The Buckle, Inc. (BKE) 2025 Q4 法說會逐字稿

(audio in progress) following the company's prepared remarks with instructions given at that time.

(音訊進行中)在公司預先準備的發言之後，將依當時提供的指示進行。

Members of Buckle's management on the call are Dennis Nelson, President and CEO; Tom Heacock, Senior Vice President and Finance Treasurer and CFO; Adam Akerson, Vice President of Finance and Corporate Controller; and Brady Fritz, Senior Vice President, General Counsel and Corporate Secretary.

本次電話會議出席的 Buckle 管理團隊成員包括：總裁兼執行長 Dennis Nelson；資深副總裁、財務司庫兼財務長 Tom Heacock；財務副總裁兼公司財務控管長 Adam Akerson；以及資深副總裁、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. 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，公司希望重申其不提供未來銷售或盈餘指引的政策。本次電話會議中所作的所有前瞻性陳述，均依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。由於公司向 SEC 提交之文件中所述的風險與不確定性，實際結果可能會有重大差異。除法律要求外，公司不承擔公開更新或修訂上述陳述之任何義務。

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 calls should not be relied upon as the information may be inaccurate.

此外，未經公司明確書面同意，公司不授權複製或散布公司季度電話會議的逐字稿或音訊錄音。任何未經授權的通話複製或錄音均不應作為依據，因其資訊可能不準確。

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

提醒各位，今天的網路直播將被錄製。現在我想把會議交給主持人 Tom Heacock。

Good morning and thanks for joining us this morning. Our March 13, 2026, press release reported that net income for the 13-week fourth quarter, which ended January 31, 2026, was $80.8 million or $1.59 per share on a diluted basis, which compares to net income of $77.2 million or $1.53 per share on a diluted basis for the prior year, 13-week fourth quarter, which ended February 1, 2025.

各位早安，感謝今天早上加入我們。我們於 2026 年 3 月 13 日發布的新聞稿指出，截至 2026 年 1 月 31 日止的 13 週第四季淨利為 8,080 萬美元，稀釋後每股盈餘為 1.59 美元；相較之下，前一年度截至 2025 年 2 月 1 日止的 13 週第四季淨利為 7,720 萬美元，稀釋後每股盈餘為 1.53 美元。

Net income for the 52-week fiscal year ended January 31, 2026 was $209.7 million or $4.14 per share on a diluted basis, which compares to net income of $195.5 million or $3.89 per share on a diluted basis for the prior year, 52-week fiscal year which ended February 1, 2025.

截至 2026 年 1 月 31 日止的 52 週會計年度淨利為 2.097 億美元，稀釋後每股盈餘為 4.14 美元；相較之下，前一年度截至 2025 年 2 月 1 日止的 52 週會計年度淨利為 1.955 億美元，稀釋後每股盈餘為 3.89 美元。

Net sales for the quarter increased 5.3% to $399.1 million compared to net sales of $379.2 million for the prior year. Comparable store sales for the quarter increased 3.9% in comparison to the same 13-week period in the prior year, and our online sales increased 6.4% to $74.2 million.

本季淨銷售額較去年同期成長 5.3%，達 3.991 億美元；去年同期淨銷售額為 3.792 億美元。本季同店銷售額較去年同期相同 13 週期間成長 3.9%，線上銷售額成長 6.4% 至 7,420 萬美元。

Total sales for the full fiscal year increased 6.6% to $1.298 billion compared to net sales of $1.218 billion for the prior year. Comparable store sales for the year increased 5.6% in comparison to the same 52-week period in the prior year, and online sales increased 9.8% to $217.1 million.

全會計年度總銷售額成長 6.6% 至 12.98 億美元；去年同期淨銷售額為 12.18 億美元。本年度同店銷售額較去年同期相同 52 週期間成長 5.6%，線上銷售額成長 9.8% 至 2.171 億美元。

For the quarter, UPTs decreased approximately 1.5%. The average unit retail increased approximately 5.5%, and the average transaction value increased about 3.5%. For the full year, the UPTs decreased approximately 1%. The average unit retail increased approximately 3.5%, and the average transaction value increased about 2.5%.

