The Buckle posted stronger fourth-quarter and full-year results, with executives pointing to sustained momentum in women’s denim and a more aggressive store opening schedule as key drivers heading into fiscal 2026 on the Nebraska-based company’s Friday earnings call.
Net sales for the 13-week fourth quarter ended Jan. 31 increased 5.3% to $399.1 million, up from $379.2 million in the prior-year period. For the full fiscal year, net sales climbed 6.6% to $1.298 billion from $1.218 billion. Comparable store sales increased 3.9% for the quarter and 5.6% for the full year. Online sales rose 6.4% to $74.2 million in the quarter and 9.8% to $217.1 million for the year.
Expanding the Store Footprint
After opening six new stores, completing 20 full remodels and closing seven locations in fiscal 2025, The Buckle is planning a notably busier year ahead. Management said the company expects to open 12 to 14 new stores and complete 12 to 14 full remodel projects in fiscal 2026, with at least half of those remodels being relocations into outdoor shopping centers.
CEO Dennis H. Nelson described the expansion as part of a longer-standing approach. “We have always taken an opportunistic approach to our opening of stores, and we have been very successful with some of the premium and Tanger outlets,” Nelson said. “We have looked at new opportunities there where a few years ago, we were not as aggressive on outlets, but we’ve found them to work very well for us.”
The Buckle opened two new stores and completed five full remodels in Q4, four of which involved relocations into new outdoor shopping centers. The company ended the fiscal year with 440 retail stores in 42 states, down from 441 stores a year earlier. One additional store closure has occurred year-to-date, with no further closures currently planned.
Capital expenditures for the full year came in at $45.4 million, with $40.7 million directed toward new store construction, remodels, and technology upgrades. The remaining $4.7 million covered spending at the corporate headquarters and distribution center.
Women’s Denim Leads, Men’s Business Slips
Women’s merchandise was the headline performer. Q4 2025 marked the fifth consecutive quarter of double-digit growth for the segment, with sales up approximately 12% year-over-year. Women’s represented about 46% of total sales in the quarter, compared with 43% in the prior year.
The women’s denim category led that growth. Sales in the category rose 10.5% year-over-year, and average denim price points increased from $83.10 in 2024 to $90.20 in 2025. Vice President of Finance Adam J. Akerson attributed the gains in part to the company’s Buckle Black label, which “exceeded the growth of the overall denim category, together with notable momentum from other higher price point national brands.”
Nelson pointed to new silhouettes as a demand driver.
“There is a lot of new fashion,” Nelson said. “We have 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. It just gives us another fashion item to work with our more traditional fits.”
The company also expanded size and inseam offerings to meet demand, building inventory throughout the quarter, Akerson said.
Overall average women’s price points for the quarter increased approximately 6.5%, from $51.55 to $54.95.
Men’s merchandise sales decreased approximately 0.5% for the quarter, representing 54% of total sales compared to 57% a year ago. Men’s denim declined about 3.5%, though average denim price points edged up slightly, from $86.30 in 2024 to $86.95 in 2025. Knits, tees, outerwear, and accessories saw some growth. Average men’s price points increased approximately 4.5%, from $56.30 to $58.80.
Elsewhere, accessory sales grew around 3.5% for the quarter, with average price points up 8%. Footwear sales fell approximately 3%, though average footwear price points rose 8.5%. The Buckle’s kids’ business continued to outperform, growing approximately 16% year-over-year — a category Nelson confirmed is present in the majority of stores and a stated growth priority for the company.
Private label represented 49.5% of Q4 sales, compared to 51% in the prior year period, and 47.5% for the full year, consistent with fiscal 2024.
Financial Results
Net income for Q4 2025 was $80.8 million, or $1.59 per diluted share, compared with $77.2 million, or $1.53 per diluted share, for the prior-year quarter. Full-year net income was $209.7 million, or $4.14 per diluted share, up from $195.5 million, or $3.89 per diluted share, in fiscal 2024.
Gross margin for the quarter held steady at 52.6%, with a 35-basis-point improvement in merchandise margins offset by a corresponding increase in buying, distribution, and occupancy costs. Full-year gross margin was 49%, up 30 basis points from 48.7%, driven by a 20-basis-point improvement in merchandise margins and 10 basis points of leverage in occupancy-related costs.
Selling, general, and administrative expenses for the quarter came in at 27.4% of sales, up from 27.2% in the prior year, due to a 30-basis-point increase in marketing spend and a 20-basis-point rise in G&A compensation. For the full year, SG&A was 28.8% of net sales, down slightly from 28.9%.
Operating margin for the quarter was 25.2%, compared to 25.4% in Q4 2024. For the full year, operating margin improved to 20.2% from 19.8%.
Average transaction value rose approximately 3.5% for the quarter and 2.5% for the year, while units per transaction declined about 1.5% in Q4 and 1% for the full year.
Inventory ended the quarter at $139.5 million, up 15.5% year-over-year — a build management described as intentional. The company held $306.6 million in total cash and investments after distributing $225.1 million in dividends during the year.
