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 October 2020 sales press release. Our November 5, 2020, press release reported the comparable store sales for stores opened at least 1 full year for the 4-week period ended October 31, 2020, increased 12.7% in comparison to the prior year 4-week period ended November 2, 2019. Total net sales for the 4-week fiscal month increased 12.1% to $78.1 million compared to net sales of $69.6 million in the prior year 4-week fiscal month ended November 2, 2019. On the men's side of the business, total sales for the 4-week fiscal period ended October 31, 2020, were up 12.5% in comparison to the prior year 4-week period ended November 2, 2019. The men's business represented approximately 50.5% of total sales for the month versus approximately 51% in the prior year fiscal October. For the fiscal month, overall price points on the men's side of the business were down approximately 0.5%. On the women's side of the business, total sales for the 4-week fiscal period ended October 31, 2020, were up approximately 17% in comparison to the prior year 4-week period ended November 2, 2019. The women's business represented approximately 49.5% of total sales for the month versus approximately 49% in the prior year fiscal October. 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 19% in comparison to the prior year fiscal October, and footwear sales were up about 47%. These 2 categories accounted for approximately 8% and 11.5%, respectively, of the current fiscal October net sales. This compares with approximately 7.5% and 9%, respectively, for each of these categories for the same period in the prior year. Average accessory price points were up approximately 9.5%, and average footwear price points were down about 6% for the fiscal month. For the month, UPTs remained flat, and the average transaction value increased approximately 2% compared to the prior year fiscal October. Buckle currently operates 446 retail stores in 42 states compared to 449 stores in 42 states as of November 5, 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.