的支持，歡迎收聽 Buckle 第二季度收益發佈網路直播。（操作員指示）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)、財務高級副總裁、財務主管兼首席財務官湯姆·希科克 (Tom Heacock)、財務副總裁兼公司財務總監亞當·阿克森 (Adam Akerson) 和高級副總裁、總法律顧問兼公司秘書布雷迪·弗里茨 (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. 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.

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。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 call should not be relied upon as the information may be inaccurate. As a reminder, today's webcast is being recorded.

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。任何未經授權的複製或通話錄音都不應被信賴，因為資訊可能不準確。提醒一下，今天的網路直播正在錄製中。

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

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 August 22, 2025, press release reported that net income for the 13-week second quarter ended August 2, 2025, was $45 million or $0.89 per share on a diluted basis, which compares to net income of $39.3 million or $0.78 per share on a diluted basis for the prior year 13-week second quarter, which ended August 3, 2024.

早安，感謝您今天早上加入我們。我們於 2025 年 8 月 22 日發布的新聞稿報道稱，截至 2025 年 8 月 2 日的 13 週第二季度淨收入為 4500 萬美元，即稀釋後每股 0.89 美元，而去年同期（截至 2024 年 8 月 3 日）1389 美元，而去年同期（截至 2024 年 8 月 3 日）13930 萬美元的淨收入為每股 30 萬美元，即每股 30 萬美元，即每股 30 萬美元。

Year-to-date net income for the 26-week period ended August 2, 2025, was $80.2 million or $1.59 per share on a diluted basis, which compares net income of $74.1 million or $1.48 per share on a diluted basis for the prior year 26-week period ended August 3, 2024. Net sales for the 13-week second quarter increased 8.3% to $305.7 million compared to net sales of $282.4 million for the prior year 13-week second quarter.

截至 2025 年 8 月 2 日的 26 週期間，年初至今的淨收入為 8,020 萬美元，即稀釋後每股 1.59 美元，而去年同期截至 2024 年 8 月 3 日的 26 週期間的淨收入為 7,410 萬美元，即稀釋後每股 1.48 美元。第二季 13 週的淨銷售額達到 3.057 億美元，而去年同期第二季 13 週的淨銷售額為 2.824 億美元，成長 8.3%。

Comparable store sales for the quarter increased 7.3% in comparison to the same 13-week period in the prior year, and online sales increased 17.7% to $43.6 million. Year-to-date, net sales increased 6.1% to $577.9 million compared to net sales of $544.9 million for the prior year 26-week fiscal period. Comparable store sales for the year-to-date period increased 5.2% in comparison to the same 26-week period in the prior year, and our online sales increased 10.5% to $90 million.

本季同店銷售額較去年同期成長 7.3%，線上銷售額成長 17.7%，達到 4,360 萬美元。年初至今，淨銷售額成長 6.1%，達到 5.779 億美元，而去年同期 26 週財務期的淨銷售額為 5.449 億美元。與去年同期的 26 週相比，今年迄今的同店銷售額成長了 5.2%，我們的線上銷售額成長了 10.5%，達到 9,000 萬美元。

For the quarter, UPTs decreased approximately 1.5%, the average unit retail increased approximately 3% and the average transaction value increased about 1.5%. Year-to-date, UPTs decreased approximately 1%, the average unit retail increased approximately 2% and the average transaction value increased approximately 1.5%.

本季度，UPT 下降約 1.5%，平均單位零售額增加約 3%，平均交易價值增加約 1.5%。年初至今，UPT 下降約 1%，平均單位零售額增加約 2%，平均交易價值增加約 1.5%。

Gross margin for the quarter was 47.4%, a 50 basis point increase from 46.9% in the second quarter of 2024. The current quarter margin expansion was the result of a 10 basis point increase in merchandise margin, along with 40 basis points of leverage buying distribution and occupancy expenses.

本季毛利率為 47.4%，較 2024 年第二季的 46.9% 增加 50 個基點。本季利潤率的擴大是由於商品利潤率增加了 10 個基點，以及購買分銷和入住費用的槓桿增加了 40 個基點。

Year-to-date gross margin was 47.1%, up 60 basis points from 46.5% for the same period in the prior year, and the year-to-date increase was the result of a 30 basis point increase in merchandise margin, along with 30 basis points of leverage buying distribution and occupancy expenses.

