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

You should have list or you could have a list. And if you don't, you can go online and see who the directors are, and they are, to my knowledge, all present at the meeting virtually. So we are glad to have whoever is here in their shareholders' capacity and those of our staff and directories. Need I motion for approval of the notice, the proxy statement and the form of proxy.

So moved, [ Mike Haas ].

Second, [ Jack Pete ].

Moved and seconded, the notice proxy statement in the form of the proxy will be approved. All in favor say aye.

Aye.

Aye,

Opposed. That motion is also approved. We need to ask the election inspector. If we have a quorum.

Mr. Chairman, yes, I am here to confirm that we do have a quorum of shareholders that are present or have voted in advance of this meeting through their proxy.

Okay. Thank you. The items that we're going to vote on are the election of inspector -- of directors, the ratification of our accountant, approve the company's 2020 management incentive plan, approve the advisory vote on overall compensation of the named executive officers and amend the company's 2008 Director Restricted Stock Plan. If you have not submitted a vote at this -- up to this time, go ahead and submit it now. And you can also, at this time, start submitting questions, if you have any, to the portal. At this time, we're going to call upon the President, Dennis Nelson to give the CEO's report for the year.

Thank you, Dan. Good morning. On February 22, we released our first quarter earnings reports and balance sheet, and we also provided a narrative for the first quarter of our report. Today, I will update you on store reopenings, after closing our stores on March 18. The week of April 26, we opened 37 stores. The week of May 3, we opened 105 stores. The next week, we opened 115 stores. The week of May 17, we opened additional 81 stores, and last week, we opened 29 stores and this week, we expect to open 33 stores. So that by the end of this week, we will have approximately 400 stores in operation out of our 442 stores. I would like to thank all our leaders and teammates for all their hard work in reopening 90% of The Buckle stores. We are also opening a pop-up store in Jonesboro, Arkansas by mid-June to operate until we can move back to the mall in November. The mall is under repair after tornado struck it at the end of March. We will release our -- or excuse me, our May sales this Thursday, June 4. And I thank you for being part of our meeting, and we will take questions now.

For those shareholders that are logged into the portal, you may use the portal to submit a question electronically. Again, as is noted within the meeting, the Chairman reserves the right to decline to answer some or all of a question based upon the actual content, based on how the company makes certain statements to the public. So please, at this time, use the electronic portal to submit your questions, and we will answer them if appropriate. To give everyone more time during -- to become acquainted with how to do that, given this is our first virtual meeting, the next item on the agenda is actually the results of voting, and I'm happy as the inspector of the election to announce that all directors that were on the ballot to be elected have been reelected for this year. As to Proposal 2, that Deloitte & Touche has been ratified as the company's independent auditor again for this fiscal year. As to Proposal #3 that shareholders have approved the company's 2020 management incentive plan. And that as to Proposal 4, that the approval of the advisory vote on executive compensation for our named executive officers has passed. And as to Proposal #5, amending the company's 2008 Director Restricted Stock Plan. Again, that particular proposal has also passed. And so that concludes the results of the voting. Thanks to those that submitted in the portal during this meeting as to live voting, and I do see here that we did have at least one person who voted live today, and thank you for that. Again, circling back to questions. We do not have any active questions that have been submitted to the portal. We will give everyone 2 more minutes to do so. At which time we will conclude that there are no questions if they have not been submitted and will proceed to the end of the meeting.

Having received no questions, we will proceed to the adjournment of the meeting. Do we have a motion to Adjourn.

I'd make a motion to adjourn, [ Tim Sheda ].

Second, [ Angie Klein ].

Moved and seconded that we adjourn the meeting. All in favor, say aye.

Aye.

Aye.

Aye.

Okay. We're going to count you as an aye, even though you were late. Opposed, I hear none, the meeting is adjourned.

Thanks to all shareholders for participating. Again, this virtual meeting was created by virtue of COVID-19. And so whether or not the company will proceed with a virtual format in the future will remain subject to an ongoing evaluation. For purposes of this year, I do see we had one person who submitted a question. However, it was submitted beyond the time when questions were being received. Apologies to that person. However, we had already passed that point of the meeting and ask that you're not fielding that question today. All right. Thank you, everyone.

Thank you very much. I appreciate.

Ladies and gentlemen, this does conclude your call, you may now disconnect.