10-Q · June 11, 2026
The Buckle, Inc. reported solid Q1 2026 earnings, with diluted EPS of $0.92, exceeding expectations of $0.74, and revenue of $288.7 million, slightly below the consensus of $289.2 million. A year-over-year revenue…
Earnings analysis · 10-Q
BKE earnings analysis
Filed September 10, 2026 · Our reading of the company's report
The latest report
Buckle delivered solid second-quarter sales growth and a modest gross-margin improvement, but operating income and diluted EPS declined year over year to $55.802 million and $0.87, respectively, as selling and…
Read full summary
Buckle delivered solid second-quarter sales growth and a modest gross-margin improvement, but operating income and diluted EPS declined year over year to $55.802 million and $0.87, respectively, as selling and administrative costs increased. Year-to-date results were stronger, with operating income up 15.4% and diluted EPS up to $1.79, aided by a $19.1 million litigation settlement and tariff refunds. Liquidity remains strong, although inventory, capital spending, and lease commitments increased; management provided capital-spending and store-expansion expectations but no revenue or EPS guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.87
- Segment
- Single reportable segment: net sales of $319.816 million for the 13 weeks ended August 1, 2026, versus $305.737 million prior year; the company sells through retail stores and e-Commerce.
What stood out
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Sales and comps increased
Second-quarter net sales increased 4.6% to $319.816 million from $305.737 million, supported by a 2.1% comparable-store sales increase, a 1.0% increase in transactions, and a 4.3% increase in average unit retail.
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Gross margin modestly improved
Gross margin expanded to 47.8% from 47.4%. Management attributed the improvement to a 1.10 percentage-point increase in merchandise margin, including a 0.65-point benefit from tariff refunds, partly offset by a 0.70-point increase in buying, distribution, and occupancy expenses.
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Year-to-date profitability strengthened
Year-to-date operating income rose 15.4% to $115.255 million from $99.887 million, and year-to-date diluted EPS increased to $1.79 from $1.59. The year-to-date comparison benefited from a $19.1 million interchange fee litigation settlement recorded as a reduction to selling expenses in the first quarter.
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Strong liquidity position
The company ended the quarter with $264.778 million of cash and cash equivalents and $22.402 million of short-term investments. Management reported $250.8 million of working capital and total cash and investments of $322.9 million, including $35.7 million of long-term investments.
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Operating cash flow grew
Operating cash flow increased to $96.037 million for the first 26 weeks from $89.412 million prior year. Property and equipment purchases were $44.520 million versus $23.439 million, reflecting higher store, headquarters, distribution, technology, and aircraft spending.
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Store footprint expanded
The store base expanded to 446 locations in 42 states from 440 locations a year earlier. During the first 26 weeks, the company opened 8 stores, substantially remodeled 10 stores, and closed 2 stores.
What to watch
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Operating leverage deteriorated
Second-quarter operating income declined to $55.802 million from $56.341 million and operating margin fell to 17.4% from 18.4%, as selling expenses increased 9.9% and SG&A reached 30.4% of sales versus 29.0%. Management cited higher marketing, store labor, health insurance, and store-supply costs.
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Inventory and markdown exposure
Inventory increased to $161.403 million from $139.504 million at January 31, 2026, while the inventory markdown and obsolescence adjustment rose to $9.2 million from $8.6 million. Management warns weaker demand or changing fashion trends could require additional markdowns or write-offs.
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Large fixed lease obligations
The company has $523.967 million of undiscounted operating lease payments, including $58.435 million due during the remainder of fiscal 2026, and reported operating lease liabilities of $421.381 million. A downturn in sales could reduce the ability to leverage these largely fixed occupancy commitments.
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Investment income sensitivity
Interest-rate sensitivity remains a risk: management estimates that each 0.25 percentage-point decline in interest or dividend rates earned on cash and investments would reduce net income by approximately $0.5 million, or less than $0.01 per share.
Management's outlook
No revenue or EPS guidance was provided. Management estimates fiscal 2026 capital expenditures of approximately $60.0 million to $65.0 million, expects to open 6 new stores, and complete 4 additional full store remodels during the remainder of fiscal 2026.
Earlier filings 4
10-K · April 1, 2026
The Buckle reports a mall-and-power-center focused specialty apparel footprint of 440 stores as of January 31, 2026, with denim driving 42.5% of fiscal 2025 net sales and brand-name merchandise ~53% of net sales.…
10-Q · December 11, 2025
The Buckle reported a solid quarter with net sales of $320,837,000 (up $27,219,000 or ~9.3% vs $293,618,000 a year ago), modest gross- and operating-margin expansion, and diluted EPS of $0.96 (vs $0.88 prior year).…
10-Q · June 12, 2025
The Buckle reported modest top-line and margin improvement for the thirteen weeks ended May 3, 2025: net sales rose to $272,121,000 (up $9,641,000 or 3.7% vs $262,480,000), gross profit increased to $126,976,000 (46.7%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.