年初至今的毛利率為 47.1%，比去年同期的 46.5% 上升了 60 個基點，年初至今的成長是由於商品利潤率增加了 30 個基點，以及購買分銷和入住費用的槓桿增加了 30 個基點。

Selling, general and administrative expenses for the quarter were 29% of sales compared to 29.8% for the second quarter of 2024, and year-to-date SG&A was 29.8% of sales compared to 29.9% for the same period in the prior year.

本季銷售、一般及行政費用佔銷售額的 29%，而 2024 年第二季為 29.8%，年初至今銷售、一般及行政費用佔銷售額的 29.8%，而去年同期為 29.9%。

The second quarter decrease was due to a 65 basis point reduction related to nonrecurring digital commerce investments made a year ago, a 45 basis point decrease in store labor-related expenses and a 55 basis point decrease in other SG&A expense categories. And these increases were partially offset by an 85 basis point increase in incentive compensation accruals.

第二季的下降是由於一年前非經常性數位商務投資減少了 65 個基點，商店勞動力相關費用減少了 45 個基點，其他銷售、一般和行政費用類別減少了 55 個基點。這些增長被激勵薪酬應計額增加 85 個基點所部分抵銷。

Our operating margin for the quarter was 18.4% compared to 17.1% for the second quarter of fiscal 2024. And for the year-to-date period, our operating margin was 17.3% compared to 16.6% for the same period last year.

本季我們的營業利益率為 18.4%，而 2024 財年第二季為 17.1%。年初至今，我們的營業利益率為 17.3%，而去年同期為 16.6%。

Income tax expense as a percentage of pretax net income for both the current and prior year fiscal quarter was 24.5%, bringing second quarter net income to $45 million for fiscal 2025 compared to $39.3 million for fiscal 2024. Income tax expense as a percentage of pretax net income for both the current and prior year year-to-date periods was also 24.5%, bringing year-to-date net income to $80.2 million for fiscal 2025 compared to $74.1 million for fiscal 2024.

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 財年第二季的淨收入達到 4,500 萬美元，而 2024 財年為 3,930 萬美元。所得稅費用佔當年和去年年初至今稅前淨收入的百分比也為 24.5%，使得 2025 財年的年初至今淨收入達到 8,020 萬美元，而 2024 財年的年初至今淨收入為 7,410 萬美元。

Our press release also included a balance sheet as of August 2, 2025, which included the following, inventory of $142.5 million, which was up 8.4% from the same time a year ago and $349.6 million of total cash and investments.

我們的新聞稿還包括截至 2025 年 8 月 2 日的資產負債表，其中包括：1.425 億美元的庫存，比去年同期成長 8.4%，以及 3.496 億美元的現金和投資總額。

We ended the quarter with $158.8 million in fixed assets, net of accumulated depreciation. Our capital expenditures for the quarter were $12 million and depreciation expense was $6.1 million. For the year-to-date period, capital expenditures were $23.4 million and depreciation expense was $12 million.

本季末，我們扣除累計折舊後的固定資產總額為 1.588 億美元。本季我們的資本支出為 1,200 萬美元，折舊支出為 610 萬美元。年初至今，資本支出為 2,340 萬美元，折舊支出為 1,200 萬美元。

Year-to-date capital spending is broken down as follows, $20.2 million for new store construction, store remodels and technology upgrades and $3.2 million for capital spending at the corporate headquarters and distribution center. During the quarter, we opened two new stores, completed full full store remodels, one of which was a relocation into a new outdoor shopping center and closed one store, which brings our year-to-date counts to two new stores, nine full remodels and three store closures.

年初至今的資本支出細分如下：2,020 萬美元用於新店建設、店面改造和技術升級，320 萬美元用於公司總部和配送中心的資本支出。在本季度，我們開設了兩家新店，完成了全面的店面改造（其中一家是搬遷至新的戶外購物中心），並關閉了一家店面，這使我們年初至今的門店總數達到兩家新店、九家全面改造店面和三家門店關閉店面。

For the remainder of the year, we now anticipate opening four additional new stores and completing 12 more full remodeling projects. Buckle ended the quarter with 440 retail stores in 42 states, which is consistent with the store count as of a year ago.

