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

This is Adam Akerson with Buckle, and this is a recording of Buckle's commentary related to the company's September 2020 sales press release. Our October 8, 2020 press release reported a comparable store sales for stores opened at least 1 full year for the 5-week period ended October 3, 2020, increased 22.9% in comparison to the prior year 5-week period ended October 5, 2019. The total net sales for the 5-week fiscal month increased 22.7% to $94.9 million compared to net sales of $77.3 million in the prior year 5-week fiscal month ended October 5, 2019. On the men's side of the business, total sales for the 5-week fiscal period ended October 3, 2020, were up 26.5% in comparison to the prior year 5-week period ended October 5, 2019. The men's business represented approximately 51% of total sales for the month versus approximately 49% in the prior year fiscal September. For the fiscal month, overall price points on the men's side of the business were up approximately 1%. On the women's side of the business, total sales for the 5-week fiscal period ended October 3, 2020, were up approximately 17.5% in comparison to the prior year 5-week period ended October 5, 2019. Women's business represented approximately 49% of total sales for the month versus approximately 51% in the prior year fiscal September. For the fiscal month, overall price points on the women's side of the business were up about 5%. Within the men's and women's categories combined, accessory sales for the fiscal month were up approximately 20.5% in comparison to the prior year fiscal September, and footwear sales were up about 25%. Each of these 2 categories accounted for approximately 8.5% of the current fiscal September net sales. This compares with approximately 8.5% and 8%, respectively, for each of these categories for the same period in the prior year. Average accessory price points were up approximately 5%, and average footwear price points were up about 0.5% for the fiscal month. For the month, UPTs increased approximately 3% and the average transaction value increased approximately 6% compared to the prior year fiscal September. Buckle currently operates 446 stores in 42 states compared to 449 stores in 42 states as of October 8, 2019. This 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.