The Buckle, Inc. (BKE) Earnings Call Transcript & Summary

Hi. This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary related to the company's December 2019 sales press release. Our January 9, 2020 press release reported that comparable store sales for stores open at least 1 full year for the 5-week period ended January 4, 2020, increased 5% in comparison to the prior year 5-week period ended January 5, 2019. Total net sales for the 5-week fiscal month increased 4.8% to $143.9 million compared to net sales of $137.4 million in the prior year 5-week fiscal month ended January 5, 2019. Due to the later Thanksgiving holiday this year, Cyber Monday shifted from fiscal November in 2018 to fiscal December in 2019. This shift positively impacted both total and comparable store net sales for the month. Excluding online sales, our brick-and-mortar comparable store net sales for the 5-week period ended January 4, 2020, increased 1.9% from brick-and-mortar comparable store net sales for the 5-week period ended January 5, 2019. On the men's side of the business, total sales for the 5-week fiscal period ended January 4, 2020, were up approximately 5% in comparison to the prior year 5-week period ended January 5, 2019. The men's business represented approximately 59.5% of total sales for the month versus approximately 59% in the prior year fiscal December. For the fiscal month, overall price points on the men's side of the business were down approximately 2.5%. On the women's side of the business, total sales for the 5-week fiscal period ended January 4, 2020, were up approximately 3.5% in comparison to the prior year 5-week period ended January 5, 2019. The women's business represented approximately 40.5% of total sales for the month versus approximately 41% in the prior year fiscal December. For the fiscal month, overall price points on the women's side of the business were down about 1.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 8.5% in comparison to the prior year fiscal December, and the footwear sales were up about 32%. These 2 categories accounted for approximately 10.5% and 8.5%, respectively, of the current fiscal December net sales. This compares with approximately 10% and 6.5%, respectively, for each in the prior year fiscal December. Average accessory price points were down approximately 5.5%, and average footwear price points were down about 10.5% for the fiscal month. For the month, UPTs increased approximately 2.5%, and the average transaction value was up slightly compared to the prior year fiscal December. Buckle currently operates 448 retail stores in 42 states compared to 452 stores in 43 states as of January 9, 2019. It is our company policy not to provide any guidance on current sales or to project results for the next quarter. Additionally, any forward-looking statements made during this commentary involve material risks and uncertainties and are subject to change based on factors which may be beyond the company's control. Accordingly, the company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. I hope this brief commentary has answered your questions. If, however, you have any further questions, please call Tom Heacock at (308) 238-2443 or myself at (308) 338-2779. Thanks.