在今年剩餘的時間裡，我們預計將開設另外四家新店並完成 12 個全面改造項目。截至本季度，Buckle 在 42 個州擁有 440 家零售店，與去年同期的門市數量一致。

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

現在我將把發言權交給財務副總裁亞當‧阿克森 (Adam Akerson)。

Thanks, Tom, and good morning. Our women's business growth accelerated from the prior quarter with merchandise sales increasing about 18.5% against the prior year, representing approximately 47.5% of sales, which compares to 43.5% last year. Growth in the women's business continues to be anchored in the performance of our denim category.

謝謝，湯姆，早安。我們的女裝業務成長較上一季加速，商品銷售額較上年同期成長約 18.5%，約佔銷售額的 47.5%，去年同期為 43.5%。女裝業務的成長繼續以牛仔類別的表現為基礎。

For the quarter, women's denim increased approximately 20.5% with average denim price points increasing from $80.60 in the second quarter of fiscal 2024 to $85.35 in the second quarter of fiscal 2025. This AUR increase continues to be the result of strong growth in our Buckle Black Label, which has outperformed the total denim business, along with strong growth of other higher price point national brands.

本季度，女式牛仔布價格上漲約 20.5%，平均牛仔布價格從 2024 財年第二季的 80.60 美元上漲至 2025 財年第二季的 85.35 美元。AUR 的成長持續得益於我們的 Buckle Black Label 的強勁成長，其表現優於整個牛仔布業務，同時也得益於其他更高價位的全國品牌的強勁成長。

Through the second quarter, there have been minimal AUR impacts as a result of tariffs. Complementing our strong women's denim selection, our merchandising team continued to evolve our strategy of customer-centric buying, sharpening their focus on key styles, brands and trends, which has resulted in strong guest response. This strategy delivered double-digit growth in every category with the exception of shorts, which still saw nice growth for the quarter.

到第二季度，關稅對 AUR 的影響微乎其微。除了我們強大的女士牛仔系列產品之外，我們的銷售團隊還不斷發展以客戶為中心的採購策略，更加關注關鍵款式、品牌和趨勢，從而獲得了客戶的強烈反響。這項策略使除短褲之外的所有類別都實現了兩位數的成長，短褲在本季仍然實現了良好的成長。

In total, average women's price points increased about 5% from $43.15 to $45.35. On the men's side, we were pleased to see the business return to growth for the quarter with merchandise sales up about 1.5% against the prior year, representing approximately 52.5% of total sales, which compares to 56.5% in the prior year.

整體而言，女裝平均價格上漲約5%，從43.15美元上漲至45.35美元。男裝方面，我們很高興看到本季業務恢復成長，商品銷售額較上年同期成長約1.5%，約佔總銷售額的52.5%，去年同期為56.5%。

This growth was led by our men's denim category, which was up about 4.5% for the quarter. Average denim price points increased from $89.20 in the second quarter of fiscal 2024 to $89.30 in the second quarter of fiscal 2025.

這一增長主要由男士牛仔類別帶動，本季該類別的銷售額增長了約 4.5%。牛仔布平均價格從 2024 財年第二季的 89.20 美元上漲至 2025 財年第二季的 89.30 美元。

In other categories, we saw strong performance in our short sleeve wovens, polos, denim shorts, hats and fragrance selections. For the quarter, overall average men's price points increased approximately 2% from $50.20 to $51.20. On a combined basis, accessory sales for the quarter increased approximately 9.5% against the prior year, while footwear sales were down about 0.5%.

在其他類別中，我們的短袖機織服裝、polo 衫、牛仔短褲、帽子和香水系列表現強勁。本季度，男士商品整體平均價格上漲約2%，從50.20美元上漲至51.20美元。本季配件銷售額較去年同期上漲約9.5%，而鞋類銷售額則下降約0.5%。

These two categories accounted for approximately 11.5% and 5%, respectively, of the second quarter net sales, which compares to 11.5% and 5.5% for each in the second quarter of fiscal 2024. For the quarter, average accessory price points were up approximately 3% and average footwear price points were up about 8%. Also on a combined basis, our kids business had an outstanding summer and start to the back-to-the-school season, increasing approximately 23% year-over-year.

