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 November 2020 sales press release. Our December 3, 2020, press release reported the comparable store sales for stores open at least 1 full year for the 4-week period ended November 28, 2020, increased 8.4% in comparison to the prior year 4-week period ended November 30, 2019. Total net sales for the 4-week fiscal month increased 8.1% to $86.3 million compared to net sales of $79.8 million in the prior year 4 week fiscal month ended November 30, 2019. On the men's side of the business, total sales for the 4-week fiscal period ended November 28, 2020, were up 5.5% in comparison to the prior year 4-week period ended November 30, 2019. The men's business represented approximately 54.5% of total sales for the month versus approximately 55.5% in the prior year fiscal November. For the fiscal month, overall price points on the men's side of business were down approximately 1.5%. On the women side of the business, total sales for the full week fiscal period ended November 28, 2020, were up approximately 10.5% in comparison to the prior year 4-week period ended November 30, 2019. The women's business represented approximately 45.5% of total sales for the month versus approximately 44.5% in the prior year fiscal November. 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 11% in comparison to the prior year fiscal November, and footwear sales were up about 40.5%. These 2 categories accounted for approximately 8.5% and 11.5%, respectively, of the current fiscal November net sales. This compares with approximately 8% and 8.5%, respectively, for each of these categories for the same period in the prior year. Average accessory price points were up approximately 6%, and average footwear price points were down about 5.5% for the fiscal month. For the month, UPT decreased about 0.5%, and the average transaction value increased approximately 2% compared to the prior year fiscal November. Buckle currently operates 446 retail stores in 42 states compared to 449 stores in 42 states as of December 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.