本季每筆交易購買件數（UPTs）約下降 1.5%。平均單件零售價（AUR）約上升 5.5%，平均交易金額約上升 3.5%。全年 UPTs 約下降 1%。平均單件零售價約上升 3.5%，平均交易金額約上升 2.5%。

Gross margin for the quarter was 52.6%, consistent with the fourth quarter of 2024. And for the quarter, merchandise margins increased 35 basis points, which was offset by increased buying, distribution, and occupancy expenses, which was down 35 basis points.

本季毛利率為 52.6%，與 2024 年第四季一致。就本季而言，商品毛利率提高 35 個基點，但被採購、配送與店面占用成本費用增加所抵銷，後者影響為下降 35 個基點。

Full year gross margin was 49%, up 30 basis points from 48.7% for the prior year. And the increase was the result of a 20-basis point increase in merchandise margins, along with 10 basis points of leverage buying, distribution, and occupancy expenses.

全年毛利率為 49%，較去年 48.7% 提高 30 個基點。此增幅來自商品毛利率提高 20 個基點，以及採購、配送與店面占用成本費用槓桿改善 10 個基點。

Selling, general and administrative expenses for the quarter were 27.4% of sales compared to 27.2% for the fourth quarter of 2024, and for the full year, SG&A was 28.8% of net sales compared to 28.9% in the prior year. The fourth quarter increase was due to a 30-basis point increase in marketing spend and a 20-basis point increase in G&A compensation related expenses, which were partially offset by a 10-basis point decrease in incentive compensation accruals and a 20-basis point decrease in other SG&A expense categories.

本季銷售、一般及行政費用（SG&A）占銷售額比重為 27.4%，相較 2024 年第四季為 27.2%；全年 SG&A 占淨銷售額比重為 28.8%，相較去年為 28.9%。第四季比重上升主要因行銷支出增加 30 個基點，以及與一般及行政（G&A）薪酬相關費用增加 20 個基點；部分被獎酬提列下降 10 個基點及其他 SG&A 費用類別下降 20 個基點所抵銷。

Our operating margin for the quarter was 25.2% compared to 25.4% for the fourth quarter of fiscal 2024. And for the full year, our operating margin was 20.2% compared to 19.8% for the same period last year.

本季營業利益率為 25.2%，相較 2024 會計年度第四季為 25.4%。全年營業利益率為 20.2%，相較去年同期為 19.8%。

Income tax expense as a percentage of pre-tax net income for the quarter was 23.3% compared to 23.7% for the fourth quarter of 2024, and for the full year income tax expense as a percentage of pre-tax net income was 24% compared to 24.2% in the prior year. A press release also included a balance sheet as of January 31, 2026, which included the following.

本季所得稅費用占稅前淨利比重為 23.3%，相較 2024 年第四季為 23.7%；全年所得稅費用占稅前淨利比重為 24%，相較去年為 24.2%。新聞稿亦包含截至 2026 年 1 月 31 日的資產負債表，其中包括以下項目。

Inventory of $139.5 million, which was up 15.5% from the same time a year ago, and $306.6 million of total cash and investments, which was after the payment of $225.1 million in dividends during the year. We ended the quarter with $162.4 million in fixed assets net of accumulated depreciation.

存貨為 1.395 億美元，較一年前同期增加 15.5%；現金及投資總額為 3.066 億美元（已反映年度內支付 2.251 億美元股利之後）。本季末固定資產（扣除累計折舊後）為 1.624 億美元。

Our capital expenditures for the quarter were $10.9 million, and depreciation expense was $7.2 million. For the full year, capital expenditures were $45.4 million, and depreciation expense was $25.4 million.

本季資本支出為 1,090 萬美元，折舊費用為 720 萬美元。全年資本支出為 4,540 萬美元，折舊費用為 2,540 萬美元。

Full year capital spending was broken down as follows. $40.7 million for new store construction, store remodels, and technology upgrades, and $4.7 million for capital spending at the corporate headquarters and distribution center.

全年資本支出拆分如下：4,070 萬美元用於新店建置、門市改裝及技術升級；470 萬美元用於公司總部與配送中心的資本支出。

During the quarter, we opened two new stores, completed five full store remodels, four of which were relocations into the new outdoor shopping centers and closed four stores, which brings our full year count for last year to six new stores, 24 remodels or closures.

