Q4 2025 Buckle Inc Earnings Call

March 13, 2026

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Good morning, Thank you for standing by and welcome to Buckles fourth quarter earnings release webcast as.

As a reminder, all participants are currently in listen only mode.

Operator 2: 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 recordings of the calls should not be relied upon as the information may not be accurate. As a reminder, today's webcast is recorded, and I would now like to turn the call over to Tom Heacock.

Operator: 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 recordings of the calls should not be relied upon as the information may not be accurate. As a reminder, today's webcast is recorded, and I would now like to turn the call over to Tom Heacock.

A question and answer session will be conducted following the company's prepared remarks with instructions given at that time.

Members of bulk buckles management on the call are Dennis Nelson, President and CEO, Tom Heacock.

Senior Vice President and finance Treasurer and CFO.

Adam <unk>, 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 pilot policy of not providing future sales or earnings guidance.

All following statements made on the call are pursuant to the Safe Harbor provisions of the private Securities legislation Reform Act of 1995.

Any unauthorized reproductions or recordings of the calls should not be relied upon, as the information may not be entirely accurate.

As a reminder, today's webcast is being recorded, and I would now like to turn the call over to Tom Heacock.

Thomas B. Heacock: Good morning, and thanks for joining us this morning. Our 13 March 2026 press release reported that net income for the thirteen-week Q4, which ended 31 January 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 thirteen-week Q4, which ended 1 February 2025. Net income for the fifty-two-week fiscal year ended 31 January 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 fifty-two-week fiscal year, which ended 1 February 2025.

Thomas Heacock: Good morning, and thanks for joining us this morning. Our 13 March 2026 press release reported that net income for the thirteen-week Q4, which ended 31 January 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 thirteen-week Q4, which ended 1 February 2025. Net income for the fifty-two-week fiscal year ended 31 January 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 fifty-two-week fiscal year, which ended 1 February 2025.

Sure.

Good morning, and thanks for joining us this morning.

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.

Our March 13, 2026, press release reports that net income for the 13-week fourth quarter, which ended January 31, 2026.

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 expressed written consent.

Net income 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.

Any unauthorized reproductions or recordings of the calls should not be relied upon as the information may not be in that be accurate.

As a reminder, todays webcast is recorded and I would now like to turn the call over to Tom Heacock.

Good morning, and thanks for joining US. This morning are March 13th 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.

Thomas B. Heacock: 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 thirteen-week period in the prior year, and our online sales increased 6.4% to $74.2 million. 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 fifty-two week period in the prior year, and online sales increased 9.8% to $217.1 million.

Thomas Heacock: 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 thirteen-week period in the prior year, and our online sales increased 6.4% to $74.2 million. 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 fifty-two week period in the prior year, and online sales increased 9.8% to $217.1 million.

$2 million or $1 53 per share on a diluted basis for the prior year 13 week fourth quarter, which ended February one 2025.

Net income for the 52 Week. Fiscal year end of January 31st, 2026 was 209.7 million or 4.14 cents per share on the 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 1st 2025. 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.

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.

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.

Thomas B. Heacock: 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, UPTs decreased approximately 1%. The average unit retail increased approximately 3.5%, and the average transaction value increased about 2.5%. Gross margin for the quarter was 52.6%, consistent with Q4 of 2024. 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. Full year gross margin was 49%, up 30 basis points from 48.7% for the prior year.

Thomas Heacock: 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, UPTs decreased approximately 1%. The average unit retail increased approximately 3.5%, and the average transaction value increased about 2.5%. Gross margin for the quarter was 52.6%, consistent with Q4 of 2024. 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. Full year gross margin was 49%, up 30 basis points from 48.7% for the prior year.

<unk> year, which ended February one 2025.

Net sales for the quarter increased five 3% to $399 1 million compared to net sales of $379 2 million for the prior year.

For the quarter upts decreased approximately 1 and a half percent. The average unit retail increased approximately 5 and a half percent.

And the average transaction value increased about 3 and a half percent.

Comparable store sales for the quarter increased three 9% in comparison to the same 13 week period in the prior year and our online sales increased six 4% to $74 2 million.

For the full year, UPTs decreased approximately 1%.

Total sales for the full fiscal year increased six 6% to $1 $2 $98 billion.

Compared to net sales of one point to one 8 billion for the prior year.

Comparable store sales for the year increased five 6% in comparison to the same 52 week period in the prior year and online sales increased nine 8% to $217 1 million.