這兩個類別分別佔第二季淨銷售額的約 11.5% 和 5%，而 2024 財年第二季這兩個類別分別佔 11.5% 和 5.5%。本季，平均配件價格上漲約 3%，平均鞋類價格上漲約 8%。此外，從整體來看，我們的兒童業務在夏季和開學季表現出色，年成長約 23%。

We are excited to see the increased awareness and continued growth for our kids selection, which grew to approximately 4.5% of our total business for the quarter. For the quarter, denim accounted for approximately 36% of sales and tops accounted for approximately 29.5%, which compares to 35.5% and 30% for each in the second quarter of fiscal 2024. And for the 10th consecutive quarter, private label continued to grow as an overall percentage of our mix. For the quarter, private label represented 43.5% of sales versus 43% in the second quarter of 2024.

我們很高興看到兒童精選產品的知名度不斷提高並持續成長，本季兒童精選產品占我們總業務的約 4.5%。本季度，牛仔布約佔銷售額的 36%，上衣約佔 29.5%，而 2024 財年第二季這兩個數字分別為 35.5% 和 30%。連續第 10 個季度，自有品牌在我們的產品組合中所佔的整體比例持續成長。本季度，自有品牌佔銷售額的 43.5%，而 2024 年第二季為 43%。

And with that, we welcome your questions.

我們歡迎您提出問題。

(Operator Instructions)

（操作員指示）

Mauricio.

毛里西奧。

Great, good morning. Can you hear me okay? Thanks for taking my questions. I guess just on the merchandise margin expansion. Can you elaborate a little bit more on the drivers behind it? It seems I think relative to the prior quarter, it decelerated. So just wondering there if there's like any impact that you're seeing from tariffs already in your margins.

太好了，早安。你聽見我說話嗎？感謝您回答我的問題。我猜只是商品利潤率的擴大。您能否更詳細地闡述背後的驅動因素？我認為相對於上一季而言，成長速度有所放緩。所以我只是想問一下，關稅是否會對你們的利潤產生影響。

Hey, good morning, Mauricio, thanks for the question. This is Tom. I'll take the first part and then let Dennis talk a little bit more about kind of vendors and how we're dealing with tariffs. But I mean, any time you look at the first quarter, second quarter a year ago and the comparisons were up against any time you can grow merchandise margins off of record levels, we're certainly pleased with that. The team did a really nice job of maintaining really strong full regular price selling.

嘿，早安，毛里西奧，謝謝你的提問。這是湯姆。我將討論第一部分，然後讓丹尼斯進一步談談供應商類型以及我們如何處理關稅。但我的意思是，無論何時，只要你回顧去年第一季、第二季度，並與商品利潤率從創紀錄水平上增長的情況進行比較，我們當然對此感到高興。該團隊在維持強勁的全價銷售方面做得非常出色。

And so again, pleased to be able to grow that even if not at the same rate in Q2 as it was in Q1. I think the biggest driver of why we didn't see that same growth rate in Q2 compared to Q1 is really probably tied to private label. Private label as -- I mean, a percentage of the mix was down in Q2 compared to Q1, which is kind of the natural cycle.

因此，我很高興能夠實現成長，即使第二季的成長速度與第一季不同。我認為，第二季與第一季相比成長率不相同的最大原因可能與自有品牌有關。自有品牌——我的意思是，第二季的混合比例與第一季相比有所下降，這是一種自然循環。

And then looking at the year-over-year growth and the percentage of the mix that's private label slowed a little bit as well just with the strong selling of some of our nationally branded products. So I'll let Dennis talk about tariffs.

然後看看同比增長情況，自有品牌產品組合的百分比也略有放緩，因為我們的一些全國品牌產品的銷售強勁。因此，我讓丹尼斯來談談關稅問題。

Good morning. On the tariffs, we continue to see kind of the same as earlier, at least as of today, where we're seeing low to mid-single digits on average on cost increase. We have several vendors. We have such a wide range of vendors, but several, we're not seeing any increase. We have starting to see with select brands a few higher single-digit increase on cost. But probably the average overall is in the low to mid-single-digit cost increase that we're seeing going forward.