本季期間，我們新開兩家門市，完成五家門市的全面改裝，其中四家為搬遷至新的戶外購物中心，並關閉四家門市；使得去年全年合計為新開六家門市，以及 24 件改裝或關店。

Current plans for fiscal 2026 include the opening of 12 to 14 new stores and completing 12 to 14 full remodel projects, with at least half of the planned remodels being relocations into new outdoor centers. We have also closed one store so far year-to-date with no additional store closures currently planned.

2026 會計年度目前規劃包括新開 12 至 14 家門市，並完成 12 至 14 件全面改裝專案，其中至少一半的改裝計畫為搬遷至新的戶外中心。截至目前為止，本年度迄今我們已關閉一家門市，且目前未規劃額外的關店。

Buckle ended the year with 440 retail stores in 42 states compared with 441 stores in 42 states at the end of fiscal 2024.

Buckle 年底共有 440 家零售門市，分布於 42 個州；相較之下，2024 會計年度年底為 42 個州共 441 家門市。

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

現在我把時間交給我們的財務副總裁 Adam Akerson。

Thanks, Tom, and good morning. Q4 2025 marked the fifth consecutive quarter of double-digit growth for our women's business, with merchandise sales increasing about 12% for the quarter. For the quarter, our women's business represented approximately 46% of sales, which compares to 43% last year.

謝謝你，Tom，各位早安。2025 年第四季標誌著我們女裝業務連續第五個季度達成雙位數成長，本季商品銷售額約成長 12%。本季女裝業務約占總銷售額的 46%，相較去年為 43%。

The women's denim category continued to be the driver of results, with the denim up 10.5% year-over-year, and average denim price points increasing from $83.10 in the fourth quarter of fiscal '24 to $90.20 in the fourth quarter of fiscal '25.

女裝丹寧品類持續成為業績表現的主要驅動因素，丹寧銷售額年增 10.5%；平均丹寧價格帶由 2024 會計年度第四季的 83.10 美元，上升至 2025 會計年度第四季的 90.20 美元。

The rise in AUR reflects the exceptional performance of our Buckle Black label, which exceeded the growth of the overall denim category together with notable momentum from other higher price point national brands.

平均單件零售價（AUR）的上升反映了我們 Buckle Black 自有標籤的卓越表現，其成長幅度超越整體丹寧品類，同時也受惠於其他較高價位全國性品牌的顯著動能。

We continued to be -- we continued with planned increases to our denim inventory throughout the quarter to ensure we could support the heightened demand and service -- in service of our guests, not only in style and fits, but also in sizes and inseams.

我們持續——我們在整個季度按計畫增加牛仔庫存，以確保能夠支援更高的需求並提供服務——以服務我們的顧客，不僅在款式與版型上，也在尺碼與褲內長（inseam）上。

We ended the quarter with a strong selection going into the new year. Building on our strong women's denim offering, our team continued to deliver a fresh assortment for our guests. Our casual pants selection continued to provide a strong alternative bottom in a variety of prints and colors. We achieved growth across all women's top categories, with the most notable growth in knits and sweaters.

我們在季度末以強勁的商品組合迎接新的一年。在我們強勁的女裝牛仔產品基礎上，團隊持續為顧客提供新鮮的商品組合。我們的休閒長褲品類持續以多樣的印花與顏色，提供強而有力的下身替代選擇。我們在所有女裝上衣品類都實現成長，其中以針織與毛衣的成長最為顯著。

We also had strong performance in our outerwear and accessories business, and in total, average women's price points for the quarter increased approximately 6.5% from $51.55 to $54.95.

我們的外套與配件業務表現也很強勁；整體而言，本季度女裝平均售價約提升6.5%，由51.55美元上升至54.95美元。

On the men's side, merchandise sales were down about 0.5% against the prior year, representing approximately 54% of total sales compared to 57% a year ago. Our men's denim business was down about 3.5% but was highlighted by slight growth in our key private label brands. Average denim price points increased about 0.5% from $86.30 in the fourth quarter of fiscal '24 to $86.95 in the fourth quarter of fiscal '25.