Quarter of merchandise margins increased 35 basis points, which was offset by increased buying, distribution, and occupancy expenses, which were down 35 basis points.

Thomas B. Heacock: The increase was the result of a 20 basis point increase in merchandise margins, along with 10 basis points of leverage in buying, distribution, and occupancy expenses. Selling general and administrative expenses for the quarter were 27.4% of sales, compared to 27.2% for the Q4 of 2024. For the full year, SG&A was 28.8% of net sales, compared to 28.9% in the prior year. The Q4 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.

Thomas Heacock: The increase was the result of a 20 basis point increase in merchandise margins, along with 10 basis points of leverage in buying, distribution, and occupancy expenses. Selling general and administrative expenses for the quarter were 27.4% of sales, compared to 27.2% for the Q4 of 2024. For the full year, SG&A was 28.8% of net sales, compared to 28.9% in the prior year. The Q4 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.

Full-year gross margin was 49.0%, up 30 basis points from 48.7% for the prior year.

For the quarter.

<unk> decreased approximately one 5% the average unit retail increased approximately five 5%.

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.

And the average transaction value increased about three 5% for.

For the full year <unk> decreased approximately 1% the average unit retail increased approximately three 5% and the average transaction value increased about two 5%.

Selling, general, and administrative expenses for the quarter were 27.4% of sales, compared to 27.2% for the fourth quarter of 2024. For the full year, SG&A was 28.8% of net sales.

Compared to 28.9% in the prior year.

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.

The fourth quarter increase was due to a 30 basis point increase in marketing, spend and a 20 basis point increase in GNA, compensation related expenses.

Full year gross margin was 49% up 30 basis points from 48, 7% for the prior year.

Thomas B. Heacock: Our operating margin for the quarter was 25.2%, compared to 25.4% for Q4 of fiscal 2024. For the full year, our operating margin was 20.2%, compared to 19.8% for the same period last year. Income tax expense as a percentage of pre-tax net income for the quarter was 23.3%, compared to 23.7% for Q4 of 2024. 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.

Thomas Heacock: Our operating margin for the quarter was 25.2%, compared to 25.4% for Q4 of fiscal 2024. For the full year, our operating margin was 20.2%, compared to 19.8% for the same period last year. Income tax expense as a percentage of pre-tax net income for the quarter was 23.3%, compared to 23.7% for Q4 of 2024. 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.

which were partially offset by a 10 basis point decrease in incentive compensation approvals and a 20 basis point decrease in other SG&A expense categories,

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.

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

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.

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.

Thomas B. Heacock: Our press release also included a balance sheet as of 31 January 2026, which included the following: 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. 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.

Thomas Heacock: Our press release also included a balance sheet as of 31 January 2026, which included the following: 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. 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.

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. 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.

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 22% compared to 19, 8% for the same period last year.

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.

Income tax expense as a percentage of pretax 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 pretax net income was 24% compared to 24, 2% in the prior year.

Thomas B. Heacock: 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. During the quarter, we opened 2 new stores, completed 5 full store remodels, 4 of which were relocations into new outdoor shopping centers, and closed 4 stores, which brings our full year count for last year to 6 new stores, 20 full remodels, and 7 store closures. 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 1 store so far year to date with no additional store closures currently planned.

Thomas Heacock: 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. During the quarter, we opened 2 new stores, completed 5 full store remodels, 4 of which were relocations into new outdoor shopping centers, and closed 4 stores, which brings our full year count for last year to 6 new stores, 20 full remodels, and 7 store closures. 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 1 store so far year to date with no additional store closures currently planned.

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.

Our press release also included a balance sheet as of January 31, 2026, which included the following.

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.

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.

During the quarter, we opened 2 new stores, completed 5 full store remodels—4 of which were relocations into new outdoor shopping centers—and closed 4 stores, which brings our full-year count for last year to 6 new stores, 20 full remodels, and 7 store closures.

We ended the quarter with $162 4 million in fixed assets net of accumulated depreciation.

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.

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.

Thomas B. Heacock: Buckle ended the year with 440 retail stores in 42 states, compared with 441 stores in 42 states at the end of fiscal 2024. Now I'll turn it over to Adam Akerson, our Vice President of Finance.

Thomas Heacock: Buckle ended the year with 440 retail stores in 42 states, compared with 441 stores in 42 states at the end of fiscal 2024. Now I'll turn it over to Adam Akerson, our Vice President of Finance.

