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 August 2020 sales press release. Our September 3, 2020, press release reported the comparable store sales for stores open at least one full year for the 4-week period ended August 29, 2020, increased 1.7% in comparison to the prior year 4-week period ended August 31, 2019. The total net sales for the 4-week fiscal month increased 1.2% to $78.1 million compared to net sales of $77.2 million in the prior year 4-week fiscal month ended August 31, 2019. On the men's side of the business, total sales for the 4-week fiscal period ended August 29, 2020, were up 0.5% in comparison to the prior year 4-week fiscal period ended August 31, 2019. The men's business represented approximately 54% of total sales for both the current and prior year fiscal August. For the fiscal month, overall price points on the men's side of the business were down approximately 2%. On the women's side of the business, total sales for the 4-week fiscal period ended August 29, 2020, were up approximately 1.5% in comparison to the prior year 4-week period ended August 31, 2019. The women's business represented approximately 46% of total sales for both the current and prior year fiscal August. For the fiscal month, overall price points on the women's side of the business were up about 5.5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 6.5% in comparison to the prior year fiscal August, and footwear sales were up about 36%. These 2 categories accounted for approximately 9% and 10%, respectively, of the current fiscal August net sales. This compares with approximately 8.5% and 7.5%, respectively, for each of these categories in the same period in the prior year. Average accessory price points were up approximately 3% and average footwear price points were up about 3% for the fiscal month. For the month, UPTs increased approximately 2% and the average transaction value increased approximately 3.5% compared to the prior year fiscal August. Buckle currently operates 446 retail stores in 42 states compared to 449 stores in 42 states as of September 3, 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.