在男裝方面，商品銷售額較去年同期下降約0.5%，約占總銷售額的54%，而一年前為57%。我們的男裝牛仔業務下降約3.5%，但亮點是我們關鍵自有品牌出現小幅成長。牛仔平均售價在2024財年第四季為86.30美元，至2025財年第四季約提升0.5%至86.95美元。

In other categories we saw growth in our knits and tees business along with outerwear and accessories. For the quarter, overall average men's price points increased approximately 4.5% from $56.30 to $58.80. On a combined basis, accessory sales for the quarter increased approximately 3.5% against the prior year, while footwear sales were down about 3%. These two categories accounted for approximately 11% and 5% respectively of fourth quarter net sales, which is consistent with the same period a year ago.

在其他品類中，我們的針織與T恤業務以及外套與配件均實現成長。本季度男裝整體平均售價約提升4.5%，由56.30美元上升至58.80美元。合併來看，本季度配件銷售額較去年同期增加約3.5%，而鞋類銷售額下降約3%。這兩個品類分別約占第四季淨銷售額的11%與5%，與去年同期一致。

For the quarter, average accessory price points were up approximately 8% and average footwear price points were up 8.5%. Together, our kids' business delivered another standout quarter growing approximately 16% year-over-year. This remains a key area of opportunity for growth in building the business and earning new guests from a young age.

本季度配件平均售價約上升8%，鞋類平均售價上升8.5%。合計而言，我們的童裝業務再度交出亮眼季度表現，年增約16%。這仍是我們建立業務、並從年輕族群開始獲得新顧客的關鍵成長機會領域。

For the quarter, denim accounted for approximately 44% of sales and tops accounted for approximately 29.5%, which compares to 45% and 29% for each in the fourth quarter of fiscal '24. Our private label business for the quarter represented 49.5% of sales versus 51% in the fourth quarter of '24. And this brings our full year private label business to 47.5% of sales, which is consistent with a year ago.

本季度牛仔約占銷售額的44%，上衣約占29.5%；相較之下，2024財年第四季分別為45%與29%。本季度自有品牌業務占銷售額49.5%，而2024財年第四季為51%。這使得我們全年自有品牌業務占銷售額47.5%，與一年前一致。

With that, we welcome your questions.

接下來，我們歡迎各位提問。

(Operator Instructions)

(接線員指示)

And we have a question from John.

我們有一個來自John的問題。

Good morning, Dennis.

早安，Dennis。

Yes, good morning, John.

是的，早安，John。

How are you?

你好嗎？

Good, thank you.

很好，謝謝。

It looks like you're accelerating your store expansion plan. I think I heard 12 to 14 stores. Can you tell us a little bit about the strategy behind that?

看起來你們正在加速門市擴張計畫。我想我聽到是12到14家門市。你能跟我們談談背後的策略嗎？

Yeah, we've always taken an opportunity approach to our opening the stores and we've been very successful with some of the premium and Tanger outlets. And so, we've looked at new opportunities there where a few years ago, we weren't as aggressive on outlets, but we found them to work very well for us. And so, as the right ones come up, we've added that. As well as a few select markets.

是的，我們一直以把握機會的方式來開店，而且在一些Premium與Tanger的暢貨中心（outlets）表現非常成功。因此，我們在那裡看到了新的機會；幾年前我們對暢貨中心沒有那麼積極，但我們發現它們對我們非常有效。所以，只要出現合適的點位，我們就會把握並新增。另外也會在少數特定市場開店。

So -- just with our success in several of the markets that's opened new opportunities for us. So we look forward to those, as well as several of our relocations to outdoor centers and improvements in location and current malls that we're in now, where we can expand as well.

因此——我們在幾個市場的成功為我們帶來了新的機會。我們期待這些機會，同時也包括將部分門市搬遷至戶外型購物中心、改善店址，以及在目前所在的商場中進行升級，我們也能在那裡擴張。

Okay. Adam, I keep reading reports about the -- how strong the denim category is, across the board and our office fashionista sort of confirms that, what's driving the category? And is there something in particular that consumers are looking for?

好的。Adam，我一直看到報告提到——整體來看牛仔品類非常強勁，我們辦公室的時尚達人也算是印證了這點；是什麼在推動這個品類？消費者是否特別在找某些東西？

I might take that again, John. Well, as our ladies, in women's, denim has grown, there's a lot of new fashion, we've had a lot of different bottom openings over the last couple of years that have been great, different rises, finishes, and now the wide leg is added to it.

