Good morning. Thank you for standing by, and welcome to The Buckle, Inc.'s fourth quarter earnings release webcast. As a reminder, all participants are currently in listen-only mode. A question and answer session will be conducted following the company's prepared remarks, with instructions given at that time. Members of The Buckle, Inc.'s management on the call are Dennis H. Nelson, President and CEO; Thomas B. Heacock, Senior Vice President, Treasurer, and CFO; Adam J. Akerson, 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 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 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. 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. I will now turn the call over to Thomas B. Heacock.

Good morning, and thank you 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. 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. 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. 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. 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 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…

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 2024 to $90.20 in 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. 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 most notable growth in knits and sweaters. 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. 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 three and a half percent, but was highlighted by slight growth in our key private label brands. Average denim price points increased about half a percent, from $86.30…

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.

Good morning. Dennis?

Yes. Good morning, John.

How are you?

Good. Thank you.

It looks like you are 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?

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. We have looked at new opportunities there where a few years ago, we were not as aggressive on outlets, but we found them to work very well for us. As the right ones come up, we have added that, as well as a few select markets. With our success in several of the markets, that has 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 are in now, where we can expand as well.

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

I might take that again, John. As our ladies' and women's denim has grown, there is a lot of new fashion. 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, and we continue to build our private brands along with our branded partners and have a great selection of product. We have expanded some of our sizes and inseams, so we have been aggressive on continuing to build that business, and the stores are really excited about the selection.

Okay. One last question, Dennis. The kids category, the youth category, is doing very strong. Do all your stores have youth products? I know you had a couple of stores that were maybe totally dedicated to youth sales. Do you still have those? Going back to the original question, how many of your stores have youth product?

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

Do you still—

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 have 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.

Okay. Thank you.

Thank you.

Okay. We now have a question from Henrik Nies Nielsen. Henrik, your microphone is unmuted.

Can you hear me?

Yes.

Okay. Very good. Thank you. Thank you for the presentation and the update. Is it—can you provide some information about your net cash flows as well, or you do not do that in the updates here? Like the cash flow from the operating, investing, and financing activities.

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

Okay. Okay. Alright. Thanks. Thank you.

At this time, there are no further questions.

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