Latest news with #BuckleInc
Yahoo
24-05-2025
- Business
- Yahoo
Q1 2025 Buckle Inc Earnings Call
Thomas Heacock; Chief Financial Officer, Senior Vice President - Finance, Treasurer, Director; Buckle Inc Adam Akerson; VP-Finance, Corporate Controller; Buckle Inc Mauricio Serna; Analyst; UBS Research Operator Good morning. Thank you for standing by and welcome to Buckle's first 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 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 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 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 a reminder, today's webcast is being recorded. And now, I'd like to turn the conference over to your host, Tom Heacock. Thomas Heacock 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, 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 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 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 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 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 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 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 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. 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 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 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 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 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 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 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 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 $ 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 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 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 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. Operator (Operator Instructions)Mauricio. Mauricio Serna 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?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. Adam Akerson Good morning, Mauricio. Thank you for the 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? Thomas Heacock And then Mauricio, was your second question just on the least liability on the balance sheet? Is that what the question was?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. Operator 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. Mauricio Serna 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?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 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. Thomas Heacock 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 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? Adam Akerson 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 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. Mauricio Serna 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 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. Thomas Heacock 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 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 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. Mauricio Serna Understood. Thank you so much. Operator 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 looks like there's no further questions. I will now turn the call back over to Buckle for any closing remarks. Thomas Heacock Thank you everybody for participating in the call. And we hope you enjoy the rest of the day and have a wonderful holiday weekend. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
San Francisco Chronicle
23-05-2025
- Business
- San Francisco Chronicle
Buckle: Fiscal Q1 Earnings Snapshot
KEARNEY, Neb. (AP) — KEARNEY, Neb. (AP) — Buckle Inc. (BKE) on Friday reported fiscal first-quarter earnings of $35.2 million. On a per-share basis, the Kearney, Nebraska-based company said it had profit of 70 cents. The teen clothing retailer posted revenue of $272.1 million in the period. Buckle shares have declined 18% since the beginning of the year. The stock has climbed 13% in the last 12 months. _____
Washington Post
23-05-2025
- Business
- Washington Post
Buckle: Fiscal Q1 Earnings Snapshot
KEARNEY, Neb. — KEARNEY, Neb. — Buckle Inc. (BKE) on Friday reported fiscal first-quarter earnings of $35.2 million. On a per-share basis, the Kearney, Nebraska-based company said it had profit of 70 cents. The teen clothing retailer posted revenue of $272.1 million in the period. Buckle shares have declined 18% since the beginning of the year. The stock has climbed 13% in the last 12 months.
Yahoo
23-05-2025
- Business
- Yahoo
Buckle: Fiscal Q1 Earnings Snapshot
KEARNEY, Neb. (AP) — KEARNEY, Neb. (AP) — Buckle Inc. (BKE) on Friday reported fiscal first-quarter earnings of $35.2 million. On a per-share basis, the Kearney, Nebraska-based company said it had profit of 70 cents. The teen clothing retailer posted revenue of $272.1 million in the period. Buckle shares have declined 18% since the beginning of the year. The stock has climbed 13% in the last 12 months. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on BKE at