John，這題我再回答一次。嗯，就女裝而言，牛仔成長很快，出現了很多新的流行趨勢；過去幾年我們推出了許多不同的褲口設計，表現都很不錯，包括不同的腰高、洗色與處理方式，而現在又加入了寬褲管（wide leg）。

So it just gives us another fashion item to work with our -- more of our traditional fits, and we continue to build our private brands along with our branded partners and just have a great selection of product, and we've expanded some of our sizes inseams. So we've just been aggressive on continuing to build that business and the stores are really excited about the selection.

因此，這讓我們在更傳統的版型之外，又多了一個可以搭配運用的流行單品；我們也持續打造自有品牌，同時與品牌合作夥伴一起，提供非常完整的商品選擇，並擴充了部分尺碼與褲內長。所以我們一直積極擴大這項業務，而門市對這樣的商品選擇也非常興奮。

Okay. One last question, Dennis, the kid's category, the youth category, doing very strong. Do all your stores have youth products and I know you had a couple stores that were -- maybe totally dedicated to youth sales. Do you still have those? And going back to the original question, how many years, do all your stores have youth product?

好的。最後一個問題，Dennis，童裝品類、青少年品類表現非常強勁。你們所有門市都有青少年商品嗎？我知道你們曾有幾家門市——可能是完全專注於青少年銷售。你們現在還有那些門市嗎？另外回到最初的問題，你們所有門市都有青少年商品嗎？

The majority of stores have a good selection of the youth. We have a small group that has mainly, denim jeans and t-shirts, and then we have maybe 15% of the stores we do not have youth, usually because they don't have enough room in their stores to hold their selection of men's, women's, and youth.

大多數門市都有相當完整的青少年商品選擇。我們有一小部分門市主要提供牛仔褲與T恤；另外大約有15%的門市沒有青少年商品，通常是因為店內空間不足，無法同時容納男裝、女裝與青少年商品的陳列。

So -- and then -- let's see, what was the other part of the question?

所以——然後——我想一下，問題的另一部分是什麼？

Do you still --

你們還有--

Oh yeah, we used to have -- we had four youth stores at one time, because we just needed more space for the product in those stores. They were very strong stores. And so -- since then, we've expanded three of those stores and then put the youth back in with our regular store. So we just have one separate youth store right now.

喔對，我們以前——曾經有四家青少年門市，因為那些店需要更多空間來放商品。那些門市表現非常強。所以——之後我們擴大了其中三家門市，並把青少年商品重新併回一般門市。因此目前我們只剩一家獨立的青少年門市。

Okay. All right. Thank you.

好的。好。謝謝。

Yeah, thank you.

好的，謝謝。

Okay, and we now have a question from -- is it [Henrik Lie-Nielsen]?

好的，我們現在有一個問題來自——是[Henrik Lie-Nielsen]嗎？

Yeah, that's right. Can you hear me?

對，沒錯。你聽得到我嗎？

Yes

聽得到。

Okay, very good. Thank you. Thank you for the presentation or the update. Is it -- can you provide some information about your net cash flows as well, or you don't do that in the updates here, like the net cash flow from the operating, investing and financing activities.

好的，非常好。謝謝。謝謝你們的簡報或更新。請問——你們也能提供一些關於淨現金流的資訊嗎？還是你們在這裡的更新不會提供，例如營運、投資與融資活動的淨現金流。

We do not, this is Tom, we do not include cash flow in our press release. That's typically just in our SEC filings.

我們不會，我是Tom，我們的新聞稿不包含現金流資訊。那通常只會在我們向SEC提交的申報文件中揭露。

Okay. Okay. All right. Thanks.

好的。好的。好。謝謝。

Thank you.

謝謝。

At this time there are no further questions.

目前沒有其他問題。

If there are no further questions, we can conclude the call. So thank you everybody for joining and participating and have a great rest of the day and a wonderful weekend.

如果沒有其他問題，我們就結束本次電話會議。感謝各位加入並參與，祝大家今天剩餘時間愉快，也祝週末美好。