We have also closed 1 store so far year-to-date, with no additional store closures currently planned.

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.

Buckle ended the year with 444 retail stores in 42 states, compared with 441 stores in 42 states at the end of fiscal 2024.

Adam J. 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. The women's denim category continued to be the driver of results, with denim up 10.5% year-over-year, and average denim price points increasing from $83.10 in Q4 of fiscal 2024 to $90.20 in Q4 of fiscal 2025. 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.

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. The women's denim category continued to be the driver of results, with denim up 10.5% year-over-year, and average denim price points increasing from $83.10 in Q4 of fiscal 2024 to $90.20 in Q4 of fiscal 2025. 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.

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

Thanks Tom and good morning.

During the quarter, we opened two new stores completed five full store remodels four of which were relocations into new outdoor shopping centers and closed four stores, which brings our full year count for last year to six new stores 20, full remodels and seven store closures.

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.

Current plans for fiscal 2026 includes the opening of 12% to 14, new stores and completing 12% 2014 full remodel projects with at least half of the planned remodels being relocations into new outdoor centers.

We are also close one store so far year to date with no additional store closures currently plant.

The women's denim category continued to be The Driver of results. With the denim up 10 and a half percent year-over-year. 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.

The rise in Aur reflects the exceptional performance of our Buckle Black Label.

Buckle ended the year with 440 440 retail stores in 42 states compared with 441 stores in 42 states at the end of fiscal 2024, and now I will turn it over to Adam Akerson, our vice president of assignments.

Adam J. Akerson: We continue with planned increases to our denim inventory throughout the quarter to ensure we could support the heightened demand and service our guests not only in style and fits, but also in sizes and inseams. 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. We also had strong performance in our outerwear and accessories business. In total, average women's price points for the quarter increased approximately 6.5% from $51.55 to $54.95.

which exceeded the growth of the overall denim category, together with notable momentum from other higher price point national brands

Adam Akerson: We continue with planned increases to our denim inventory throughout the quarter to ensure we could support the heightened demand and service our guests not only in style and fits, but also in sizes and inseams. 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. We also had strong performance in our outerwear and accessories business. In total, average women's price points for the quarter increased approximately 6.5% from $51.55 to $54.95.

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.

We continue 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. Our guests. Not only in style and fits, but also in sizes and in seams,

We ended the quarter with a strong selection going into the new year.

For the quarter, our women's business represented approximately 46% of sales, which compares to 43% last year.

Building on our strong women's denim offering, our team continued to deliver a fresh assortment for our guests.

The women's denim category continued to be the driver of results with the denim up 10, 5% year over year average denim price points, increasing from $83 <unk> in the fourth quarter of fiscal 'twenty four to $90 20 in the fourth quarter of fiscal 'twenty five.

The ryzen 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.

Adam J. Akerson: 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 Q4 of fiscal 2024 to $86.95 in Q4 of fiscal 2025. 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.

Adam Akerson: 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 Q4 of fiscal 2024 to $86.95 in Q4 of fiscal 2025. 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.

Business and, in total, average women's price points for the quarter increased approximately 6.5%, from $51.55 to $54.95.

We continue to be we continue with planned increases to our denim inventories throughout the quarter to ensure we can support the heightened demand in service and service our guests not only in style and fit but also inside of the NIM seems.

On the men's side, merchandise sales were down about half a percent 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.

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 and a variety of prints and colors, we achieved growth across all women's top categories with the most notable growth in knits and sweaters. We also had strong performance in our outerwear and accessories.

Average denim price points increased about half a percent, from $86.30 in the fourth quarter of fiscal '24 to $86.95 in the fourth quarter of fiscal '25.

In other categories, we saw growth in our knits and T's business along with outerwear and accessories.

For the quarter overall, average men's price points increased approximately 4 and a half percent, from $56.30 to $58.80.

Business and in total average women's price points for the quarter increased approximately six 5% from $51 55 to $54 95.

Adam J. Akerson: 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 Q4 net sales, which is consistent with the same period a year ago. 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.

Adam Akerson: 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 Q4 net sales, which is consistent with the same period a year ago. 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.

On a combined basis, accessory sales for the quarter increased approximately 3.5% against the prior year, while footwear sales were down about 3%.

On the men's side merchandise sales were down about a half a percent against the prior year, representing approximately 54% of total sales compared to 57% a year ago or.