早安.關於關稅，我們繼續看到與之前相同的情況，至少截至今天，我們看到平均成本成長率為低至中等個位數。我們有幾個供應商。我們的供應商範圍非常廣泛，但有些供應商的數量卻沒有增加。我們開始看到部分品牌的成本出現了幾個較高的個位數成長。但整體平均成本增幅可能處於我們預期的未來低點至中位數個位數之間。

Got it. Very helpful. Just one, if I could elaborate on the other part of the gross margin where you had 40 basis points of leverage on buying occupancy and distribution. Just wondering like I would have maybe thought that there would have been like a higher leverage just given the -- how strong the comps were in the quarter. Any particular line item within buying occupancy or distribution where maybe there's been a little bit of more expense happening that maybe didn't let that leverage flow through? Thank you.

知道了。非常有幫助。只有一個問題，如果我可以詳細說明毛利率的另一部分，即您在購買入住率和分銷方面擁有 40 個基點的槓桿率。我只是想知道，考慮到本季的業績表現有多強勁，我可能會認為槓桿率會更高。在購買入住率或分銷過程中，是否有任何特定項目可能產生了一些額外費用，而這些費用可能並未讓槓桿作用發揮作用？謝謝。

Thank you, Mauricio. Really, the driver there is occupancy expense. And so we saw the growth in occupancy expense tick up in Q2 compared to Q1. So Q2 increased about 5.5% for occupancy expense compared to about 3.5% in Q1. And really, that's related to the store projects we're doing, the new store openings, the remodels where we're moving out of a lot of malls and into better locations off mall. So that's driven base rent up. And then with the strong sales performance in Q2, we also saw an uptick in percentage rent with several of our stores.

謝謝你，毛里西奧。確實，司機那裡有佔用費用。因此，我們看到第二季的入住費用成長與第一季相比有所上升。因此，第二季的入住費用增加了約 5.5%，而第一季的入住費用增加了約 3.5%。實際上，這與我們正在進行的商店項目、新店開業以及從許多購物中心搬遷到購物中心外更好位置的改造項目有關。因此這導致基本租金上漲。隨著第二季銷售業績強勁，我們也看到幾家門市的租金百分比有所上漲。

(inaudible) Thank you so much.

（聽不清楚）非常感謝。

(Operator Instructions)

（操作員指示）

Mauricio.

毛里西奧。

Great. I guess just a quick follow-up on the SG&A when you were breaking down the components of the change as a percentage of sales. I just wanted to make sure the 65% basis points from nonrecurring digital investments. Is this just like a -- so it's lapping from last year, I suppose. Is this just happening on the second quarter? Or just as a reminder, could that be like maybe like another quarter that we're also lapping that in Q3 or something like that?

偉大的。我想，當您將變更的組成部分按銷售額的百分比分解時，只需對銷售、一般和行政費用 (SG&A) 進行快速跟進。我只是想確保 65% 的基點來自非經常性數位投資。這就像——所以我認為它是去年的重疊。這僅僅發生在第二季嗎？或者只是提醒一下，這可能就像另一個季度一樣，我們也會在第三季或類似的時間裡實現這一​​目標？

That does flow into the third quarter as well. So we talked a lot about our focus on digital, focus on growing e-com a year ago. And so brought in consultants and third parties and really put a lot of effort around improving the buckle.com experience, and that started late in Q1, but really picked up in Q2 and into Q3. So we'll continue to see some benefit there in Q3 as well.

這也確實會延續到第三季。因此，我們在一年前就多次談論了我們對數位化的關注，以及對發展電子商務的關注。因此，我們引入了顧問和第三方，並投入了大量精力來改善 buckle.com 的體驗，這項工作在第一季末開始，但在第二季和第三季真正開始起步。因此，我們在第三季也將繼續看到一些好處。

Thank you so much.

太感謝了。

Okay. There are no further questions. I will now turn the call back over to Buckle for any closing remarks.

好的。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。

There are no questions -- further questions, we'll wrap it up quick today, and thanks, everyone, for your participation today, and have a great day, and enjoy your weekend.

沒有其他問題了，我們今天就快速結束討論，感謝大家今天的參與，祝大家有愉快的一天，享受週末。