These two categories account for approximately 11% and 5%, respectively, of fourth quarter net sales, which is consistent with the same period a year ago.

Our men's denim business was down about three 5%, but was highlighted by solid growth in our key private label brands.

For the quarter, average accessory price points were up approximately 8%, and average footwear price points were up 8.5%.

Average denim price points increased about a half a percent from $86 30 in the fourth quarter of fiscal 'twenty four to $86 95 in the fourth quarter of fiscal 'twenty five.

Together, our kids business delivered another standout quarter, growing approximately 16% year-over-year. This remains a key area of opportunity for growth and building the business, and earning new guests from a young age.

Adam J. Akerson: 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 Q4 of fiscal 2024. Our private label business for the quarter represented 49.5% of sales versus 51% in Q4 of 2024, and this brings our full-year private label business to 47.5% of sales, which is consistent with a year ago. With that, we welcome your questions.

Adam Akerson: 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 Q4 of fiscal 2024. Our private label business for the quarter represented 49.5% of sales versus 51% in Q4 of 2024, and this brings our full-year private label business to 47.5% of sales, which is consistent with a year ago. With that, we welcome your questions.

In other categories, we saw growth in our knits and Ts business, along with outerwear and accessories.

For the quarter overall average men's price points increased approximately four 5% from $56 30 to $58 80.

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 this fiscal '24.

On a combined basis accessory sales for the quarter increased approximately three 5% against the prior year, while footwear sales were down about 3%.

These two categories accounted for approximately 11% and 5% respectively. The fourth quarter net sales, which is consistent with the same period a year ago.

Our private label business for the quarter represented 49 and a half percent of sales versus 51% in the fourth quarter of 24. And this brings our full year. Private label business to 47 and a half percent of sales, which is consistent with the year ago.

And with that, we welcome your questions.

Operator 2: Thank you. As a reminder for participants, if you would like to ask a question, please raise your hand in the Zoom app. Prior to asking your question, please state your name and firm affiliation. Again, if you would like to ask a question, please raise your hand using the Zoom application. We have a question from John. John, your microphone is unmuted.

Operator: Thank you. As a reminder for participants, if you would like to ask a question, please raise your hand in the Zoom app. Prior to asking your question, please state your name and firm affiliation. Again, if you would like to ask a question, please raise your hand using the Zoom application. We have a question from John. John, your microphone is unmuted.

For the quarter average accessory price points were up approximately 8% and average footwear price points were up eight 5%.

Together, our kids business delivered another standout quarter growing approximately 16% year over year. This remains a key area of opportunity for growth and building the business and earning new guests from a young age.

Thank you. As a reminder for participants, if you would like to ask a question, please raise your hand in the Zoom app. Prior to asking your question, please state your name and firm affiliation.

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 'twenty four.

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.

Again, if you would like to ask a question, please raise your hand using the Zoom application.

And we have a question from John.

John your microphone is unmuted.

[Analyst]: Good morning, Dennis.

And with that we welcome your questions.

Dennis H. Nelson: Yes, good morning, John.

Dennis Nelson: Yes, good morning, John.

Uh uh, good morning, Dennis.

[Analyst]: How are you?

Dennis H. Nelson: Good, thank you.

Dennis Nelson: Good, thank you.

Yes, good morning, John. How are you?

Thank you as a reminder for participants if you'd like to ask a question. Please raise your hand and the zoom app.

[Analyst]: 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?

Good. Thank you.

To asking a question please state your name and firm affiliation.

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

Dennis H. Nelson: Yeah. We've always taken an opportunity approach to our opening of stores, and we've been very successful with some of the premium and Tanger Inc. 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. As the right ones come up, we've added that as well as a few select markets. Just with our success in several of the markets, that's opened new opportunities for us. We look forward to those, as well as several of our relocations to outdoor centers and improvements in location in current malls that we're in now where we can expand as well.

Dennis Nelson: Yeah. We've always taken an opportunity approach to our opening of stores, and we've been very successful with some of the premium and Tanger Inc. 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. As the right ones come up, we've added that as well as a few select markets. Just with our success in several of the markets, that's opened new opportunities for us. We look forward to those, as well as several of our relocations to outdoor centers and improvements in location in current malls that we're in now where we can expand as well.

Yeah, we've always taken an opportunity approach to our opening of stores, and

We've been very successful with, uh, some of the Premium and Tanger Outlets.

Again, if you would like to ask a question.

Please raise your hand, using the zoom application.

Okay.

And we have a question from John.

John your microphone is unused at.

Good morning, Dennis.

Yes, good morning, John how are you.

Thank you.

It looks like you're accelerating your.

Store expansion plan I think I heard 12 to 14 stores.

And so, we've looked at New Opportunities there where a few years ago, uh, we weren't as aggressive on Outlets, uh, but we found them to work very well for us. And so, uh, as the right ones come up we've, we've added that as well as a few uh select markets. So uh just with our success in in in several of the markets, that's opened uh new opportunities for us. So we look forward to those as well as.

Can you tell us a little bit about the strategy behind that.

Several of our relocations, uh, to outdoor centers.

Yes.

We've always taken opportunity approach to our.

[Analyst]: Okay. Adam, I keep reading reports about how strong the denim category is, you know, across the board. Our office fashionista sort of confirms that. What's driving the category? Is there something in particular that consumers are looking for?

And improvements in location in current malls that we're in now, where we can expand as well.

Opening of stores and.

We've been very successful with.

Okay, Adam. Uh, I keep reading, um,

Some of the premium in Tanger outlets and so we looked at new opportunities there were a few years ago.

We weren't as aggressive on outlets Luckily found in new work very well for us and so as the right ones come up we've we've added that as well as a few select markets sell.

Uh, reports about the, uh, how strong the denim category is, um, you know, across the board, and our office fashionista sort of confirms that, um.

What's what's driving? The uh uh the category uh, and and is there something any particular that uh

With our success in in several of the markets that's opened.

That consumers are looking for.

Adam J. Akerson: I might take that again, John.

Adam Akerson: I might take that again, John.

New opportunities for us so we look forward to those as well as <unk>.

Dennis H. Nelson: Well, as our ladies and women's denim has grown, there's a lot of new fashion. You know, we've had a lot of different bottom openings over the last couple years that have been great, different rises, finishes, and now the wide leg is added to it. It just gives us another fashion item to work with our more of our traditional fits. We continue to build our private brands along with our branded partners and just have a great selection of product. You know, we've expanded some of our sizes, inseams. We've just been aggressive on continuing to build that business, and the stores are really excited about the selection.

Dennis Nelson: Well, as our ladies and women's denim has grown, there's a lot of new fashion. You know, we've had a lot of different bottom openings over the last couple years that have been great, different rises, finishes, and now the wide leg is added to it. It just gives us another fashion item to work with our more of our traditional fits. We continue to build our private brands along with our branded partners and just have a great selection of product. You know, we've expanded some of our sizes, inseams. We've just been aggressive on continuing to build that business, and the stores are really excited about the selection.

Several of our relocations.

Two outdoor centers and improvements in our location in current malls that we're in now where we can expand as well.

Okay.

Adam I keep reading.

Reports about the.

How strong the denim category is.

New fashion. You know, we've had a lot of different, uh, bottom openings over the last couple years that have been great different Rises, uh, finishes. And now the wide leg is added to it. So it just gives us another uh, fashion item to uh, work with our

Across the board.

And our our office fashionista.

Eric confirms that.

What's what's driving the.

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.

The category.

Sure.

And is there something in any particular that.

That consumers are looking for.

[Analyst]: Okay, one last question, Dennis. The kids category, the youth category doing very strong. Do all your stores have youth products? I know you had a couple stores that were maybe totally dedicated to youth sales. Do you still have those? Going back to the original question, do all your stores have youth product?

Uh huh.

You know, and we've expanded some of our sizes in seams. So we've just been aggressive on continuing to build that business, and the stores are, uh, really excited about the selection.

I might take that again John.

<unk>.

Ladies and womens denim has grown.

There's a lot of new fashion, you know we've had a lot of different.

Bottom out names over the last couple of years that had been great different rises.

Okay, 1 1 last question. Dennis, uh, the the kids category, the youth category is doing very strong. Um, do all your stores, have, uh, Youth products. And I know you had a couple stores that were

Finishes and now the wide leg is added to it so it just gives us another.

Maybe totally, uh, dedicated to, uh,

Fashion item to work with our <unk>.

One 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.

Dennis H. Nelson: The majority of stores have a good selection of the youth. We have a small group that has mainly denim, jeans, and T-shirts. 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. Let's see, what was the other part of the question?

Dennis Nelson: The majority of stores have a good selection of the youth. We have a small group that has mainly denim, jeans, and T-shirts. 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. Let's see, what was the other part of the question?

Uh, the youth sales, do you still have those? Um, and, um, and then going back to the original question, how many years do all your stores have youth, uh, youth product?

Uh, the majority of stores have a good selection of the youth. Uh, we have a small group that has mainly, uh,

Not only to expand in some of our sizes in seems so and just then aggressive on continuing to build that business and the stores are really excited about the selection.

Denim, jeans, and t-shirts. And then we have

Maybe 15% of the stores, we do not have youth, uh, usually because they don't have enough room in their stores to—

hold their, uh,

Okay. One last question Dennis.

The kids category the used category.

Selection of men's, women's, and youth. So, uh,

and then, uh,

Doing very strong.

[Analyst]: Do you still-

Do all your stores.

Let's see what was the other part of the question.

[Analyst]: Do you still-

Dennis H. Nelson: Oh, yeah. 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. Since then we've expanded three of those stores and then put the youth back in with our regular store. We just have one separate youth store right now.

Dennis Nelson: Oh, yeah. 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. Since then we've expanded three of those stores and then put the youth back in with our regular store. We just have one separate youth store right now.

Youth products and I know you had a couple of stores that were.

Maybe totally.

Dedicated to.

So used sales do you still have those.

Uh, do you still? Oh, yeah, we used to have, uh, we had four youth stores at one time, uh, because we just needed more space for the product. In those stores, they were very strong stores.

And then going back to the original question how many years the all your stores have youth youth product.

The majority of stores have a good selection of the youth.

[Analyst]: Okay. All right. Thank you.

And so, uh, since then, we’ve expanded three of those stores and then put the youth back in with our regular store. Uh, so we just have one separate youth store right now, okay?

We have a small group that has mainly.

Dennis H. Nelson: Yeah, thank you.

Dennis Nelson: Yeah, thank you.

Yeah, thank you.

Operator 2: Okay, we now have a question from, is it Henrik Nielsen?

Operator: Okay, we now have a question from, is it Henrik Nielsen?

Denim jeans and T shirts, and then we have maybe 15% of the stores. We did not have us usually because they don't have enough room in their stores the hold there.

Okay, and we now have a question from—uh, is it Henrik Nelson?

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

Operator 2: Yes.

Operator: Yes.

Henrik Nielsen: Okay, very good. Thank you. Thank you for the presentation on the update. Can you provide some information about your net cash flows as well, or you don't do that in the updates here? Exactly net cash flow from the operating, investing, and financing activities.

Selection of men's women's and youth so.

And then.

Let's see what was the other part of the question.

Do you still feel yeah, we used to have we.

We had four new 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 but the used back in with our regular store. So we just have one separate us.

Thomas B. Heacock: This is Tom. We do not include cash flow in our press release. That's typically just in our SEC filings.

Yeah, that's right. Can you hear me? Yes. Okay. Very good. Thank you. Thank you for the presentation or the update. Um, is it—can you provide some information about your net cash flows as well, or you don't do that in the updates here exactly? It’s cash flow from the operating, investing, and financing activities.

Thomas Heacock: This is Tom. We do not include cash flow in our press release. That's typically just in our SEC filings.

Henrik Nielsen: Okay. All right. Thanks.

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

Henrik Nielsen: Okay. All right. Thanks.

Thomas B. Heacock: Thank you.

Thomas Heacock: Thank you.

Okay. Okay, all right, thanks. Thank you.

Operator 2: At this time, there are no further questions.

Operator: At this time, there are no further questions.

<unk> right now okay, alright. Thank you yes. Thank you.

At this time, there are no further questions.

Yes.

Okay, and we now have a question from.

Thomas B. Heacock: If there are no further questions, we can conclude the call. Thank you everybody for joining and participating, and have a great rest of the day and wonderful weekend.

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

Is it Henrik <unk> Nielsen.

Yes, that's right Kevin can you hear me, yes, okay very good. Thank you. Thank you for the presentation of the epic.

There are no further questions, so we can conclude the call. Thank you, everybody, for joining and participating, and have a great rest of the day and a wonderful weekend.

Operator 2: Goodbye.

Operator: Goodbye.

Goodbye.

Is it or can you provide some information about your net cash flows as well or you don't do that and be updates here exactly at cash flow from the operating investing and financing activities.

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

Okay. Okay, alright, thanks, Thank you.

At this time there are no further questions.

Okay.

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 wonderful weekend.

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